Terrel L. Shields
Elite Member
- Joined
- May 2, 2002
- Professional Status
- Certified General Appraiser
- State
- Arkansas
It seems to me that HUD/FHA and FSA (farm), etc. went first with the notion of appraising those properties they insure. Then they went with a roster system as a means to insure apprasier independence. By 1991, they embraced licensing and certification as a cure-all for inaccurate appraisals. Next the FHA test and now they want an appraiser Watch list or something....
Ok, what purpose has those served? Are they getting better appraisals? Are they loaning money to better borrowers? Seems to me, they are pressuring for even less able borrowers, literally inviting people to go bust. Folks, some people are too poor or too dumb to own property. face it. One banker was fuming to me..."they beg and plead for us to bring 'em loans, bring 'em loans, and we bring good borrowers buying good value homes and they reject them and they will take on absolutely the worst people and the worst property the next time. VA won't even allow a local appraiser on their list. Since Paul -- died there isn't a single VA appraiser in the country. So we get so goofball from 100 mi. away 6 weeks after we call??"
He went on. "What property are we going to get back that will appraise for more than 75% of what it originally sold for? AND, by the time FHA muddles around and disposes of it, it has been vandalized, stripped, and shelled and they will NEVER sell it for more than about 1/2 what was paid for it." He said, "Your appraisal is not worth the paper it is printed on if the property is going to be mis-managed. Now they tell us our local APPRAISERS are wrong because some 22 year old reviewer from Little Rock wandered by and said so? Are they fishing for a kickback or what?"
When, not if, the downturn begins and defaults skyrocket, plan on being sued. And as evidence you are a bum, plan on seeing all those reviews again that came from that 22 year old dink reviewer.
Ok, what purpose has those served? Are they getting better appraisals? Are they loaning money to better borrowers? Seems to me, they are pressuring for even less able borrowers, literally inviting people to go bust. Folks, some people are too poor or too dumb to own property. face it. One banker was fuming to me..."they beg and plead for us to bring 'em loans, bring 'em loans, and we bring good borrowers buying good value homes and they reject them and they will take on absolutely the worst people and the worst property the next time. VA won't even allow a local appraiser on their list. Since Paul -- died there isn't a single VA appraiser in the country. So we get so goofball from 100 mi. away 6 weeks after we call??"
He went on. "What property are we going to get back that will appraise for more than 75% of what it originally sold for? AND, by the time FHA muddles around and disposes of it, it has been vandalized, stripped, and shelled and they will NEVER sell it for more than about 1/2 what was paid for it." He said, "Your appraisal is not worth the paper it is printed on if the property is going to be mis-managed. Now they tell us our local APPRAISERS are wrong because some 22 year old reviewer from Little Rock wandered by and said so? Are they fishing for a kickback or what?"
When, not if, the downturn begins and defaults skyrocket, plan on being sued. And as evidence you are a bum, plan on seeing all those reviews again that came from that 22 year old dink reviewer.
