Voice of Appraisal

[Zoe]

With the lawsuits flying, it probably has FTC attention. FTC has control over any trade business. Any trade business means any trade business.

Any definition:

Definition of ANY

one or some indiscriminately of whatever kind:; one or another taken at random; every —used to indicate one selected without restriction… See the full definition

www.merriam-webster.com

 

[alebrewer]

? You work for a lender that uses AMC's...you once emailed me to recommend AMCs for the leader you work for and I replied I can not recoemntd any, and asked why are you not assigning the work direct to an appraiser over a portal such as mercury--

You must be thinking of another poster. The company I work for uses AMC's in zero capacity.

 

[alebrewer]

We can quantify experience _NO experience means none, as in , an appraiser can use a software tool and produce dazzling, impressive-looking charts, graphs and statistics, yet they have no idea how to apply them or what they mean when correlated in the market. We are seeing ( thank god) UW and reviewers pushing back on the "tools", asking appraisers, who then post here in shock, that their data-rich output is contradictory or not relevant to the market analysis /local conditions. Such as the appraiser who presented 4 past years of data (WTF cares), which showed stable and the UW pointed out the smaller set of data for the relevant subject area showed decline -

Years of experience also can be quanitied - in good or bad results as a pattern - anyone can have an occasional off value but a history of them or of lacking reasoning in reconcilaitn and comp choices speaks to the quality of experience as does if the appraiser has developed over the years, either with more education or an ability to appraise more complex properties ..

Incorrect. If I say I have '10 years' experience', that has absolutely zero meaning with respect to my capabilities. IE - it can't be quantified. Some of the worst appraisals I've ever seen were from folks that had over 30 years' experience.

 

[Joe Flacco]

Experience is very important. It's not the number of years experience that matters. It is the knowledge gained from observing the market that comes with experience. Some might work 30+ years without paying much attention to the market.

 

[J Grant]

Incorrect. If I say I have '10 years' experience', that has absolutely zero meaning with respect to my capabilities. IE - it can't be quantified. Some of the worst appraisals I've ever seen were from folks that had over 30 years' experience.

If those appraisals are so bad ( according to you), then why did clients continue to use them for 30 years?

Experience is quantified as exposure to the market through field work and/or doing appraisals and reviews for X years. Unless someone lost their license or was dropped by clients to the point where they are inactive, they got some measure of competence from the experience.

If someone is incompetent after many years, it is hard to figure out why anyone would use them since there is an oversupply of appraisers in many areas.

 

[glenn walker]

The guy who makes it 30 years in loan production makes it because he wasn't a deal killer. Unfourtently very few last if they aren't hitting the bulls eyes especially on purchases.

That's something nobody can say because most are afraid it will come back to haunt them. The worst will always have work because funding loans is where the money is.

That's the beauty of the purchase contract rarely does a report get reviewed for value if it hits the bulls eye and if it does just tech review to clean up some minor error or unchecked box type stuff.

The report's that get reviewed hard are ones that come in below contract price. The 30 year veteran is often the most dangerous he knows how it operates.

 

[Joe Flacco]

The market is usually right. So when you disagree with a contract price, you are basically saying that the buyer is not well advised and the agent might be incompetent. Some agents are incompetent. As are some appraisers.

 

[glenn walker]

The market is usually right. So when you disagree with a contract price, you are basically saying that the buyer is not well advised and the agent might be incompetent. Some agents are incompetent. As are some appraisers.

The buyers..seller's and often two Realtors all agree the purchase price is fair. That's multiple parties. The lone appraiser stands alone and unless he can provide hard data to prove otherwise he may just have a personal biases and doesn't like the property.

 

[alebrewer]

If those appraisals are so bad ( according to you), then why did clients continue to use them for 30 years?

Slow down and read, J. I didn't say they had the same clients for 30 years. I said some of the worst appraisals I've seen were/are from appraisers with 30 years' experience.

If someone is incompetent after many years, it is hard to figure out why anyone would use them since there is an oversupply of appraisers in many areas.

The standard of excellence is REALLY low in the mortgage lending world.

 

[alebrewer]

Experience is very important. It's not the number of years experience that matters. It is the knowledge gained from observing the market that comes with experience. Some might work 30+ years without paying much attention to the market.

you stated that much more eloquently than I apparently.