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Those Appraisers...

February 8th, 2008 at 06:38 pm

I don't know what you have to do to become a real estate appraiser, but I know you don't have to do much once you become one. I had our house appraised today, and the guy was in our house for literally 5 minutes, and outside for 2 minutes. We pay $400 for the appraisal. Now; I know that they still have to plug in some numbers into the computer and so forth, but, seriously, how long can that take. Probably not more than 20 minutes. In any case it looks like our house value is going to drop to $165,000 while Zillow says $160,000. We'll probably be paying PMI for a year or so....oh well, such is the housing market.

3 Responses to “Those Appraisers...”

  1. Lost in debt Says:

    I'm in the mortgage business and I know appraisers have to have 5000 hours internship under a licensed appraiser. They go into a home, and then they have to find three houses just like yours that have sold in the last six months and make adjustments for the difference between the houses. The report is about 20 pages long and it's suppose to have a layout of your house and measurements. My guess is he has been there before and was just making sure it was still standing and in good shape.

    All the appraisals I'm seeing lately are coming in low, it is making life hard for people trying to refinance and get rid of PMI.

  2. Ima saver Says:

    The appraiser for my house did not even come inside. (It was brand new) He said he could not find three houses in the area that was as well built as ours, so it was hard to appraise.
    We sold a spec house last year and the new owners had it appraised. The appraiser said it was the best built house she had ever seen. She was there for several hours and measured everything.
    So, it depends on the appraiser I guess!!

  3. Lost in debt Says:

    Wow - that doesn't sound right unless the lender ordered only an exterior appraisal and they will do that if it is a low loan to value.

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