With so many appraisers vying for appraisal management company and lender-related work, many AMC-centered appraisers are starting to compete for non-lender work.
Most consumers don’t understand the need for experienced and designated appraisers outside of lender use work. It’s the appraiser’s responsibility – and in his or her best interest – to remind non-lender clients that hiring a designated appraiser is worth their time … and, most importantly, their money.
Attorneys, financial experts, homeowners and other non-lender consumers and users of appraisal services should tread very carefully when selecting appraisers to make sure they are competent in the type of valuation assignment.
Non-lender valuation is a market niche, often best suited for experienced appraisers who think outside the box. These assignments include appraisal reports performed for situations such as wealth-management, divorce and other litigation related needs. Often, intended users need to find the most qualified and experienced appraisers. Well-vetted experts are most applicable when testimony is a possibility or when looking at unique properties. Selecting an appraiser limited to only experience with lender related work could result in less than optimal results.