Appraising an appraiser

4 Replies

What tools exist for appraising the value of an appraiser? Any sort of standardized ways of doing this? Do I just have to rely on Yelp and other such websites to get statistical data?

What kind of appraisal are you having done? Usually if it’s for a purchase money loan a buyer or owner is not allowed to select the appraiser. If you’re going after just a valuation you could probably save yourself some $$ and get a bpo or have a local agent do a cma.

Appraisers are usually hired by a servicing company, and they are not exactly well liked by agents- so chances are you’re not going to find an abundance of glowing reviews.

The "standard" varies from state to state. State government regulates the licensing of appraisers so you'll need to hop onto your state's division of licensing services or what have you for the list of certified appraisers in your area. 

From your question I have a feeling you dislike the value an appraiser came up with. Just because you disagree with an appraiser's conclusion doesn't make one of you right and the other wrong. A skilled appraiser will address the macro and micro economic trends in their report and explain their reasoning. If there is little to no support or reasoning in the report for their adjustments it probably isn't a good appraisal. If the value they present is not reflected in first three comparable sales...it probably isn't a good appraisal. Read the report carefully and see how the appraiser came up with their conclusion even if you don't personally agree with it. The report itself will tell you if the appraiser is skilled or not. If it is a supportable opinion and you just happen to dislike it that is no reason to attack a professional appraiser. 

Originally posted by @Nathan Guyette :

@Josane Cumandala, thank you for your response. No, I did not have any specific issue with an appraiser or their valuation. Just curious about how to judge them as there's no easy to view rating system for them.

Yeah, appraising is an art, not a science. I think a good report speaks for itself but beyond that you just have to consult with other professionals if you feel you need a second opinion.