According to a report by idealista/news, the strike has been organised by the Movement of Real Estate Appraisers (MPAI) and started on Saturday (19 March).
"The MPAI is promoting the suspension of assessments for banks during this and next week: between March 19 and April 3, 2022. In this period, and after debate among MPAI supporters, it was decided that the experts refuse to work with unsustainable conditions", reads a statement from MPAI.
According to the MPAI, which was created in 2018 with the purpose of fighting for the improvement of conditions of real estate appraisers in the national financial system - banks, credit institutions, investment funds, among others -, "in the process currently set up there are practices that the experts dispute and that can affect the final customer, who is actually the one who pays for the assessment".
Lack of control
In the document, the MPAI refers, for example, to the lack of control "of the existence of non-certified experts in the field visiting properties and preparing evaluation reports, later signed by other experts registered with the CMVM (which contravenes Law 153)" .
Another of the measures required by the MPAI is the extension of the deadlines for delivery of evaluation reports. "Control and coercive requirement of execution deadlines, not compatible with the time needed for a careful technical analysis; most of them impose deadlines of 1 to 3 days for the reception/completion/delivery of the evaluation report under remuneration penalties", reads the document.
With regard to fees, the movement states that the remuneration of the appraisal services provided by the appraisers registered with the CMVM is not compatible "with the costs inherent to the execution of the processes and sustainability of the activity for the payment of new expenses associated with the activity, such as insurance of civil liability and CMVM fees. The experts receive, on average, only 17% of the value of the appraisal that the client pays to the bank", reveals the MPAI.
'....the existence of non-certified experts in the field visiting properties and preparing evaluation reports, later signed by other experts registered with the CMVM...' but this has been going on for decades.
It's odd now that registered appraisers are complaining about 'non-certified experts' doing the appraisals which later are signed by .... the registered appraisers - unless these 'qualified experts' are a different bunch altogether.
It's the same with engineers who do the work and the architects who sign off property submissions to Câmara's, many having never visited the property in question.
By Paul Rees from Lisbon on 23 Mar 2022, 22:08