Appraisal Amount Changed

[Lobo Fan]

I agree that the appraiser should not be discussing values. However, if the report was altered post-submission, the appraiser has a right to know. If the borrower has a copy of the appraisal and calls to confirm certain or gives the appraiser a copy to confirm if it has been altered, I don't believe that to be a violoation of the ethics rule.

The Ameriquest office in Albuquerque had a person that could edit a PDF like a Word document. As an apprentice I was reviewed and all the comp selling prices had been increased as was the final value. I was not sure if they did it or if it was my mentor. It could have been either.

If one of my appraisals were altered, I would want to know.

 

[OSU Beavers]

Sounds like the same thing we go through with fees. The borrower pays $400 to Quicken Loans for the appraisal. Quicken Loans pays the appraiser $250 and pockets the rest.

 

[CANative]

Perhaps the decision was made on an AVM instead of on the appraisal.

 

[shric]

I work your area.
The first thing the cost approach was not done properly. It should have been adjusted for economic depreciation, which is currently the cost to build is more than the market will bear. Probaly in 2006 the market value would supported the cost to build of $313,000 but todays market does not. If you drive around town you will see little to no new construction, which is due to builders are losing money building new homes. So the cost approach was not adjusted for the economic obsolescence.
The question I have does the appraisal have $195,000 on the very bottom (right hand side) of the sales grid? (2nd page if a house, 3rd page if a condo, typically)
If that number is $195,000 then that is the value for your home on the appraisal. If that is the case then Quicken reduced the value.
FYI
The lender is required to give you a copy of the appraisal, don't let them tell you otherwise.

In a section called "Reconcilliation" it says:

Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting​

conditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is $195,000

as of 3/24/2010 , which is the date of inspection and the effective date of this appraisal.​

 

[shric]

I work your area.
The first thing the cost approach was not done properly. It should have been adjusted for economic depreciation, which is currently the cost to build is more than the market will bear. Probaly in 2006 the market value would supported the cost to build of $313,000 but todays market does not. If you drive around town you will see little to no new construction, which is due to builders are losing money building new homes. So the cost approach was not adjusted for the economic obsolescence.
The question I have does the appraisal have $195,000 on the very bottom (right hand side) of the sales grid? (2nd page if a house, 3rd page if a condo, typically)
If that number is $195,000 then that is the value for your home on the appraisal. If that is the case then Quicken reduced the value.
FYI
The lender is required to give you a copy of the appraisal, don't let them tell you otherwise.

But I believe that they have another report with different amounts.
That is what I'm asking for and haven't received

 

[Mile High Trout]

Quicken sometimes works with TSI.