Beware 'minimum wage' appraisers
Letter to the Editor
By Inman News, Tuesday, June 1, 2010.Re: 'Fannie, Freddie to field HVCC complaints' (May 20)
Dear Editor:
It's true. Appraisers across the country who take pride in what they do and work hard to make sure they write the best appraisals possible are not being paid fairly under the new (Home Valuation Code of Conduct) rules.
This is driving the good appraisers to do other non-lender appraisals while the AMCs (appraisal management companies) pick what I refer to as the bottom feeders who write poor appraisals and don't even have access to the proper data sources.
We have managed for the past year to not work with any AMCs due to their low fees. We understand the costs to not only be an appraiser but have the tools necessary and the time to write a good report. There is no way any appraiser is doing his or her best for minimum wage. Sorry, just a fact.
I am sorry for the issues that bad appraisers in our profession are causing.
Greg Wilkinson
Worth Every Dollar Appraisals
Atlanta, Ga.
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Submitted by Judy Orr on June 2, 2010 - 7:36am.
Recently had an out-of-area appraiser give us an appraisal that was $13,000 under contract price (we were all floored because we had comps). He used homes in a less desirable school district in the vilage for comps.
Funny thing is, we all contacted the appraiser and instead of standing up for his appraisal, he quickly brought it up to contract price. That was good for us since the buyer wanted the house but couldn't come up with the difference and the seller was ready to wait for another buyer.
But it makes you think when an appraiser is that quick to change his work.
Judy Orr
Classic Realty Group
Submitted by John Rakoci on June 2, 2010 - 9:17am.
Appraisers willing to work for peanuts usually produce a product reflecting that amount. If they have to complete 3 or 3 jobs for the pay of one they no longer have time to do quality work. Often getting what you pay for just like when hiring a Realtor willing to cut their rate.
Submitted by Ted Jernigan on June 2, 2010 - 12:06pm.
The next artifact we will see courtesy of government reform will be the minimum wage loan originator.
Ted Jernigan
Ebby Halliday REALTORS
McKinney, Texas 75071
www.TeamJernigan.com
972-489-6173
Submitted by Baron Kahle on June 2, 2010 - 2:44pm.
Remember Help-U-Sell? AMCs are the Help-U-Sells of the appraisal world.
You pay for a Geo, you get a Geo, not a Corvette.
If you want a Corvette, pay for it and quit your sniveling.!
Submitted by Harry Ridge on June 3, 2010 - 10:10am.
The level of service and quality of work from appraisers has fallen off a cliff since the new HVCC rules passed. It seem that evetytime the government gets involved in our industy they make things worse:(
Harry W. Ridge III
Member, Broker