Surf Cat
Elite Member
- Joined
- Apr 21, 2003
- Professional Status
- Certified Residential Appraiser
- State
- California
I think Hatch is right on many points. I perceive him to be a realist and just calls it like he sees it in a logical manner. He's not a "get out the torches and pitchforks" kind of guy. Having worked for AMC's, I believe JGrant makes many valid points that I agree with on many levels.
Having said that.... and in my opinion, the lenders control it all. But, they let the AMC's go rogue with their profiteering as long as they get the desired outcome which is, to fund the loan and make money. The cherry on top is they don't have to deal with the appraisal process in house. No Chief appraiser's salary and benefits, no assistant appraiser's salary and benefits. No headaches that are associated with appraisals. The lenders fly low under the radar and let the AMC's take all the heat and complaints.
The part I don't understand, is why the lenders accept these atrocities that they call appraisals. Their bar appears to very low which in essence means, they don't have a very high opinion of appraisers. One more item, why add another stick in the spokes with a non-licensed, uninsured, PDC when there are plenty of appraisers out there to do that gig? They just have to pay a reasonable fee. Seems to be a risky move when determining one's most valuable asset just to save a few bucks.
Having said that.... and in my opinion, the lenders control it all. But, they let the AMC's go rogue with their profiteering as long as they get the desired outcome which is, to fund the loan and make money. The cherry on top is they don't have to deal with the appraisal process in house. No Chief appraiser's salary and benefits, no assistant appraiser's salary and benefits. No headaches that are associated with appraisals. The lenders fly low under the radar and let the AMC's take all the heat and complaints.
The part I don't understand, is why the lenders accept these atrocities that they call appraisals. Their bar appears to very low which in essence means, they don't have a very high opinion of appraisers. One more item, why add another stick in the spokes with a non-licensed, uninsured, PDC when there are plenty of appraisers out there to do that gig? They just have to pay a reasonable fee. Seems to be a risky move when determining one's most valuable asset just to save a few bucks.
