Appraiser rape and pillage in the Smokies

[Collin Hays]

So my bank is needing an "updated" appraisal on a STR that I own in the Smokies. We called the appraiser from two years ago, and he wants $700 just to update it. That's not even going to the property - merely pulling some comps and plugging them in.

We decided to call around and were quoted $2000 or more for an appraisal, and it would be at least 30 days.

We know who is making all of the $$ now!  

[Don Konipol]

Quote from @Collin Hays:

So my bank is needing an "updated" appraisal on a STR that I own in the Smokies. We called the appraiser from two years ago, and he wants $700 just to update it. That's not even going to the property - merely pulling some comps and plugging them in.

We decided to call around and were quoted $2000 or more for an appraisal, and it would be at least 30 days.

We know who is making all of the $$ now!  

Everyone’s allowed to charge a free market price.  The appraiser has educational time and expense in establishing his career, as well as continuing educational requirements.  Further, if he’s has an additional designation, such as MAI or SRA, he pays additional for membership in the Appraisal Institute, or one of their competing groups, and pays for the right to use that designation.  Appraisers have to pay office staff, referral fees, discounted fees for volume, auto expense, office supplies, web  presence, etc.  As with any other professional they’re allowed to make a profit.