FOX BUZ NEWS VIDEO "Appraisers hurting the housing market"

[Mike Garrett RAA]

REALTOR IQ level low. Interviewer IQ level slightly lower!

Just remember..."it's always the appraisers fault!" Been saying that on this forum for the last 8 (?) years!

I just wanted to add...When I call to set an inspection appointment I always tell the agent..."If you have some sales you would like me to consider, feel free to fax or email them to me prior to my inspection". Notice I say "sales"...I reserve the right to determine what is comparable and what is not. Needless to say, after 30 years of appraising IN THIS MARKET, most agents know me and know I am fair and reasonable. Also since I was a broker member of the board of REALTORS® for even longer helps add to my credibility. Personally, I have absolutely no problem talking to agents. I do get heartburn if they try to "influence" my opinion of value. I don't consider providing sales data an undue influence but rather just part of gathering data on my part.

Recently, I have been speaking to REALTORS® at their sales meetings concerning HVCC, new federal regulations, state appraisal board actions, and the role of the real estate agent when it comes to appraisers. I don't do this for free anymore because I believe there is value in my appearance and presentation. What I do is ask for a small honorarium and let the broker decide what it should be and typically it is a $100. My presentation is normally 60 to 90 minutes depending on the number of agents and amount of questions. The last office even provided lunch for everyone.

 

[CertifiedRes]

The saddest part of this story is that the millions of people who watched these two idiots on Fox will actually believe that it is the truth just as they do with all of the other slanted biased crap that this so call news organization thows at their viewers every single day. Wake up people. This is Fox News afterall. Why should anyone be suprised?

 

[Ryan Achenbach]

Just a note, I received an email notification today that my email sent to the link provided in this thread was deleted without being read.

 

[Mike Kennedy]

Just a note, I received an email notification today that my email sent to the link provided in this thread was deleted without being read.

Same here. Wimps.

 

[Mike Kennedy]

The FOX guest was expressing her personnal experiences and are not the opinions of the Natinal Association of Realtors. She was ill-informed and does not understand all of the Appraisal requirements professional Appraisers must adhere to. Realtors would have a 90+ percent favorable closing success rate if they would performed a good Comparative Market Analysis of recent similar sales Before the listing and just Prior to accepting an offer to recheck the market conditions. This is especially true in a decling area. However, a large percentage of Realtors are too busy or lazy to perform an updated CMA on behalf of their clients to verify current Market conditions. It was unfortunate that there was not a reconized spokeperson representing the Appraiser's to share the other viewpoint.

Received NAR email newsletter blurb this afternoon containing a link to the Fox "Report" ........entitled "Appraisers to blame"???? It also carried a disclaimer stating the NAR did not participate in the interview but members might wish to view it....... (paraphrased). I clicked on the link in the email .........which didn't work. Considering the NAR-Appraisal Section claims to be the largest Appraisal Association, so much for not "parroting" misleading "news" reporting.

 

[Mile High Trout]

I have been thinking about changing my company name to:

"SCAPEGOAT APPRAISALS"

Our mission statement will be:

"We were responsible for the BOOM AND THE BUST"m2:

That's a good one Mike.

"Now specializing in flips and flops! Call for a practically free cost of service estimate!"

 

[CANative]

The reality is all Competent, Ethical Appraisers are REQUIRED, pursuant to the USPAP, to perform Due Diligence and consider ALL available market data prior to completing an appraisal report. This includes soliciting any possible, truly competitive and comparable sales from any of the parties listed above with no guarantee that any sales provided will be considered directly competitive with the Subject and utilized. "But I've got a contract" is irrelevant. The Market determines Market Value which may be more than, less than, or approximately the same as a Contract which merely reflects the aspirations and motivations of the signatories and their brokers who have vested interests in the outcome of their negotiations. Market Value is what the Market dictates whether a Contract Exists or not.

USPAP doesn't say that.

 

[Mike Kennedy]

In the context of this thread i.e. mortgage loan appraisals

1. Ethics Rule, Line 226
2. Competency Rule, Line 327
3. SOW Rule, Acceptability, Assignment Conditions, and Lines 365, 373, 374, 380, 391, 392-304, 404-405, 407-408
4. SR 1, Line 454
5. SR 1-1 (a), (b) comment
6. SR1-4 Lines 556-557

as applicable:
FNMA http://www.efanniemae.com/sf/guides/ssg/. 532 Overview

FHA 4150.2, Pgs D-9, D-10 Items 3, 4, 7, 10, 12, 13, & 15

FNMA URAR 1004_05, SOW #4, Certification #s 1, 3, 7, 10, 13, 15

 

[Green Hornet]

Sitting here looking at the Christmas tree appreciating all that I and my family have.

I try to focus on the positive, but a thought keeps circling...I am so tired of being ethical and being held to a higher level when everyone else around seems to do whatever they darn well please.

I am tired of some stupid a%% reviewer asking for 2 additional comps when I have already explained that they do not exist. I am tired of some stupis A## high school educated idiot teling me that the address has to read Avenue and not Ave. I am tired of spending hours conducting market research and search for comps, explaining it in the report and still having an idiot ask questions that have already been explained.

Each and every such stupid request sucks my time, life energy and profitability away.

Something will change in the new year!

 

[Chuck Harlowe]

I agree completely with the above post by the Green Hornet. Im entering my 19th year as an appraiser and Im more frustrated than ever with the whole process. Most of our appraisals are being reviewed by recent high school grads working as cheap underwriters or AMC processors. The appraisal industry as I see it will turn into a 20 or 30 something job for drive by types that cover the state working for one certified guy that signs off on everything saying he inspected the property. The AMCs love this type of guy cause he will do the bulk of the work at a low fee. Most of my competition now is this type of guy.