Appraised the wrong house

[jtrotta]

Jeff

"SFR" - got one a while back where they indicated "SFR / Condominium" - and the estimated value was so high, we called to verify what the property really was; three weeks later they still had no clue.

what I can tell you is that in this overactive market be real careful, if they're not clear & precise, turn the job down. Got this one clown who won't spell the person's first name on the order, so I sat on a couple and then turned them back for clarification, man he was smokin and then I said; we have discussed this on several occassions and you still haven't changed, so until I know who it is I'm calling, it goes to the bottom of the pile.

Moral; if they can't take the time to get it right, don't do it - because then they'll try to blame it all on you. Be careful in these times.

8)

 

[Larry Lyke]

Now I can tell the whole Forum-world why the first photo I take of the subject property is from the rear.

When I started in the business I had a boss was a notorious scatterbrain who took verbal orders and gave verbal orders, so out of my first few trips to the field alone he'd sent me to the wrong address.

Now the second reason. Often somebody is waiting for you, even looking out he window, so I drive up, get out of the car and go directly to the house and inside and do my thing. At that point they are relaxed and hospitable.

When I go out of the house I tell them I'm going to neasure the house and take some pictures and be gone. I will not be asking to come back inside the house unless I ring the doorbelll or knock.

Works for me.

Hey, Jeff. You're doing it right. Take the bull by the horns. Question though: Don't you use legal descriptions. I's a real good way to see the lay of the land before heading out to the contryside of fields with hedgerows and brush and unseen imrpovements and faded signs and long driveways.

 

[Jeff Horton]

Don't you use legal descriptions. I's a real good way to see the lay of the land before heading out to the contryside of fields with hedgerows and brush and unseen imrpovements and faded signs and long driveways.

The problem with using legal desriptions here is that the grass grows up over the rock piles of the bull knocks down the fence. Sometimes the darn farmer cuts down the big Oak tree and then no one knows where the heck the corner is. :wink:

 

[airphoto]

Would you believe that in Montgomery County, NY .. where there are 9-1-1 numbers posted .. that #320 and #322 are on opposite sides of the road? #320 was a house and a restaurant .. shared well and septic system! #322 was a six-unit apartment house. Both #320 and #322 owned by the same party ...

 

[Kathy in FL]

I've done the wrong house, too. In my case, my embarassment was compunded in that I had to call the borrower and explain my idiocy to both her, and her father in law.

Pam ( a girl I went to school with) is building a new house. I get an order for an appraisal for "Randy Smith," Pam's husband. (went to school with him, too) Now, they never send me a legal like they are supposed to, but I know Randy and Pam, the phone number is on the order, so I gave them a call. She said, "the house is open, it's almost done, just drop on by."

OK...the punchline is that the appraisal THIS bank wanted was for Randy Smith SR. The reason I got Pam on the phone when I dialed the provided phone number is that she and her husband Randy Jr. are living with Randy Sr while their house is being finished. So, I did the Randy Jr house for free and had to go back with egg all over my face and do the Randy Sr. house.

Good thing about living in a small town is that you don't have to impress anybody with your competence...they've known you forever and know you're stupid!

Kathy in FL

 

[Frederick R. Ruffell]

Jeff,
you said " Pulled the order sheet and it is says SFR in the description. To me that means frame home, not a trailer." I do not buy it.
SFR stands for Single Family Residence. A condominimum (other than a commercial condo. or units held as condos.) is a SFR, A co-op appartment is a SFR, An attached PUD is a SFR, a patio home is a SFR, a kit log home is an SFR, a manufactured home is an SFR, etc. The key word being RESIDENCE. The term is not SFDH single family detached house it is SFR Single Family Residence. This is Appraisal 101 stuff. You made a mistake by making an incorrect (maybe ignorant, but I do not think so given your well informed past posts) assumption. No big deal you made a mistake and I bet you will never make it again.

 

[Judy Whitehead (Florida)]

Ok - here's mine. In the town I live in, (some platted before the civil war - yes folks even in Florida!) some of the streets stop and then pick up with the same name again, several blocks later. You guessed it.....we took a "drive-by" order and shot the wrong house. The one we took a picture of was inferior to the actual subject. When the lender called, we realized our mistake and then did an interior/exterior and had to re-do the report with a different value. It was also a foreclosure that was being purchased by an investor. But as someone said above, that is the problem with drive-by appraisals - it is real easy to get the wrong one when the house either sits too far back from the public road or has no numbers on it - which is relatively common even in these days of 911.

 

[Bill_FL]

Jeff,

That is why I have a condition of the appraisal in drive bys that says I assume I found the right house. Tho it is worded better than that.

How about this. A lady in my office found a HUD home she wanted to buy. Agent let her in, looked around, loved it. Needed some work, but what a deal. Everything is progressing, 2 days from closing, she wants another walk through. They get to the house and there is a locksmith and another lady there. The other lady had just purchased the hoe and the key the owner gave her wouldnt fit. Come to find out, the HUD home was the one next door, buried in the yard/brush 10 feet high. Nobody knew it was there. The other home happened to be for sale, the HUD agent drilled out all the locks and changed them on the wrong house.

 

[Jeff Horton]

Follow up on this one.

First I got the appraisal done on the right house this time. As I said it was a Mobile Home and appraisal was one of the worst ones I have done in quite a while. I had 3 comparable sales, thats it. One of the 3 was actually comparable to the subject. No data to support adjustments. Etc. etc. After what had happened I really hated to turn this one in.

Today I got a call from the Appraisal Pimping Company. Their reviewer said he had a problem. No suprise there but his problem was with the much lower value than 3 months ago. I explained to him what had happened and that I had faxed a letter over but had heard nothing back. Then he said "Oh don't worry about it. Thats not a problem."

Then he had one question on the current appraisal. I had left off a minor item he wanted and then he surprised me by saying "other than that this is a good looking appraisal." Could have knocked me off my chair at that point. Guess I did a better job of explaining the situation than I though. (Or he doesn't know what he is doing ).