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#1088542 - 11/26/08 06:04 PM Bidding for Appraisal Assignments
Many Hats Offline
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Joined: May 2008
Posts: 915
Orlando, FL
If we, as a bank, developed a bidding process for appraisal assignments, would this be an appropriate practice? For example, we were interested in obtaining three different bids from appraisers on our banks approved list on a commercial appraisal assignment and, depending on the price and turnaround time, the most favorable bid would be awarded. Is this acceptable?

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#1088603 - 11/26/08 06:59 PM Re: Bidding for Appraisal Assignments Many Hats
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,640
Galveston, TX
As long as it results in an acceptable appraisal, I don't see why not.
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#1088607 - 11/26/08 07:02 PM Re: Bidding for Appraisal Assignments rlcarey
Ray_ Offline
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Posts: 879
Dallas, TX
We always call a few people, especially on commercial appraisals, for the best deal.

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#1088745 - 11/26/08 09:03 PM Re: Bidding for Appraisal Assignments Ray_
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
Getting several bids is a common practice in bank appraisal processes.
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#1094511 - 12/09/08 09:37 PM Re: Bidding for Appraisal Assignments Kathleen O. Blanchard
Many Hats Offline
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Joined: May 2008
Posts: 915
Orlando, FL
Considering the proposed Interagency Appraisal and Evaluation Guidelines, do you think this will still be acceptable?

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#1094547 - 12/09/08 10:16 PM Re: Bidding for Appraisal Assignments Many Hats
Ray_ Offline
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Joined: Aug 2006
Posts: 879
Dallas, TX
I don't see why not. As long as the lender is not influencing the appraiser's work.

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