Appraiser independence

[bnmappraisal]

Personally I don't know how I would feel if an appraiser, appraising my home, asked me what I thought it was worth...

I'd probably say $400.00....

I'd probably be a smart@$$ and say "That's why I (or the bank) hired you!" lol

 

[Econobot]

I'd probably be a smart@$$ and say "That's why I (or the bank) hired you!" lol

I've actually heard that a few times, I just laugh and move on. It's not the question that is an issue, it's what you the appraiser says after that matters. I'm a pro at saying, "ok" and that's it, first one to speak next loses. If I have to I will explain my legal requirements as an appraiser and I've never once had any push back on it. I can talk about all kinds of generalities without getting anywhere near a line I can't cross. Sadly I think we have alot of form filler, owner advocates out there who truly have no clue what they're doing or they're obligations.... This thread identified one so far...

 

[CANative]

GREG B-CAN- AND I all grew up in Claremont CA which is in Los Angeles County, it's a College Town and probably at least 85% blue. There is always some protest going on and even at 13 years old I remember weekly protests. The Village is were the College students and Professors and Old hipsters like to hang around. My wife is a born and raised New York from Manhattan and she calls it the Greenwich Village of SO CA. Anyway everyone is lock step into the same ideology but it's no longer a place where someone can have a dissenting view, but I enjoy it because I get to tell PHD students to quit paying on their $75,000 student loans, because your either going to get them forgiven or the world comes to an-end in 11 years anyway. Anyway the MAGA hat was a joke because I voted for Putin : ) LOL

We lived in Padua Hills and looked down on you villager types. so to speak. lol

 

[J Grant]

whenever i do a refi i ask the homeowner what they would sell their house for. found it to be useful. most home owner's are pretty accurate. the one's who weren't i would ask them how they came out with that value. then i would mention some close sales. never, never, a problem with any value.

if you knew he was an appraiser, i would have asked him that question right away. if i though he was wacko i would have called the lender and made a conflict of interest appeal. i know the person, and well, we had a problem once. the lender will happily give it to someone else. if you want to test your appraisal knowledge to the appraisal board, then go ahead, and do every appraisal you get. if there were no potential problems with appraisals, we wouldn't need E&O insurance.

i know, the USPAP perfectionists here don't need E&O insurance.

That is a Horrible idea. After all that's happened ...nearly every engagement letter from a client specifies do not discuss value with an owner or borrower.

RE, you say most homeowners values are accurate? Is your appraisal value the one they estimated?

 

[J Grant]

no, in my very, very long appraiser career, i have never had that happen, or any complaints. i do get compliments on my business practice from home owner's, and loan officers. but i have heard the usual homeowner complaint, 'oh the appraiser walked thru my house & never said a word'. mentioning nearby sales, or explaining the FNMA super computer, facts if needed, is discussing a home value? well, we all have our own business practices. i have had my clients for a very long time, i guess they don't know what i have been doing wrong.

i'm not arguing against your practice, just mentioning my practice, and the opportunity for someone newer hearing it. God bless me.

Do your clients know you are asking the owner what they think they could sell their house for?

 

[djd09]

You're in the wrong profession and that's fairly obvious at this point.

who are you.

 

[Mr Rex]

who are you.

the voice of reason?

 

[djd09]

sounds more like anger and bitter. a spoonful of sugar will help the meds go down...

 

[ZZGAMAZZ]

Takes a bit more time, and seems pedantic, but it might be prudent 1) to incude boilerprint reference to the appraial independence cited in FIRREA; and 2) to describe the difference between the appraised value and A) the Neighborhood Median, and B) the contract price--if for no other reason than to have addressed those factors before one is asked to do so, with the former of the two prompting a UAD redflag.

 

[TRESinc]

sounds more like anger and bitter.