• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Appraiser's Causing Delays In Closings

Status
Not open for further replies.

Ariba

Senior Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Colorado
Apparently according to a article in the Denver Post, 09/08/2016, Appraisals are taking longer than ever and, as a result, are causing widespread delays with closings in the Denver market. Appraisals are not only taking longer to compete, but are costing more, about $600 on average before rush fees. Paying up doesn’t always guarantee expedited service in time to meet closing deadlines. I am getting appraisal request with "name your price"

Great time to be in the driver's seat for once. How long will this last?
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
The delay is caused by lenders who order the appraisal as the last item before they pull docs.

I was paid a rush fee on an appraisal completed on August 12. The UW came back with conditions on September 1. Problem? Murad Mustafa did not read the addendum. Maybe english is not Mustafa's first language?
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
No surprise here.
 

Attachments

  • mustafa.JPG
    mustafa.JPG
    47.7 KB · Views: 82

Peter LeQuire

Elite Member
Joined
Jan 3, 2005
Professional Status
Retired Appraiser
State
Tennessee
Bumper sticker seen several years ago: "Mortgage Bankers do it to themselves". Some things never change, I suppose: between not ordering the appraisal till the credit and income are approved, to save spending an applicant's fee until credit and income re approved, and the fact that busy processors often simply don't order documents timely, the ordering of appraisals is often overlooked.

Appraisers may "be in the driver's seat" for a while, but the great karmic circle will come around to haunt those who abuse the opportunity to ratchet fees to a more reasonable level.
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
AMCs are advertising for full time staff appraisers with benefits. They don't do that if they have lots of appraisers that will accept fast and cheap. The problem is TRID. The AMCs publish their standard fees to lenders. If the appraiser cannot be found at the cheap and fast fee, they will have to up the fee. But, that either cuts into the AMC margin or the AMC goes back to the lender with a fee increase. That restarts the process because of TRID.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
3 to 5 calls a week from AMC's begging me to accept an assignment and saying I can name my price. Oh, to be young and aggressive right now.

I receive three assignments a week from the VA. Most of those entered the VA system 3 to 4 weeks prior to being assigned to me. Appraisal deadlines in the contract do not apply to VA loans.
 

Eli

Elite Member
Joined
May 12, 2007
Professional Status
Certified General Appraiser
State
Tennessee
When appraisers are causing delays?

The oligopsony can't have their cake and eat it too. Nobody can have their cake and eat it too.

When you eat the cake it is gone. You can't have it again.

They are flirting real bad with the Sherman Antitrust Act. I understand the FDIC and OCC have power but they don't have near the power the Federal Trade Commission has.
 
Last edited:

miktay

Senior Member
Joined
Jul 3, 2007
Professional Status
Certified Residential Appraiser
State
Texas
I haven't seen it like this in many years.
 

miktay

Senior Member
Joined
Jul 3, 2007
Professional Status
Certified Residential Appraiser
State
Texas
Appraisers may "be in the driver's seat" for a while, but the great karmic circle will come around to haunt those who abuse the opportunity to ratchet fees to a more reasonable level.

So...you're talking about how Karma will eventually bite the AMC's....right??
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks