Real Estate Appraisers In Maine Have A Tough Job.
Like life, real estate appraisers in Maine have a lot to keep up with because of constant changes in adjusting the way they arrive at a property value.
Not only does the market value of real estate property change, but the method to determine the fair market value today is constantly being reworked.
The real estate appraiser must get certified with continuing credit clock hours in the classroom just like brokers and agents.
The banking industry has its own checks and balances procedures too on top of state and federal regulations to make the appraisal process of homes, anything tied to real property underneath it. That rises and falls or stays pretty much steady as she goes in value.
My Dad was a licensed appraiser of real estate in Maine for many years.
So besides my personal work experiences with other real estate appraisers in the market when out on property tours to determine value for lending institutions, I had lots of behind the scenes discussions with my Dad.
Who constantly was learning as the appraisal process evolved. Beyond the days of the local Maine home banker single-handenly, physically touring the property.
To arrive at what works thumbs up or down. To determine if the sticks and bricks was worth the number on the purchase and sale contract of sale paper for a loan. Sizing up the collateral for the Maine home loan using one “loan” arranger. Hi ho Silver. Easy big fellow… (snort, paw, neigh neigh, whinny whinny).
There was a time where every real estate broker could appraise property because the regulations for an appraiser had not fuly evolved. Now everything gets tightened up, racketed down daily to comply with state and federal regulations.
It almost seems in life things get complicated and multi layered to provide the need for regulators to police the process. Racheting up the checks and balances in the Maine real estate appraisal process. With the hope of streamlining and tightening up when often just the opposite happens in out in the field, real life application.
Making it constant adjustment and a work to improve whatever the rules and regulations dictate today.
But knowing the value of property is more than adequate for collateral for a bank in Maine is the goal.
And the buyer should be able to sleep nights knowing he or she did not over pay for the property, often a home.
Fair is fair in the even Steven right?
Or the depositors of the Maine bank .
To know nothing is being done to jeopardize the security of their savings used in the Maine home lending process.
And like never graduating from school, class rooms are always in session with real estate appraisal valuations.
All real estate appraisers follow called the Uniform Standards of Professional Appraisal Practice (USPAP).
State’s too have a slew of regulations that each real estate appraiser studies and uses to tow the line in property valuation.
Plus add in with the national and state regulations rules, regs and strict guidelines for FannieMae (FNMA).
For real estate appraisals for secondary market home loans and each individual lender along the way that we tap into for lending in our house sales.
The use of house sales within six months or transfers located within a certain distance of the subject property needing some lending attached to it with a mortgage put on record at the local registry to secure the Maine home loan.
Some real estate valuation appraisals can only be completed by certified appraisers. With credentials from up here down (motioning with hand held high) to way low as you can go.
Some Maine bank lhome loan enders do not allow the use of appraiser trainees in the valuation process either.
There are confidentiality rules about what the Maine real estate appraiser can share including with a borrower.
Who ultimately picks up the tab whether the deal flies or not. The appraisal fee for the valuation inserted in one important line on the HUD 1 real estate settlement statement.
It is not pick up a phone any step along in the valuation process or total freedom of speech in real estate appraisal game play.
Far from it now.
But rules, levels of who can and when have the disucssion in real estate appraising. Insulation and periods of void come into the room to work around so speaking up when you can knowing there are times you can not happen.
It just takes practice and less hard telling without knowing makes it a rhythm to know how to dance without stepping on any toes.
There are additional rules and guidelines for FHA appraisals. Most not in the day to day of real estate appraising are very surprised at the degree of rules, regulations and guidelines found in assessing the values of property listings.
And when the value comes in low, below the listing sales price. Or the list of corrections to make the property come up into specs for the program the loan is being underwritten through, emotions can rise. When the money or manpower to correct the inadequacies is just not there.
Go easy on picking up a rock and blaming the appraiser of property listings, often homes for sale in Maine. When the process bogs down time wise and suddenly the odds of getting to the real estate closing on time or at all go sideways. It happens in the wild and crazy but highly rewarding world of real estate property listings buying and selling today.
207.532.6573 | [email protected] | MOOERS REALTY 69 North Street Houlton ME 04730