Categorized | Residential

Real Estate Appraisers Unhappy with Appraising Changes

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Many real estate appraisers are lashing out against the new rules and changes that are slated to take place. The changes were developed as a means of standardizing the way that home appraisals are performed, evaluated, and listed, thus making it easier for potential homebuyers to compare properties.

However, many appraisers believe that the system will not only be costly, but it will actually make things more difficult for homebuyers. While the new rules may bring consistency to the way properties are listed, there is a great fear among appraisers that it will also cause confusion for those looking to buy or sell a home.

Some of the changes include the use of abbreviations, a rating system, and a requirement that real estate agents report as to whether a kitchen or bathroom has been remodeled, and if so, the date that the remodeling was performed.

Proponents of the new changes believe that many of the naysayers are appraisers that aren’t accepting of change. The guidelines will change the way that they do their job, which has thus been the reason for most of the negative feedback. Some proponents, though, believe that the changes are being unveiled too early. With such factors as the increase in refinancing applications, and the new workload created by hurricane Irene, appraisers simply do not have the time to adequately adapt to the proposed changes.

While the reaction to the new rules has been mixed across the board, it seems inevitable that these changes will, in fact, take place sooner than later. Whether or not they will be successful has yet to be seen.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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