Is Your Appraiser Still in Business?


A bank client called me last week for an appraisal fee quote and during the conversation he stated that he had called his “usual” appraiser and their phone had been disconnected. He later found out that the appraiser had closed the doors and gone to work at an insurance company. The client was disappointed because he felt that he had been very loyal to the appraiser and that the appraiser had “abandoned” him.

This story peaked my interest, so I contacted the South Carolina Real Estate Appraisers Board regarding the number of appraisers in our state. I learned that of the 3,300 licensed appraisers in the state, 400 did not renew their licenses on June 30, 2008. Maybe a few are just late in sending in their paperwork, but that is still over 12% of the appraisers in the state that did not renew. It is safe to assume that the majority of the ones that have left the profession are residential appraisers, given the current conditions.

I can tell you that my commercial and residential appraisal firms, Integra Realty Resources – SC and IRR-Residential respectively, are here to stay. In fact, we are expanding as lenders are seeking independent valuation professionals whose work will stand up to regulatory scrutiny. We aren’t right for all lenders, but we seem to be a good fit for those lenders that like dealing with experienced, ethical appraisers who are committed to delivering a quality report in a timely manner. If your appraiser is M.I.A., give us a call.

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    Categories : South Carolina News

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