fbpx
Real Estate Appraisers

10 Things Real Estate Appraisers Won’t Tell You

There are about 80,000 real estate appraisers in the U.S. and they play a key role in most home sales.

1. We’re working under a cloud

Until they weigh in with a determination of a property’s value, the buyer typically can’t finalize a mortgage. (Appraisers also play roles in property-tax appeals and home-equity lending, among other transactions.)

The profession got a reputational black eye, however, during the housing boom and bust. In numerous instances, including federal lawsuits against real estate data companies, appraisers were accused of fudging their numbers so that unscrupulous lenders could approve loans for unqualified buyers. “Appraisers were no more innocent than lenders or their CEOs,” said Phil Huff, CEO of Platinum Data Solutions, a real estate appraisal data company in Aliso Viejo, Calif. “They share the blame, too.”

As a reaction to such allegations, the Dodd-Frank Wall Street Reform and Protection Act of 2010 required more state and federal supervision of appraisers, and put more pressure on lenders to work through appraisal management companies, or AMCs. These independent firms are designed to keep appraisers and lenders from getting too cozy, explains Sam Heskel, manager of appraisal firm Nadlan Valuation in Brooklyn, N.Y.

But real estate appraisers say that new rules have made the process slower and more complicated for consumers—and that they haven’t stopped some appraisers from yielding to pressure from banks.

2. We don’t know your neighborhood

One unintended consequence of the Dodd-Frank reforms: AMCs are increasingly sending out-of-county or out-of-state appraisers to calculate property values. This happens because AMCs in some cases assign homes to appraisers essentially at random, says Huff: “They may not know the area all that well, and not use the right [comparisons],” says Huff.

This matters because inaccurate appraisals can hurt consumers. An appraisal that undervalues a property may keep a seller from getting a fair price; one that’s too high could put a mortgage
out of reach for a buyer.

3. We work for the bank, not for you…

The typical appraisal costs between $350 and $500, according to Zillow, and it’s paid for by the consumer (usually the buyer). But while home inspectors, real-estate agents and contractors technically work for the consumer, the appraiser’s work is owned by the bank. And in some cases, homeowners and buyers are adversely affected by appraisals they never personally see.

Read More…

 

7¢ Skip Tracing – Guaranteed lowest price on the market for the best quality data.

Don’t just take our word for it. Try us out by running a small list first to see the tier 1 data for yourself. We are offering non-members access to member pricing, so you can experience the Skip Force Difference and improve the quality of your lists.

🔥Pay wholesale price for quality data
🔥Receive the TOP 3 Phone Numbers
🔥Discover which phone numbers are best
🔥Learn the BEST Time to reach a contact
🔥We can take your old list, grade it and come up with the
BEST NUMBERS to contact
🔥Develop a SNIPER MARKETING Plan
🔥Increase ROI and TEAM MORALE

We have extended this special but cannot afford to keep this offer running for long.

Have Questions? Reach out to us, we’re here to help.
Call us at: 866-962-8190

Get Started Now

About Skip Force LLC.: Skip Force is a SaaS company based in Austin, TX. Founded in August of 2019, Skip Force has developed solutions, for real estate investors and resellers, to streamline the skip tracing process to effectively close leads.

Related News

Global Real Estate

Five Big Questions Global Real Estate Is Asking In 2022

The major trends shaping global real estate are set to influence decisions throughout the year. Amid the raft of questions about what’s in store for 2022, here are five prominent global real estate trends that JLL experts believe will play a big role in how the industry moves forward. 1. […]

Read More
Real Estate Wealth Lab

Real Estate Wealth Lab: The New Research Model Helping Investors Time The Market

Online real estate intelligence boutique REWL (Real Estate Wealth Lab) launched officially in September 2021 REWL is already reinventing how people in the Canadian and US Real Estate markets invest by redefining and delivering data and analysis through digital AI, actionable intelligence, and applied methodologies. REWL has large goals for […]

Read More
Real Estate Trends

Five trends that shaped real estate in 2021

Big changes witnessed during the past year provide a sign of what’s to come – Real Estate Trends From the very start, it was clear that 2021 would not be like other years in recent memory. But exactly how the year unfolded wasn’t completely as imagined, either. Hybrid work moved […]

Read More






Privacy Preference Center

Cart
  • No products in the cart.