Discount Reviews for the Desperate or just "brain dead."

[Paulette in Texas]

Dear Forum: Do you have sense of humor? Get a call from national who is VERY slow pay and only wants us to go the far out stuff and never "cookie-cutter." Thank you Lord, we are more than busy, and can pick & stuff...sometimes before they tell us to stuff it.

Get this picture: Townhouse 50+ miles north, 25-30 years old on the water. Sales price is $232k but he appraises it for $287k. Don't you just know that seller wanted him to pocket $50k at closing because he's such a nice guy. One comp was twice the lot size and he managed to adjust $2,000, downward. But my absolute favorite was the 3rd comp which sold for $425,000 NEW construction, but not to worry he adjusted downward that one also $2,000. Don't you just love this wanna be appraiser and the mortgage broker who hired him. Kind of makes it all worth while to know that there are such absolutely STUPID brokers and appraisers. And the naitonal thinks we're gonna drive 50 miles north and provide them with 3 new comps and do it right for some idiotic discount fee...NOT in my lifetime.

Somebody has to be desperate to want to do this one. Are y'all seeing work this bad with reviews being done like it is the blue-light special of the week? I told the national, we would only accept it IF they met our minimum FNMA 1004 fee plus gas trip charge for additional distance. They called back later and said they had someone "better" and "cheaper." No, they found someone "desperate" and "stupid." Monday that will be my callback along with take the proverbial hike. Of course, Bob is even more mad than me.

I have always enjoyed the reviews cause it lets you see who is doing the really crappy work and who isn't. They never order reviews on good work just crud. But then guys that's the female in me. "Curiosity killed the cat and all that."

Is anybody actually doing FNMA 2000 reviews less than 1004 when you know the work is crud? Are we being unreasonable? Appreciate the feedback and have a great one. Partins in Houston.
Rotts rule and Shih Tzus holding its own.

 

[David S. Roberson]

I can't afford to charge less than 150% of a full URAR for a review with an opinion of value. You have to satisfy USPAP for the value opinion AND look at all the crap (usually) the other guy did.

 

[Thomas N. Morgan]

Paulette,

I have done lots of them at less than 1004 price. As I said, I HAVE done. I no longer do them.

However, since I quit doing them for that client, I'm getting some foreclosure work from them with an almost reasonable fee (should be $25.00 more).

Nice to hear from you.

Thomas N. Morgan
Ocala, FL

 

[Joe Birrell (NY)]

Like I said in a recent previous post, let the lenders do their own damn reviews and/or hire somebody at full fee who knows what they are doing.
Can't be bother with this non-stop brain damage, especially when I have regular customers to take care of.

 

[Shannon]

Paulette & others:

I have a client who was ordering field reviews with an estimate of value. After the second one, I called my contact to ask why they wanted a field review. She told me that the loans were already made, and that an investor was buying a group of loans. The investor had flagged the appraisal problem files in order to check market value. I was able to switch my client to a drive by 2055 form, instead of a field review. Now I'm a happy camper and really enjoying the work. I'd much rather do a drive by than tell them what a crappy appraisal they got.

Regards,

Shannon Julian
Chapel Hill, NC

 

[Truett D. Neathery]

:evil: I've gotten bounced off the well-known CA review firms' list since I refused to do several "Fast Freddie" appraisers' fixumup. I know who they are and what I'll have to do (new appraisal), for a cut rate.

 

[Ruth Langkawel]

Paulette,

You are not unreasonable - they are. A field review is more work than a 1004 - and you're more likely to have to spend additional time later backing up your differing opinion. I haven't seen a field review order on a good appraisal in 4 or 5 years.

When I was desperate for work, I did reviews for $25 less than a URAR. I never get a second order from the same company when I take any exceptions to their original appraiser. Apparently, they don't want the truth, they just want another appraisers neck on the line - and they want it cheap.

Thank goodness for good times . We can demand a decent fee and not cry when they go elsewhere.

 

[Paulette in Texas]

Appreciate the feedback. Small companies like us, tend to be isolated from the whole group. After awhile of these shocked responses when we ask for fees equal to our 1004's, you start wondering if we are in left field somewhere. It really irritates me though, when we hear that some yahoo is willing to work for distant field reviews of crap at $175. But our bottom line...we'll just use the time to do something quality like "having a real life." Thank the Lord, business is so strong that we can tell them to keep on trucking, we are NOT the "blue-light" special of the week.

I do enjoy seeing them though. It is that really perverse side of me. Matter of fact I have a stash of the worse appraisals I have seen over the years. They are my own private stash. Whenever, we have a typo or some other idiot type error, (of mine) I can always rifle through these and gain back my sense of center. Or I could...no, that would be perverse.

Have a great rest of this week. Partins in Houston
go w...
Rotts rule and Shih tzu is doing great

 

[Charlotte Dixon]

Paulette, I was doing reviews for less than my fee for a 1004, but don't anymore. I, like you, was interested in seeing others' work. But, man, was it discouraging! The crappy ones I reviewed (most of them) took me SO much time; I could have done the whole report myself in the time it took to review it. With the way borrowers are waving around our appraisals, I see plenty of others' appraisals to satisfy my curiousity. It seems on the refinances, many times the homeowner has the previous appraisal in hand, and is more than glad to share it if he/she likes the number. And of course we all know that if the house appraised for X amount 2 years ago, It's GOT to be worth X+++ amount by now :roll: .