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I Love This Forum!

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Em Tee

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
This forum is the greatest!! I read things on here, then sure enough they happen to me. Did an appraisal the other day that came in at $495, very tight range, good comps. Company had put estimated value of $540 on the order form - but we just ignore those estimated values. Then the LO called today and asked why didn't I call and tell him that the value wasn't going to come in at what they needed.... ALL HIS OTHER APPRAISERS CALL!!! It was so funny, I couldn't help but laugh. :rofl:

If I had never read about it on this forum, I would have actually believed him! Thank God it was COD! :twisted:

Thanks to all you experienced appraisers out there - this is the best education around.
 

larryhaskell

Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
Mary:

Someday when you can say it without snickering, tell one of these people that there are many types of value. Estimated value (by the homeowner), qualifying value, needed value, hoped for value, got to have value, pretty please value, save our fannie value and praying for value. Unfortunately, the only value I know anything about is market value and that's what you got. :D
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Bravo to the both of you....agree with your words exactly. Ahhhh, the power of c.o.d......it takes so much of their coercion and manipulation right out of the equation. While one who orders an appraisal has full right to attempt to propose an "estimate" of value, however that is defined by them, we have 101% right to ignore what has been suggested there and simply proceed with what is reasonable and reliable from how that most-similar and proximate market data guides us toward our opinion. The "all the others appraisers will call and tell us" (if value is coming in below-target) line is a real classic within their industry. Of course, if they were truly astute, they would play their odds correctly and not waste a call to you or me, but simply call their sure-thing appraiser who does what they dictate. Huh. Same kind of power as the realty agent who cancels or withdraws a listing one day......only to be right back in there tomorrow with a "new" listing on the same property at the same price ! The power of "new"....the power of "cheese"......the power of c.o.d. !
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
Originally posted by larryhaskell@Jul 8 2003, 01:40 PM
Mary:

Someday when you can say it without snickering, tell one of these people that there are many types of value. Estimated value (by the homeowner), qualifying value, needed value, hoped for value, got to have value, pretty please value, save our fannie value and praying for value. Unfortunately, the only value I know anything about is market value and that's what you got. :D
Absolutely Fabulous!!!
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Then the LO called today and asked why didn't I call and tell him that the value wasn't going to come in at what they needed....

Ah yes.....The 'ol "head's up" deal. And it goes something like this.........You call to tell them that value isn't going go 'come in' at their pre-determined estimate. They tell you that they can't "do the loan" with that low of a value, yada, yada, yada.....and if it was only $$$$$$ more then the borrower could avoid forclosure, by shoes for the kids, etc.

Ya did good! :lol:
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Going to have a plaque made with that on it! Also going to make an overhead for my next class. Thank you, thank you, thank you.
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
Larry's comment is great and now resides directly below Richard Glesser's--"There's a reason the value is the last blank on the form" in my 'sayings' file.

-Mike
 
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