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UAD = Uniform Appraisal Datamine
Do we have a new rule that appraisers must live in the town they are appraising? We are trying to get an appaisal on an offer in Bloomfield, WI. Offer was dated August 15 and the agent is still waiting to get an appraisal from Chase Bank. No date has been booked and the appraiser is 3 hours away.
There is no such requirement. Appraisals are ordered today and paid to the low ball quote, least experienced appraiser who may come from more than one county away. You may pay $450 for an appraisal, but the bank’s AMC (Appraisal Management Company) may take 40-50% of it just to order it and the appraiser only gets $250. Total rip off. Get the details and complain, complain, complain if you are being treated this way! Refuse the appraiser entry to your home if he / she is coming from far away.
@Frank Garb – you are completely incorrect. Appraisers certify that they are geographically competent to complete the appraisal. Regardless of where the appraiser lives, the appraiser must complete their due dilligence. This includes speaking with a number of brokers from the area and learning the nuances and marketing aspects of the neighborhoods there. The bottom is that the data, Frank, does not change. If the appraisers are required to use sales that are 90 days or less, within a mile of the subject and similar to the subject’s characteristics, the sales for the subject area will be the same for the appraiser that is 5 minutes away or one that is 500 miles away. Lets face it. Brokers need to know how to propertly price a home when they are listing it. If the brokers use superior sales as comps in their CMA and over value the subject then they are doing a dis-service to their seller. It is not appraisers job to ‘make their deal’. The appraisers fiduciary responsibility is to the lender – not the buyer, not the seller, not the broker. The appraiser is accountable for what they report. The price for not doing their job could cost them their livelyhood, thousands in legal fees, fines or worse.
Yo, Katherine, you got in a big huff over nothing. I said in response to Ellie there is no requirement the appraiser “must live in the town they are appraising”. Try decaf next time.
MISSED POINT…………The local appraiser is part of that community in which he/she conducts business. There are probably 30 appraisers working in my small town and they come from all over. Yet when I go to the City Planning or Zoning meetings or even County Development meetings I rarely run into another appraiser. On review I see missed zonings, misstated land values, in appropriate comparable selection, etc, etc. There is more to the available data than the MLS and CoreLogic. Geographic compentency is a broad range of knowledge attained over a pretty good time span. Doing one appraisal report in an area 50 – 100 miles away does not make you competent in that area. It may be just enough experience to COMPLETE a report form and send it back to the lowball AMC, but not enough experience to truly know what you are doing in that market. I would bet that appraisers doing out of County assignments probably can’t even name the Tax Assessor for those counties they work in. Let alone any of the other demographics, statistical information, etc. Pull the required comps as dictated by the AMC, take pictures (maybe) and turn it out in 48 hours. This is how the real estate market became screwed up in the first place.
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