GAO Study concerning Oversight of Residential Appraisals

GAO Residential Appraisal Oversight study 11 0713

This is the General Accounting Office Study provided to Congress and is the basis of proposed oversight of appraisers and AMCs.  It reiterates all of the normal talking points that attempt to justify HVCC and Dodd-Frank.

It fails to answer the one question that is the most important for the continued health of the professional real estate appraiser industry “Who will teach the next generation of appraisers if all of the profit margin for the small business professional appraiser is absorbed by the Appraisal Management Marketing firms?”

If you would like to contact the author and have him address any issues you may have it is:

William Shear  (202) 512-8678 shearw@gao.gov

2 thoughts on “GAO Study concerning Oversight of Residential Appraisals

  1. The Banks and AMC’s feel if the appraiser is making $20 to $25 an hour they are making a good living they don’t care or are not figuring in the 17% to 25% operating cost, by the time you subtract these figures you are making around $15 to $20 an hour which is 30k to 40k a year then you have to subtract medical expense’s and vacation time you are down to 20k to 30k a year. The appraisal industry is considered a profession without professional pay. I have been approached by people interested in the appraisal profession and I can not come up with a good reason to join this professon I actually discourage them.

    • As someone who has properly trained many new appraisers, I will never do it again. After years of effort in building a professional workforce only to see my product and business essentially stolen by the politically connected, I will not assist them anymore.

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