After an article by reality star and contractor Mike Homes about the importance of competent home appraisers, the Real Estate Council of Alberta (RECA) has said they couldn’t agree more.
Holmes ran a piece titled “The appraiser needs appraising” that ran in the Aug. 20 edition of The National Post. In the article Holmes wrote about a homeowner who contacted him about an appraiser who decided their home’s value couldn’t support a home equity loan so they wouldn’t refinance their mortgage.
“Was the appraiser wrong? Was their home that bad? I don’t know. I haven’t seen the house,” wrote Holmes. “We have good contractors and bad contractors. Good home inspectors and bad home inspectors. And good appraisers and bad appraisers. The good ones have strong associations backing them up. And the bad ones are bad because the industry allows it — we allow it.”
In it’s Aug. 23 response the Holmes article, the RECA Blog said real estate appraisers throughout Canada do not have to be licensed or belong to any specific association with the exception of Alberta.
“In Alberta, all real estate appraisers must be licensed by RECA. Through the Real Estate Act of Alberta, RECA is mandated to set and enforce standards of conduct necessary to protect consumers (users) of real estate appraisal services,” said the blog.
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