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Survey Results: How Reasonable are Appraisal Turn Times? (And is Quality Affected?) by David Brauner, Editor As of this writing, 2,455 appraisers have participated in the OREP/Working RE How Reasonable are Appraisal Turn Times? Survey. Find the data below. Appraisers report that turn times are unreasonable much of the time. Further, turn time demands do not vary much according to complexity. However, ordering entities do allow more time when it is requested. Most appraisers indicate they are penalized for not making required turn times, at least some of the time. Finally, appraisers say they are not letting unreasonable turn time pressure hurt the quality of their reports- most of the time.
Data
Real Life According to Smith, to complete a quality appraisal in
his area requires an appraiser to access two MLS systems, as well as two local
databases that contain sales that are not listed in the MLS system. Smith
stresses that each sale has to be carefully reviewed and analyzed, and that a
single MLS system fails to capture all the relevant sales, so an appraiser has
to exercise due diligence and must research all pertinent sales, and then use
proper judgment to make the appropriate adjustments. The result of the push for
faster turn times and lower fees is that Smith says he is being driven out of
business. “I’ve been appraising for nearly 30 years, but for the past year I’ve
been looking for another job because I can no longer make a living doing
appraisal work. Because the guys with the lowest fees and the fastest turn times
are getting all the work. Some of the appraisers have been improperly
trained and don’t know better, some do know better, but don’t follow the rules.
Some appraisers do not understand USPAP, and some appraisers do understand it
but choose to ignore it. > Click to Print this Article
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