Chase pressuring appraisers?

[mdtulips]

Does anyone know if CHase bank tends to pressure appraisers? Here is the scenario: I did a listing appraisal for my client in August and advised that she have her clients list the property around 400k based on the market, etc. Borrowers decided to have it listed for 465k, from September to March, take it off the market in March and decide to refinance. Chase appraiser values property at 475k!!! But, when I pull comps, values are around a low of 310-450 with one high of 485. Listing agent sent me the appraisal and basically the appraiser used old comps from November without making time adjustments and the one high that sold for 485k in February-for a total of 4 comps. I'm flabbergasted........

 

[Roscoeman]

It doesn't surprise me at all.

I have done 2 reviews in the last month were the most recent sales were January 2008 and dated sales back to August 2007.

Different range of values, but the appriasers came in on the higher end, no time adjustments, no location adjustments, etc.

Found more reasonable comps within the last two months and in the same area and the higher end of the value range was inappropriate.

:new_2gunsfiring_v1::new_2gunsfiring_v1::new_2gunsfiring_v1:

 

[TJSum]

How can a property be on the market for $465k for six months, with no offers, and then have it appraised for $475. Was this subject listing disclosed? I am fairly certain Chase uses an AMC, how can there be lender pressure when the AMC "firewall" is there to protect the Public Trust. m2:

 

[c w d]

Chase pressure appraisers? Gee, I don't know. What I do know is the last appraisal we did for Chase didn't come in on value. That was over a year ago and we haven't done another appraisal for Chase since. So, I'd say, no. They don't apply pressure to appraisers.....:blink:

 

[Greg Bell]

Chase is just another hack bank.Soon to post many billions in losses , one can only hope..

 

[Jason Barber]

I am fairly certain Chase uses an AMC,

Yes, Chase uses Quantrix Valuation as their AMC.

So, I'd say, no. They don't apply pressure to appraisers.....

They don't have to apply pressure when Skippies are lined up by the droves waiting to pounce on the next 1004 for a whopping $200.

 

[Kevin A. Spellman]

The typical scenario is Chase will stop using you if the value does not support their cause. No pressure, just no use of your service.

 

[Mr Rex]

They have never pressured me, and I give nor take any BS. Of course it might be because they have little choice unless they want to import a skippy from the big city, but they pay a fair fee, and don't call all the freaking time as long as you keep them abreast of whats up. Of course I'm in a rural area, and without peer.

 

[Elliott]

No bank, AMC, or mb has to 'pressure' appraiser's anymore. There are
so many appraisers, doing so little, fees are so low, that appraisers
are simply easily expendible. If any appraiser dare comes in low, you
just cross him off the list. No pressure.

 

[Hondo]

Chase

I do quite a bit of work for Chase and have never had any pressure from anyone at Chase. The re-fi's do not have any value estimate on the order & I never hear from them. On 90% of the reviews I come in lower, sometimes way below and Chase never says anything. Sometimes if the loan originated with a MB he calls me to whine, but never Chase, wish I had more clients like them-they pay good too.