Field Reviews

[Otis Key]

Me skeptical? After 19 years in the business.

ROOKIE! :rofl: :rofl: :rainfro: :rainfro:

You young whiper-snappers -- 25 years as an appraiser - mix in 6.5 at the start as a real estate sales agent at the same time. Phwwwwwwwww

How do you retire from this stuff

However, I must say, every now and then I see something that shocks me. An honest appraiser, loan officer, real estate agent, homeowner, police man, and, occasionally but not too often, thief.

:usa: :usa: :usa: REMEMBER THE VETERANS WHO HAVE SERVED THIS COUNTRY

 

[Randy Beigh]

Noticed Joe Moore has not participated. Having had a job similar to his, he has stories that would make your head spin.

When I was doing national review work, I got an appraisal from someone in rural Ohio. It was a legal size mailing envelope. Inside it was 2 pieces of letter sized paper folded into thirds. One page was an invoice for $250. The other page had the "appraisal" and that consisted of the address and the value. Two Polaroid photos were included, loose. This was about 1988 and all other appraisers were using the URAR, but when called this man had never heard of it. Needless to say, we didn't pay him.

 

[aprazer]

The single family with about 5 meters and mailboxes, fronting to a six lane road, siding to an hourly motel, and siding to an entrance ramp for a highway that had an "average" location.

The very unique home that was appraised(twice) for 2.5M with an actual value of 1M. The subject was an outbuilding for a large estate that is long gone. It was the "gaming pavilion" and had two indoor tennis courts, a tiny indoor pool, and a few gathering rooms. Both appraisers included the indoor courts as living area-a two story living area. No mention of the layout which was poorly suited to a conversion to a single family. It was something like 20' wide and 70 ' feet long. The comps were absurd. One comp was an estate that was on about ten times the acreage with indoor riding rings, indoor stables, and about 6-8 outbuildings. No mention of any of that.

This loan was all set to go and the investor wanted a field review. The LO was furious-ignored the longest(and only one with an interior inspection) field review I have ever written. The LO screamed that we were coming in at "50 cents on the dollar". Never heard from his firm again. But-a few weeks later there was a profile in the NY Times on this unique property that was being renovated. The owner and architect both were very open about the purchase cost, cost of renovations and both estimated that when done it would be worth about a million. Clipped it out and mailed it to him. :twisted:

 

[Pamela Crowley (Florida)]

:rainfro:

Now that's a funny one Randy!!!

I've had a couple lenders lately anxiously ask me if I'm EDI capable since they have found some that are still using a typewriter and polaroids.

:shocked:

 

[Rich Hahn]

I declined on

Frat House

marked owner occ.
compared to B&B's on the URAR.

shouldve turned the idiot in

didnt know better then..

Rich

 

[Otis Key]

Two Polaroid photos were included, loose. This was about 1988 and all other appraisers were using the URAR, but when called this man had never heard of it.

Randy - I have to agree with Pam - tooooo funny - :rainfro: :rainfro: :rainfro:

We've still got a guy here who uses laser form software with a digital camera. He'll take his pictures and complete the report. Then hand draw the floorplan and copy it to the floor plan page. Print his digital photos, cut out and staple to the photo page and then copy a map and hand label locations (all incorrect). After all that he then hand signs and snail mails to the lender!

I do mean he does this to THIS DAY!

 

[Randy Beigh]

"cut out and staple to the photo page"

Huh. What's that about? Some people do have the qualifications to work at the local 7-11, let alone be appraisers.

 

[Otis Key]

Some people do have the qualifications to work at the local 7-11, let alone be appraisers.

DING DING DING DING DING DING DING

Give that man the cuppie doll - we've got a winner here! :rainfro: :rainfro: :rainfro: :rainfro:

I agree with you but can't elaborate any more due to circumstances beyond my control, as much as I would love to. Because it goes on!