Christian -- "The market determines value and the market is what people are paying but what someone pays for a property has nothing to do with it's value, Shazzam, I've got it! Can't believe I've had it so wrong all these years."
That happens a lot, expecially with Trainees (working under a supervising appraiser) and Rookies (one's with 2 or less years experience). Of course, one does not start counting experience time until after a State issues a license certificate. Many in the field count time as a trainee as experience, and some never actually get a license, but switch to other fields. Sort of a "Jack of all Trades, Master of None" as the saying goes. :)
That's one of the problems many buyers/sellers are seeing, lack of experience and/or geographic incompetence of trainees and rookies who are willing to work for reduced fees offered by AMCs (appraisal management companies) which most big lenders own, or have an interest in. The comsumer is charged higher then industry standard fees, appraisers doing AMC work are paid half or less of standard rate, and the AMC (or bank) pockets the difference. Results are lower quality reports.... more