• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Got Fired Again Today

Status
Not open for further replies.

bobburnitt

Thread Starter
Junior Member
Joined
Jan 16, 2002
Got a request from Bank of America today, first one I ever got from them.

The processor called first, was pleasant enough, we made a deal, then she faxed a request. The form had a stipulated result on it, I called her back and told her I only did unbiased "honest" appraisals and the value will be what ever it will be. Her reply " cancell the appraisal"--click--dial tone.

Conclusion: B.O.A. sucks too.

BB
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Chase just sent me an order, I think it's the second one in 2 years.

Special instructions in all caps bold say:

"If a comp check reveals a value substantially lower than estimated, consult with me before proceeding."

Uh.... what comp check? What is that comp check really going to tell me???? We all know they've already pulled an AVM.

I don't do comp checks and I don't do predetermined values. They will know what it is when they receive the report which is right after I figure out what it is. By the time I figure it out, the appraisal is done!!

:twisted: :twisted: :twisted:
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
I'm with you Pam.

I hate it when the LO says, "If it's coming in low, let me know." My response is that I know what it is coming in at when I finish the report. All that is left is to add the map and photos, go through proofing and sign it. Oh sure, there are times when you know when you arrive at the house that the estimate is inflated. But you don't know until the report is done.

Again, it is just not understanding the appraisal process.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Like Clarence Darrow, I am not a murderer but do enjoy reading the Obituaries some days.

Got a Mtg. Co. call about a dairy farm that lays near a Golf course and new regional airport. When i quoted a price he had a hissy fit, ditto on turn around, so I referred him to a local MAI...a guy I know charges double my rates.

Several days later, called me back.. Turn around time OK, Fee OK....I said, "I'm too busy and I am leaving for a trip near the middle of the month, sorry, call someone else...." Let 'em pay.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
While I know we all have bad things to say about some AMC's... First American (FAAS) currently requests that you call them if a value is coming in low... either at the look at the grid finalized or while in process!~

(In other words they want to know whether you have a low range or an actual This is the value single figure!)

They do NOT want you to stop the process, but just give them a heads up so they can call their lender client and warn them... You get paid either way, and they have never cancelled an order 8O when I have done this courtesy call!

Mind you I got screamed at twice for NOT calling before I figured out that this IS all they want - my usual process is to call upon reciept of such a request and tell the client to go climb a tree :twisted: or just ignore that part of the 'order' :roll: .
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
I was told speifically by Bank of America to totally ignore their qualifying value, not to call them with any early information, to do the appraisal regardless of where the value might fall or what the property might be. They do want to be notified if the property turns out to be manufactured housing because then they want a URAR instead of a 2055 or 2070. They also want to know if there is something unusual that would require a URAR or a 2055 interior instead of a 2070 or 2055 exterior only so that the order can be changed to a more expansive report. When they receive the appraisal report, then their office looks at the qualifying value and calls the loan officer--never the appraiser! With the report in their hands they can explain to the loan officer why the property owner was dreaming.

And with other AMCs, a call back to them about a problem of any kind is so they can prepare their client for whatever the news might be or if a more detailed report would be neccessary. And by value problems I mean an estimate of $200,000 in an area where the highest sale for years was less than $100,000 and I don't get upset if they decide to cancel--that would be logical. Although sometimes it turns othe the property is free and clear and the borrower has applied for a $10,000 loan so it is full steam ahead. Smaller value range--no calls or warnings made.
 

bobburnitt

Thread Starter
Junior Member
Joined
Jan 16, 2002
Jo Ann,

This woman, Maria Barton, told me straight out the value will be as indicated or forget it. End of story.

They go on my suck list.

BB

P.S.

Do you know of someone in their organization that I can complain to? I wish it were an FHA, I would have already filed a complaint with HUD.

I did send send the borrower a letter advising them of this event. Of course, they probably don't care, all they want to do is get their loan.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
What your getting with National lenders such as Bank One Is different people from different area's here in this part of AZ the lady is great. Bank One went with MANY loans here with out Appraisals This lady ENJOYS giving us the REPO work (She says she fought for almost two years that without Apprisal's this would happen) we now have there do Appraisal prior to loan work. She does ask is this realistic for some of the area's that can't even be found on Maps. We just give her a verbal description of the area.
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
My gut feeling is ..... that the call-us-if-there-is-a-problem-with-the-value orders are already that...a problem, for the borrower and perhaps the borrower's credit and perhaps the client. Actually, the truth is, I never really have a problem with the value. Generally I select the most-appropriate data to analyze and then I work the process to a logical conclusion and report my opinion. I think these dudes have every fair chance to get their AVM's and other cheap, weak and poorly-supported computer-mumbo-jumbo and they realize they may have garbage to work with. Hence, the very reason why we then get a call or a fax and our services begin. It's all just another form of coercion, painted with a different brush, and either you ignore the coercion or you play into it. And, if your value comes in $2K or $3K short of "the number"......the U/W has every opportunity and authority to wave the magic wand and make everything nice again. If they can't do that.....the borrower or their house really do have....a problem.
 

Leon Stewart

Member
Joined
Jan 15, 2002
Got a request from Bank of America today, first one I ever got from them.

The processor called first, was pleasant enough, we made a deal, then she faxed a request. The form had a stipulated result on it, I called her back and told her I only did unbiased "honest" appraisals and the value will be what ever it will be. Her reply " cancell the appraisal"--click--dial tone.

Conclusion: B.O.A. sucks too.

BB

Bob:

Are you saying that some Lenders only hire Appraisers who make value? I thought from listening to others on this Forum that most lenders wanted honest quality reports that reflected the true value of the Subject Property, and that was the reason some were being overloaded with work.

leon
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks