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Don't even freaking think about it. DO NOT THINK ABOUT THAT.

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AnonApprsr

Thread Starter
Elite Member
Joined
Jan 21, 2008
Professional Status
Certified Residential Appraiser
State
Massachusetts
Do not admit that appraisers were a part of the problem. They weren't not at all. Does an appraiser analyze the borrower's credentials, loan type, and likelyhood of getting paid back for the loan? No. So it's not our fault. We report the market, not make the market.
 

farmguy

Member
Joined
Jun 27, 2007
Professional Status
Banking/Mortgage Industry
State
Texas
If a house should have appraised for $200,000 and instead an appraiser appraised it for $250,000 and somebody got a loan for a good bit more than the place was worth would you not say the appraiser contributed to that situation?

I agree appraisers should not shoulder a lions share of the blame and reputable appraisers - none of the blame.

I work for a lender. Applicants often have a report done for another lender that they provide to us. Just looked at one a couple of weeks ago. Big fancy house on 50 acres. The applicant provided me with two appraisals. One he had done for construction loan a year ago. Now he is having trouble getting permanent becuase the new appraisal is about half the previous (we are talking better than a million dollar difference). Our market has not decresed here. We still have rural acreage tracts appreciating. I looked at both reports, the first guy was just a prostitute (don't mean to offend prostitutes). There is no point reporting the guy. We can't pay high enough certification fees to hire enough enforecment people to chase all the sorry ones down.
It's not that "appraisers" caused the problem, anymore than "lenders" or "mortgage brokers" or whoever. It is that sorry appraisers contributed just like sorry lenders, etc. It's the person not the occupation.
Sorry lenders hired sorry appraisers, etc. Those bad apples are spoiling the barrel.
Is no different than the 80's, but it seemed at the time you could pick the sorry ones out easier. Now certification gives the public something to hold onto and call us all equals.
In a way I agree with you it was not appraisers at fault, but unethical appraisers are at fault.
Of the reports that are provided by applicants I may find one out of 5 that is decent.
 

Ken B

Elite Member
Joined
Feb 18, 2004
Professional Status
Certified General Appraiser
State
Florida
Everyone from the investors who bought MBSs to the GSEs to the administration's housing policies to the real estate agents to the lenders to the MBs to the property owners to the investors who flipped new construction to the ghost buyers who got a cut of the investors' profit in exchange for their signature to the appraisers who never met a value they didn't like have a hand in the mess.

Now, to fix the problem requires corrections from the top down. It can't be fixed from the bottom up. And yeah, appraisers are at the bottom.
 

AnonApprsr

Thread Starter
Elite Member
Joined
Jan 21, 2008
Professional Status
Certified Residential Appraiser
State
Massachusetts
I bet 10 dollars no one on this forum ever inflated a value.
 

Tom Woolford

Elite Member
Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
We report the market, not make the market.


I don't buy that crap. I've done too many reviews with made up comps, fake sell price reported. condition ignored, you name it. There are a TON of appraisers I would love to get alone in the woods for a while.
 

AnonApprsr

Thread Starter
Elite Member
Joined
Jan 21, 2008
Professional Status
Certified Residential Appraiser
State
Massachusetts
But that's not the norm. Those people aren't appraisers, they are scumbag jerks. I never understood how someone could just make up data. They suck and they don't represent the industry as a whole.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Anon,

I think you are kind of naive to think that those appraisers are not the norm. I would think that honest appraisers are not the norm. That is why only 10,000 appraisers or so have signed the petition out of probably over 100,000 appraisers nation wide.
 

jturner01

Junior Member
Joined
May 13, 2008
Professional Status
Certified Residential Appraiser
State
Florida
What petition RSW? Did you think that maybe we all do not know about it? I have just recently found this forum and have not been posting that long.
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
Whether you define "us" as consisting of the appraisal profession as a whole or just the "good appraisers" makes little difference. We are where we are because we tolerated our donkeys and we allowed them to both thrive and get away with calling themselves just as good as anyone else .

"We" aren't responsible for more than our 14% share of this mess but that 14% share is in itself intolerable. After all, our only reason for being is to be that independent voice of reason. If we can't even do that then we really are useless.

We are in no position to cast stones at others, 'cause our glass house already has a lot of fractures.
 
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