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Should We Reappraise Home Appraisers? August 18, 2009

Posted by John Watch in News Feed.
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The following commentary is in repsonse to a WSJ Article titled, “Reappraising Home Apprisals” released today. Appraisers are covering longer distances to find work, but some of this may result in sub-par appraisals from lack of knowing “the nuances” in a particular area. Bad data, Bad analysis, bad decisions. Should we reappraise the appraiser?

“With over 4 million homes being purchased this year, plus the millions of home being refinanced, there are going to be bad appraisals.  More importantly, there are appraisers in the market who simply may not be qualified to do the job. But because of the current fee structure, qualified appraisers are not accepting assignments, thus sub-standard work is being completed. 

The entire process of an appraisal is based on recent sales and the appraiser having the knowledge and ability to interpret the property data.  Bad property and sales data leads to bad analysis, which leads to bad decisions.  Clearly, the appraisal process is not perfect and rules developed out of political convenience are just as bad as the rules that were developed out of political ignorance that led up to this disaster.”

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