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Another Reason Why

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Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Make life easy for yourself. Give them the Brochure with your card in it that explains what a Appraisal IS. Can be obtained from the Appraial Institute The Appraisal Board was NOT put in place to protect or help Appraiser's. National Organizations do in general (suck) Work at your chapter level to help improve your particular area & imprve the profession in your LOCAL area.
 

Rich Hahn

Senior Member
Joined
May 2, 2003
Professional Status
General Public
State
Colorado
When asked something like that.

I cough a couple times, get a glazed/stoned look and stutter something like this..Im sorry ive been busy appraising and didnt hear a word you said,,now I have a busy schedule and our office will call you if we have any questions,,one more thing what are the recent improvements/updates and how much is your HOA dues..
disto off
bye
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
I give them a brochure and explain it as simple as I can. My answer is usually something like "What the Mortgage Co. wants to know is what your house is most likely to sell for if you default on you loan. The best way to determine that is find another house exactly like yours and see what it sold for"
Then they give you that look!

I continue with"Of course there isn't another house exactly like yours that has sold. So I will look for sales of homes as similar as possible. Then I have to make adjustments for any differences in your home and the others"

So far that has worked. I don't know if I dazzled them with my brilliance or just baffled them with BS but so far it has worked. I rarely have any really dumb questions after that.
 

Stone

Elite Member
Joined
Feb 1, 2002
Professional Status
Certified General Appraiser
State
Wisconsin
Lately I've been adding a new twist (for me) into the explanation when asked about value, and why it isn't always as high as expected. I say to the homeowner many of the things noted above about MV, and then I also explain that most homeowners have a hard time knowing what the MV of their house is because they are too close to the situation. I explain that some people only see the good in their house, while others only see the bad. I also illustrate this with a brief mention of the fact that this is why we cannot appraise our own properties. I also try to give a less technical description of what the purpose of having an appraiser out is for, something along the lines of the lender needs to know what the property would likely sell for if you walked away from the payments. This all seems a little simplified, but it only takes me a minute or two and most homeowners seem pretty satisfied with my explanation. Of course, there are the homeowners who cannot grasp that it isn't their money, and why the heck should they have to have an appraisal when they just had one three years ago? :rolleyes: Not much you can do about those.
 

Julio E. Sune Jr. (FL)

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Sounds like the loan officer would like to use this "new" form.



========================================================================
FANNYWAY 2003 UCRAP

UNIFORM COMMON RESIDENTIAL APPRAISAL PAYLOAD

PROPERTY ADDRESS_________________________________________
LEGAL DESCRIPTION________________________________________
CITY______________________STATE____________________________
COUNTY__________________ZIP CODE_________________________
ASSESSOR’S PARCEL NUMBER_______________________________
BORROWER_________________________________________________
SALES PRICE____________________DATE OF SALE______________
REFINANCE (IF APPLICABLE)________________________________
EQUITY LOAN (Loan to value ratio) 100%__125%__150%__200%__
OTHER CONVENIENT Loan to Value Ratio%____________________
LENDER/CLIENT_____________________________________________
ADDRESS OF LENDER________________________________________
LOAN OR FILE NUMBER:_____________________________________
Note: The primary purpose of the UCRAP is to calculate Achievable Value.

DEFINITION OF ACHIEVABLE VALUE
THE HIGHEST VALUE THAT WILL RESULT IN THE MOST CONVENIENT LOAN FOR THE LENDER AND THE BORROWER.

CALCULATED ACHIEVABLE VALUE OF SUBJECT PROPERTY
________________________________________________________
AS OF: (Date)___________________________________________

NOTE: This achievable valuation must be calculated and prepared by an approved
LOONY (Loan Originator Of Net Yield)

Name of Approved LOONY:____________________________Date Appointed:________
A LOCA (Loan Originating Certified Assistant) or a LOCO (Loan Originating Certified Overwriter) may assist the LOONY in the preparation of this valuation.
Name of the LOCO or LOCA who assisted in this UCRAP valuation:________________

NEW CONSTRUCTION PROPERTIES Loans require a CACA Addendum (CURRENT AUTOMATED CONSTRUCTION ABSTRACTION) Form CACA - 007 01-2003

Free Willy Form 08-01-2003 FannyWay Form 2003
 

Steve Owen

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Missouri
Gosh! You guys are all working for the wrong mortgage brokers. My clients always tell the borrower "It's okay to put down what we think your home is worth, but after the appraiser gets finished we'll know for sure." roflmao.
 
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