May 21, 2020 – Foes turning friends? How many times have we seen news headlines similar to the following?
Survey: Appraisers and Homeowners Far Apart on Appraised Value
Referring to "foes" may be a little -over-the-top here, where I am likely influenced by having formerly led Vendor Management at the fourth largest mortgage lender. My memory bank is packed with homeowner complaints about the appraisers. Valid complaints... well, those were scarce.
For the record, my own personal opinion of appraisers is fantastic, as they are highly-skilled and some of my friends and clients. Let's face it, how many of us are EVER thrilled over the valuation of our precious home? We are too emotionally and financially tied to it, seeing value in every single paint brush stroke, deck board replaced and shrub planted.
In an ironic twist, at least 10 or more vendors, mostly Appraisal Management Companies (AMCs), have launched mobile apps to directly engage homeowners in the appraisal inspection process. Many of us would probably rather take the interior photos of our home rather than let someone do it. Download the app, enter your unique appraisal 'code' and follow instructions, going room-by-room taking pics and answering questions. As I like to say - "I put my best guy on it... ME!"
While the Coronavirus pandemic is the primary cause for this burst of innovation, the long-running challenges in the appraisal space had already prompted one vendor to launch their app a while ago.
See our latest industry article published by the good people at the MBA NewsLink - found HERE
What you will discover in the article:
- Regulations allowing for 'alternative' valuation products (versus full interior inspections)
- How these apps work, and their impacts
- Who's launched them
- Why this process will become more mainstream, not going away
It is said that 'people support what they help create.' However, despite homeowners participating in the process, I still anticipate disappointed homeowners outweighing those overjoyed once seeing the final valuation. Having a total stranger judge your home is just too sensitive of a proposition to think most of us won't take some level of offense.
Great job innovators!
Thanks for reading.