Basically, I Need a Basic Ride-By, That's Basically It...

[Karl]

Out here we have communities of these sorts of homes. Have a Tractor Trailer Trailer converted into a Home. An RV and RV Trailer CONNECTED to form a home Hey an AirStream trailer top of the line. 2 prior 1976 Mobiles creating a Double Wide Needs financing to put pitched roof on. The list goes on.

 

[Terrel L. Shields]

Had a friend appraiser call today to say a mortgage co. asked for a double wide appraisal, wanted it in 72 hr. She told them 3 weeks to which they finally agreed. 5 days later , wheres the appraisal? I said 3 weeks....so she rushes them a report just to shut 'em up. Calls back, Can't you read? I need it to come it at $85,000! Then threatens to call the Better Business Bureau. Reply, Do whatcha gotta do buster, don't call back.

 

[Wally Jones]

Charlotte,

Since his banker told him he didn't need a "real" appraisal, just someone to "ride by", you should have told him to tell his banker to take care of it and save all that appraisal money.

:idea: Lee in L.A. has a good franchise idea! "Mc Appraisers". We could open little offices with a drive up window and wear little paper hats. "Welcome to Mc Appraisers. Would you like to try one of our Valuation Models today? We're having a special-two for one. Please pull up to the second window and your appraisal will be ready." And our national spokesperson, Hazel Mc Appraisal, would be available for lender charity events around the country. No, wait, too many clowns in the business already. :lol:

Thank goodness it isn't Monday/Tuesday anymore.................

By the way, good to see you Charlotte.

 

[Charlotte Dixon]

Wally, and of course the little paper hats will have catsup stains on them, especially the Trainees' hats. Mc Appraisers could also give out those cheap little toys for the kids, replicas of those makeshift houses described above. We've been working WAY to hard, haven't we? Thanks, Wally!

 

[Austin]

I think there is a moral to this story you guys/gals might be missing. There may be a market for that type service. For example and this happens to me a lot because most people born and raised in this city went off to college settled out of town. Their parents pass away, they inherit the real estate, and all they need to know is a ball park figure, they don’t need or want to know anymore. Most of the people I am talking about live in northern Virginia where property values are triple what they are here. All they want and need to know is that the price is around $100,000 or whatever. That is one of many complaints I have with USPAP, it precludes a service that the market is demanding and that somebody else will provide.
Two weeks ago a local broker came in my office for a chat. He had been doing BPO’s and making good money and was thinking about going into the appraisal business. BPO’s are becoming very popular because they offer what the market wants. I am supposed to be on vacation this week, but yesterday I did five property inspections for equity appraisals. I went to the tax assessor’s office in the city and county and searched the sale history of the entire street for each property. Before I left the tax office to inspect the properties I knew within a few thousand dollars what the property was worth assuming average condition. In Virginia and I think everywhere, a federally regulated institution can hire anybody they want to perform drive-by appraisals if they have a written appraisal policy to that effect. My point is that you had better listen to the market for appraisal services or you may end up fully USPAP compliant and out of business. You guys are limiting yourselves to FNMA mortgage appraising and at the same time FNMA is weasling you out of existance.

 

[Joe Birrell (NY)]

Good one, I love giving out the phone numbers of all the "deal makers" when some wacko calls, sort of makes your day. I figure if I do it long enough they will eventually get thrown off the so-called "approved list"
as they can't resist the urge to make any deal for a buck.

 

[J in Florida]

"The underwriter needs you to change comps 4 and 5 to comps 1 and 2, and change comps 1 and 2 to comps 4 and 5. She doesn't like comps 1 and 2. By the way we need it right away we're closing this afternoon and she won't release the package until she gets this from you".


I'm not kidding......

 

[Pamela Crowley (Florida)]

"The underwriter needs you to change comps 4 and 5 to comps 1 and 2, and change comps 1 and 2 to comps 4 and 5. She doesn't like comps 1 and 2. By the way we need it right away we're closing this afternoon and she won't release the package until she gets this from you".


I'm not kidding......

"Please put that in writing and fax it to me for my files."

 

[BarbaraNJ]

I took my first appraisal course in the mid 1980's, before licensing and all the bank failures, given by the Appraisal Institute and both instructors (it was two weeks, 9a-5p, Mon. thru Fri. and they took turns) were MAI's.

While I do not place MAI's on some untouchable pedastel, in those days when you did not need a license, only the very serious about the profession bothered to do all the work necessary to get the designation.

ANYWAY, we were taught that no matter in what form the value is given, the responsibility, research and due dilligence is the SAME.

In other words, no matter whether the value is given to your client on the back of an old envelope or a forty page narrative, it is the responsibility of the appraiser to do ALL THE WORK/RESEARCH necessary to come up to an accurate value.

Your client may only want a one-sentence letter of value, with no description of the neighborhood. HOWEVER, if the site is in a flood zone, or has easements running through it, or anything else that will impact value, you are required to take that into consideration.

The Long and Short of it is: no matter what the client "Basically" needs, your research is the same. The charge should be the same. ALL clients think that the shorter the report, the less work therefore the less fee charged. That's why they keep asking for less and less information and shorter and shorter reports.

Rest assured that if you skip any of the valuation process, Murphy's Law will take over, and that is the report that will wind up getting turned in to the State Board.

The way to discourage the "Basically, I need..." request is to say: "The fee is the same, no matter what you need, because I have to do the same research as a full appraisal" . They will hang up and call the next "sucker".

As far as "BPO's", the brokers THINK they are "bulletproof" because they are hiding behind the fact that the value they give is NOT an appraisal, and NOT allowed to be called an appraisal. As soon as a few get sued over an incorrect value and the word gets around, they will either stop doing them, or demand more money because they will have to do a more thorough job (it's called an appraisal, Mr. Realtor !!!)

Does anyone out there remember hearing that the research is the same, no matter the type of report????

 

[jtrotta]

Babs
you got it all right; Fees in my office do not change and I think I lost several new - so called potential Clients by not reducing the Fee.
K-hurray, hurray wouldn't want em on a bad day :roll:

A quick question; if they want us to reduce Fee's; why do we have to carry E & O insurance of any nature :?:

If they want reduced Fee's, why do we have to produce it in such a short span of time :?: If they all want it overnight, how come they all haven't advanced to receiving PDF jobs :?: When was the last time any person or company in the "Lending Industry" has offered a car; retirement bonus; or even a stinkin tootsie roll pop :?: All we are is dry toast, that leaves a lingering yuk taste and needs something wet to wash us down.


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