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Comp Checks After Fed Rate Cut

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jakeboeger

Thread Starter
Member
Joined
May 12, 2005
Professional Status
Licensed Appraiser
State
California
I really cant complain since I have been busy with other work, but I think the last time I had a call from a mortgage broker was probably 3+ months ago!

Given the recent rate cuts, I thought I would have been bombarded with comp check monkeys by now.
 

Tom Woolford

Elite Member
Gold Supporting Member
Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Consider yourself lucky. I've had 4 or 5 this week. They just don't learn.
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
I've been laying on beaches the last few days, and sometimes my
mind drifts off to 'comp checks'. I've decided this will be my new
procedure.

MB-Hey buddy, I've got a deal in your area but I need a quick
comp check. I gotta have $250,000 minimum.

Me-Gee I'd like to, but I'm up to my neck in alligators. I've got a ton
of work in front of me and just don't have time right now. But, hey,
thanks for calling, good luck, mahalo.



 
Last edited:

Pdexter

Sophomore Member
Joined
Oct 23, 2007
Professional Status
Appraiser Trainee
State
Oregon
I did 136 comp checks today, which is easy for me as I am a one man shop. The first 361 were lame, but the 362nd paid off! I got a brand new order from a new client for a 2055 on a dome home on an isalnd with no other homes! I told them I would take a personal check (for my fee of $12.83 which the AMC passes along at $8000.00) and we are good to go. I get there and discover that the dome home is actualy a church conversion with an elevator and a 360% amusement park view which backs to a bomb test range for the Airforce.... Needless to say, I had a model match from elsewhere in the development and was able to bring it in for the estimated value, as promised. Awesome day.
 

TJSum

Elite Member
Joined
Nov 12, 2007
Professional Status
Certified Residential Appraiser
State
Maryland
Very good Pdexter, you have learned fast :rof: :rof:


Actually, I heard from one of the lenders today that the 30 year fixed rates actually went up today. The bond market sees future inflation with these rates cuts, so the 10 year bonds rose causing mortgage rates to rise.
 

Zmcraney

Junior Member
Joined
Oct 17, 2007
Professional Status
Licensed Appraiser
State
Mississippi
Actually, I heard from one of the lenders today that the 30 year fixed rates actually went up today. The bond market sees future inflation with these rates cuts, so the 10 year bonds rose causing mortgage rates to rise

Same thing i noticed from the rate sheets one of our local clients sent us
 

TXCBoy36

Junior Member
Joined
Oct 3, 2007
Professional Status
Certified Residential Appraiser
State
Colorado
I am surprised that no one is commenting on here....bashing anyone who does the comp checks....normally it starts a whole mess of things anytime comp checks is mentioned on this forum.

JC
 

jakeboeger

Thread Starter
Member
Joined
May 12, 2005
Professional Status
Licensed Appraiser
State
California
I am surprised that no one is commenting on here....bashing anyone who does the comp checks....normally it starts a whole mess of things anytime comp checks is mentioned on this forum.

JC

Who implied that they do comp checks?
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
I've been getting pestered for comp checks for about 2 weeks now. A lot of goomba, one hit wonder brokers from years past reminding me that I did an appraisal for so and so back in '05 and what do I think the value will be now (I won't hold you to it, just a ballpark).
 

Frederick

Senior Member
Joined
Nov 2, 2005
Professional Status
Certified General Appraiser
State
New Jersey
A comp check is a sales lead for these guys and recently sales leads have been few and far between for them.

I always tell them that appraisers sell their comp checks as sales leads to other brokers or funnel them to the brokers who actually give them appraisal orders so they might not want be calling or emailing comp check requests unless they want other brokers getting their sales leads and cutting their throat. Just order the apppraisal and lets see what you got.
 
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