Bidding for Appraisal Assignments

Posted By: Many Hats

Bidding for Appraisal Assignments - 11/26/08 06:04 PM

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 bank’s 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?
Posted By: rlcarey

Re: Bidding for Appraisal Assignments - 11/26/08 06:59 PM

As long as it results in an acceptable appraisal, I don't see why not.
Posted By: Ray_

Re: Bidding for Appraisal Assignments - 11/26/08 07:02 PM

We always call a few people, especially on commercial appraisals, for the best deal.
Posted By: Kathleen O. Blanchard

Re: Bidding for Appraisal Assignments - 11/26/08 09:03 PM

Getting several bids is a common practice in bank appraisal processes.
Posted By: Many Hats

Re: Bidding for Appraisal Assignments - 12/09/08 09:37 PM

Considering the proposed Interagency Appraisal and Evaluation Guidelines, do you think this will still be acceptable?
Posted By: Ray_

Re: Bidding for Appraisal Assignments - 12/09/08 10:16 PM

I don't see why not. As long as the lender is not influencing the appraiser's work.