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In Texas we are licensed through the TREC, which is the same commission real estate agents are licensed through. We answer to them. It is similar in most if not all other states.
USPAP is the "Uniform Standards of Professional Appraisal Practices" which is the standard to which appraisals are to be performed. Nobody "reports" to USPAP. That would be like reporting to google, which incidentally, I am pretty confident could have told you what USPAP is.
Thank you for the clarification. As I understand, in Florida there is no direct association with appraisers and the Florida Realtors. Licensing here is monitored/regulated by DBPR (Division of Business and Professional Regulation). In this case, the OP would need to contact their state licensing board, but not a realtor board to report an appraiser.
Last edited by dontaskwhy; 10-29-2013 at 08:02 AM..
I had a similar but opposite experience. We were looking at the 2nd to highest priced house in the neighborhood, which was overpriced. There were 3 houses for sale at the time, along with 2 that had sold within the past 60 days. We came in with a strong offer, which was then countered with a higher price than listing price! When the appraiser came out, instead of using the comps IN the same neighborhood, he used comps from a the neighborhood .5-1 mile south of us (a bit higher end), and the appraisal came out higher than it should have, he even included homes that sold previous to the sold houses in our neighborhood. I thought this to be completely incompetent but the appraiser is allowed to choose from wherever the want within their radius.
I began the avenue towards filing a complaint but once the deal was closed, I didn't have the energy to seek out the route. Good luck with the sale.
Appraisers are not governed by any real estate board, local or national. They have a completely different designation and report to USPAP instead.
What?? You mean I've been writing those checks every other year to the Texas Licensing and Certification Board (a part of TREC now) for all of these years for nothing?
We do not report to USPAP, which is a set of standards which we must adhered to. It is administered by the Appraisal Standards board of the Appraisal Foundation.
What?? You mean I've been writing those checks every other year to the Texas Licensing and Certification Board (a part of TREC now) for all of these years for nothing?
We do not report to USPAP, which is a set of standards which we must adhered to. It is administered by the Appraisal Standards board of the Appraisal Foundation.
That was clarified by HockeyDadof2 already and I thanked him for doing so. My later post further confirmed that. I am sorry that I do not know how every state handles such things. My point was that in my state that realtors and appraisers, while licensed by the same state agency, are not directly associated in any other way.
Geographical competence has little to do with distance. First, an appraiser must either decline an assignment he/she feels he/she is not competent to do OR make him/herself competent with his/her client's approval.
An appraiser can live 2 blocks away from the Subject but if the appraiser is not well educated that appraisal is going to be garbage.
Yes, but all real estate is local. Appraisals are not scientific. They are a qualified (we trust) opinion. The more one knows about any local market the better the appraisal will be. In many areas, especially urban, houses can run in the hundred thousand(s) difference in the case of one block.
If they do their job, and use COMPARABLE comps (that is what comps stands for, isn't it?!) then it should work well. It isn't about meeting the seller/buyers expectations it is about doing their job competently. Not for the bank, or the seller or buyer. Do what is right and it will work out right.
If the appraiser comes in high, the appraisal is all wrong
If the appraiser comes in low, the appraisal is all wrong
If the appraisal comes in at or $1,000 higher than the sale price, then the appraiser is in cahoots with the bank.
In other words, no matter what the appraiser says, he or she should be reported to the state licensing board ! - LOL
^^^THIS^^^
I've seen people on this board complain if the appraisal comes in higher or lower than the sales price, and even complain when it comes in exactly at the sales price. No matter what, the appraiser is incompetent or crooked or both.
Good grief.
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