What happened to all the work? No orders, no refi, no foreclosures, no purchases,

[McKenziet]

Hello I'm an appraiser in a rural community in Michigan, I have had a couple of Realtors declining my appraisal appointment requests because they are fearful of my value not coming in at a agreed upon sales price. Is anybody familiar with rules or regulations that would prevent Realtors from trying to choose an appraiser?

 

[Dublin ohio]

I have had a couple of Realtors declining my appraisal appointment requests because they are fearful of my value not coming in at a agreed upon sales price.

Why would they have that opinion..

Is anybody familiar with rules or regulations that would prevent Realtors from trying to choose an appraiser?

How did you get the assignment? AMC, direct. One would think that the agent would have to give some reason to the client as to "why" they don't want you to perform the appraisal

 

[Terrel L. Shields]

so who is going to refinance their 3% mortgages with a new 7% mortgage.

The problem began when rates were driven to zero levels after 9/11, then again after the Great Recession. Interest rates were not the problem. The economy was. Had the Fed treated 3% as a floor for the funds rate, then no one would have gotten any better rate than about 5%. And that would dampen down the inflation by tamping down prices. Low interest rates didn't save anyone money because the rapid inflating prices of a home overwhelmed any imaginary 'savings'. And with higher prices comes higher taxes and higher insurance - a sort of trifecta of benefits to government. Not so much to the homeowner. Those who bought at the depth of the Great Recession or who owned their homes outright made out like bandits - tripling and quadrupling their investment - which they took to buy even bigger homes maybe in a different state with lower prices to begin with. And that's why I see so many 'cash' sales of properties that are million-dollar lake homes around here.

 

[Terrel L. Shields]

Hello I'm an appraiser in a rural community in Michigan, I have had a couple of Realtors declining my appraisal appointment requests because they are fearful of my value not coming in at a agreed upon sales price. Is anybody familiar with rules or regulations that would prevent Realtors from trying to choose an appraiser?

contact the client, tell them that is a violation of AIR and if the assignment is withdrawn you will file a complaint with CFPB.

 

[J Grant]

You have to be kidding me....
One may have expressed concerns but one continued to participate....
We all knew that once rates went back to "normal", refi volume would disappear....
I'm quite sure most if not all appraisers' motto at the time was....
"Make hay while the sun shines"....

And many of today's whiners were Pandemic Profiteer braggarts....

Appraisers were hardly profiteers during the pandemic. We were simply making money as lenders and RE agents did And I bet we made less then they did anyway. If you failed to make money during that time that i on you. No apologies are needed for doing it, either. it was hard work, I was working 14-hour days, 7 days a week.

 

[Terrel L. Shields]

Well, tough times, but no such thing as a bad summer - stop thinking about work and enjoy it - if it means a second job - well, so be it. Life doesn't promise even tomorrow.

 

[Dublin ohio]

contact the client, tell them that is a violation of AIR and if the assignment is withdrawn you will file a complaint with CFPB.

What would be the violation. Since we don't have any details. I have had this happen once. The client didn't like it. But the agent used "geo competence" as the reason. Why they didn't use an appraiser located in the "city" the subject was in. Hard to fight that one. Even though I was only 10 minutes from the subject

 

[ucbruin]

Appraisers were hardly profiteers during the pandemic. We were simply making money as lenders and RE agents did And I bet we made less then they did anyway. If you failed to make money during that time that i on you. No apologies are needed for doing it, either. it was hard work, I was working 14-hour days, 7 days a week.

Appraisers always make less....

During 2020 & 2021 I worked less days/hours and made more money....
Had I been 10 years younger during 2020 & 2021 I would have worked everyday and for more than 8 hours per day....
During pandemic I turned down more assignments in that 2 year period than I did in the previous 30 years....

 

[J Grant]

What would be the violation. Since we don't have any details. I have had this happen once. The client didn't like it. But the agent used "geo competence" as the reason. Why they didn't use an appraiser located in the "city" the subject was in. Hard to fight that one. Even though I was only 10 minutes from the subject

RE agents are not supposed to be picking the appraiser, even if by elimination - regardless of their reason.

 

[Dublin ohio]

RE agents are not supposed to be picking the appraiser, even if by elimination - regardless of their reason.

So you would be OK with an appraiser from 50 miles away. Even if there were a dozen appraisers within 5-10 miles?