Did any one else get this Fannie notice?

[c w d]

Why does everyone think vacant land appraisals should be less expensive than other types of appraisal. They're twice as hard, time consuming and risky.

Why are field reviews typically $100 - $150 when it's twice the work? How many licks does it take to get to the center of a tootsie roll lollipop? The world may never know. :new_multi:

 

[Elliott]

cwd asked, Why are field reviews typically $100 - $150 when it's twice the work?

I think review work is expected to 'rubber stamp' the original report, then it
isn't much work....that's why they are so low.

Fannie just doesn't get it. They lose billions and billions....just like it isn't their
money....oh, that's right it isn't, so I guess they have no incentive.

There was a WSJ article today where FHA doesn't want sellers contributing to
down payments. What a concept, real equity in a house. Wobbles the mind.

 

[jnordquist]

No, I did not get the notice, but I applied to them a while back

 

[Tim Hicks (Texas)]

Why are field reviews typically $100 - $150 when it's twice the work? How many licks does it take to get to the center of a tootsie roll lollipop? The world may never know. :new_multi:

Fannie pays much more than $100-150 around here for field reviews. More than an REO appraisal fee.

 

[Bill_FL]

Dumb question here, I have not followed all of the software/opening of appraisal threads that close, since I do not do much of that work. But was there an issue with that portal or not? I will reserve the rest of my comments until I find out if that portal opens appraisals, takes the signature and reapplies it to a different formatted report.

 

[Michael Tipton]

Dumb question here, I have not followed all of the software/opening of appraisal threads that close, since I do not do much of that work. But was there an issue with that portal or not? I will reserve the rest of my comments until I find out if that portal opens appraisals, takes the signature and reapplies it to a different formatted report.

Bill, there is a suit filed in Maryland. Visit the atttached link for a copy of the filing.

http://www.mortgagefraudwatchlist.org/docs/FNC Complaint.pdf

 

[Pamela Crowley (Florida)]

Yes, Bill, I do believe that is what they have been doing and they still are. Many/most of the national AMCs, especially those owned in whole or in part by First American, are also unlocking and converting/altering and putting the appraisers 'digital signature' back on those altered reports prior to sending them to the lender/clients AND TO FNC.

 

[jeanwillick]

$350 for the 1st inspection
$200 for follow ups

$550 total if you have to go back in 6 months and redo. We do it and I like it.

 

[stefan olafson]

How many of you have been around long enough to have experience with REO properties?

Exterior Only: 2-4 Units - $350

All others - $250

I don't think E&O would allow an Exterior Only REO appraisal! On REO's what you see on the outside may be just like looking at the top of an iceberg, what's underneath or inside will truly shock you and alter your opinion of value greatly.....

Doing Exterior Only REO appraisals is like asking the state to take your license away. For an exterior only where do you find verifiable information on the interior of the home? Don't you have to verify the info somewhere? Who's going to tell you, the owner who has left and maybe gone without a forwarding address? The neighbor glad to be rid of them, but having never stepped foot in the property? The mailman who glanced in the front door once????

Just think about it?

 

[Bama Bayou]

How many of you have been around long enough to have experience with REO properties?

Exterior Only: 2-4 Units - $350

All others - $250

I don't think E&O would allow an Exterior Only REO appraisal! On REO's what you see on the outside may be just like looking at the top of an iceberg, what's underneath or inside will truly shock you and alter your opinion of value greatly.....

Doing Exterior Only REO appraisals is like asking the state to take your license away. For an exterior only where do you find verifiable information on the interior of the home? Don't you have to verify the info somewhere? Who's going to tell you, the owner who has left and maybe gone without a forwarding address? The neighbor glad to be rid of them, but having never stepped foot in the property? The mailman who glanced in the front door once????

Just think about it?

In my state the appraisers board used to not allow exterior only (driveby) unless is was an REO. They thought it was the only appropriate time to use them. The exterior only is usually when the owners have not yet been evicted by the sheriff.