The shortage of appraisers has been an ongoing concern within the real estate industry. According to a National Association of Realtors (NAR) survey conducted last year, there are three major factors resulting in the appraiser shortage.
Being in the business of real estate lending, I sat down with industry expert Chuck Mureddu, Chief Valuation Officer of SWBC Lending Solutions™, to discuss the appraiser shortage.
What is the most recent update on the appraiser shortage?
There has been a lot of buzz around the appraiser shortage from several industry organizations and institutions that are asking for appraisal waivers in specific geographic areas. Appraiser shortage is a real challenge in some areas but not all. In fact, TriStar Bank was unsuccessful in getting appraiser waivers for four Tennessee counties. The Appraisal Subcommittee (ASC) did not agree with the argument that there was a shortage in those four counties.
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