Northwest Florida Realtor

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Appraisers upset over new rules

Below is what I found on NAR website I can understand an appraisers position to be against a pool as we as Realtors would be against a pool they have worked hard for years to earn business then are told they will now be on the same level as someone just starting. This does not seem like it will go over very well.

I have seen comments posted already on the story below saying things like

"We do not sign an agreement with appraisal management companies. They send us their fee schedule and we continue to bill our standard fees (of course they won't pay them)....so we turn them in to the local credit bureau."

Another post said

" They started with the right idea (separating brokers & lenders from appraisers). Unfortunately selfish individuals came to control the end result.

1. Bankers and brokers should be forced to play on a level playing field

2. Neither banks or lenders should be allowed any control or ownership in the "third party" ordering companies.

3. The "third party" ordering company's fee should be paid out of the borrower's pocket rather than the appraiser's pocket. If appraisal review is a portion of the "third party company's services; that portion of the fee should be paid by the lender (as it was in the past). "

 

Appraisers Upset Over New Rules

From Ft. Worth Texas, another article on the Home Valuation Code of Conduct:

Money quote:

Kenneth Jones, a Realtor as well as a 16-year veteran appraiser, said his options are limited if he wants to continue to work: join a pool.

"What's so funny is that bad appraisers have been joining pools for years because they can't get enough business to make it as an independent appraiser," Jones said. "But now they'll be on the same playing field as the good appraisers."

Management companies also typically charge appraisers to be included in pools and Jones said that cost will hurt many appraisers. ...

..."I know some really good appraisers who have gotten out the business because of all of this," Jones said. "The local impact, just like the national impact, could be huge. And I'm not sure if that will be in a good way or not."

 

Another story about appraisers, where the big concern is the low fees at AMC's.

My question to this group is: Are you appraisers having any luck establishing your own fees with Appraisal Management Companies?

Brandon Jordan, Realtor,E-PRO,ERA American Real Estate

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Comment balloon 2 commentsBrandon Jordan • February 21 2009 12:02PM

Comments

Hey Brandon, this will be a sore spot for years to come. I recently had an appraiser use a house with no HVAC, septic, kitchen cabinets or kitchen appliances as a comp for a recent sale. My home was move in ready. Mortgage Co. says no matter what they go with the lowest appraisal. Go figure.

Posted by Keith Perry, REALTOR - West Metro Atlanta (Coldwell Banker) almost 11 years ago

It seems the mortgage companies have been the root of evil so to speak. They were pushing for higher prices on the way up. Today they are pushing for lower prices and over shooting how bad their books are to take advantage of the bailout funding.

 

Thanks for the comment

Posted by Brandon Jordan (ERA American Real Estate) almost 11 years ago

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