I am a Certified Residential Real Estate Appraiser in Illinois and a member of The Appraisal Institute as well as the Illinois Coalition of Appraisers (ICAP). I have been licensed for 12 years. As a licensed professional, I am required to provide an ethical and unbiased opinion of value. Appraisers must take several continuing education courses each year and uphold strict guidelines. The fact that this third-party inspection process is being used is gross negligence in the protection of the consumer. Buying or refinancing a home is one of the largest investments a person can make. Not having a proper inspection by a licensed appraiser will lead to much misleading information. Someone getting paid peanuts to go look at a home and judge its condition or even know what to look for is not going to be educated in this matter. I can only imagine a person living in a small dumpy rental home who is doing these “inspections” walking into an average home that is much larger than their home and has some updates would think that home is amazing and in great condition when it is most probably average at best.

With uneducated “inspectors” providing misleading information to an algorithm or even an appraiser, the cost for the lenders can be reduced therefor lining their pockets while the cost to the consumer would be immense. While it may speed the process up some, why not get rid of the AMC’s that are holding up the process by shopping around for the lowest fee. I have seen orders sit for days before being assigned or accepted by someone else. In those 2 or 3 days, I would have had the appraisal scheduled and most likely inspected already.

How can it be that right now that an appraiser trainee cannot inspect a property under the guidance of a Certified Appraiser but now the powers at be feel a trained professional is not needed at all for this part. This is not about modernization but all about greed. Was 2008 that long ago? Do we need another financial crisis?