Letter To Mortgage Broker

[Ray Miller]

Just love it, just love it, just love it to death. :dance:



We should start faxing that to all those who have tried to force us to hit value. Might just do that. My staff would enjoy that after putting up with the phone calls.

 

[Rudy Canoza]

 

[PamPearsall]

I had a rude phone call yesterday because I sent in an appraisal $25,000 short of what they hoped for and I had not called them to give them the heads up.

I thought hey I will use that great letter I saw posted on the forum.

I copied pasted and edited it a little so it would apply then I e-mailed it.

Ohhhhh mannnnnn they did read past the first couple of paragraphs and they were really irritated! Someone claiming to be the office manager called and ripped into me saying all sorts of things (wish I recorded my telephone calls...side note want to get one of those messages saying the phone call may be recorded for quality assurance measures).

Then last night I received this e-mail message from apparently the loan officer (I had only dealt with the loan processor until yesterday).

Couple of things:

1. Loan Officer and borrowers last name is the same; I believe they are related.

2. They are really pushing for this home to appraise for $25,000 more than my opinion of value (they want $250,000).

3. The borrower purchased this 6 months ago for $175,000; made no changes and while our market has increased it has not increased that much.

The e-mail from the loan officer (that I attached...I hope it attached) this e- mail had 5 MLS sales attached to the bottom of it; these Sales have occurred in the last year in the subject's neighborhood they have sold from $245,000 to $265,000 none compare with my subject as they are all at least 200 SF larger and 5 - 10 years younger, superior curb appeal, landscaping etc.

I am thinking that I should respond asking her to e-mail me the request to evaluate the MLS sales she is asking me to evaluate; detail why she thinks these sales are more similar to the subject then the sales I used in the appraisal and why she believes my opinion of value in the appraisal is in error.

 

[Annemieke Roell]

Yes, I would analyse the comps she sent you and explain in detail as to why her comps are NOT good and why the ones you used are.

As far as her indignation is concerned .... I'd blow it off but I would, perhaps, ask the question why she takes a broker's opinion of value over yours, a professional appraiser.

 

[Steve Owen]

I'd second the idea of inviting the letter writer to join the forum, or at least sign the petition. Does anyone know his e-mail addy?

 

[PamPearsall]

Annemieke,
What would you charge to analyze 5 sales and explain why they do not compare as well as the Comparable Sales utilized in the appraisal and why they do not support an upward correction on the opinion of value arrived at in the appraisal?

 

[Annemieke Roell]

Originally posted by PamPearsall@Jan 5 2006, 05:45 PM
Annemieke,
What would you charge to analyze 5 sales and explain why they do not compare as well as the Comparable Sales utilized in the appraisal and why they do not support an upward correction on the opinion of value arrived at in the appraisal?

I wouldn't charge anything. Because either 1) I may have overlooked them as appropriate comps so it would be on me to correct my oversight or 2) have the satisfaction of telling this BM who values a real estate agent's opinion of value over mine that she is full of it and list the reasons WHY her comps are bad.

 

[Pamela Crowley (Florida)]

Woah! I would charge at least $50 each for analyzing and writing an explanation. If the Realtor would write up an explanation of why those sales are more comparable than the ones I've used, then I would consider them and ONLY IF that explanation actually made good sense would I then add them as additional comps. Otherwise, I charge for anything further wanted from me - in fact, since they are pressuring for an inflated value, I would charge these jerks $200 each for me to look them over and respond.

 

[xm39hnu]

Just got this e-mail today

Jim- I overnighted the check last night and included a business card
with our address on it. Please give me as much value as possible on this
appraisal....Mark

I replied:

Mark,
I don't give value to property; the market does. I merely report what the market says it's worth. An appraisal that is too low is just as bad as an appraisal that is too high.
Thanks,
Jim

His check arrived shortly after his e-mail. He ordered the appraisal the first week in December. Now that I've got his check, I'll proceed with the assignment.

 

[Steve Owen]

That's been similar to my experience, Jim. They ask for something illegal, knowing it's illegal, because a lot of appraisers just roll over. If you say you can't appraise to predetermined value, after the order has already been placed, then they immediately back off because they knew they were wrong all along. Comp checkers are another matter, however. If you tell them you can't appraise to predetermined value they just hang up and keep calling until they find an appraiser who will.

This problem really falls squarely on our shoulders. If there was no appraiser who would appraise to predetermined value, then the requests would end.