The market changed for us agents too, and we adapted. We cannot represent out clients in a cut-rate way, even if we cut our commissions to compete, because we have a fiduciary duty to these people, who are making one of the most important transactions in their lives. I believe agents absolutely should speak directly to appraisers, and if nothing is done, then let the lenders should know that their comps aren't being taken into account, especially when they're providing better comparables than what's in the appraisal, and it's often not that hard.
Sorry if I'm sounding harsh here, but we're trying to do the best job we can for our clients.
If you re read my response you'll note that I refer to "appraisers", not myself. I still appraise, but I have not taken the low paying fees offered by many Appraisal Management Companies. I have focused on working with direct lenders, attorneys, and REO portfolio managers. So fortunately, I still make decent money appraising, and I don't provide cut rate appraisals. All I am saying is that many appraisers do not do the due diligence necessary to provide an accurate appraisal because of the 50% or more pay cut many have taken. I do not agree with it, but it is a fact and a real problem. Due to the low fees, many are not interested in spending any extra time working on an appraisal if possible. So you better get the info you want them to see, before they complete the appraisal. I even refinanced recently and had to pay for two appraisals because the first one was done by an out of area appraiser that just threw it together. I provided comps and all in a rebuttal, but all she did was say the info wasn't relevant and the bank accepted her answer. Had she corrected all of the mistakes I pointed out and had she considered all of the info I provided, she would have spent a lot of time redoing her work. It was easier for her to just say no. The second appraisal I got was much more thorough and it worked out fortunately.
I hope that clarifies things.
I am an agent and appraiser. All of the answers are correct. I would emphasize, that many appraisers are performing appraisals at cut rates, which in turn results in cut rate appraisals. It is a lot easier to inform an appraiser the first time around versus trying to rebut an appraisal. Appraisers are not paid extra to review additional info nor does it reflect particularly well for an appraiser to change his/her value.
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Welcome back! Yes, we can still talk to appraisers. It can be a bit challenging to pin them down, but for the most part they are still open to hearing our 2 cents' worth, in my experience.
Best of luck!
Rachel LaMar, J.D.
LaMar Real Estate, Inc.