Housekeeping Appraisal?

[Workbox]

I was listening to Dave Ramsey yesterday and a caller was talking about his house and how the lender was doing a "Housekeeping Appraisal" Dave Ramsey never heard of before, nor I, so the caller said that it was a Drive-by, BPO, some form of valuation. But it is considered an Appraisal.

Now I like Dave Ramsey and what he does, but it always Erks me that he tells the callers to call a Realtor to get an Appraisal. But it also seems to me that the new CODE NAME/term is now "HouseKeeping Appraisal".

 

[Randolph Kinney]

Sounds like the first step to terminate someone's HELOC.

 

[Workbox]

I just emailed this to Dave Ramsey: http://www.daveramsey.com/?fuseAction=dspMailDaveOnAir

Dave, I am Certified Appraiser that has been an advocate for protecting the public and I have paid by being blacklisted for being honest. I take my job very serious and am part of network of appraisers that have been advocates www.appraisersforum.com and www.mortgagefruadwatchlist.org in making changes in the real estate profession.

The reason for this post is that when ever you recommend a RE Agent to do an Appraisal, that is incorrect. RE agents do not do RE Appraisal. They are only to list and market your house. In certain states it is Illegal for RE agents to do any kind of valuations and call them Appraisals.

Yes, it does bother us, honest appraisers that have been shouting out loud of what many predators have been doing, we have a petition going back 2000. We want and are fighting to get our profession back to protect the American Public. Thank you.

 

[Randolph Kinney]

Is Mr. Ramsey sensitive to fast and cheap? We know that lenders are. We know that lenders are hurting because of their exposure to declining values on homes where they have a second mortgage type line of credit.

 

[Dan/Fla]

I thought that Dave used to be a realtor/broker, I know he invested in real estate at 1 time. I would hope he would know the difference. This is scary that he doesn't

 

[Financially Feasible]

Is Mr. Ramsey sensitive to fast and cheap? We know that lenders are.

Lenders are only sensitive to "cheap" because the cheaper that they get us, the more $$$ they can put in their pockets by charging a RIDICULOUS markup on the "appraisal" fee. If they couldn't do that then they wouldn't care how much the appraisal costs since they would just be passing the cost along to the purchaser/homeowner who would be taking care of the costs. Lenders make plenty of money anyway... I don't see why they need to make a couple of hundred extra dollars by skimming our fees on every order.

 

[Scott Lanz]

I believe Dave has a Masters Degree in Real Estate, or finance. He is definitely well versed in most aspects of real estate. I think the terminology correction is warranted.

I have heard him numerous times talking about getting qualified appraisers.

 

[LA Woman]

Who is Dave Ramsey?

 

[Workbox]

I thought that Dave used to be a realtor/broker, I know he invested in real estate at 1 time. I would hope he would know the difference. This is scary that he doesn't

One of his sponers is large national RE company.

 

[Workbox]

Who is Dave Ramsey?

Dave Ramsey has been a huge inspiration for folks that have falling in the trap of using credit to build wealth, as much as I hate his terminology for appraisals, he is an American Treasure to help folks to getting out of debt and having a life.

He once had it all and a millionaire, then lost it all, and went into a real life change and challenges. He's been there and done that as both a millionaire and tuna sandwich eating broke. I would recommend listening to him or picking up one of his books.