I am not doing the 3.6 FORM deal

[djd09]

just let the loan brokers estimate value...what could go wrong

 

[Fernando]

just let the loan brokers estimate value...what could go wrong

Like the old days. Mortgage brokers had an idea how much subject was worth. They were helpful.

 

[Alsie35]

Like the old days. Mortgage brokers had an idea how much subject was worth. They were helpful.

The hilarious thing is that - this statement hides a kernel of truth. An appraiser's job was not to accept what the realtor said blindly, but to apply a critical analytical eye to it based on his own market research. It would have made a starting point, however - which is what I believe Fernando was TRYING to say (in his own inimitable way) ...

 

[Airstream]

It will be interesting to see what happens when market values for homes start coming down as in 53% of the country. I’ll bet you they move away from AVMs and begin to hire “appraisers” that can hit the value (more like price).

 

[Fernando]

The hilarious thing is that - this statement hides a kernel of truth. An appraiser's job was not to accept what the realtor said blindly, but to apply a critical analytical eye to it based on his own market research. It would have made a starting point, however - which is what I believe Fernando was TRYING to say (in his own inimitable way) ...

I'm glad you found my humor which may have some truth in it. Youngings don't get it.
Good old days when we were loved by the mortgage brokers.

 

[Sandra Koutsopoulos]

It will be interesting to see what happens when market values for homes start coming down as in 53% of the country. I’ll bet you they move away from AVMs and begin to hire “appraisers” that can hit the value (more like price).

I have noticed some stalling, slowdown, and even slight declines in values lately in various areas I service. As ppl believe values only go UP, I've also seen more ROV requests. I hope things don't go upside-down, but we have seen that multiple times. My sister-in-law in Kenosha insisted that house values Always Go Up, and she had a rude awakening subsequently during the Great Recession. I so wanted to tell her "I told you so", but that would not have been friendly.

 

[Bobby Bucks]

Like the old days. Mortgage brokers had an idea how much subject was worth. They were helpful.

In our old fee shop we had a formula that was highly accurate, when a mortgage broker sent an order with an estimate of value, we were almost always 75% of their estimate. Their “AVM” was reliable and a time saver for us.

 

[Zoe]

it is worse then that...not only are they the appraisers employer...they are also their competition

Your getting into anti-trust law there. FTC controls anti-trust law. Federal Trade Commission.

 

[Tom D]

Some people act like appraisers were children, who were told what to do by their parent broker. Yes, there were bad appraisers, and that didn't end when AMC took control, did it.

Most of us were adults who know who the bad brokers were, and would say no to their business.
Sadly, a lot here will never know how good the appraising life was before certification.

 

[Terrel L. Shields]

just let the loan brokers estimate value...what could go wrong

We are going to do the same, only it won't be loan brokers. It will be AI. McKissock among others is developing training classes for AI. Good for them. They will contribute to their own demise when all appraisers are basically ended by AI.

lot here will never know how good the appraising life was before

Honestly, it really sucks to be an appraiser now. And even after certification when you could still deal with the other professionals in real estate without everyone claiming you were a slave to the brokers and bankers.

there were bad appraisers, and that didn't end when AMC took control, did it.

Too true.