How is an appraiser chosen!

This is the million-dollar question buyers and sellers wonder about. Who chooses them? The answer is no one. The assigned appraiser is typically in a pool of appraisers that come up in a rotation by a third-party appraisal management company that the lender uses to put everyone at arm’s length in the transaction.

The appraiser is randomly assigned, and no one can request a particular person.

While agents are often familiar with some appraisers more than others and might see them come up in a particular lender’s appraiser pool, there are plenty of appraisers an agent might not be familiar with who could be given the property to appraise.

Many appraisers have also a staff that they depend on. The staff pulls the data, sometimes staff will do a drive by and then the final documents is reviewed and approved to submit. So there can be many loose ends that may not be a full report in their due diligence.

8. Are there bad appraisers?

Just like Realtors, some are better than others. Some appraisers are more intuitive, detailed and have a better grasp of their market. Others are more reasonable and allow some leeway within reason with the comparables they choose as well as their adjustments, whereas others are more conservative.

No two appraisers necessarily see things through the same looking glass, just like agents.

As I’ve said before, the appraiser must provide documentation and without question, rarely if ever will revisit their work once submitted.

I personally like to make their job easier if I’m able to meet with them during their walk through of the property. Provide them some of my comparables in hopes it will make their job a bit easier. Not always, however occasionally they’ve used my suggestions.