An appraiser contacted me shortly after I posted the story about home builders wanting better values for new homes, which they believe are being dragged down as a result of neighboring distressed properties.
This is his viewpoint:
“Yesterday it was the Realtors, the day before it was the Mortgage Brokers, and today it’s the Builders.
The builders did NO demographics study and created the largest OVER SUPPLY in human history. Is it our fault the values are being destroyed?
Most of these builder homes are selling cheap because the BANK owns them and the buyers are paying CASH. Do you not expect a further discount when paying cash?…
Appraisers are being thrown under the bus…as usual when the bankers and builders get caught with their hands in the cookie jar.
I mean who’s next? Do you know about the HVCC? It cuts the appraisers fee in 1/2 and TAKES ALL our client relationships away. Those took years to build.
Not every appraiser worked for a crook. The HVCC was implemented on 5/01/2009. Do any appraisers really care about the appraisal quality at $150 when we used to make $300.
My bills have gone up….the borrower is also now paying MORE after the HVCC went into effect. How is that just? I have had it with all the crooks from DC down to the Main Street Bankers. They ALL wanted high values and now……you can’t come in low enough for the banks (appraisals coming in too low).
Every solid, honest, professional appraiser I know….HATES what this job has come down to. We work hard, play by the rules, turn in crooks……and are left to clean up the mess…at ½ price.”
So this is a taste of how some appraisers feel about the situation at the moment…not good.