Numbers Game: Find Lender Who Will Accept Appraisal

[Julio E. Sune Jr. (FL)]

http://www.miami.com/mld/miamiherald/class...ate/3471670.htm

Source: miamiherald.com--6-16-02

[Author: Robert J. Bruss--California Lawyer and Licensed Real Estate Broker
Mailing Address--New Homes, The Herald, 1 Herald Plaza, Miami, FL 33132]


Comments: I am sending a reply to the above. It is clear many still do not understand that an appraisal "IS NOT the number needed in the file in order to make the deal go through". If someone wants to overpay for a property, that is his choice, but don't say the appraisal profession is dysfunctional just because the "required" number is not produced.

 

[Frederick R. Ruffell]

This is the typical "shoot the messanger" response. Just plain ignorance.

 

[BarbaraNJ]

Julio---

Thanks for the link !!

I sent an e mail response to the Herald, but don't anticipate a response or publication of the letter. I can only hope that the response finds its way to Mr. Bruss.

One of the things I pointed out was that Bruss' comment that ONE of the reasons for the S&L failures was "bad" appraisals was the very reason for reform of the appraisal industry. The regulations are an ATTEMPT to weed out and/or punish false reports, including "numbers hitters".

As we all know, this still does not work in all instances, but its better than it was.

This guy needs to go back to school, or stop giving advice.

The irony is that he gets PAID to give bad advice.


__________________

The Harder I Work, The Luckier I Get.

 

[Larry Lyke]

Julio --

It blows me away Attorney Bruss is so ignorant. He's probably a personal injury attorney! Knows how to wound himself.

The appraisers involved in the S&L debacle were commercial appraisers. And the S&L collapse was earlier than the mid-90s. And the S&L thing resulted from deregulation and bankers gambling with their deposits. Remember the Bushies and Silverado?

I too wrote a response and checked it as a Letter to the Editor, but they ain't gonna print a letter from a Minnesota guy criticizing a Florida newspaper's credibility in an election year when Jeb's brother has hand-picked the candidate to run against Sen. Paul Wellstone, D-MN.

That newspaper space will be used for the numerous junkets GW and the VP are making to this hinterland that they've become so enamored with all of a sudden.

I also addressed buyers inserting "imploding clauses" in their purchase agreements, then expecting the appraiser to fill up the gap!

 

[George Cramton]

I just sent an e-mail to Mr. Bruss at robertjbruss@aol.com. I told him, in a business like manner, what I think of his reply concerning the "Good" appraiser. Mainly I suggested that neither he, his questioner nor I know which appraisal is correct. This guy is usually accurate in his comments. It would be nice to have a bunch of replies to his errant answer.

George Cramton-Omaha, NE

 

[Frederick R. Ruffell]

What was the comment that one of our appraisal sisters here at the forum posted on a similar situation? something like... I (or we appraisers) don't mind someone overpaying for a property that they really want, just don't do it with taxpayers money (or her parents retirement account monies).

Any way maybe someone could send this guy a copy or the sentiment.

 

[Pamela Crowley (Florida)]

Here is my 'Letter to the Editor' if their site will eventually accept it. I put the Q&A at the beginning of this comment:

The answer given this question is beyond irresponsible! The appraisal completed for the lender is FOR THE LENDER. If the buyer wants to pay more than the appraised value, they can. The lender is using the appraised value to base their loan amount on and really couldn't care less what the buyer wants to pay for it.

IF the buyer really wants to know the truth, which they apparently do not, they should send a copy of both appraisals to the Florida Real Estate Appraisal Board for an investigation of both Appraisal Reports. I would place my bet on the first appraisal being the "GOOD" one.

IF you are at all interested in the TRUTH, here are a couple of internet links that would open your eyes. Please forward this to Mr. Bruss as he appears to be more than slightly blind.

http://appraiserspetition.com/

http://appraisersforum.com/

Most sincerely,

Pamela E. Crowley, St. Cert. Res. REA 0003158, Florida

 

[Non Sequitur]

Larry if your letter is anything like your post it will get published so everyone can have a good laugh.

You showed very poor taste bringing your personal political opinion in to this thread.

 

[Leon Stewart]

This ideology is nothing new. How do you account for FNMA and Freddie being able to eliminate Appraisal Reports on some types of loans without anyone saying anything. This mentality has taken over in the Mortgage Business and it's only a matter of time before Residential Appraisals will be eliminated altogether.

Leon

 

[Larry Lyke]

CLedet --

I made my comments a little bit interesting and edgy to get picked up on for possible discussion and publication by a newspaper that has access to lots of easy, "hype-able" stuff:

BTW, I delight in making people laugh. At my expense is quite OK!

I would never mislead you. My poor taste and personal political opinion is only betrayed by it being called to the attention of others who can also read. Declining to accept truth is religion, not intellectual information.

Inflexible ideology is too stultifying for me. So here goes ... (click on)