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mortgage broker as home owner

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Frank Bertrand

Junior Member
Joined
Aug 21, 2002
Professional Status
Certified General Appraiser
State
Pennsylvania
I routinely ignore the 'owner's estimate of value' on order sheets sent to me. THe AVM says they are there for information only, and I have never had any grief when the report comes in below the 'owner's estimate' (which it normally does)

Anyway, I see the 'owner's estimate' at $200K, when I know the neighborhood won't support it. Sooooo armed with that info I set up the app't , the fellow meets me at the door, he is a work at home mortgage broker. He says he knows appraisers and appraisals. ok. He follows me. HHmmmm two bad signs: overoptimistic owner estimate and a follower.

Report done, there are major issues and so one week later I hear from him and he wants me to give a line by line explination of why his house didn't appraise out at his number.

I said get out your copy of the report and I will go over it with you as a courtesty.

"Well, I don't have it" he says.

"fine, when you do get it, we'll talk, otherwise I can not discuss this with you with out the release from the lender" Says me.

"well, they told me that you made a $xx,zzz line adjustment and I want to talk about that." (not so!!!)

"No, I can't. You say that you know appraisers and appraisals, so then you must know that I cannot breach confidentiality until you have a copy of the report, that's the law"

"can't we just go over the broken foundation and the windows that needed fixing"

"nope".


I will offer to pay for a review, with the stipulation that if it comes within 10% of my value, he pays me double the cost of the review. This usually shuts them up.

Have a good weekend.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
I've done about 5 or 6 appraisals this year where the owner was a bank loan officer or mortgage LO. My main gripe is that they are never prepared to provide the information needed for the house. It's like when it comes to their own houses, the mind seems to go blank. Sort of like a Broker selling himself a house. He just forgets to do all of the things he advises his client to do.

Worst problem I've had this year was after doing the inspection on a recreational house owned by a LO. It was supposed to be COD. He forgot his checkbook. A week later, he called and apologized saying that he had stuck the check in his hunting pants and forgot it during the opening week of deer season. The story sounded fishy until I received the check. The check looked like it might have been in a deer blind for a week.
 

Steve Owen

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Missouri
Richard, just like one of those so and so's to dirty up the check so his story would check out. lol.
 
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