[caption id="attachment_64" align="aligncenter" width="168" caption="Housing Valuation Code of Conduct"][/caption]
Sometimes I wonder what our government was thinking when a group of lawmakers, (NY) decided it was in the best interest of consumers to have a third party requesting the most important piece of the puzzle in a refinance or purchase.
An appraisal is an opinion of a property's value. Just like in any profession there are good and bad. To utilize the best opinions it needs to be an appraiser who is familiar with the area and transactions taking place.
In today's market, we order an appraisal with a company who then gets in touch with the appraiser.
As a loan officer we do not have knowledge of the appraiser until we receive the finished product. If there are any questions they are filtered back through the appraisal management company.
For purchases, not so much negative, but for refinances it is a toss up as to the amount of work appraiser puts in to get the true value of the home. I have been told sometimes can vary as much as $30k depending on comparables used.
Thankfully, I have only had one appraisal that was disasterous and that appraiser has been removed from the the appraisal management company's list. While most appraisers take great pride in their work there are always those bad apples floating around in the barrel.
I hope this trial will be one that is deemed unreasonable for all parties involved. Ask the appraiser how they would rather work???
If you have a comment or opinion, please share.
Yours to Count On,