Comments on: Do Real Estate Agents and Brokers Know The Value of a Home? http://www.realestateindustrynews.com/short-sales/do-real-estate-agents-and-brokers-know-the-value-of-a-home/ Real Estate Industry News and Information for Real Estate Professionals Wed, 04 Jan 2012 18:24:17 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: George J. Saady http://www.realestateindustrynews.com/short-sales/do-real-estate-agents-and-brokers-know-the-value-of-a-home/comment-page-1/#comment-6164 George J. Saady Tue, 18 Jan 2011 18:19:34 +0000 http://www.realestateindustrynews.com/?p=1086#comment-6164 I have been in Real Estate for over forty years. Residential appraisers are trying to save a useless profession that would not exist with out Real Estate professionals and was better served when Real Estate Brokers appraised properties. Where do appraisers get their comps? They get them from local multi listing services established by Real Estate professionals not appraisers. These are closed sales brokered by Real Estate professionals almost always located in the same geographical area of the sale. Appraisers with the advent of Appraisal Management Companies are more often than not located out side of the geographical area of the Subject property. There they sit at a computer guessing which comp to use. Real Estate Professional have been inside of the comps. used by appraisers, appraisers have not. I have on many occasions seen comps show up on appraisals that I have been in used for an appraisal that were far inferior to the subject and have led to an inaccurate and low appraisal. I have also seen the reverse where a comp is far superior and has led to an artificially high appraisal. This trend seems to be expanding, as AMC tend to pay far less to their appraisers. AMC's are turning into appraisal mills and in many instances are not even run by licensed professionals. What if we stop allowing appraisers to use our multi list? Let them use county records, Tulia or establish their own sold database. I could give further examples of how the appraiser profession has declined over the years and more personal experiences but listening to appraisers whine bores me. Just a thought. I have been in Real Estate for over forty years. Residential appraisers are trying to save a useless profession that would not exist with out Real Estate professionals and was better served when Real Estate Brokers appraised properties. Where do appraisers get their comps? They get them from local multi listing services established by Real Estate professionals not appraisers. These are closed sales brokered by Real Estate professionals almost always located in the same geographical area of the sale. Appraisers with the advent of Appraisal Management Companies are more often than not located out side of the geographical area of the Subject property. There they sit at a computer guessing which comp to use. Real Estate Professional have been inside of the comps. used by appraisers, appraisers have not. I have on many occasions seen comps show up on appraisals that I have been in used for an appraisal that were far inferior to the subject and have led to an inaccurate and low appraisal. I have also seen the reverse where a comp is far superior and has led to an artificially high appraisal. This trend seems to be expanding, as AMC tend to pay far less to their appraisers. AMC’s are turning into appraisal mills and in many instances are not even run by licensed professionals. What if we stop allowing appraisers to use our multi list? Let them use county records, Tulia or establish their own sold database. I could give further examples of how the appraiser profession has declined over the years and more personal experiences but listening to appraisers whine bores me.

Just a thought.

]]> By: Another Hurdle for Appraiser’s | The Chicago 77 http://www.realestateindustrynews.com/short-sales/do-real-estate-agents-and-brokers-know-the-value-of-a-home/comment-page-1/#comment-1147 Another Hurdle for Appraiser’s | The Chicago 77 Mon, 29 Mar 2010 13:49:15 +0000 http://www.realestateindustrynews.com/?p=1086#comment-1147 [...] Market Analysis on the home or CMA for short. Some banks also call these CMA’s “Broker Price Opinions” or BPO’s. Some may have issue with this. The main group that may have an issue would be the [...] [...] Market Analysis on the home or CMA for short. Some banks also call these CMA’s “Broker Price Opinions” or BPO’s. Some may have issue with this. The main group that may have an issue would be the [...]

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