Don't try this at home

[Blue1]

jtrotta,

I think I don't have time for a "lenghty rebuttal"....don't get me wrong, I have "rebutted" bad reviews in the past with great gusto......the "reviewer" is still "licking the wounds" I inflicted for their fraudlent review. What I'm looking for is NOT to be "2nd guessed" by non-professionals. Which includes: Realtors, Lenders, Underwriters, Homeowners and any one else that thinks they can "play" appraiser. Why am I "getting into this a little too much" we should not have to "answer" to anybody. Perhaps that's the problem.....SOME of us are more than willing to be "2n guessed."

 

[Caterina Platt]

Hey Blue,

I sympathize with you. The long winded, slightly sarcastic, in your face rebuttal will make you feel better. About 8 or 9 months ago, I got one of 'those reviews' done on an appraisal for Long Beach. It seems to be a game with that lender. All their loans are for folks with credit challenges and the security is strictly in the properties worth, hence, they run the appraiser through the wringer over every detail. Told the LO the next time he runs a deal thru that lender and orders an appraisal from me my fee would be $500. Heck, it has to be to compensate for the junk review rebuttals. The 'reviewer' who signed lived a state away from the subject property and has an 'appraiser' here that pulls data for him. I shredded his review line by line and backed everything up with facts and data supporting my original conclusions. Even found a few spots where he had pulled adjustments from an orifice we won't mention and had no supporting logic behind them. This 'reviewer' didn't know me from Adam, and only did this to justify his job. In the end Long Beach accepted my appraisal and estimate of value in full. All in all, I can understand Long Beach's approach, as I'm sure they often get reports that have been massaged and manipulated into unrealistic results. Nevertheless, I was incensed that this 'reviewer' all but stated my report was fraudulent and lied his backside off to prove so. I was up until 4:30 am typing that rebuttal, but man did it ever feel good to fire that thing off. Worked too!

The requests that urk me the most are from the AMC quality control folks. Not an underwriter, not an LO, a wanna be. They are simply trying to answer any and all questions that may come up. They send the appraiser thru all sorts of hoops asking us to repeat statements already contained in the report, or comment on land value ratios that are above 30%. (an old guideline, and get this- the ratio was 30.86% and all three comps were on similar sized parcels, tightly bracketed sales and no adjustments to the lot/site value!!) Duh! Look at the report, evidently it is common in our market. Once again, here goes Cat's word processor steaming and stinging. This response was much less lengthy, but still did the job. Knock on wood, two reports submitted since...nary a word from qc. 8) 8)

 

[Larry Lyke]

Caterina --

There're several areas of selling loans that the typical appraiser usually is not familiar with:

-- Some of these private investors get to the point where they want to do their own review work and actually hire their own review person(s) who now stands alone in justifying their job, or the investor actually does it himself.

-- The criteria the above review person(s) uses is mostly just catering to the investor's guidelines [whim(s)?!].

-- What is really going on is the investor's buying this higher interest rate-bad credit stuff, then trying to prevent getting the stuff he's signed up to buy! -- Because he wants the high rate without the higher risk.

-- The seller of the mortgages knows this too.

-- So you are certainly within your ethics parameters to make the statement you made. That's why I do not do reviews (other than desk) for less than the cost of doing the appraisal again. I like to think that I am thicker skin than other appraisers. But nobody's gonna know until they skin me!! So I'll keep on bluffing, if that's what it takes to stay afloat and alive..

 

[Pam]

Lengthy, in-your-face "rebuttals" can also come back to haunt you. There are a number of investors who keep "ineligible" lists. No one notifies you that you are no longer an eligible appraiser. Then your favorite client tries to sell a loan with your appraisal in the package. Voila! No deal. The client has to order another appraisal. You call to find out why you are "ineligible." In your heart of hearts you already know --- it was that

"I do not know why you have asked for [an additional comp, interior photos, the current listing of the subject property, etc.]. We have already stated [the comps are the best available, the property is in average condition, the subject is not currently listed, etc.]. We will be very happy to [provide an additional comp, provide interior photos, the current listing of the subject property, etc.] for an additional charge of $150.00."

addendum/rebuttal.

 

[Elliott]

I was watching CNN's business show and they had on the
CEO of Continental Airlines and the moderator asked about
discounting air fares....the CEO made the statement, regarding
pricing....

"Were only as smart as our dumbest competitor."

Appraising seems to be like any 'regulated' industry,
there is always someone who's willing to hold their
breath, deep discount, and hope you go out of business
before they do.

I got a STARS letter the other day, "suggesting" I
do 1004's for $300....2055's for $175 so I could be
part of the preferred appraisers group. I know were talking
about ragging against the idiots, but when you can price
appropriately, those little extra's don't bother you as much.

What is peeving me off recently is the 2055's that ask for
extra comps and further explanations. Gee, I thought
this was suppose to be a slam, bang, thank you mam
appraisal.

elliott

 

[Larry Lyke]

Elliot --

You're on track:

-- The lender often plays appraiiser against appraiser on price, assuming that's all there is to want and need [read game].

-- Then when that chosen appraiser produces a less than satisfactory product, the lender says the issue is quality.

-- When, in fact, of course, it is a combo of the two -- At least, ought to be.

 

[jtrotta]

Blue
Maybe I missed your point the first time; you are talking about being 2nd guessed by an unlicensed or uncertifed whomever.

Sorry, unless they can produce a verifiable License and /or Certification - they would get no response from me, actually I would invite them to put their claim forward to the State Commission. I already know it will die right there, as i have done it already on several occassions. Done :!: :!:


8)

 

[jtrotta]

Elliott
First off, I can't understand why you would do a 2055 for so little; secondly, you are taking part in a con - on you for that kind of money. Now, maybe in your market you have all the available data you need within 5 minutes of your finger tips, but I do not understand why everyone thinks an inspection is worth $150- $200 and then when your asked to go & drive by a house, they want to know what your "trip fee" would be :?: In all honesty you already have set it - $150-$200, but they expect you to do it for $50-$75 - why :?: Because they are natural born liers; they lie to the public; they lie to you; they lie to attorneys; they even lie to their Mothers.

And with all the airlines going in the toilet, I wouldn't use anything they have to offer, as something I would rely on. They also tell you you can fly here for $75 and ytou couldn't do it any cheaper at any other time; oh really, well when you get the ticket and are ready to go, thats when all the additional charges come into play, and that $75 ticket, winds up costing you well over a 30-45% increase.

8)

 

[Larry Lyke]

jtrotta --

I think when most lenders (usually AMCs) are asking about the appraiser's trip fee they are in fact referring to how much it will cost them to pay the appraiser off not to submit an appraisal after the appraiser has been to the property.

I.E., to preclude getting a low ball appraisal preventing them from ordering one that will make their client's price requirement.

 

[Pamela Crowley (Florida)]

I still can't figure out why a 2055 is supposed to be cheaper. It's at least 95% as much work as the URAR when you do an interior inspection - without the interior inspection you're doing a 'Blind' appraisal which is more difficult. You still need to do all necessay due diligence and add USPAP compliant verbiage. Then, they ask for more information.

So.... STOP DISCOUNTING!!!! Basically the same amount of work or frustratingly blind guessing with YOUR butt on the line. This does not compute!!!! You are appraisers. You're supposed to deal in logic and statistics. You're supposed to get paid for it. If the house is less that at least 10 years old, I add the cost approach on the 1007 because not to doesn't make sense. This makes it more work than the URAR.

CYA and get paid for what you do. Sorry, but IMO, those of you that discount are hurting all of us.