Person who signed the appraisal for my house was not the one who came to see it (m)

[Amy in VA]

Is it legitimate that the person who signed the appraisal for my house was not the one who came to see it? We are contesting our appraisal (for refinancing), because it came in significantly lower than we feel like it should have. The comps used were all low, and our realtor knows of at least two other comps that were significantly higher that were not considered. While doing this we noticed that the person who signed as appraiser is the wife of the man who actually came to see the house. Is this something else to bring up? I'm starting to wonder if these folks are even legitimate appraisers.

thank you,
Amy

[amy g.]

My dad worked for an appraiser. Dad would drive out, shoot the pictures and comps, and do the research, but the appraiser always had to see the property in person himself before he would sign the papers.

[Amy in VA]

So do you think it is legit or can we contest it based on that?

[LMA]

Yes, you can contest the appraisal. You need to print all comparable values, including the ones the appraiser used and the ones your realtor claims are missing. Write and request a meeting in person. You should meet in person with the appraiser and your realtor and make your case with all of the comparable values. Explain the differences between those comparable values and your own home. For example, House A has 5 acres while your House B has 7 acres and hence more value. You can also ask the bank that is refinancing for another appraiser. Out of your own pocket. you can hire an independent appraiser.

[Amy in VA]

Yes, we are definitely contesting it on those grounds, but if it is not legit for the appraiser who signed that appraisal to not be the one who came to see the house, I want to contest that too.

Wow, that grammar looks all wrong.

So, does anyone know for sure if it is NOT okay for the appraiser to send someone else to see the house and then sign it herself anyway?

And many thanks to anyone who is even looking at this most boring of all questions! :)

[LMA]

I found the code of ethics for a professional organizaion of appraisers. Don't know if your appraiser is a member. However, if you look at the link listed below, under Heading 7.4, it talks about signing and appraisers under supervision of another appraiser. So it seems that you can have one appraiser see your home and a supervising appraiser sign the form.

http://www.appraisers.org/join/code_ethics.cfm

[Mx5]

Is it legitimate that the person who signed the appraisal for my house was not the one who came to see it? We are contesting our appraisal (for refinancing), because it came in significantly lower than we feel like it should have. The comps used were all low, and our realtor knows of at least two other comps that were significantly higher that were not considered. While doing this we noticed that the person who signed as appraiser is the wife of the man who actually came to see the house. Is this something else to bring up? I'm starting to wonder if these folks are even legitimate appraisers.

thank you,
Amy

I worked as an appraiser on staff of a major bank for years. Often times my supervisor was required to sign my appraisals, signifying that he overlooked my work and was in agreement.

Your realtor may not be aware of the requirements your bank has regarding the age of comparable sales which are allowed to be used in the appraisal. Banks differ on this, and it's not likely your realtor will know every rule for every bank. Plus, certain loans, if "farmed out" will need to have appraisals with very recent comparable sales data.

I would be hesitant to assume the appraiser is inefficient or illegitimate. He / she gained nothing by producing an appraisal which you feel is too low. The appraiser is paid the same whether the loan goes through or not. There is no benefit for doing a poor job.

Call up your loan officer and have him/her review the appraisal. Give him/her the other comp. sales data, and let him/her contact the appraiser. Technically speaking, although you are paying for the appraisal, you're paying that fee to the bank. The bank is the appraiser's client in this case. Let the bank handle it. It's in the bank's best interest that the appraisal is accurate.

Remember, the appraiser is not out to cheat you, or deny you anything. He / she is just valuing the property based on current sales of similar properties, to determine if the loan is worth the risk to the bank. That's it.

[sdWTMer]

He has his MAI (is that right, or is it MIA?) and he signs off on appraisers under him.