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AMC Appraisers--seriously?

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by staceyuw, Aug 13, 2009.

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  1. staceyuw

    staceyuw Sophomore Member

    0
    Apr 27, 2009
    Professional Status:
    Banking/Mortgage Industry
    State:
    Tennessee
    I thought I would share this funny... I just got an appraisal done thru a AMC and the appraiser they selected stated in his report (cut and pasted this):

    "To use these as comparable would be like comparing apple to oranges and a baseball andcalling it fruit salad."​

    Wow, how professional right?
    And to top it off the appraiser they used is someone that my bank has not sent ANY business to since he is incompetent. But he has managed to wiggle his way onto every AMC we are forced to use. BOOOO.
    m2:

     
  2. Bearslide

    Bearslide Senior Member

    0
    Dec 9, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    That's hilarious - if it weren't so sad. There are two other threads going on wherein AMC's are trying to justify their existence. Thanks for posting that, Stacey. Priceless! Must be from an "equally qualified" appraiser and not an "irrelevant" appraiser. Please - do tell your bank they CAN self-manage and comply with HVCC. They'll come out ahead of the game.

    http://appraisersforum.com/showthread.php?t=158676&goto=newpost

    http://appraisersforum.com/showthread.php?p=1856934#post1856934
     
  3. JRS at OBX

    JRS at OBX Elite Member

    3
    Jun 13, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Was that in the main body of a report? I could understand if it was a reply or rebuttal to the AMC reviewers asking why the appraiser didn't use a certain comp. The AMC folks sometimes need things explained in very simple terms, especially since many of them barely speak english.
     
  4. jnordquist

    jnordquist Member

    0
    Sep 10, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    Hopefully that was just an email to AMC reviewer staff
     
  5. Diego Lopez

    Diego Lopez Member

    0
    Sep 11, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Sound to me like a reconsideration of value rebuttal. Good for him
     
  6. CANative

    CANative Elite Member

    122
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I agree with those who suspect the appraiser was being pressured to change comps at the request of a broker or LO.
     
  7. Mr Rex

    Mr Rex Elite Member

    114
    Jan 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Sounds like a response to some idiotic Underwriter stips. I'm a' copying and a' pasting for my next go round with yesterdays phone answerer girl/todays undewriter.
     
  8. Pittsburgh Pete

    Pittsburgh Pete Elite Member

    36
    May 6, 2008
    Professional Status:
    Certified General Appraiser
    State:
    Pennsylvania
    Seriously--good response.

    Years ago took report writing through the AI--was given a Denver area appraiser's report to view by the Phd who was team teaching the class.

    In the highest and best use section of the report, which was for a mixed use development outside Boulder (home of UC), he indicated that the project was close to the campus which was a positive because "students spend money like drunken sailors" (or something to that effect). Also, one sale in an array was signficantly higher than any of the others--the appraiser indicated that he spoke with the purchaser who assured him that he didn't feel that he had overpaid. The appraiser then commented that given that the definition of market value implies someone smart and not "stupid" he was disregarding the sale.

    The appraiser was certainly not conventional but he got his points across strongly and effectively.
     
  9. Hamlet

    Hamlet Elite Member

    0
    Aug 14, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Ohio
    Stacey,

    I have to agree with those that say this sounds like a rebuttal to someone wanting the appraiser to change their report.

    I'm also curious why this appraiser is considered incompetent by your bank.
     
  10. CANative

    CANative Elite Member

    122
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    To many low values and continued refusals to cooperate. Not a team player. Blows too many deals.
     
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