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Email from L/O

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Pamela Crowley (Florida)

Thread Starter
Elite Member
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Just received this email from an L/O:

Can you please explain to me how you got 124K for his house when Mr. XXXXXXX got 137K from his Bank four months ago when he took out a HELOC? Thank you.

My reply:

Please send me a copy of the appraisal from 4 months ago and I'll take it into consideration.
 

Red Blumenstock

Sophomore Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Florida
And you are probably going to "nail" the appraiser. Right?
 

airphoto

Senior Member
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Jan 15, 2002
Professional Status
Retired Appraiser
State
Pennsylvania
Better question: "Did you read the appraisal?"

More Better question: "Did you comprehend the appraisal?"
 

Pamela Crowley (Florida)

Thread Starter
Elite Member
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
THERE WAS NO APPRAISAL.

IT WAS AN AVM!!!!!

This H/O is now in trouble and truly had no clue his house wasn't worth what his bank told him - which was that the 'appraisal' came in at $137K. The bank has refused to give him a copy of the AVM they used. He doesn't want any additional money out - just wants to refi the balances into 1 mortgage that will save him about $400/mo.

I've advised him to take this mess to the State Banking and Finance Dept.

I will go over my file again - pull the data from the neighborhood again. Even though every time I do this nothing has been missed and nothing changes. I will look again.

He did say that the L/O (mortgage broker) was hoppin mad at me and was going to call to tell me off. H/O asked him not to do that.
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
Pamela,

Somewhat gutsy of that LO to put their non-too-subtle pressure down in writing. I'd save the email. Of course, I'm sure you don't really expect them to come up with that other appraisal report. These guys can usually figure it out what we're after when we want to compare notes with another appraisal report....

Next time, try to look alarmed that you might have missed something significant and that the other appraisal might hold the magic key to your understanding the situation 'better' :twisted: . If you sound sincere enough and can persuade them that you are actually doubting yourself, they might be dumb enough to send you the other report. Ya' can't underestimate the power of greed. I have successfully used this gambit a few times and it mostly works.

Of course, then you have the added frustration of looking at another chump-in-action. I dunno, it might not be worth the hassle.


George Hatch
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
Ooops, I missed your more recent post. Sorry 'bout that!! Belay the last.

George Hatch
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
AVM forcasting at its best. Every one I look at is a joke, but what do I know, they are replacing us! :(
 

Pamela Crowley (Florida)

Thread Starter
Elite Member
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
From searching the recorded mortgages, it looks like he owes about $134,000.

This was a BIG credit union.

Be prepared. We all are going to get into a lot more situations like this!
 

Lee SW IL

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Its amazing, your still the bad guy.

The AVM must be right. You must be wrong.


BAAAAHHHHHHH, can someone wake up ? ? ? :evil: :evil: :evil:

We as appraisers, need to start promoting to homeowners instead of mortgage brokers, banks ect. We need to do a better job of educating the homeowner.
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
The person or persons at that credit union who authorized the creation of that AVM, and then gave consent to use it to fully-support the loan should be held 100% responsible for whatever losses are incurred, or wrath of grief bestowed by the homeowner ! Any thought that AVM's are held-harmless or just swept under the rug is completely unjustified. What's good for the goose is good for the gander ! One can only hope that more h/o's who thought an "appraisal" was done on their house, and soon learn it was an inflated AVM which has turned their home financing upside-down, should show their outrage........oh yeah, I forgot, what outrage ?
 
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