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I Wonder How Many Appraisers Comply?

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Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
I just got this e-mail.

I appreciate you helping Mr. Little out with his appraisal for his home. I
can no longer use the lender we were intending to use because you commented
on deferred maintenance in the appraisal, which will kill any loan through
any wholesale lender. You may deal with retail lenders that will allow
deferred maintenance and I understand, but without that removed we are dead
on this appraisal. Please remove that entire section from the comments
section and I can submit to another lender.


Lets see, missing siding, missing siding trim, unmatched siding, no kitchen counter tops, bare wood floors, no back door and an eyesore. No deferred maintenance? And the last appraiser told him he could not appraise because it was a piece of crap. I gave them an "as is" and "as repaired" value.

I love my job too! :beer:
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Unbelievable!!!!!!!

What's even worse is that there are likely so called 'appraisers' out there that would ignore all that!

:angry: :twisted:
 
W

walt kirk

Guest
Tim,
That's not as bad as the mortgage broker who told me that the fact that the subject property was located next to an oil refinery did not constitute external obsolescense. I wonder if the next appraiser he hires will agree with him.
 

Patti Jury

Senior Member
Joined
Mar 23, 2002
Professional Status
Licensed Appraiser
State
Colorado
Hey Tim,

Based on my day today.. I can find at least one Colorado Appraisal Board Member that will ignore these issues.. Send it to him! :twisted: :twisted:
 

SmilingDog

Member
Joined
Apr 22, 2003
Professional Status
Certified Residential Appraiser
State
California
I've had this happen to me too. Last summer was told by a mortgage broker that unless I removed certain comments from an appraisal they would not give me any more work. They said I was too honest. (as apposed to being fraudulant I guess...

My issue was a duplex in deplorable condition, security bars on windows with no releases, shot gun holes in the walls, missing fixtures, electrical wires hanging loose, earthquake damaged fireplace, leaking gas (I smelled it), poor landscaping, needed roof (whole chunks of ceiling missing), and paint. Oh did I forget to mention it was next to the KFC drive up window!

I have not received any more orders from that mortgage broker. But I sleep well at night and have not been busier in ages!
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
I have not received any more orders from that mortgage broker. But I sleep well at night and have not been busier in ages!

Hear Here! :beer: Too bad gobment guys aren't listing to this board too well. :(
 

Tim The Enchanter

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
Oh did I forget to mention it was next to the KFC drive up window!
:lol: That's good right? Killer Fried Chicken anytime!

As far as removing comments? Do you like sex and nature?
Take a $#@%&! hike! I tell it like it is. :twisted:
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Just had this happen......

Manufactured home......Dry rot on the skirting, mold on the walls, holes in the walls, unknown brown substance on rugs, vinyl tiles in the master bath with corners pointing up and.....last but not least.....water leaking out from under the siding, down the skirting and underneath the home. Oh yeah....back door boarded up.

Purchase "as is".........Made the report subject to repairs. They said it has to be "as is" I said O.K. but, it won't be in "average" condition. "We can't have that" (they say) "'cause the lender would never accept it!" Guess I killed :gunfire: another one......Realtor's mad.....Buyer's mad (they were going to fix it up and re-sell it supposedly) Lender is trying to go "B" paper......Just another day.....
 

Keith

Sophomore Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Good for you! It's great to sleep well at night!

My favorite quote, " You are lucky to get zzz. Or it is worth zzz and not a penny more."
 

Austin

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Virginia
I don’t view request from lender clients like this as an indictment of the lending industry but instead I view it as an indictment of the govment regulatory structure in general. When something like this happens there is no one to report it to, no one at any level that gives a damn because if they did there would be regulations with teeth for lenders, and instances like this only serve to point out what a ruse this whole USPAP and appraisal regulatory crap actually is. Appraisal regulation from top to bottom is and was instigated as a political ruse to make it look like the powers that be were doing something about the S & L bailout. Once the political point was won the props were knocked out from under the edifice of appraisal regulatory structure leaving a totally ineffectual structure in place that serves no useful purpose other than a gravy train for state appraisal board bureaucrats and the CE industry interest that lines the pockets of the politicians with their fair share of the take. Just another government sponsored shake down racket just for show. Who ever heard of the regulated having to pay for a copy of the regulations to fund the politically appointed regulators and there being no clear understanding among the certified regulation instructors as to what the regulations actually mean?
 
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