The Appraiser Shortage Myth Part 43

[gregb]

When we end up having more waivers and fewer appraisals, will even the perceived shortage continue?

http://realtormag.realtor.org/daily...om_rid=7412776+&Om_ntype=RMOdaily&om_mid=1967

Comments to the article-

• Hank Miller, SRA • 3 hours ago
  I guess yet again we're in the "right" to own a home. Already removing credit hurdles, now this. Brilliant and just wow...
  
  WOW - because we know that agents are honest and would never misrepresent a listing...WOW - because we know that public records are so so accurate when it comes to characteristics, size and all else...WOW - historical home values? What? Home values for what? What's the competing market area?
  
  I seriously cannot believe the stupidity - SAID NO ONE.
  
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James Ebert • 4 hours ago
The most effective money spent is for the appraiseal. Such a pittance to get an outside opinion that your hard earned dollars are safe.

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Joansie k • 4 hours ago
It's a puzzlement to me why buyers would want this. Automated appraisals are often way off. Save 600$$. And risk thousands

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Daniel Lindeman • 5 hours ago
I don't think we should be "helping" buyers bypass the appraisal. The last thing I would recommend to a buyer is to waive the appraisal. The appraiser is the only independent person in the transaction. What happens when the computer gets the value wrong and the buyer over pays? Who is responsible? Freddie Mac, I don't think so. The agent is the only other party involved, guess who will be getting sued.

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Angela Schill • an hour ago
BAD idea for several reasons. The appraisal contingency protects the buyer from possibly overpaying. Sometimes in a bidding war, buyers may have outbid over market price against others to get into escrow - but the appraisal can come in lower than the accepted offer and the price may need to be renegotiated - down. I also seriously doubt that an "automated" value will protect our mortgage market. There is nothing better than a real appraisal made by a certified appraiser.

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Natalie Carpenter • 4 hours ago
Wow! This is a game changer. Having to wait for the appraisal usually lengthens the time. This is great. I would love to see this new system in action

 

[djd09]

TimD is a Cheif appraiser at an insurance company. Notice the pattern.

 

[Terrel L. Shields]

Comments to the article-

Whom do they appeal to if the computer value comes in 'bad'?

 

[DWiley]

Lets take a test if you dare. What is wrong with the following statement?

"The market value of the subject is $200,000, in consideration of an exposure time of 3 months."

Have at it Chief Appraiser.

Hmmmm. That's a tough one. I will go with "C". (Always pick C if you are not 100% sure - old test taking rule).

Even if that is wrong, I am sure you will explain the correct answer to everyone, and I would not want to steal your thunder

 

[Deleted member 130081]

Hmmmm. That's a tough one. I will go with "C". (Always pick C if you are not 100% sure - old test taking rule).

Even if that is wrong, I am sure you will expalin the correct answer to everyone, and I woudl not want to steal your thunder

No thunder D, answer the question if you dare. I am not being tricksy here. I said it was a test for you and that is exactly what it is. You are the Chief Appraiser at a large AMC, this should easy for you and every appraiser on this forum. I'll provide context if that's causing you to think too much about it. The statement as it reads, in the context of real estate appraisal, its definitions, theories, methods and techniques. What is wrong with the following statement?

"The market value of the subject property is $200,000, in consideration of an exposure time of 3 months."

PS - This test is for DW and DW alone.

 

[timd354]

No thunder D, answer the question if you dare. I am not being tricksy here. I said it was a test for you and that is exactly what it is. You are the Chief Appraiser at a large AMC, this should easy for you and every appraiser on this forum. I'll provide context if that's causing you to think too much about it. The statement as it reads, in the context of real estate appraisal, its definitions, theories, methods and techniques. What is wrong with the following statement?

"The market value of the subject property is $200,000, in consideration of an exposure time of 3 months."

PS - This test is for DW and DW alone.

Let's just call it the DW stalker's test. That way everyone will know not to mess it up by answering the question or trying to help Danny out.

Good luck to you trying to outsmart Danny...I am sure that is going to work out real well for you.

 

[Non Sequitur]

I don't have the time nor patience to listen through most of Phil's podcasts....who made the allegation about you having a secret agreement with Fannie, Phil or one of his esteemed guests?

He read Danny's tweet, he didn't accuse Danny of having a secret agreement with Fannie.

 

[Eli]

Let's just call it the DW stalker's test. That way everyone will know not to mess it up by answering the question or trying to help Danny out.

Good luck to you trying to outsmart Danny...I am sure that is going to work out real well for you.

Good luck to you trying to out smart the attorney general in LA!

 

[DWiley]

No thunder D, answer the question if you dare. I am not being tricksy here. I said it was a test for you and that is exactly what it is. You are the Chief Appraiser at a large AMC, this should easy for you and every appraiser on this forum. I'll provide context if that's causing you to think too much about it. The statement as it reads, in the context of real estate appraisal, its definitions, theories, methods and techniques. What is wrong with the following statement?

"The market value of the subject property is $200,000, in consideration of an exposure time of 3 months."

PS - This test is for DW and DW alone.

You task me. You task me. Well, to quote Joachim's dying words, "Yours is the superior intellect."

If you have a point relevant to the topic of the thread, make it. Or, call Phil C and ask him what I would say, since he apparently knows more about my life that even I do. Either way, I will not be engaging in your little game. The BS meter has already pegged for the day.

I do hope there are some trekkies who get that quote.

 

[Deleted member 130081]

Let's just call it the DW stalker's test. That way everyone will know not to mess it up by answering the question or trying to help Danny out.

Good luck to you trying to outsmart Danny...I am sure that is going to work out real well for you.

You can call me a stalker if you want and while I would say that was a bit harsh, is not too off-base either, at least in this thread. Yes, I have taken issue with many of DW's statements in this thread and have said so bluntly. I believe I have made reasonable arguments and also believe I have received BS in response. So, I dumbed it down as far as I could. If DW is as smart as you say, there should be no problem answering. Like I said in one of the other posts, I'm just a dufus appraiser, so what is there to fear? I am not trying to outsmart DW, just testing him to see if he is smart. He is after all, Chief Appraiser at a large AMC and a member of this forum, who on this thread has accused others of ignorance, among other charges. I fully expect him to answer correctly and if he does, I will have a follow-up question.