Today we have Marlene with AAA Appraisal Management Company. She says the one of the biggest problems she see’s with appraisals is FHA appraisal re-inspections. She suggests just using the FHA appraisal checklist below to make sure everything is done BEFORE the appraiser goes to the home.
CLICK HERE for the Check List.
CLICK HERE to visit AAA Appraisal Management Company
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Not so much now but for a while we were getting appraisers from other counties who just did not understand our market. I had one that literally pulled comps from the wrong side of the tracks. Is it possible to request someone local immediately when this happens before the appraisal is done? Also is there any way to go over an appraiser when the appraiser seems to have missed better comps? I’ve had both positive and negative responses when I’ve refuted an appraisal but must one stop at the appraiser? Is there a more formal process when one feels they are just stuck with a lazy appraisal? I’m pretty spot on for my REO valuations so while our reports are different I certainly understand the process.
Tell you lender to advise the AMC to stop hiring the cheapest appraiser they can find. Many of the companies who hire the REO appraisers are only willing to pay $275 to $300 when the going market rate in our area is $600 to $1000 right now. The good appraisers will not work for that low fee now. Appraisals were $400 out here 20 years ago and we are just now getting back to market fees after the AMCs take a large chunk of what is suppose to be the appraisal fee. You are getting what the AMC pays for.
25 year Certified appraiser. Good start to a list but it missed the #1 item that causes problems in our market for FHA. Private well and septic locations and setbacks. Realtors need to identify these first. While I may be able to see the well, the septic location is often guesswork, even most owners don’t know where they are. The well has to be more than 10 feet from a property line and cannot be beneath the home, the septic tank must be at least 50 feet from the well and the septic drain field cannot be within 10 feet of a property line. So, my best advice to realtors is to identify where these items are located so the appraiser can know when he, or she, is out there. If the setback requirements are not met or the septic cannot be accurately located, a well/septic inspection has to be performed or its a dead deal. That’s my 2 cents on FHA.
Applying the logic of Dodd-Frank’s AI/HVCC to loan officers means we need a third party between LO’s and consumers to eliminate coercion from borrowers. It’s an insane rule. Think about it.
Marlene is correct, the time it’s taking for a new appraiser to get licensed is crazy. How is a college degree helping them do their job? Honestly, I don’t see any young people in my market signing up for a 6-7 year hitch to get licensed. On top of that, a lot of my local appraisers are approaching retirement. This is going to be a train wreck if it’s not corrected. It would be nice if NAR stepped in with some of their clout and got this corrected.
We are already having a train wreck in Northern Arizona. it takes 4 – 6 weeks to get an appraisal. Not enough appraisers. And not enough who are willing to go the extra step. I have had 2 in the past month who wouldn’t take a property because they couldn’t find comps, another who charged extra for a rush that took 4 weeks. Something needs to be done.