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.

Author: danswingblog

Dan has celebrated over 19 years as a full-time Realtor. Successfully listed and sold homes well through the 8 figure market. Advises and assists clients with challenging Portfolios! Not uncommon to be working with foreign nationals, buyers that leverage the Sterling, Euro, and similar currency. Dan welcomes the Global community, with friends in many Nations. He brings a reputation for Integrity, Expertise, and Focus. Our customers deserve the best. Currently provides Residential and Commercial B.P.O.'s, Broker Price Opinions, B.O.V's, Broker Opinion of Value to many lenders. Manage and Sells R.E.O., Real Estate Owned properties, distressed properties! Evaluate and negotiate solutions for sellers and lenders. Developed, operated and sold a Florida "AWARD WINNING" Ad Agency! 2010 & 11 Commercial Agent of the year. RE/MAX Paramount Properties. Relocated to Tampa in 2012, enjoyed retirement for 6 months. Saw unethical practices by some Realtors and choose to reverberate our profession in the Tampa area. In four years built his business to as many as four (4) transactions monthly. Mortgage brokers were calling Dan a Superstar in Real Estate. Dan and his wife relocated to North East Florida, to the community of Nocatee. Currently focusing on 55 and older communities and Luxury Real Estate. Successfully closed on many extremely challenging foreclosures, and Short Sale. Coached and participated in Commercial and Multi-Income Family REO's in the past six years. Elected to the Auburndale City Commission in 1986-88. Created and served as 1st Redevelopment Chair in 1988 & 89 personally put in place all the elements for the Auburndale CRA. 1990 City Commission refused to give a full vote of confidence. After a 5 year journey to personally raise funding, extensive research and study for the CRA district perimeters, and stunned with the Commissions doubt. Positioned himself to run for office again, was re-elected to Auburndale Commission, to serve 1991-93 to full fill the CRA master plan! Active with the Central Florida Development Council from conception in 1985 and sat on the board periodically for the past 25 years representing municipalities and private investors. The positions Dan held from 1986 through 1993 enabled him to have a complete workable understanding of the State of Florida Comprehensive Plan for Future Land Use, and the benefits of intergovernmental agreements, utility franchise expansions, and public/private partnerships! Specialties: Assets recovery & receivership, Real Estate Portfolio's, REO & Short Sale of Residential and Commercial negotiations, marketing consultant, public relations, and Broker Price Opinions for residential and commercial lenders.

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