The Premier Online Community for Real Estate Appraisers!
-
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.
Is this excessive ?
- Thread starter Physical
- Start date
- Status
CANative
Elite Member
- Joined
- Jun 18, 2003
- Professional Status
- Retired Appraiser
- State
- California
95% of the time I spend on the mortgage broker forum is in what they call the "off topic" section. Mostly arguing with mouth breathing political extremists. There are no rules in that forum. It gets pretty spicy.
The rest of the time I generally answer appraisal related questions as best I can. A lot of those concern how bad some appraisals and appraisers are and it's getting more and more difficult to make a case in defense of appraisers.
I didn't say all of the OPs issues were BS. But some of them are clearly a case of an appraiser using an over abundance of CYA which is contraindicated by VA and FHA protocols. I also considered the OP statement that the appraiser spent little time at the property and relied on some inspection report. If it had been me I would have taken the list with me on the inspection and verified each and every one of these items for myself.
Mr Rex
Elite Member
- Joined
- Jan 12, 2004
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
FWIW, the comment that Fannie doesn't want to fix anything sounds like there is a lazy or incompetent RE agent in the process. Contrary to popular belief, lenders will make repairs to help facilitate a closing if the RE agent is persistent. Fannie is smart enough to know that a bird in the hand beats the hell out of keeping this REO on the market, perhaps with conditions that may further deteriorate the collateral.
Meandering
Elite Member
- Joined
- Feb 26, 2006
- Professional Status
- Real Estate Agent or Broker
- State
- Pennsylvania
How come the loan officer did not suggest a 203K loan, that way, you can escrow for the repairs/remodel you say you want to do anyway.
Why do you take it so personal? You are an appraiser not an inspector nor a lender. Report what you see not what you assume or can articulate.
I am sure you wouldn't want ticket based on assumption of speeding nor be found guilty in a court of law by assumptions and not preponderance of evidence.
The point here is being penalized based on assumptions not facts.
How do you figure 93k in repairs? and why your colleague appraised the house 15k over the offer?
Mr Rex
Elite Member
- Joined
- Jan 12, 2004
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
I take it personally because you have made the appraiser the bad guy in a transaction when it appears they were doing their job. It's not the appraisers fault that you are buying an REO that requires repairs and you have an agent telling you that Fannie doesn't want to make the repairs, when they would if the RE agent would get off their duff.
FWIW, I am an Inspector too. Since VA is taxpayer funded, I guess I'm a lender too. Nothing personal, but VA offers you great benefits that others have not earned, but you need to be willing to play by the rules to get those benefits.
ctapraser
Senior Member
- Joined
- Feb 3, 2012
- Professional Status
- Certified Residential Appraiser
- State
- Connecticut
Appraisers get miffed when the home owner blames the appraiser for
"messing up" the loan, all the appraiser is doing (granted some get a little anal) is reporting what he sees. Thats part of the job.
Kind of like getting mad at the lion when he tried to eat Roy (or was it Seigfried?), it's what the lion does:icon_mrgreen:
- Status