We know you’re having a hard time with appraisals today. We hear from sales associates and brokers regularly that they’re seeing transactions collapse because the appraisal comes in well below the price agreed to by the buyer and the seller.
Having a value come in at something other than what was hoped for is one thing, but that’s not what practitioners say is the problem. The problem is that valuations are systemically coming in at questionable values because so many appraisers lack experience and famliarity with the market and they’re overly hurried to meet required turn-around times set by the lender or appraisal managememt company (AMC).
On top of that, many appraisers insist the practitioner can’t provide them information or even talk to them about the property.
Much of what’s happening with appraisals can be traced back to the controversial and all-too-familiar Home Valuation Code of Conduct (HVCC), which is no longer around but whose main intent was made part of the big Wall Street reform law that was enacted close to two years ago.
Although the history of this problem is familiar, how to deal with it remains a thorn in the side of the industry. What do you do when you have a problematic appraisal?
To provide some help with this question, we’re hosting a webinar in a few weeks with Anna Ruotolo of RPM Mortgage in Walnut Creek, Calif., who’s given this subject a lot of thought and has well-grounded advice on how to work with appraisers. She’s going to use the webinar to expand on ideas about meeting with appraisers when they arrive at the property, providing them information they might not know about, and documenting dscrepencies with the assessor’s valuation.
She’s also going to talk about questions you should ask appraisers before they get to work, like, “How far is your office from here?” “Do you have access to local MLS data?” “Are you familiar with the area?” “How frequently are you in the area?”
There’s also the matter of what to do if you genuinely believe the appraisal is off the mark. Who’s the best person to call?
The webinar lasts an hour and is free. It takes place Thursday, Jan. 12, at 3 p.m. Eastern Time. If you register but can’t make it, you can watch it when you have time. We’ll be sending you a link with the archived version after the live webinar concludes, so whenever you have time you can click on the link and watch it.
Here’s a link to learn more and register: Productive Engagement with Appraisers