The Wall Street Journal had an article talking about the difficulties with appraisals in most of our markets. I found it interesting that they suggested asking for an appraiser who had many years of experience in the area, rather than taking whoever comes up on rotation.
Our contact at Bank of America said that they can't suggest that up front, but if they aren't happy with the appraisal they can request a second appraisal and for that one, they can ask for an experienced appraiser.
With less sales and more concessions and short sales, it becomes more difficult. An experienced appraiser will know the nuances of a neighborhood and historically which features and amenities buyers are willing to pay more for.
Agents aren't all alike - and neither are appraisers.
Sharon - With the existing market it is even more important that the appraisal is accurate, I am amazed at how two appraiser can look at a property and the numbers can be so different. Getting an experience appraiser who is familiar with the area is key. Many banks were using the drive-by appraisals, I wonder how many of these appraisals were correct.
Jennifer - drive-by appraisals were pretty scary to me - goes along with drive-by loan approvals with limited or no docs.
Fred - absolutely. The appraiser doesn't have to live in the neighborhood he's appraising, but he certainly has to be VERY familiar with it.