Author: Jeff Patterson, owner of Residential Appraisals - For the past 25 years, Jeff has been providing residential appraisals for most of southern and central Maine. Jeff's clients range from private appraisals to working with brokers, banks, litigation support and expert court testimony.
To all, in the spirit of this blog which allows me to express my opinion, here I go.
I don’t think anyone would argue that the so called mortgage mess is entirely the responsibility of real estate appraisers (or borrowers, mortgage brokers, lenders or the government agencies). Yet the appraisal industry should take responsibility for its part.
Let's face it, many real estate appraisers have been, and will continue to be, influenced by the financial pressures of the client. As a result, their value opinions are not objective, they do less than what is considered adequate in supporting their conclusions and/or give false descriptions of the site or improvements.
I support any action that tries to level the playing field and bring back dignity to this profession. My opinion is that the appraisal industry should stop trying to change the mortgage industry and concentrate on its own problems. I think it’s important to note that our problems go beyond the lending industry.
Our problem is that a large number of appraisers are dishonest, and they continue to justify their dishonesty by saying everyone does it. They have learned to cover their actions by cute boiler plate statements derived from the grapevine or their mentor.
They use these canned comments to hide the fact that they've not fully and accurately disclosed property defects or the extent of their analysis. In short, they are being dishonest, all in the sole desire and purpose of making money.
By the mere definition of professionalism, we need to be in the pursuit higher and higher quality of work and adhere to some form of ethics. Those that do not, discredit the principles of our profession, by providing less than what is adequate to protect the public and our clients.
So I support the HVCC, because it better than what we currently have. At least it’s a step in a direction and not a continuation of the double talk and blatant lying that has been dogging this industry for years.
I have passion for what I do, it goes beyond dollars and cents, and if my passion offends someone I do apologize. But I will not apologize for the passion for my work and trying to be a professional appraiser.
Yet as the prayer go, God grant me the serenity to accept the things I cannot change, the courage to change the things I can, and the wisdom to know the difference.
Author: Jeff Patterson, owner of Residential Appraisals - Has been providing residential appraisals for most of southern and central Maine for the past 25 years. Jeff's clients range from private appraisals to working with brokers, banks, litigation support and expert court testimony.
477 Mouse Lane
Alfred, ME 04002
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