Discussion in 'General Appraisal Discussion' started by Pamela Crowley (Florida), Dec 25, 2004.
When I hear or see bad advise like that, I understand why a FOOL can become a columnist.
At least he didn't advise the questioner not to pay or to stop the check. That's his usual tactic.
I also think he's recycling questions and answers. That one seems to be an oldie but goodie.
So what's wrong with what he wrote? It seems a trainee (novice?) was sent un-supervised on an assignment. A complaint that is not new to forumites.
He advises that appraisal (sic) is an art not science, is the weakest link in the process, but says he has no idea why the first appraiser differed from the HO and the second appraiser.
Putting the "weakest link" (an arguable point) aside, it apears Bruss hangs out in the forums.
He then writes;
Themes of more threads than I would care to count.
Is he wrong?
If Bruss posted this as a sock puppet, many here would want to pin a medal on his chest.
Agree with CLedet. I didn't see any actual bad advice or inaccuracy in Bruss's answer. He's been wrong so much and so egregiously in the past that we're prepared to assume the worst.
The HO's statement "obviously novice appraiser" is subject to interpretation. How does the HO know the appraiser's level of experience? But Bruss, for once, didn't do anything wrong.
The weakest link is loan officers who are so hungry for a commision that they will "appraiser shop" until they find one that will spew out the number they want instead of wanting an honest appraisal with honest value.
Bruss, wrong or right?
There but the grace of god could be my story...with a few twists.
So I get a request to do an appraisal with a "if it isn't going to
be at least $650,000, give us a call" request.
So I, the inexperienced appraiser of 20 years, go out, inspect the
property, take a few photos of new comparables in the
neighborhood and say, "cryp".
I call the MB and say, well, there are two sales that have
sold for $450,000 and $480,000. MB says, "Well that doesn't
make sense, it was appraised for $650,000 a year ago,
are prices going down?
So MB has decided to go back to Skippy and get the "value"
they got from him last year. I charge for my time and effort.
To add insult to injury, the MB says the owner claims he never
let me in the property and isn't going to pay for the inspection.
I tell MB, the owner told me where the house key was and that's how
I got in.
Seems to me Bruss is just an appraiser bigot. I'd expect him to
blame Fannie's current troubles on appraisers too.
I go down this road every week with lenders and home owners. How they had to get a better appraiser to get the value they needed.
Then two three years down the road I get the subject for REO or for a sale.
The average home owner for some reason has been educated that an appraiser is good only if they get value needed for the property. Most I talk with feel it the appraiser job to find comparables some where in the world that will give them the fix they need.
Flip it over and I have found a lot of appraisers feel the same way. Get what they need. Look at the big picture. Not just the neighborhood. No ones going to come to your door with a warrent for your to go to the big house.
The only thing that Bruss has wrong is in regard to the USPAP being difficult to understand. USPAP is not too complicated to understand. All that an appraiser need do (or be) is:
c) Don't make any significant errors or omissions.
It's really quite simple.
The last several REOs that I have done have had one thing in common. The sales were less than 1 year old. That is simply amazing to me. I understand, better than most, that things happen and can change suddenly, but to get to the point of being able to buy a home, and then to lose it in less than a year, seems to me that there was some funny business on the front end. Folks were slid into a home that they couldn't afford, likely 100% + financed and then left to flounder with the reality that they couldn't really afford it in the first place.
Not sure how this can be blamed on trainees, but where there is a will there is a way.