Chase pressuring appraisers?

[xmtpedprl]

I also believe AMCs will make appraisers 'disposable.' They will simply corral as many as they can, discard those who appear to be 'too honest,' (check declining, etc...) and find their target audience as quick as they can. And then they'll stick with those who tacitly play ball. It won't need to be spoken, they'll figure out who the players are.

I think that's inevitable, and nothing can prevent it if (when?) they (AMCs) gain control. My hope is that they do not, as appraisal independence is doomed should that ever come to pass.

Dave...

 

[mdtulips]

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:

Yes, the subject listing was disclosed and the amount was listed as well. I"m surprised to hear some positive replys about CHase from some on the forum. I, for one, am disgusted at the pretty poor appraisal that was submitted for 475k. Where was the reviewer on this one?

 

[Riick]

Yes, the subject listing was disclosed and the amount was listed as well. I"m surprised to hear some positive replys about CHase from some on the forum. I, for one, am disgusted at the pretty poor appraisal that was submitted for 475k. Where was the reviewer on this one?

My guess is that they either farmed the review out to CWide, or adopted their policies & process:
"Humm... Lets see. Has 3 sales, has a map, a drawing of the house,
...and photos of house and comps? and...Yep, its signed. Good.
Now where the heck is my digital rubber stamp?"

Yes... you think I'm kidding. I'm NOT kidding :mellow:

How else can you explain accepting a value estimate $10k higher than recent asking price -- even if it were a STABLE market ???

Ooops. Forgot .... they have recently hired a group of U/W with disabilities - They have terminal stupidity aggravated by blindness.
Or was that the CEO ?
--- "That's a joke... I say, that's a joke, son."

 

[The Dog]

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........

Chase uses QUANTRIX as AMC. (only AMC I am willing to work for). Absolutely no pressure to value, absolutely no value indicators given in advance, absolutely professional when talking to on the phone. (Pain in the rear with daily updates, but they do serve a purpose). Pays full fee, no pressure, no stupid request. Payment of bills on time, no late or missed payment.

WISH I HAD A DOZEN CLIENTS LIKE THAT.

 

[Financially Feasible]

Chase uses QUANTRIX as AMC. (only AMC I am willing to work for). Absolutely no pressure to value, absolutely no value indicators given in advance, absolutely professional when talking to on the phone. (Pain in the rear with daily updates, but they do serve a purpose). Pays full fee, no pressure, no stupid request. Payment of bills on time, no late or missed payment.

WISH I HAD A DOZEN CLIENTS LIKE THAT.

Quantrix is just like Landsafe at this time... not accepting any new appraisers. They are the only two AMCs (that I know of) who are not accepting new appraisers. I may be wrong.

 

[Alison Swain]

Quantrix is just like Landsafe at this time... not accepting any new appraisers. They are the only two AMCs (that I know of) who are not accepting new appraisers. I may be wrong.

STARS isn't accepting either.