Collateral Underwriter "suggested Comparables"

[Rich LeMond]

1. Standard doesn't "describe" anything like the form instructions ask you to. 2. Standard is the wrong answer, because the house isn't standard at all, it's a Spanish Med mansion with all kinds of period detailing and high-end upgrades, superior to most other homes in the area. 3. Without a description of the condition and features, it might be hard for the reader to understand the adjustments and conclusions, even for a summary report. 4. The appraiser is definitely lazy, and it also makes you wonder if he is too dumb to know what he's looking at.

 

[Pam Wyant]

whats wrong with standard? did he/she get the value right?

An appraiser can get the value right, and still not produce a credible, supported report. The reviews I hate most are the ones that I have to agree with the value, but the rest of the report sucks.

 

[ucbruin]

The appraiser is definitely lazy, and it also makes you wonder if he is too dumb to know what he's looking at.

An appraiser can get the value right, and still not produce a credible, supported report. The reviews I hate most are the ones that I have to agree with the value, but the rest of the report sucks.

If the bottom line is for an appraiser to provide/produce a supported value then lazy doesn't necessarily equate to dumb or not credible.

 

[Rich LeMond]

If the bottom line is for an appraiser to provide/produce a supported value then lazy doesn't necessarily equate to dumb or not credible.

I guess I am the dumb one, I've been wasting all this time filling out the form, when all I ever had to do was enter the value in the last line!

 

[Pam Wyant]

If the bottom line is for an appraiser to provide/produce a supported value then lazy doesn't necessarily equate to dumb or not credible.

Maybe not in every instance, but most generally it does - poor comp selection because they had a photo and didn't have to drive, poorly supported comparables that end with an adjusted value range all over the place, failure to address prior sales, etc.
I liked the one I recently saw that stated the prior transfer of the subject was a gift from parent to child (the lot for the new build), and yet concluded the transfer was arm's length?

 

[timd354]

Doppel-Post

 

[timd354]

"

You're kidding, right?

Actually, I am not kidding one bit. If you think that residential appraisers did not benefit hugely from the government bailout of the GSEs and the mulitple rounds of QE that saved the secondary mortgage market and pushed mortgage interest rates to absurdly low levels, then you simply do not understand the reality of the secondary mortgage and capital markets. If the secondary mortgage market had been allowed to collapse in 2008, then most of the demand for residential mortgage appraisal work that has occurred since 2008 (including some nice refi runs the past few years) would have never occurred.[/QUOTE]

You may not like to hear this, but the reality for most residential appraisers is that the overwhelming majority of their income is directly due to the appraisal demand that is ultimately generated by the GSEs...so, yes residential appraisers as a group are among the biggest beneficiaries of the GSE bailout

 

[ucbruin]

Maybe not in every instance, but most generally it does - poor comp selection because they had a photo and didn't have to drive, poorly supported comparables that end with an adjusted value range all over the place, failure to address prior sales, etc.
I liked the one I recently saw that stated the prior transfer of the subject was a gift from parent to child (the lot for the new build), and yet concluded the transfer was arm's length?

Overall, in my opinion, we probably have more areas of agreement than not. Your example regarding prior transfer would make me shake my head too. I would point it out but if that were the only item I found to be off I'd be hard pressed to think the appraiser had been lazy. Or that the appraised value was tainted by this error.

 

[ucbruin]

I guess I am the dumb one, I've been wasting all this time filling out the form, when all I ever had to do was enter the value in the last line!

I was commenting about the other appraiser's reporting style/practice. No need for you to take my comment and make it about you. I wasn't critiquing your style/practice.

 

[djd09]

when they used to have the summary appraisal one just needed to state. they only care about the number. how many times has a client ever mentioned the description.

Actually, I am not kidding one bit. If you think that residential appraisers did not benefit hugely from the government bailout of the GSEs and the mulitple rounds of QE that saved the secondary mortgage market and pushed mortgage interest rates to absurdly low levels, then you simply do not understand the reality of the secondary mortgage and capital markets. If the secondary mortgage market had been allowed to collapse in 2008, then most of the demand for residential mortgage appraisal work that has occurred since 2008 (including some nice refi runs the past few years) would have never occurred.

You may not like to hear this, but the reality for most residential appraisers is that the overwhelming majority of their income is directly due to the appraisal demand that is ultimately generated by the GSEs...so, yes residential appraisers as a group are among the biggest beneficiaries of the GSE bailout[/QUOTE]

so between the lenders, fannie, realtors, builders, title companies, and appraisers who makes the least per deal.? I know numerous appraisers that had to quit do to the lack of business since the biggest bailout in us history. what were the bonuses for fannie in 2009,2010,2011? and why now would i think they will not go belly up in the future?
so lenders produce NO DOC LOANS and then market implodes and the appraisers benefit. funny