• 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.

"I" killed the deal/declining market

Status
Not open for further replies.

debbie graham

Thread Starter
Junior Member
Joined
Aug 4, 2006
Professional Status
Certified Residential Appraiser
State
Florida
Just unbelievable! I was just told "I" killed a deal because I marked declining market on an appraisal!!!
I run CMA's on every report!
Basically, they are asking me to change it. I just told them "I" did not create the declining market, and I WILL CONTINUE TO REPORT STAT'S AS I SEE THEM!
I have had this client over a year, and now I'm sure this is the order I will see from them.
UGGGGGh!
Thanks for letting me vent!
Debbie
 

Tom Barclay

Senior Member
Joined
Apr 7, 2002
Professional Status
Retired Appraiser
State
Oregon
Unfortunately this is the current "cure" for the sub prime mess.
Just "Kill the messenger".
 

chad hampton

Senior Member
Joined
Nov 10, 2006
Professional Status
Certified Residential Appraiser
State
North Carolina
if a lender won't loan in a declining market, I suggest they get out of the business for the timebeing.

I can't believe any UW out there would accept a report that isn't marked declining. At least for most of the country.
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
Debbie you "killed" nothing. Report the property to the MFWL.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
It happens to all of us. Join the club!
 

Jim Kliegl

Sophomore Member
Joined
May 20, 2004
Professional Status
Certified Residential Appraiser
State
California
I see you're in Fla. Debbie....probably similar situation to So.Cal. from what I gather......

If the underwriter can set up purchase within the next week of about 100+ properties within the neighborhood boundaries at about a 25%+ markup over median, it could possibly cure this? Oh ya, and send multiple stimulus package checks to those in pre-foreclosure.
 

Charley Horse

Junior Member
Joined
Aug 28, 2004
Professional Status
Certified Residential Appraiser
State
Michigan
I can't believe any UW out there would accept a report that isn't marked declining. At least for most of the country.

... which really grinds me; although as most are aware (most Michigan markets are doing rather poorly), there does exist specific markets in my area which do appear to have hit a plateau and/or are stable despite the "overall market". In some specific markets in my area, prices (values) never did decline, rather they have stagnated and have remained relatively stable despite oversupply condition and/or extended marketing periods... in all my reports I do a 36 month market analysis and incorporate the aforementioned metrics to support my opinions.

Now however, whether I check declining or stable (stagnating), I'm still getting flak because everyone's definition is different and whether prices (values) are declining or not is subject to who ever you are talking to at the moment... too many misguided supposedly "professionals" out there that are goosing hummingbirds IMO!
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
You didn't kill this deal - it was already dead before it got to you. You just wrote the obituary.

This loan originator is a moron if they think their lender doesn't already know that market is declining. Coercing an appraiser to check a different box won't make that property fit that loan program. And any more, the lender is probably ignoring whether the box is checked or not anyway.
 

debbie graham

Thread Starter
Junior Member
Joined
Aug 4, 2006
Professional Status
Certified Residential Appraiser
State
Florida
"I" killed the deal

Thanks guys. I'm sure I've lost another client, but I DID THE RIGHT THING
AND ALWAYS WILL!
Deb
Thanks for the support!
 

David Dietz

Member
Joined
Oct 30, 2006
Professional Status
Certified Residential Appraiser
State
Florida
Was this over the phone or by email? I would report it with The Mortgage Fraud Watch List cause I am sure they will call Skippy to get what they want.
 
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