Agent

Real estate appraiser warns against pressure

Reader explains influences on the profession
Published on Feb 7, 2005

DEAR BOB: I've been a residential appraiser about 21 years so I remember the "good old" pre-license days. If I can stick it out another few years, I will be able to comfortably retire, thanks mostly to my realty investments. Although I am a very competent appraiser, and I try to comply with the stupid USPAP appraisal rules which nobody fully understands and which keep changing, you and your readers should understand the tough spot we appraisers are in. We depend on referrals from mortgage lenders. When a lender phones me (often a mortgage broker), he tells me the "number" he needs to make the loan. He almost always says, "If your appraisal isn't close to that value, phone me before you write up the appraisal." But the homeowners can be even worse, especially on refinances. They also tell me the appraisal amount they need. That's why I now demand the homeowner pay my fee in cash or a cashier's check because I've had too many "stopped payment" checks. Just thought you should know "the re...

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