Appraisal Musings

[Charlotte Dixon]

Tim...reminds me of my market area. People around here think their property values are higher if they live NEAR the Country Club. My answer is always......(in the nicest way I am capable of doing)

YOU'RE EITHER IN THE COUNTRY CLUB OR YOU'RE NOT :!: :twisted:

 

[Jim McGrath]

Got my call today. Newbie, sweet sounding little LO left me a message that she needs an appraisal and wants to know the fee. I called back and left a message, do you need a URAR, 2055 or what? She calls back and says....... I don't know about that UR stuff or them numbers, I just need an appraisal. 8O :roll: Trying to remain nice and hold my :lol: I asked who is the lender? Wells Fargo. Okay, that I almost could have guessed.

Whats up with this? Do they not train people before giving them a stack of loan applications and a phone book for cold calling?

You should of told her she needed the Super Express Top of the Line Appraisal, and the fee is $750, Then tell her to go ahead and fax you the order and you'll have out in a heartbeat. Then a week later send her the URAR, after you're paid of course. You need to help out these poor LOs when they don't know what they want.

Jim

 

[Mountain Man]

:lol:
Darn, didn't think of that. I just 'splained the difference and she opted for the more $$ anyway.

 

[Tim Hicks (Texas)]

For a long time, I really got frustrated with requests for re-types to add a borrower name or to remove a spouses name on reports. So, for over five years now I have been putting only the last name of the borrower on the appraisal report. This put an end to the "please take the husband's name or wife's name off the appraisal report" request. Today I got a new request along the same lines.

Reference: Appraisal for Skaff at 7600 Ridgewood Avenue (the actual address is 7600 Ridgeway Drive, ain't it nice when you get a request to cahnge your report and they can't even get the address right)


The investor has requested that where the borrower name appears as Skaff. Change it to the following: Skaff and/or assigns

Here is the funniest part of the request for a re-type:

The only pages I found the borrower name on was on pages #2, 3,4,8,8,11,12,13,14 and 15. ( it is also on page #1). If you can simply rerun the whole thing, please do and send to me my Monday morning.

The time on the fax 3:15 pm Friday. This sounds like a ridiculous, frivolous request and a waste of my time. It just gives me more faith in the underwriting industry. Of course, we are trained to jump through hoops, just so they can flex their muscles.

 

[Pamela Crowley (Florida)]

Tim and others, I hope you are charging for that. A re-type like that that is delivered via EDI is $25, If I have to print it, $50 and they pay for delivery, if I have pay for delivery it's $75.

That also stops some of the frivolous requests.

 

[Charlotte Dixon]

I did an appraisal a couple weeks ago and made a mistake in checking the box saying the house was "occupied" when it was really "vacant". The house was full of furniture and personal belongings, but the owner had passed on. The lender called and said the house was vacant. I apologized, checked "vacant" and sent it again, E.D.I. Yesterday the lender called me again and asked me to change it back to "occupied" because he said the loan wouldn't go through if it was a vacant house! :roll: It's a shame he threw the first report away! :roll:

 

[Ross (CO)]

Backing up to Tim about 3 postd before, .....this stuff about putting "and/or assigns" after a client name. I have seen that and always have felt that it is a de-facto acknowledgment, by us, to allow our report product to be passed along and used by another party beyond this first client and for whatever other purpose it might be used. If the secondary use of the report results in any sort of "problem" in the future that we are acknowledging to engage that "problem" with that now-unknown party. Is that a correct interpretation of what those few words mean ? Generally we receive the direct request to change a client name from A to B, usually within a short time after original report was done, and we request the letter of release from that first client to do this favor. We charge perhaps a small and reasonable fee for reproducing the report with the brief and added wording speaking to what we have done and mentioning the first client's name in one or two sentences within the addendum. I think the "and/or assigns" is a step to brush over that re-type process and still keep us legally obligated to the unknown second party. Perhaps I should pose that to my E & O carrier, but at present time I do NOT put that wording in my reports. Must say, requests for that wording are very rare.

 

[Jim McGrath]

My personal favorite is,

"I really don't need an appraisal, I just want to know what my property is worth."


JC

The answer to that is, Good, I won't do an appraisal, just send me the fee, and I'll send you a value.

Jim

 

[Larry Lyke]

Ross --

Defacto extension of the party of the first part doesn't broaden the use of the appraisal report, just acknowledges the right of the party of the first part to pass the use of the report on to the heirs and assigns.

The reason I include this information is so that I can specifically address those not so included.

Have never had an inquery thereto since using said paragraph or modification of same.

 

[Ross (CO)]

O.K., Larry, ...I have to back you up a few steps and ask you to elaborate. Your second sentence stumps me some. When you say "the reason I include this information"...you mean, the words "and/or assigns", yes ? So, what is the "information" ? Is the "information" the wording you state in your first sentence, as an additional comment inserted within some field of your report(s) ? If you do not specifically know who the heirs or assigns are then such a list could literally include anyone. What are you doing when you are then "specifically address(ing) those not so included" ? I could see a situation where we denote ABC Lending as the client and they tell us, on the order form, that a possible second user (if ABC can not satisfy the deal) would be DEF Mortgage in Anytown, USA, to whom our same report will be given to use if (or after) the first guys can not perform. At least then the "and/or assigns" is a known entity and we might never be requested to do a re-type for a client name change. That will be a bridge already crossed and a time-saver for client #1, and for us. We have no way of following the path our reports take, anyway !