What’s been your experience with appraisers during the last two years? Have appraisal delays slowed your transactions during this fast-paced market? Did you barely communicate with the appraiser at all?
Texas REALTOR® magazine asked two certified appraisers about what’s happening in the Texas appraisal industry. Find out what they shared in this June article in the Texas REALTOR® magazine.
The other big issue is lender/AMC shopping the appraisal request around for weeks and weeks hoping for a free appraisal that can be turned in yesterday. Then when they finally realize they have 1 day to closing they decide that a reasonable and customary fee is what the appraiser was asking for all along but now they put themselves at the end of a long line of other work and now if the lender wants it tomorrow, they have to pay the rush fees. If they would accept the reasonable and customary fee up front, 3 weeks before closing, the… Read more »
In a changing market it has become imperative that the appraiser spend the additional time and resources necessary to adequately research and communicate to the client a true reflection of today’s market. Increased fees are the result of higher demands placed upon the appraiser in the market place, to to insure accuracy, quality, and consistency in spite of the increasing number of transactions.
I am a fairly new agent with a question: Is it the responsibility of the appraiser to let the parties know what repairs need to be done before the appraisal can be finished or is it the lender’s responsibility to let the parties know what they will require before the appraisal is finished? We service a rural area so we accept that it will take a while to get an appraiser to accept a bid, but starting last year the prices are double or triple what is being charged in San Antonio and Laredo. I understand the travel funds, but… Read more »