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Pam is mentioned in the Fort Worth Star

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JonGalt

Junior Member
Joined
Aug 4, 2005
Professional Status
Certified Residential Appraiser
State
Illinois
If they refuse to inflate values, they won't get hired.

If they refuse to guarantee a predetermined value, they won't get hired.

If they refuse to ignore deficiencies in the property, they won't get hired.

Payment is refused if their appraisal isn't high enough.Only accept COD so this doesn't apply to me

Honest appraisers are being blacklisted.

This sums up the mortgage broker business pretty well. If I don't want the pressure then they want to pay peanuts for the report.(ie:AMC's)
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Good read, now if AP would just pick it up along with nation tv news.
 

JonGalt

Junior Member
Joined
Aug 4, 2005
Professional Status
Certified Residential Appraiser
State
Illinois
This is what I was told the last time I went into a rather large brokerage in the area looking for some work. I just finished a report for them as a previous borrower specifically requested they use me for the appraisal.


Me:We have great communication, top notch reports, good turn times and accept all major credit cards etc.....

Senior LO: Listen "John", this is how we do it here. We have our 3 go-to guys that we like to use. What we do is send out this "comp search" form to each of them. They each fill it out and fax it back signed with their value. Whoever comes in the highest gets the job. Now we have 3 but if you'd like I can add you to the list and you'll get an opportunity to do some work for us.

Me: Do they each know that you send it to several other companies for comp searches?

Senior LO: We don't hide that from any of our appraisers. It's our policy. I've even had a couple of them come in to see reports where they couldn't "hit" the value. They wanted to see how the other appraiser was able to get to the number.

Me: ( I ramble a bit but generally say "No Thanks")

Senior LO: Well, I'm sorry to hear you don't want to do comps for us, you'll never make it in this business the way you want to conduct business.

Me: Walk straight out the door.........


Of course I somehow ended up on their list and received about 3-7 comp search requests a day from them for a while, all of which went in the comp-search bin. Their comp search form has room for the appraiser to enter 3 addresses with sales prices and a line for estimated value. Then a line for the appraisers signature. They have at least 3 appraisal firms who do this for them to win their predetermined value business.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
This is what I was told the last time I went into a rather large brokerage in the area looking for some work. I just finished a report for them as a previous borrower specifically requested they use me for the appraisal.


Me:We have great communication, top notch reports, good turn times and accept all major credit cards etc.....

Senior LO: Listen "John", this is how we do it here. We have our 3 go-to guys that we like to use. What we do is send out this "comp search" form to each of them. They each fill it out and fax it back signed with their value. Whoever comes in the highest gets the job. Now we have 3 but if you'd like I can add you to the list and you'll get an opportunity to do some work for us.

Me: Do they each know that you send it to several other companies for comp searches?

Senior LO: We don't hide that from any of our appraisers. It's our policy. I've even had a couple of them come in to see reports where they couldn't "hit" the value. They wanted to see how the other appraiser was able to get to the number.

Me: ( I ramble a bit but generally say "No Thanks")

Senior LO: Well, I'm sorry to hear you don't want to do comps for us, you'll never make it in this business the way you want to conduct business.

Me: Walk straight out the door.........


Of course I somehow ended up on their list and received about 3-7 comp search requests a day from them for a while, all of which went in the comp-search bin. Their comp search form has room for the appraiser to enter 3 addresses with sales prices and a line for estimated value. Then a line for the appraisers signature. They have at least 3 appraisal firms who do this for them to win their predetermined value business.

Jon, are you willing to share specifics of this situation to others (and, I don't necessarily mean "naming names" here in this forum)?

Please advise.
 

JonGalt

Junior Member
Joined
Aug 4, 2005
Professional Status
Certified Residential Appraiser
State
Illinois
Jon, are you willing to share specifics of this situation to others (and, I don't necessarily mean "naming names" here in this forum)?

I just checked my "comp-search" box and I still have some of their forms in there. I won't name names on here, let's just say they think they are an Elite financial type service provider. What did you have in mind?
 

redfalcon

Freshman Member
Joined
Nov 5, 2007
Professional Status
Appraiser Trainee
State
Florida
That is an excellent article. I hope the goverment act on the petition.
 
Last edited:

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
JonGalt:: I see your in Illinois can I ask WHY you'd put them in the comp check bin which I assume is trash?? WHY won't you take them to the Apprasisal Board you're one of the luckiest BASS around you actually have a board that is working for Appraisers. BUT they can do nothing IF all you do is post here & Bi+c#!! & not get involved in your state. Now gather up all the items (evidence) you have & go see Brian you lucky Bass. For those of you with Appraisal Boards such as Illinois & New Hampshire & a few others Oregon YOU have no idea how lucky you are!!!GO use them & make fun of us that have Wimps for Boards.
 
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