Megan Judd (Metropolis Real Estate Solutions, LLC)

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Rainmaker
895,150
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

If a (res) appraiser doesn't actually do business within a relatively short radius of the subject, then they're not eligible to do the appraisal.

Mar 21, 2017 07:59 PM
Rainmaker
1,232,533
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

The appeals process actually stands a chance when the ineptness of the appraiser is proven.

Mar 21, 2017 09:05 PM
Rainmaker
6,609,853
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I would eliminate the third party appraisal companies.

Mar 22, 2017 05:04 AM
Ambassador
4,258,567
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Area knowledge is my biggest gripe here in Charlotte - we have appraisers who come from neighboring cities to do appraisals here and they have NO idea where neighborhood boundaries are!  Heck, that can even happen within the CITY!  Perhaps only be qualified to appraise in certain zip codes?

Mar 21, 2017 08:59 PM
Ambassador
4,581,233
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Appraisers must be familiar with the general area based on local appraisals they have done, not the next county over!

Mar 21, 2017 08:45 PM
Ambassador
4,312,759
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Megan Judd - the comparables should be 'really comparables' and not just few homes picked 10 miles away or in a different town!

Mar 21, 2017 11:11 PM
Rainmaker
529,295
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

I would like to see the appraisers be picked from those who live in the area (within a certain number of miles) and that the comps could be pulled from another "like" location rather than being locked in to such a small radius of the subject property.

Mar 21, 2017 08:41 PM
Ambassador
1,377,615
Susan Emo
Sotheby's International Realty Canada - Brokerage - Kingston, ON
Kingston and the 1000 Islands Area

Actually, "canning" it IS an option.  Rarely, do we have appraisals here in Canada, only for exceptional properties.  Our system known as Emili, is described as "a groundbreaking decision-making system," which is essentially a database of properties that uses different factors as way of determining what a house is worth. 

Founded in 1996,  Emili reduces turnaround times on decisions "from days to seconds" and offers lower costs per transaction.

Mar 22, 2017 06:22 AM
Rainmaker
598,769
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

#1: It should be a "cold" appraisal, meaning the appraiser does not know the contracted purchase price. I hate when the first thing they do is ask for a copy of the contract and then their appraisal magically comes in at $1,000 - $5,000 of the purchase price.

#2: we should have an easy process for appealing a bad appraisal and there should be repercussions if we prove the appraiser did a poor job.

Mar 22, 2017 05:21 AM
Rainer
20,281
Megan Judd
Metropolis Real Estate Solutions, LLC - Orlando, FL

These are SO great! I can't wait to sit down and address them ALL!!! I've been appraising for 23 years and many of these answers are things that I too would want to change. A couple of them may already be addressed in my first two blog posts, so feel free to go check those out. I hope to use some of your other answers in new blog posts, but hopefully by this evening, I can respond to most of these wonderful ideas!

Mar 22, 2017 05:11 AM
Rainmaker
1,723,405
Lyn Sims
Schaumburg, IL
Schaumburg Real Estate Agent Retired

Canning it altogether? Nothing, other than I wish the appraiser could get paid more since the changes a few years ago. They are not getting paid their worth.

Mar 22, 2017 05:10 AM
Rainmaker
1,640,086
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West - Carlsbad, CA
Presence, Persistence & Perseverance

Remove the responsibility for appraisers to note needed repairs in their report. They are acting more as home inspectors than appraisers

Mar 22, 2017 04:43 AM
Rainmaker
5,590,082
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Megan, 

I agree with Candice A. Donofrio .  Each area is different.  A

Mar 21, 2017 10:15 PM
Rainmaker
4,212,856
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

The right to challenge the comps with alternatives

Mar 21, 2017 08:10 PM
Rainmaker
645,608
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Santa Clarita & Aliso Viejo

Appraiser should have a real knowledge of the community they are appraising.

Mar 21, 2017 07:57 PM
Rainmaker
144,716
Julie Larson Realtor® Sarasota FL 941-882-0322
PalmerHouse Properties Florida - 941-882-0322 | Serving Sarasota, Manatee & Charlotte Counties - Sarasota, FL
When you're thinking of moving...ThinkSuncoast.com

 All in all, appraisals seem to be a part of the checks and balances that help keep our industry from experiencing another bubble like the last one. 

I'm not really sure on what would be a positive change to the appraisal process.

Mar 21, 2017 07:38 PM
Rainmaker
808,847
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

I can't really add more but I second Candice A. Donofrio, Roy KelleyThomas J. Nelson, Realtor, CRS, Debe Maxwell, CRS,  Jeff Dowler and others. -Kasey

Mar 22, 2017 09:54 AM
Rainmaker
1,459,627
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Megan Judd Candice A. Donofrio has a good recommendation. All appraisals should be done by appraisers who are located within the vicinity of the property.

