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Appraisers as Targets

by Administrator on Jul 6, 2012 General Appraisal 1449 Views

I'm sorry to admit it but I find it funny when I hear about how some appraisers are finding new and innovative ways of ducking residential assignments from AMCs, banks and lending institutions when they see that the value they are looking for is at the high end of the market range or beyond it.  "I'm sick," "their is a family emergency," "I think that I'm related to one of the parties," "I am leaving town" and the list goes on.  It's sad that as appraisers many of us have reached a point when we have become the targets of owners and real estate agents who want to control appraisal outcomes.  

It's hard to imagine that real estate agents and owners believe that the real estate market has recovered in 2012 in Las Vegas because there is a temporary shortage of homes.  The short supply situation has to do with the fact that foreclosure properties have temporarily been withheld from the market.  Come on people, no one really believes there is a a housing shortage, look around . . but some people want to use the latest "information" as a basis for strong-arming appraisers into concluding higher values.

On the other side of the equation are the AMCs and the financial institutions who are looking love to make excuses for why they can't make deals / loans happen.  There are many "regularions" and unless they meet them they just can't make the loans.  The fact of the matter is that I know of appraisers who have submitted reports with upward market condition adjustments, bending to agent and owner pressures, only to have their reports sent back to the AMCS by the bank with instructions to "remove the market conditions adjustment."  It's my opinion that banks make excuses about the regulations, but they don't really want to risk the money.  We had the Savings and Loan failure and then the banking failure, why should they put money out there again its kinda like gambling in Las Vegas, best to just keep it in their pocket. 

If the banks just wanted to get real estate deals to work they would be the ones applying pressure on appraisers as they famously did in the past, or they would be pushing regulators about the use of broker price opinions (BPOs) and use them instead of appraisal reports, or they would use the work of their own staff appraisers (B of A is out there with an army of guys ready to create reports), but I don't think that they want to make it easier to get a loan.  Make it difficult and keep the values from creeping up again.  You can't get an upward spike in real estate values if no one has money to buy it.
So appraisers have become the least liked people in real estate transactions today, caught between brokers and owners that try to move their valuations up in response to what is, in Las Vegas, only a temporary shortage of homes and not a real market recovery and the  banks who want appraisers to keep the number of transaction and price inflation down.

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