>If a homeowner or homebuyer is paying someone to assess the value of a property, requiring expertise and training in inspection of a house such as materials, build quality, plumbing and whatnot, I could understand needing government approval.
I've seen how appraisers appraise, and this comment brought out a laugh.
Their estimate is really no better than Zillow's.
They spend about 15-20 minutes looking at the property. They primarily measure dimensions and look at cosmetic stuff (no "inspection" whatsoever). Then they look at comparables and make an appraisal.
I asked one of them how they handle various items in their appraisal (solar panels, etc). The answer? "I have no idea what to do with those things, so I just ignore them."
The reality is many buyers will value stuff that the appraiser just plain ignores. This causes problems because the seller cannot increase their price due to those items - when it comes time for the buyer to get a loan, the appraisal will come out lower than the sale price and the bank won't approve.
I recall when I bought my house, the real estate agent had access to the appraiser.
Lots and lots of problems with the appraisal business. I don't know how much they make, but it's a good racket to get into that requires minimal work and pays well ($400-800 per appraisal - they spend more time driving to houses than examining them).
I've seen how appraisers appraise, and this comment brought out a laugh.
Their estimate is really no better than Zillow's.
They spend about 15-20 minutes looking at the property. They primarily measure dimensions and look at cosmetic stuff (no "inspection" whatsoever). Then they look at comparables and make an appraisal.
I asked one of them how they handle various items in their appraisal (solar panels, etc). The answer? "I have no idea what to do with those things, so I just ignore them."
The reality is many buyers will value stuff that the appraiser just plain ignores. This causes problems because the seller cannot increase their price due to those items - when it comes time for the buyer to get a loan, the appraisal will come out lower than the sale price and the bank won't approve.
I recall when I bought my house, the real estate agent had access to the appraiser.
Lots and lots of problems with the appraisal business. I don't know how much they make, but it's a good racket to get into that requires minimal work and pays well ($400-800 per appraisal - they spend more time driving to houses than examining them).