- Joined
- Apr 23, 2002
- Professional Status
- Certified General Appraiser
- State
- Oregon
My desk is clean and I was reading posts about low AMC
fees and BPOs eating our lunch. My last 3 lender appraisals
have come back with stips from Provident which can never
be met in a small county.
So I thought I'd try to figure out what bad appraisals really
cost us all. There seems to be support that the sub-prime
loss is about $1 Trillion....maybe more, lots of financial companies
have had to swallow the gun. There are about 100 million
houses in the US. So that works out to a loss in capital of
about $10,000 per house. So while the lenders are running around
trying to lend on the cheap and wondering why its very
difficult to finance anything....maybe someone will recognize
that the cost of those bad appraisals were huge. We are
all paying for it with a devalued dollar and its capital that
isn't available for us to do other things, like investing in
plant, equipment, and research.
I think in the future, you might be able to attach that BPO
with your loan package, but I don't think anybody will
touch it.
fees and BPOs eating our lunch. My last 3 lender appraisals
have come back with stips from Provident which can never
be met in a small county.
So I thought I'd try to figure out what bad appraisals really
cost us all. There seems to be support that the sub-prime
loss is about $1 Trillion....maybe more, lots of financial companies
have had to swallow the gun. There are about 100 million
houses in the US. So that works out to a loss in capital of
about $10,000 per house. So while the lenders are running around
trying to lend on the cheap and wondering why its very
difficult to finance anything....maybe someone will recognize
that the cost of those bad appraisals were huge. We are
all paying for it with a devalued dollar and its capital that
isn't available for us to do other things, like investing in
plant, equipment, and research.
I think in the future, you might be able to attach that BPO
with your loan package, but I don't think anybody will
touch it.