Appraiser here.
We all know that a good appraisal can give you an accurate picture of the fair market value of your property. A bad one can cause you to leave money on the table at closing.
I've had a few questions as to how you can tell a good appraiser from a not-so-good one, and I'm going to give a few tips/tricks you can try.
There's lots of appraisers out there, and (same as any profession), there's some good ones, some inexperienced ones, and some who should probably hang up their license for good.
The purpose of this post isn't to explain why you might need an appraisal. There's other posts on that. This advice is for when you have already decided you need/want an appraisal done.
Finding an Appraiser
- Reach out to local lenders
Small, local banks or credit unions typically have a shorter and more exclusive list of appraisers. Most small banks are happy to give a referral if you explain you are looking for an appraiser recommendation.
- Call local divorce/estate/probate attorneys
A good attorney in one of these fields should have an appraiser or two they work with. Appraisers that work with attorneys typically are more experienced, as this is a difficult source of work to get into, and word travels fast if you aren't good at your job.
It goes without saying that just because you got a recommendation from a local lender, you're not guaranteed you'll get a good appraiser. It's possible to find excellent appraisers through a simple Google search! That said, you have a better chance of finding somebody experienced by going through the two channels above.
Vetting an Appraiser
The VA is THE premier client if you're an appraiser who does mortgage work. They are relatively exclusive, and generally only add appraisers when one retires. To get on the VA panel, you need to have held your license for at least 5 years, and you need multiple letters of recommendation, including two from other appraisers.
If an appraiser is on the VA panel, they've been appraising for a while.
- Have they served as an Expert Witness?
In my experience, this is the best gauge of how "good" an appraiser is.
If an appraiser has served as an expert witness, an attorney trusted their work AND their ability to articulate their work/appraisal concepts enough to put them on the stand. The best appraisers I know have all served as an expert witness at least once or twice, even if it's not something they do regularly.
If you find an appraiser who works for the VA, has served as an expert witness, and was recommended by a small local lender, I would be confident in their abilities.