Phone appraial questions.

[Jim Hill]

I received a call from another appraiser who is refinancing their home.

The lender had told my friend that an a state certified appraiser would be calling.

It seems they called and just asked some general questions about the home and wanted to know what updates had been made to the home over the past few years. The whole phone call lasted a few minutes.

The question this appraser asked me is since the amount of money they were looking to get was around $20.000 dollars and the market value of the home was around $110,000 did I think this was a drive by where they called just to see what updates at been made or is there another name for this type of appraisal and how much the lender might have paid for this type of service.

I have never done any appraisals like this so I thought I would see what the apprasiers on this board thought.

Jim Hill

 

[William K]

It appears that is what it was, (a driveby/ exterior/ 2055). Not very accurate of course but then many times , banks in particular, keep these small loans in house and just need to know it is their and standing and not falling down. That being said, it could also be an appraiser doing a precomp, I would suggest your friend get a copy of said report and that will answer most questions. Just saw a home last week where the owner said they had applied somewhere else and the appraiser never came out, they just called asked a few questions and then the LO called and said they couldn't get value? I told her to request a copy of the report and if they didn't want to give her a copy to give me a call and I would instruct her further. She didn't seem to understand that just because she didn't pay an appraiser she was still entitled to a copy of the appraisal if the lender had made their determination on said loan due to the "appraisal"

 

[Joker]

Or maybe the first paying Zaio job.

 

[Ted Martin]

I doubt it was a driveby but rather one of the $50 desktop appraisals.

 

[Elliott]

Jim,
Sounds like you did an appraisal when you and the phone caller agreed,
"the market value of the home was around $110,000." Now what was
your question?

 

[Stone]

Jim,
Sounds like you did an appraisal when you and the phone caller agreed,
"the market value of the home was around $110,000." Now what was
your question?

That's a stretch. He didn't say anything about "agreeing" that the value of the home was any price. He stated that the other appraiser (homeowner) "asked" because the loan was about 20k and the home value was about 110k. That was quite clearly the opinion of the homeowner, not the OP.

Sheesh.

 

[Ray Miller]

Maybe they were just wanting to confirm value so they could make a loan with out paying for an appraisal.

 

[Jim Hill]

Elliott

You wrote the following,

Jim,
Sounds like you did an appraisal when you and the phone caller agreed,
"the market value of the home was around $110,000." Now what was
your question?

Elliott the market value of the home was supplied by my friend who is also the home owner.
Do you think most homeowners have an idea of what their home might be worth or have we reached the point where you cannont have an opinion of what you think your home might be worth?

I told you what they told me on the phone. I would never spit out a value without doing the research and inspection first. Think USPAP problems!!!

When people have asked me for a ball park number in the past I ask them it they like to play baseball in a sand lot or in a major baseball size stadium and that ends the questions.



Thanks for your input. Jim Hill

 

[Mr Rex]

Likely an "appraiser assisted AVM" type product. The lender runs an AVM and sends it to an appraiser. The appraiser looks at the AVM data, his own MLS data, talks to the owner on the phone about updates etc. then does a brief desktop type product. I haven't done these myself, but know of some folks that do. Reduced SOW, reduced fee. Likely to continue or increase, on low LTV products in the future. MHO.

 

[Ross (CO)]

The race to the bottom is definitely fast.....and verifiably furious.

Just moments ago, coming from the TV in the other room, was the ad we all have surely seen and heard countless times before:........"This is one way to find out what your house is worth...(with faces looking into a crystal ball on a table top)....or you can go to HouseValues.com" .

Just how the he** are this country's respectable appraisers supposed to maintain an image of dedicated and professional diligence for offering unbaised opinions of value that are supported by adequate and appropriate research of local market data ? How are we expected to protect the public...in that manner of speaking...if the public gets all of these hodge-podge and mixed impressions about just what an "appraisal" is going to be ? ! !

Theare so many misrepresentations being hawked and touted as "appraisals". No wonder the direction of movement for fee quoting for legitimate and typical appraisals.....is downward ! Fully-USPAP-compliant comp checks (done for-free), AVM's, BPO's, Desktop reports, Desktop reviews, CMA's, AAAVM's, Zillow, and all of the other hybrid varieties of alternative valuation products.

....all culminating at a time in this country's economic cycle when the general news about housing and mortgages is about to go through the next refinement stage of a big meat-grinder ! The very people who need to KNOW just what values their portfolio content possesses.....are being mass-solicited by all of the imposters. Pathetic.