redfish
Senior Member
- Joined
- Sep 2, 2007
- Professional Status
- Certified Residential Appraiser
- State
- Michigan
Many of your borrowers are facing negative equity. Stop wasting everyone's time involved and subscribe to SITE X, REALQUEST, or some other cheap service that will at a minimum show sales in the area of the borrowers home so you all can tell that they don't have a prayer.
This rant was spurred by a comp check request yesterday from a broker that received 400 leads in Michigan from his manager. I explained that I do not provide comp checks and then listened to his rebuttal, he threw out the "target value" and property address I had a quick look at the property in county records. There wasn't sale within 40% of that value. The borrower was upside down by nearly $75,000. I told him thank you for the call and sorry that I could not provide him any information.
This guy is going to call for what could be 400 borrowers to multiple appraisers requesting comp checks. Our phone call lasted 2+/- minutes. With SITE X or any other data source he could have confirmed the same information I did with no phone call saving time and money.
Proving what many of us know:
Comp checks are nothing but value fishing 90% of the time as many of these folks do have access to these sites and use them. Where do you think additional sales come from in value reconsiderations when the value is unsatisfactory upon submittal of the report.
This rant was spurred by a comp check request yesterday from a broker that received 400 leads in Michigan from his manager. I explained that I do not provide comp checks and then listened to his rebuttal, he threw out the "target value" and property address I had a quick look at the property in county records. There wasn't sale within 40% of that value. The borrower was upside down by nearly $75,000. I told him thank you for the call and sorry that I could not provide him any information.
This guy is going to call for what could be 400 borrowers to multiple appraisers requesting comp checks. Our phone call lasted 2+/- minutes. With SITE X or any other data source he could have confirmed the same information I did with no phone call saving time and money.
Proving what many of us know:
Comp checks are nothing but value fishing 90% of the time as many of these folks do have access to these sites and use them. Where do you think additional sales come from in value reconsiderations when the value is unsatisfactory upon submittal of the report.