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The Appraiser Shortage Strikes Again.

Posted By Cliff Tuttle | April 26, 2017

No. 1,317

Image: appraisalsbymichael.com

Image: appraisalsbymichael.com

DS News, a newsletter for mortgage servicers and lenders, reports that that there are serious shortages of residential real estate appraisers, especially in four western states.

The article says that in busy areas there can be delays up to six weeks.  Those of us who have been in the real estate market in Western Pennsylvania for a long time remember when six weeks or longer waiting time for closing was the norm. Not today.  Thirty days is frequently promised today, although not always fulfilled.

Delay in closing due to the appraiser shortage is a problem that  will probably always occur when houses are selling briskly, like now. The fact is, in many states, including Pennsylvania, appraisers must fulfill licensing requirements that restrict easy and quick entry into the profession. When the market becomes hot, as it is now, it is too late for new people to fill the gap, since it takes a while to qualify to be licensed.

Nevertheless, it is worthy of note that the opportunity is there for an experienced real estate professional who is willing to earn a broker’s license and fulfill the additional educational requirements.

CLT

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CLIFF TUTTLE has been a Pennsylvania lawyer for over 40 years and (inter alia) is a real estate litigator and legal writer. The posts in this blog are intended to provide general information about legal topics of interest to lawyers and consumers with a Pittsburgh and Western Pennsylvania focus. However, this information does not constitute legal advice and there is no lawyer-client relationship created when you read this blog. You are encouraged to leave comments but be aware that posted comments can be read by others. If you wish to contact me in privacy, please use the Contact Form located immediately below this message. I will reply promptly and in strict confidence.

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