Lender Pressure?

[Fred]

I always get a kick out of posters who prefer to impugn the integrity of those who disagree with them instead of reading and addressing what was actually said.

Visit the Lounge and you can get lots of kicks out the exact same tactic.

 

[PL1957]

Visit the Lounge and you can get lots of kicks out the exact same tactic.

That's why I stay out of the lounge. I'd rather have people thinking I'm a nice person.

 

[wjcole]

Thanks Bert for revisiting this. I did not vote but like others my business is practically nonexistent because I stopped doing comp checks. I tried to do as Bert did, but found that brokers usually just keep trying until they find someone who can hit their number. I have an email request for a comp check and like Bert, I told him the value was not there, thinking I was not doing an appraisal since I did not provide a value. Perhaps what made him mad was when I suggested he contact the previous appraiser who had overvalued the property by 20K. I even had a request for an appraisal for a purchase that was overpriced by $50k, and you guessed it, I saw the sale settle for the value I suggested (gave away). and someone else did the appraisal. You can bury me with my license in my hand before I do another comp check or offer any advice at all regarding value, without a check in hand.

 

[Webbed Feet]

Thanks Bert for revisiting this. I did not vote but like others my business is practically nonexistent because I stopped doing comp checks. I tried to do as Bert did, but found that brokers usually just keep trying until they find someone who can hit their number. I have an email request for a comp check and like Bert, I told him the value was not there, thinking I was not doing an appraisal since I did not provide a value. Perhaps what made him mad was when I suggested he contact the previous appraiser who had overvalued the property by 20K. I even had a request for an appraisal for a purchase that was overpriced by $50k, and you guessed it, I saw the sale settle for the value I suggested (gave away). and someone else did the appraisal. You can bury me with my license in my hand before I do another comp check or offer any advice at all regarding value, without a check in hand.

Mr. or Ms. Cole,

Just like our original poster, Mr. Ward, you in fact performed appraisals giving "Less Than" value conclusions. Did you comply with Standards One and Two of USPAP?

I scanned the thread after reading Mr. Ward's first opening post. I feel that after reading the wording of that post it would have to be my thoughts that Mr. Ward was wrong. Like many others responding to this thread it appears to me Mr. Ward jumped to conclusions regarding a prior listing, gave an oral "Less Than" value conclusion based on only the prior listing not obtaining a sale, and did in fact bias himself.

Any mortgage broker saying "I need to get such and such" is pretty easy to handle. It's rather hard to claim meaningful client pressure to hit certain values for an assignment you never accepted nor performed. On the otherhand however, it is valid to file a complaint against an appraiser for failing to comply with Standards One and Two when they start tossing around oral value opinions over the phone.

Barry Dayton

 

[George W Dodd]

Bert,

Just remember that no good deed goes unpunished. While you were trying to give the broker so market "evidence" about the property, you set yourself up for a problem. I've learned the hard way over the years that you can't answer the question of value until after you've inspected the subject and conduct the market analysis. Anything less is a disservice.
As far as lender pressure, I don't think so. Lender pressure is usually after the fact: You'll never get any more work; we're not paying; or things along that line. If you don't accept the job then how can the lender exert pressure?
Anyway, don't kick yourself over this just. Just don't but the cart before the horse.

 

[Mr Rex]

Another current thread is about an ERC assignment. One of the client requests was to call if value was above list. Value above list....

 

[Lisa Dupler]

I think you should have asked more questions. I would have asked the broker, owner, and the sales agent why they think it hasn't sold for that price. There could be reasons. There could have been a construction project across the street that has recently been completed. They could have listed it a higher value at first and the listing got stale. The agent could be a relative who been out of the country for the past three months. There could be reasons. At that time you can politely explain the what the definition of market value is. If he doesn't get it then you don't want to do any work for him anyway. He only has headaches, foreclosures, and lawsuits in his future.

 

[erick anderson]

shame on you people!!

and I will take that into consideration AFTER I INSPECT THE SUBJECT. You seem to think you are capable of determining this prior to inspection and while there may be some validity to your case, your behaviour and attitude prior to actually accepting the assignment leaves some doubt. You are dealing with some serious appraisal folks here, don't push it, you were wrong.

How can you make the assumption that the SOW for this appraisal order included an inspection, or that Ward did NOT do an inspection, when you weren't given this information?? And what makes you think Mr. Ward did NOT accept the order? Many of the posters in this thread are making a lot of assumptions and leveling criticism, when the post gave only bits and pieces of information. Forming opinions and conclusions without adequate information and investigation is something an appraiser should NEVER do. Those of you who responded in that manner are guilty of the same errant behavior that you (claim) Ward engaged in.

Personally, I'd have a problem with using a listing price of the subject property as a comp, but that would also be an assumption since we don't know the SOW. Given a particular (albeit unusual) SOW, the listing could be the ONLY meaningful market data available, in which case Ward's value opinion might be reasonable. So, with the information given, we CANNOT arrive at any meaningful conclusions concerning Ward's actions.

Unto itself, the MB's email shows a fairly clear intent to influence the appraiser's value opinion, but timing and context could suggest otherwise.

The Banking Commission may have obtained MORE information that was used to make its determination.