I have been in the appraisal field for decades. My brother got me my start in the business. He is a commercial appraiser. He told me to do my best and write an honest appraisal report. Here it is several decades later and so many crisis’s savings and loans, Fannie Mae failure the bogus too big fail crisis and so forth.
I still every day try to do the best appraisal report I can. I make sure it is credible, and the information I have in it is correct and not miss leading. Most people do not realize the responsibly of the real estate appraiser. We are held to a high standard; we are responsible for knowing everything about the market areas that we do appraisals in and we are responsible for what we do not know.
There is no other industry that individuals are held to such high standards and responsibilities.
When you had a high-level, government official who did not know having government information on a personal computer was against the law, no action was taken against that person. With dealing with the public and working with realtors, homeowners, attorneys. Lenders, etc. You have to explain to them why you need the information and the delays in completing the appraisal reports. I have to review the sales contract and make sure the buyers and sellers have signed the contract. I need to see if there are any condition of sales, for example, seller concessions. I must disclose that in my appraisal report. I am not an attorney.
If you are doing a VA appraisal and it is a purchase, you must review the VA escape clause and make sure it is in the sales contract and signed by the buyer and seller. What is interesting is the attorneys involved in the transaction are not required to review it. I am now a loan processor too.
There are delays that are beyond our control. In a recent assignment, the buyers went on vacation, and the sales transaction was delayed, and the lender pressured me to turn the report in faster. Another delay when the homeowner submitted the paperwork for the refinance and can not see me for a month because they had surgery. When I did schedule the appoint, the homeowner wanted me to rush.
They all have unrealistic expectations.
I needed my lawn sprinkler system repaired. I called the lawn sprinkler company, and they told me 3-4 weeks before they could come out. I told them I need them to come out right away. I had to wait several weeks for my sprinkler to be repaired. But for the appraisal report, it must be ASAP.
Wow, I think I may make a career move.