No College Degree for Cert Generals or Residential Appraisers

[Mark K]

Lower all LTVs to 80%. Allow no bank to lend more. It's called SITG...skin in the game. When a borrower has skin in the game, they are more diligent about paying off that loan. Give me 100% LTV and if the investment doesn't seem worth it, I will just walk. Nothing ventured, nothing gained. Pretty simple concept.

An S&L that I appraised for had this LTV limit; I did several thousand reports for them over a few years. They NEVER lost money on a loan and they kept everything in-house. They'd get maybe 1 repo/year and they'd usually make money on it.

They'd loan only 80% to borrowers that had good credit, good job history, and a few dollars in reserve for emergency. I loved them since I had about 12 mortgages with them on my rentals. NOO loans were 75% max and good reserves and decent properties, no fixer-uppers.

 

[J Grant]

Much like the Democrats just know no evidence of voter fraud has emerged. Because no one looked.

No one looked?
There were numerous recounts and audits done in different states, and the fact is that no fraud was uncovered. Or rather, a very small number of false ballots were found, with more of the false ballots being on the Republican candidate's side.

FOX News paid almost a billion dollars as a settlement to Dominion because the Dominion voting machine "fraud" turned out to be based on nothing other than an accusation.

 

[Surf Cat]

Quite possibly one of the most ridiculous statements made on this forum in a while...OTOH, I have Nando on ignore so I could be wrong.

According to this, a relatively simple $1M appraisal should cost about $2K. Wow.

I get what Terrel was trying to convey. There's a lot more analysis, charts and graphs, proof of how the adjustments were derived, Etc. Decades ago it was three comps and out. Hardly any explanation about anything....

You can't ask the mechanic while he has your car up on a lift changing your oil to rotate your tires for nothing....he'd charge you.

The HVCC made gouging the appraiser legal.

 

[Mike Ault]

Quite possibly one of the most ridiculous statements made on this forum in a while...OTOH, I have Nando on ignore so I could be wrong.

According to this, a relatively simple $1M appraisal should cost about $2K. Wow.

And what percentage increase did the realtor commissions on those 2 sales reflect? Around here realtors would split up about $60,000 on that $1 million sale. "Wow" indeed.

 

[djd09]

Cushman-Wakefield is being sued exactly over the issue of over-valuation as we speak.
Cushman & Wakefield is facing a federal lawsuit filed by StanCorp Mortgage Investors, alleging inflated multifamily property appraisals and misrepresented rent rolls, occupancy levels, and renovation costs. The lawsuit claims that these inflated appraisals led to over $210 million

but but but the SOW...

 

[Zoe]

Quite possibly one of the most ridiculous statements made on this forum in a while...OTOH, I have Nando on ignore so I could be wrong.

According to this, a relatively simple $1M appraisal should cost about $2K. Wow.

Probably does cost that and appraiser gets $250 of the fee. AMC gets $1750.

 

[TerryRohrer]

And what percentage increase did the realtor commissions on those 2 sales reflect? Around here realtors would split up about $60,000 on that $1 million sale. "Wow" indeed.

None more stupid than a realtor whining about the cost of appraisals that haven't changed since 1992. But, most aren't bright enough to understand the difference between 3-6% of those numbers. They think that since the percentage didn't change, their fees didn't change, either.

 

[Mark K]

And what percentage increase did the realtor commissions on those 2 sales reflect? Around here realtors would split up about $60,000 on that $1 million sale. "Wow" indeed.

Not around here. Agents make maybe 1/2 that... and then they'd split with their respective broker. Besides, the avg. broker makes less than the avg appraiser in this area. 6% around here is a thing of the distant past. Besides, if you have broker envy, you should follow the money if you think its easy. Its really not. I owned a brokerage for 5 years prior to getting my appraiser's license; I've seen the problems up close.

Maybe Grant should be in the television marketing and pricing. In 96 my 32" Tube type TV cost $1,200. Today you can get a 65" flat screen for $299. To follow her logic, the TV should cost about $5K.

 

[J Grant]

Not around here. Agents make maybe 1/2 that... and then they'd split with their respective broker. Besides, the avg. broker makes less than the avg appraiser in this area. 6% around here is a thing of the distant past. Besides, if you have broker envy, you should follow the money if you think its easy. Its really not. I owned a brokerage for 5 years prior to getting my appraiser's license; I've seen the problems up close.

Maybe Grant should be in the television marketing and pricing. In 96 my 32" Tube type TV cost $1,200. Today you can get a 65" flat screen for $299. To follow her logic, the TV should cost about $5K.

?? I never presented any logic of that sort wrt the prices of goods. Please stick to speaking for yourself.

Consumer goods costs/prices have nothing to do with the $ amounts of appraisal service fees ( nor with RE agent and broker fees.)

 

[Mark K]

?? I never presented any logic of that sort wrt the prices of goods. Please stick to speaking for yourself.

Consumer goods costs/prices have nothing to do with the $ amounts of appraisal service fees ( nor with RE agent and broker fees.)

Prices are prices. Claiming that appraisers should charge $1K for a simple appraisal because the value of a home has increased is nonsense. Makes just as much sense as the price of TV's.