Soap Box Rant

Idiot Appraisers or Why HVCC is worthless

The last two weeks I have had to deal with an appraisal problem that has really brought the problem with real estate to new heights with me. In 2009 there was a new law put in effect that makes it illegal for me to contact an appraiser. It's more complicated than that but that is the basic result. I had an appraisal completed and it came in ridiculously low. I appealed and provided new comparables. It was rejected yesterday basically because the appraiser doesn't have make changes if he uses comparables within the law.

Now here is my problem. Because the appraiser has already been paid, is not contactable (it can be harassment if I do it to influence the value), and has no interest in the results he is done. We should all be concerned with this type of appraiser. Since he did a slipshod job he has contributed to the current economic conditions staying low. How so you ask? By keeping property values lower than comparables say it should be there are fewer home owners who have the ability to refinance to take advantage of these historically low rates. Keeping the homeowners in higher rate loans restricts their cash flow which in turn effects the economy by having those same consumers unable to spend money that they are still having to use for their higher interest mortgage payment. So, the conclusion here? Appraisers need to keep to the one of the real estate use mottoes, "Highest and Best Use Always".