By Kate Merrihew with notes and insight from Jake Dore
When I became an appraiser, I focused much more on GP (Consultation) appraisals and did not perform many bank appraisals. The main reason was that I have a background in Architecture and Design and saw this job as an opportunity to consult and share my knowledge of ROI with clients. The secondary reason, and often the one I did not speak about, was that I was intimidated by bank appraisals. Lenders and AMCs, there were so many and how would I know what each one wanted? 10 years later I am still intimidated by the laundry list of requirements that seem to vary between companies.
At D.S. Murphy, we have decided to attack this confusion head on. Our new Director of Client Relations and Development, Jake Dore, will be communicating directly with these companies to maximize our potential. This will take the pressure off each individual appraiser when it comes to specific demands and requirements. It takes a savvy and detailed mind to navigate these AMCs and we are excited to welcome one to the team.
If you are not an appraiser and are reading this, I bet you are feeling a bit confused. Don’t worry, you are not alone. Though I love constructing an argument and supporting my valuation of a property, I do not love jumping through provisional hoops and responding to revision requests. As an appraiser, the “devil is in the details.” We need to be prepared to check and re-check our work and to cater to these companies who are protecting client investments. To help you wrap your head around these varying needs, here is an example of what 2 different companies require from their appraiser on a given assignment. Keep in mind this is on top of the already rigorous set of guidelines that pertain to all appraisals in practice.
