It’s a crazy mixed up real estate world today and we are faced with an uphill battle for the next several months, if not for the next several years. We are looking at quick turnarounds on properties if they are priced right and staged properly. We are inundated with buyers and rates continue to be at historically low levels, but we are fighting the untouchable appraiser and underwriters in terms of attaining values. It has always been my opinion in an arm’s length transaction that market value is what a buyers is willing to pay for a property and what a seller is willing to sell for.
In today’s environment, we are faced with a challenge of not being able to communicate to our lender with the appraiser an as a result properties are not appraising for the sale price. As of May 1st appraisal management companies have been inserted into the real estate transaction. This has resulted in the consumer not being able to get values on properties on their purchase. Appraisal Management Companies are taking a piece of the pie for doing nothing more than assigning an appraiser to appraise a property.
What’s the problem you ask? The problem is top quality appraisers are not getting paid what they are worth and the appraisal opportunities are going for lower fees and to lower quality appraisers. Until this practice gets overturned, we will be faced with making the role of the realtor more critical in today’s real estate transaction. We are here to help.