Jpmortgage: Not sure if you have the same issues, but lately these days I have been having some very poor quality appraisals being completed. Missing bathrooms, bedrooms, using foreclosed and/or fire sale comps, simple spelling errors, etc.
What am I missing? I have one on my desk that I would love to red flag somehow someway as an example of how pathetic these reports can be in today’s industry hoping to help correct these issues. Anyone ever report a very poor appraisal/appraiser? If so what do I need to do, or is it simply a waste of time and energy?
I appealed it with my investor, correcting a few detailed items and providing additional comps, everything was denied and the appraiser provided minimal feedback to the borrower’s concerns. Pathetic. This appraiser needs to be checked. I can go on and on but I’ll stop myself. Thanks for any feedback.
MikeM-NJ: Very poor grade in general from what I’ve seen. Formerly the whole fee went to appraiser. Now with the Home Valuation Code of Conduct and appraisal management companies, only a portion goes to the actual performance. I can also go on.
Mitchrap: This is actually a prime example of the value of AMCs. A properly run and well managed AMC will prevent and/or correct these errors and root out sloppy appraisers that show a pattern of these errors.
Dust10b: I take issue with your comment Mitch. Your statement is the most backwards logic I’ve seen in a long time. In truth, with HVCC these appraisals are coming through AMCs.
If we didn’t have AMCs we could root out poor appraisers ourselves. In fact, we already had. They got back in the game thanks to HVCC and the AMCs.
Back to the point, Jpmortgage, one way to get the attention of the AMC is to have the client do a credit card dispute based on the fact that they didn’t get the product they paid for. All they need to do is contact Visa/MasterCard/American Express and begin a dispute.
I’ve had my clients do this with success in the past. Bottom line is that you paid for an accurate property valuation and you didn’t receive one.
Jpmortgage: Thanks all. I love it. Thanks for the advice dust10b.
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