Mar 22, 2017 06:58 AM
Rainmaker
1,707,423
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Get rid of the AMCs.

Mar 21, 2017 07:44 PM
Rainmaker
1,044,339
Dave Martin (703) 585-4687
Fairfax Realty - Fairfax, VA
Making Realty Dreams a Reality #WeWillGetYouHome

I suppose the most interesting thing to me is that with all the listings and appraisals that I have had to deal with only ONCE has an appraiser called me to ask how we arrived at our list price.

Dec 12, 2017 06:19 AM
Ambassador
2,571,237
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 Out of area appraisers - go away!

Mar 23, 2017 06:13 PM
Rainmaker
4,016,015
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

That they get done faster!!!!

Mar 23, 2017 06:45 AM
Rainmaker
1,519,351
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

My main request: to have a local appraiser. When you get an appraiser who has no idea about this specific location and not open to a realtor detailed explanation if the property is unique in any way, it is most of the times: a trouble.

Mar 22, 2017 09:43 PM
Rainmaker
3,985,875
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Some kiknd of a reviewal process for bad apraisals

Mar 22, 2017 06:48 PM
Rainmaker
864,358
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

I would try to make sure all the appraisals are done by local appraisers.

Mar 22, 2017 06:43 PM
Rainmaker
2,642,112
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The very nature and core of the process is its Independence from others

Mar 22, 2017 12:22 PM
Rainmaker
1,387,508
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

The biggest issues I've seen is that they cannot go beyond a certain distance for comps, I believe half a mile.  Sometimes comperable areas or homes are outside of this area.  I'd also like to see all appraisers (not just 90% of women and 10% of men) give credits for work done.  I've had appraisers give me a whopping $8000 for $100,000 worth of work, including redesigning the house, a whole house copper re-pipe AND a brand new kitchen and roof!  They don't even care what was done to the house.

Mar 22, 2017 10:59 AM
Rainmaker
4,433,703
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Nothing.

Mar 22, 2017 08:42 AM
Rainmaker
5,571,923
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

the appraiser should have a knowledge of the area.... 

Mar 22, 2017 08:36 AM
Rainmaker
919,973
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

Banks should only use appraisers familiar with the local market and not bring in appraisers from hundreds of miles away!

Mar 22, 2017 07:55 AM
Ambassador
3,057,708
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Overall ... just raise the bar.  Let's have more qualified and competent people doing appraisals.  Let's pay them for their time and toss the middle greedy hands into the river. They are not needed or necessary. 

Mar 22, 2017 07:25 AM
Rainmaker
4,799,501
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I would try to insure only local and qualified appraisers are used.

Mar 22, 2017 06:52 AM
Ambassador
1,616,354
Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

Please use appraisers that are familiar with the area

Mar 22, 2017 06:38 AM
Rainmaker
1,404,699
Raymond E. Camp
Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

I would like to see that they belong to the local board.

Also after the third complaint, they are on probation and any other complaints that are justified they lose their license!

Mar 22, 2017 06:05 AM
Rainmaker
3,331,523
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I would ban out of town and even out of state appraisers from doing work in areas they do not live or work. I would eliminate this next in line gets the appraisal and reward the good appraisers with more work. 

Mar 22, 2017 05:44 AM
Rainmaker
889,027
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

I'll keep it to ONE thing.

For each type of appraisals, the 'order' must use IDENTICAL parameters.

Bank 1 and Bank 2 and Bank 3 should be be modifying the parameters of the appraisals such as their definition of comparable sales which includes time and location.

 

Mar 22, 2017 05:36 AM
Rainmaker
4,120,390
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

How appraisers are selected/assigned to specific appraisals. Many appraise in areas they really know nothing about.

Make it way easier to challenge appraisers' choices of comparable homes.

Mar 22, 2017 05:34 AM
Rainmaker
3,069,984
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Jeff Dowler nailed this one!

Mar 22, 2017 05:10 AM
Rainmaker
2,079,817
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Rub the lamp and three wishes right? More appraisers needed in our area to give options to use banks that don't have the low ball every time and who always have long as your arm lists of updates, want lots of inspections as a routine. Second wish, send just cash buyers or third wish, sellers become willing to owner finance when they don't need to replace the place.

Mar 22, 2017 03:43 AM
Rainmaker
1,153,975
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

5 sold comps, 5 listed comps.

 

Mar 21, 2017 10:04 PM
Ambassador
5,410,476
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Not sure I would change much, unfortunately many are agents who could not cut it selling so they fall into this niche.  But I have run into some very good ones too.

Mar 21, 2017 09:16 PM