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Number Hitters Beware

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Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
While the refis are still going strong, how many of you have noticed how often some are doing another refi when they just did one last year?

How many of us are not able to hit the number made last year? Or even 2 or 3 years ago?

How many of our appraisal reports are going to eventually be compared to the ones prior??????

---------------------------------

I've been doing a lot of FHA refis for the past few months. I'm totally shocked by what I see on way too many of them!!!!! Now, the lenders HAVE to send in a copy of all FHA appraisals to FHA. Eventually, I would hope, my appraisals are going to be compared to the ones completed for their purchase not too very long ago. I do believe some of the blind number hitters here are going to have a reckoning day coming!
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
My, aren't you optimistic. I can hear the defenses now...well, the market has dropped....etc.etc.
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
B) Pamela,

Right you are. I gave up doing FHA Reviews a couple years ago. What I saw literaly made me sick. Too many appraiser that I know and had respect for, until I saw the work they were putting out. I have posted the results of what I found here many times so I won't repeat it now. But, if you really want to know how bad things are, be an FHA Review Appraiser for 6 months to a year.

Keep the faith Pamela, I too am optimistic. :beer:

Don
 

Patti Jury

Senior Member
Joined
Mar 23, 2002
Professional Status
Licensed Appraiser
State
Colorado
Hey Pam,

I don't think it is limited to just FHA.. but I have several where the owners yank out an appraisal from 1-3 years ago and I just have to laugh..because now "I'm sure the house is worth at least $30,000 higher than last appraisal". It turns out however that last appraisal still won't hold up under the current market valuations. So it makes me wonder what is in the works for the future.

The worm turns eventually.
 

Austin

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Virginia
I did three mortgage appraisals last week and the appraised values ran from $10,0000 to $20,000 above contract price. Our unemployment rate is almost 14%, textile industry is depressed, Goodyear plant about to close the plant and workers are going on strike, tobacco crop is worse in history. These are "The Base Economic Industries." The only thing keeping us going is government checks. We have a large population living off the dole. Realtors are even calling me about a new career in appraising. I told them if they screw up the appraisal business like they screwed up the real estate market then where would we go.
Thinking back, this situation has happened more this year than in my entire career combined. About a year ago the tax assessment started being higher than sale prices for the first time in my career. I am not sure what that means but I have an idea. It means the government employees ain't participating in the recession like the rest of us slobs.
 

Ghost Rider

Senior Member
Joined
Apr 27, 2003
Professional Status
Banking/Mortgage Industry
State
Connecticut
I've been waiting for something to say that the number hitters will get taken out - I won't hold my breath for it to happen. I know too many of them are out there, and in this market, they have been VITAL to the success of a lot of LOs.......As much as I think something will happen when the market tops, and the tumble happens, I don't think it will be nearly as bad as we all hope.......Put it to you this way - the only way this will stop is to take the "lender select" programs out of the loop. As long as the brokers and LOs get to choose who does their appraisal, the number hitters will be there, and they will be successful. As much as the AMCs are a problem in todays market, something like them will be the only way that we can fix the issue. Put the choice of the appraiser in the hands of the secondary market, the people who are funding the loan, and are relying on the appraisal to make an informed lending decision. As long as the people who need the appraisal are using it for what it is supposed to be used for (making a good lending decision) and not for what it has become (one more annoying hoop to jump through before a LO can get their comission check) then high quality appraisals, and appraisers will become the norm. Until then, Be prepared to keep working and complaining in the system we have today.
 

Richard J. Glesser

Junior Member
Joined
May 16, 2002
Professional Status
Certified General Appraiser
State
Michigan
Did a refi appraisal last year for the 3rd time on the same property over 6 years. Owner kept running up bills and then back to the refi to bail himself out. First two were easy but last year told owner to cut up the credit cards cause the well is empty. Market saved him again but he's up there where he'll need a 10-15% market appreciation to save him next time. :usa:
 

Rich Hahn

Senior Member
Joined
May 2, 2003
Professional Status
General Public
State
Colorado
Had a complaint cuz we missed a year old value by 1%.
Gave us 1 year old appraisal.
I think within 1% in 1 year aint too bad in this market. Seen hoods with recent sales 10% lower then 2 years ago.

Do all LOs have their heads in the sand?
Selective hearing I suppose.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Just received an email request from an oriental loan officer in California...seems he wanted to know if I would do a free comp search, if not...how much would I charge. How quickly could I do an appraisal, and what is my fee.

I thought this is going to be verwwwwy interesting. I dutifully looked up the subject property. Hmmmmm, the purchased it one year ago almost to the day for $159,000 which was top of the market then. A rancher with full finished basement of about 2300 square feet total. The assessor just valued it at $151,000.

Since I know the area very well, new subdivision with three active builders, it was easy to check out the current sales. Ranch style new homes with full basements idential to the subject are selling for for $179,000 to $184,000 depending on upgrades. Probably 20 current sales in the subdivision. Talk about a cookie cutter!

Guess what the nut thinks it is worth???? Would you believe $250,000???? God I love this business! Don't they even ask the borrower how long have they owned the home? What did they pay for it??? Any loan officer with half his brain tied behind his back knows enough to ask those questions.

God bless America.... Land of the free and home of the brainless.
 

Patti Jury

Senior Member
Joined
Mar 23, 2002
Professional Status
Licensed Appraiser
State
Colorado
HEEHEEE.. Hey Mike
I just got that same e-MAI.. on Marabou right...LOL

I told her.. it is a her to call me and darned it she just did... :rofl:

I however am not upstairs in my office as it is a sweltering hot box. Darn missed that call... :rofl: :rofl:
 
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