Owner/Borrower/Listing Agent requesting desired valuation and AIR

[Tiffany Gibbons]

No, I answered somebody else asking about photos and a 1004D by quoting Fannie Mae policy and summarizing the key points. Unlike you, my posts in other people's threads are to answer their questions and attempt to be of help to them.

Oh, sorry. My mistake. You had asked about "comp checks" and "providing rebuttals for ROVs". Hey, maybe Head Surfer will fix that license/posting as general public issue for you, so you can contnue to offer more expert advice. Quoting Fannie Mae tells me all I need to know.

 

[glenn walker]

It's all BS and a false flag-
Years ago Billy met an appraiser at one of our properties and told the poor appraiser we needed a minimum of like $350K.. The Appraiser called he is all upset that Billy had been pressuring him.
I told him I was sorry and to ignore Billy and just do his job.

Now Billy say's Glenn- we don't need $350K we only need around $300K but I knew
how he will spend all day trying to hit $350K because its like a magnet stuck in his head.

Sure enough that appraiser was concerned but he came in $50K low but right near $300K
I laughed and told the Loan Officer no worries and tell the appraiser its no big deal just don't
let it happen again. Stick a $$ number in somebody's head and they subconsciously will try
their hardest to hit it-- Thats why we have a Purchase Contract LOL

 

[Zoe]

Ok, the situation just happened yesterday. I met the Owner/Borrower/Listing Agent at the property for an appraisal inspection. It is currently vacant and the Owner/Borrower/Listing Agent is doing an investment property refinance and stated that they would be taking it off the market and not selling the property. The Owner/Borrower/Listing Agent stated that they would like me to come in at $430,000 for the appraisal, I told them they should not be saying that to me. I do not come into a requested value, I perform an impartial valuation based on market data, not the Owner/Borrower/Listing Agent requested value. The Owner/Borrower/Listing Agent then went on to explain to me why they wanted it valued at $430,000. Smh.

From my reading of Fannie Mae AIR:

"No employee, director, officer, or agent of the Seller, or any other third party acting as joint venture partner, independent contractor, appraisal company, appraisal management company, or partner on behalf of the Seller, shall influence or attempt to influence the development, reporting, result, or review of an appraisal through coercion, extortion, collusion, compensation, inducement, intimidation, bribery, or in any other manner including but not limited to:"

and

"Requesting that an appraiser provide an estimated, predetermined, or desired valuation in an appraisal report prior to the completion of the appraisal report, or requesting that an appraiser provide estimated values or comparable sales at any time prior to the appraiser’s completion of an appraisal report;"

While the Owner/Borrower/Listing Agent requested that the Appraiser provide a desired valuation, the Owner/Borrower/Listing Agent is not an employee, director, officer, or agent of the Seller, or any other third party acting as joint venture partner, independent contractor, appraisal company, appraisal management company, or partner on behalf of the Seller. The Seller being the lender who is selling the loan to Fannie Mae, by my understanding of AIR.

1st question: Can somebody please confirm that I am looking at this correctly and that AIR has not been violated?

2nd question: How does putting the following statement into the report sound? "The Owner/Borrower/Listing Agent requested that the Appraiser come into a valuation of $430,000, the Appraiser did not consider this request when arriving at the market value determination for the subject property."

Thank you all in advance.

It is becoming a little bull.

I understand if property is worth way less than contract price. If not this conversation is worthless.

 

[RustyTapeMeasure]

Ok, the situation just happened yesterday. I met the Owner/Borrower/Listing Agent at the property for an appraisal inspection. It is currently vacant and the Owner/Borrower/Listing Agent is doing an investment property refinance and stated that they would be taking it off the market and not selling the property. The Owner/Borrower/Listing Agent stated that they would like me to come in at $430,000 for the appraisal, I told them they should not be saying that to me. I do not come into a requested value, I perform an impartial valuation based on market data, not the Owner/Borrower/Listing Agent requested value. The Owner/Borrower/Listing Agent then went on to explain to me why they wanted it valued at $430,000. Smh.

From my reading of Fannie Mae AIR:

"No employee, director, officer, or agent of the Seller, or any other third party acting as joint venture partner, independent contractor, appraisal company, appraisal management company, or partner on behalf of the Seller, shall influence or attempt to influence the development, reporting, result, or review of an appraisal through coercion, extortion, collusion, compensation, inducement, intimidation, bribery, or in any other manner including but not limited to:"

and

"Requesting that an appraiser provide an estimated, predetermined, or desired valuation in an appraisal report prior to the completion of the appraisal report, or requesting that an appraiser provide estimated values or comparable sales at any time prior to the appraiser’s completion of an appraisal report;"

While the Owner/Borrower/Listing Agent requested that the Appraiser provide a desired valuation, the Owner/Borrower/Listing Agent is not an employee, director, officer, or agent of the Seller, or any other third party acting as joint venture partner, independent contractor, appraisal company, appraisal management company, or partner on behalf of the Seller. The Seller being the lender who is selling the loan to Fannie Mae, by my understanding of AIR.

1st question: Can somebody please confirm that I am looking at this correctly and that AIR has not been violated?

2nd question: How does putting the following statement into the report sound? "The Owner/Borrower/Listing Agent requested that the Appraiser come into a valuation of $430,000, the Appraiser did not consider this request when arriving at the market value determination for the subject property."

Thank you all in advance.

Approx 1 1/2 to 2 years ago on 2 different appraisals ( both cash out refi's) I was told in extremely explicit terms that the appraisal value HAD to be at a certain level and if it was not, they would be filing a complaint with State, lender, etc etc that their value had come in low because of racism and they were people of color. Obviously I did not continue to complete the inspection of the property or the appraisal report and sadly or pathetically I then started to google all homeowners for refi's before accepting said work because of the dramatically increased liability to my career, EnO etc as there might be cases I was not threatened from the get go and then did an appraisal that did not work out value wise to someones liking and THEN i was claimed to be racist afterwards w/o the threat made as a front loaded statement.

 

[TN Pro]

Geez 7 pages of Zoe, J Grant and Tiffany spouting crap. I would rather poke my eyes out and put hot oil in the sockets.

 

[J Grant]

Geez 7 pages of Zoe, J Grant and Tiffany spouting crap. I would rather poke my eyes out and put hot oil in the sockets.

Nobody forced you to read our "crap!"

But thanks for such a cogent, educational post.

 

[glenn walker]

Nobody forced you to read our "crap!"

But thanks for such a cogent, educational post.

But it got your attention so now- lets see how long it takes Zoe and Tiffany LOL