Declining Market = Do Not Use?

[INSPECTOR]

Michelle:

"I had 2 appraisers do reports in the same development recently and they didn't check declining..." hmmmm[/quote]

I know... That's what gets me. Most of the other Appraisers I know are doing what ever it takes to get the job done (hit the number) pretty much, what ever the loan officers tell them to do. When I confront them with the "don't you have any since of honesty" thing they tell me they have a strong need to provide a living for their family, and they don't want what happened to me to happen to them. So they work, I cut my grass twice a week. I am thinking about a letter to Gov Chris, but I would rather just be able to find some work.

 

[LJFJR]

I have been marking "declining market" in the areas of my state that are declining. I have lost work not because of the markings, but due to the general market conditions. When the lenders start lending money again, I'm sure work will pick up. In my state "Rhode Island" the market is declining in some areas. Some of my lenders have given me a list of the areas in question. I hope it turns around soon or I'll be looking for a real Job

 

[CANative]

A lot of areas I work in are crashing and burning.

I'll be on another "do not use" list in about an hour.

 

[Randolph Kinney]

A lot of areas I work in are crashing and burning.

I'll be on another "do not use" list in about an hour.

Yep, here in San Diego county, very few zip codes have stable values. Only 92024 looks some what stable. The rest are going down so far, so fast even the standard loan program of 5% down requires 10% down.

The only argument you get from the UW is how much negative time value adjustment really represents the market.

 

[Shelley4146]

Yep, here in San Diego county, very few zip codes have stable values. Only 92024 looks some what stable. The rest are going down so far, so fast even the standard loan program of 5% down requires 10% down.

The only argument you get from the UW is how much negative time value adjustment really represents the market.

Yes I agree, I did a property in Cardiff the other day and that was the first somewhat stable zip code I've found in many many months!

 

[JBruemmer]

According to Radian http://www.radian.biz/mortgage/rates.aspx every market in my area is declining. However, they go by zip codes and don't differentiate between various markets within each zip. I have been marking "declining, oversupply, etc." for quite awhile. Based upon the reviews I'd been doing it seemed like I was the only one for awhile. It is important to remember, based upon FNMA Announcement 07-11, lenders are as culpable as appraisers in defining a market. Somehow, I am now heartened when a lender calls and asks, "are you sure that market isn't declining?"

 

[LandmarkNetwork]

We are an AMC not an appraisal company, but many of our appraisals are coming over with "Declining Markets" checked and we have not seen any change in work pace. We have however had countless UW's ask for more information.

Only one broker has asked us to change it and we wont even take up our appraisers valueable time with the request. I told the broker...."read the paper and tell me its not a declining market" I also pointed out that the UW would likely question the qualifications of my company and my appraisers if we were dumb enough to not know the market was in decline.

 

[Shelley4146]

We are an AMC not an appraisal company, but many of our appraisals are coming over with "Declining Markets" checked and we have not seen any change in work pace. We have however had countless UW's ask for more information.

Only one broker has asked us to change it and we wont even take up our appraisers valueable time with the request. I told the broker...."read the paper and tell me its not a declining market" I also pointed out that the UW would likely question the qualifications of my company and my appraisers if we were dumb enough to not know the market was in decline.

Good to hear! Thanks for your post!

 

[uncle fish]

I don't think I've lost business over it. I've had 1 person ask me to remove it. I don't deal with people like that. I sent him packing.

 

[Joyce Potts]

Where's the:

I don't give a damn catagory?