We’ve noticed a decline in appraisal report turnaround times all over the country lately and we found out that this is because appraisers are simply swamped! This has been a trending issue of late and we’ve decided to give you a few tips, based on research and our personal experiences, on how to get an upper hand and a better working experience in times like these.
Tip 1: It’s all in the details – Don’t hesitate to share any and all pertinent information with your appraiser. The better quality information you provide, the faster the appraisal will go. Taking the initiative to equip your appraiser with everything he/she needs for an accurate appraisal can potentially save you time by dodging having to challenge a low appraisal.
Tip 2: Be Proactive – If you are aware of any repairs that need to be made before the property hits the market, have it repaired. This will save you from a re-inspection. Reaching out to a local appraiser or a loan officer may also be a good idea if you’d like some insight when you’re concerned about any repairs.
Tip 3: Communication is key– Always make an effort to communicate with your appraiser, may it be through an email or phone call. Some problems or misunderstandings may be solved with a quick 5-minute back and forth online or over the phone.
Tip 4: Don’t make promises – especially with escrows. Leave some wiggle room in your timeline for things that may be out of your control, like busy contractors or additional documents for lenders.
Tip 5: Be Patient – Don’t ask for hourly status updates (that might be an exaggeration but you know what I mean). It doesn’t help speed up an appraisal.
Tip 6: Offer a rush fee – What’s happening right now is many property appraisers are being offered a low-ball appraisal fee by Appraisal Management Companies (AMCs). If these lenders or AMCs are truly concerned about turnaround times, the best thing for them to do would be to offer a reasonable appraisal fee, as well as a rush fee. Because of unfair fees, appraisers are forced to turn down these orders and look for clients who are easier to work with and pay fairly too. Sometimes, an appraiser takes the blame for the time spent by AMCs looking for an appraiser who’d accept a low fee. You might be forking out a good amount of money for an appraisal, but how much is your appraiser really getting? If you find yourself working with an AMC that’s scraping way too much off the top, maybe it’s time to take your business elsewhere.
We hope these tidbits of information from our very first blog help you in your next appraisal transactions! For more helpful information and weekly updates, like us on Facebook! Click here.