Anyone else seeing more clients disputing the values?

[Gobears81]

Maybe this is specific to my market, which has seen sales activity fall off, at a time when assessments, insurance, and utilities all increasing by quite a bit. Expectations might be that values are continuing to increase, but if anything, I am seeing early signs of a pullback.

I also wonder if the lower refinancing activity has caused the lenders to be extra vigilant about "looking out" for their borrowers.

That said, it is reminding me of the side of the job that I haven't had to deal with much after 2008.

 

[glenn walker]

When lenders are slow reviews and questions keep staff busy.

 

[J Grant]

Yes, clients are becoming more pushy. I blame it on the WAIVER/value acceptance. It is, essentially, a giant middle finger to appraisals and a turning away from the concept of market value from the GSE's.

Thus, clients feel emboldened to push back against any MVO that might kill a deal, even when the MVO is strongly supported and a property is clearly overpriced or overleveraged.

 

[glenn walker]

Yes, clients are becoming more pushy. I blame it on the WAIVER/value acceptance. It is, essentially, a giant middle finger to appraisals and a turning away from the concept of market value from the GSE's.

Thus, clients feel emboldened to push back against any MVO that might kill a deal, even when the MVO is strongly supported and a property is clearly overpriced or overleveraged.

Remember borrowers now place pressure on their lender and often have a copy of the report so their nitt picking every detail. Once that starts it's hard for the lender to not request a reconsideration of value.

 

[Joe Flacco]

Maybe this is specific to my market, which has seen sales activity fall off, at a time when assessments, insurance, and utilities all increasing by quite a bit. Expectations might be that values are continuing to increase, but if anything, I am seeing early signs of a pullback.

I also wonder if the lower refinancing activity has caused the lenders to be extra vigilant about "looking out" for their borrowers.

That said, it is reminding me of the side of the job that I haven't had to deal with much after 2008.

Are you doing some residential?

Nobody has been disputing value. I had a couple where they ordered two appraisals and they asked questions to reconcile on their end, but no one is really disputing.

 

[Gobears81]

Are you doing some residential?

Nobody has been disputing value. I had a couple where they ordered two appraisals and they asked questions to reconcile on their end, but no one is really disputing.

No, I probably should've added that. The lenders will call directly to debate values half of the time, which might not be something seen too frequently on the residential side.

 

[Joe Flacco]

No, I probably should've added that. The lenders will call directly to debate values half of the time, which might not be something seen too frequently on the residential side.

Are they appraisers that call?

 

[OSU Beavers]

Just an increase in stupid stips. First the you have to pass AMC's rules checker to even upload. Then the AMC's AI comes back with a bunch of BS like "There was a Forest Fire 60 miles from the subject this summer. Did it damage or destroy the subject property? If so please provide a detailed list of items with a cost to cure for each." Idiots, you have the photos. Does the subject look burnt to you? Finally, the lender sends it back a week later with a rhetorical question.

 

[Airstream]

Just an increase in stupid stips. First the you have to pass AMC's rules checker to even upload. Then the AMC's AI comes back with a bunch of BS like "There was a Forest Fire 60 miles from the subject this summer. Did it damage or destroy the subject property? If so please provide a detailed list of items with a cost to cure for each." Idiots, you have the photos. Does the subject look burnt to you? Finally, the lender sends it back a week later with a rhetorical question.

That would be really irritating.

 

[Airstream]

No, I probably should've added that. The lenders will call directly to debate values half of the time, which might not be something seen too frequently on the residential side.

Really. I have had appraiser for the lender call and ask regarding a time I came in low on a new construction. But it was a very intelligent conversation, and they agreed completely with my value. Quickest way for a lender to get fired is that approach.