Desktop Appraisals Becoming the New Normal

[ddnma]

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They just want floor plans like this. It's not very expensive. Most of the listings I see have floor plans like this. I think the agents just order them as part of standard listing procedure.

that is not good enough for Fannie.. not only do they require the floor plan, they also require exterior dimensions. as an aside, I hear they do not expect very many of these desktops until the technology to provide the floor plans becomes more prevalent in the market

 

[Joe Flacco]

that is not good enough for Fannie.. not only do they require the floor plan, they also require exterior dimensions. as an aside, I hear they do not expect very many of these desktops until the technology to provide the floor plans becomes more prevalent in the market

You are mixing up different requirements. Nowhere do they say that floor plan for desktops need exterior dimensions.

 

[Digger88]

I got a email to ask if i will do these. i said sure they will be $525. didnt hear back.

 

[Non Sequitur]

Do they refuse because they don't believe the standard SOP of the textbooks that the cost approach is most applicable in new construction or that they are simply incompetent and cannot do a credible cost approach?

They refuse because the VA does not require the approach. I have had debates with several VA appraisers about whether or not the cost approach is applicable for new/proposed construction. I've only been able to convince one that the cost approach is applicable. All others wouldn't budge, but are they lazy or incompetent? Probably a little of both. None care that the vet has to be kicked to a higher cost loan product because an applicable approach wasn't communicated.

 

[J Grant]

If that was ever the case then the fees wouldn't have increased in the last couple years due to the increased demand. That's how I know your fees will eventually decline again if/when the market slows down.

My fees won't decline because with my regular clients, they did not increase either - except they did with some new clients or rush orders because non AMC clients do not push fees down ni a slow time . AMC's are predators and only pay higher fees if desperate and as soon as it slows down they shop for low fees.

That sads, appraisal fees , even at the crappy AMC;s will stay at a somewhat higher level due to inflation and that all professional and other services have gone up. (imo)

 

[ddnma]

You are mixing up different requirements.

I do not think so..
unless FNMA made a mistake when I talked to them earlier in the week- It surprised me too.

 

[J Grant]

I can say with 100% certainty that, when an appraiser provides a quote to us (as direct engagement), if it is out of line with other fees we've gotten, we reject the quote. We don't shop fees, but we don't allow appraisers to take advantage of the borrowers either.

I am okay with that, I personally do not gouge fees up in a busy time - but my steady clients are also not abusing me and pushing for low fees when it slows down.

 

[George Hatch]

Is that your way of saying that you think only the AMCs are responding to supply/demand by increasing their fees as a result of being unable to get their assignments done for less?

Regardless, even you can acknowledge that for virtually all other residential appraisers the prevailing fees have increased over the last couple years as a direct result of the supply/demand factors.

Right?

 

[Joe Flacco]

I think it really is only the AMC's that see these wild fluctuations in appraisal fees based on supply and demand.

 

[alebrewer]

I think it really is only the AMC's that see these wild fluctuations in appraisal fees based on supply and demand.

We are a direct engagement lender, and our appraisal fees have gone up roughly 33% over the past 3 years.