When I sent out an e-blast early this year asking for our readers’ opinions on how they would “fix” appraisal issues or how they’ve been affected by differing appraisals, the many responses I received were very passionate.
Though I read several accounts from agents of how deal after deal had fallen through, I also heard from our appraiser readers, most scolding the e-blast because they thought I was only looking for agents’ thoughts on the appraisal issue. Some wrote, “I hope you will shed some light from the appraisal side of things,” “I hope you qualify what constitutes a ‘bad appraisal’… If an appraisal – first and foremost – meets the Uniform Standards of Professional Appraisal Practice (USPAP) guidelines, it cannot be a bad appraisal,” and even accusations that we were putting together a “let’s trash the appraiser” issue of Chicago Agent.
Since the subject line of the e-blast was “Are Appraisals Killing Your Sales?” I can understand how some appraisers’ feathers were more than ruffled. But in fact, I was looking to hear from both sides – agents and appraisers. Since the recession, low appraisals have been a bone of contention among agents and appraisers, and these issues have especially been to blame by several agents for the destruction of deals.
The agents think the appraisers don’t know the real value of the neighborhood; the appraisers have to go by certain guidelines. That’s the real issue at hand – the arguing starts between agents and appraisers, and many agents offend appraisers by saying that they can do it better (if you really think you can, find out how to become an appraiser here). In our cover story, two agents, a senior vice president of lending and an appraiser give us their take on what’s been going on in the market, their own personal experiences and what people in the industry can do to help start to “fix” this issue.
I have a feeling I might receive more than a few comments on our cover story – feel free to add your own comment on the story online at chicago.staging312.com/current-issue or email your thoughts to firstname.lastname@example.org.