Phone appraial questions.

[Mr Rex]

The local credit union will use the Tax Assesors value or Housevalues.com value if it covers LTV. The Head of the Mortgage Department, is a friend of mine. She mentioned this one night over beers and asked me if I wanted her to send me any of the leftovers @ $235 per 1004. I just laughed, and had another beer.:new_all_coholic:

 

[Elliott]

Jim,
I feel I hit a nerve. I think a lot of appraisers would be
amazed how often that innocent phone call from a LO,
MB, or appraiser, results in a note in a 'work file' that
says, so and so confirmed a value of $110,000. Its
cheap CYA. I get the call from the conservation
easement appraisers who say, "Looks to me that
sort of property is going for about $2000 / acre."
I always go out of my way to say, "I don't know
what that kind of property is going for?"

 

[Stone]

Jim,
I feel I hit a nerve. I think a lot of appraisers would be
amazed how often that innocent phone call from a LO,
MB, or appraiser, results in a note in a 'work file' that
says, so and so confirmed a value of $110,000. Its
cheap CYA. I get the call from the conservation
easement appraisers who say, "Looks to me that
sort of property is going for about $2000 / acre."
I always go out of my way to say, "I don't know
what that kind of property is going for?"

I don't think you hit a nerve for the reason you stated. I think you hit a nerve because you misrepresented the original post. It was quite clear that the OP wasn't stating, or even "confirming", a value. He was simply passing along what the caller told him and you ran with it.

 

[John Hassler]

I very much hope it was not an actual appraiser spoke with your friend because if calling the homeowner to verify information becomes SOP then I can almost guarantee that the number of loans on home that are remodeled/upgraded/expanded and have outstanding rear landscaping will increase exponentially.

 

[Lost Cause]

I don't think your appraiser friend made an appraisal of $110,000. He was wearing his homeowner hat in that situation, not his appraiser hat. That should be fairly easily defensible should any claims come up over it.

 

[TXCBoy36]

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

Hmmmm, have never seen or heard of that before. Sounds like some type of driveby or one of these desktop reviews/appraisals....sounds a little off, but like I said, I have never run across that.

It would seem feasible that it could have been a 2055 Drive-by Appraisal and the appraiser was attempting to determine if there had been any upgrades and/or improvements, etc. I do not much care for drive-bys, not very reliable, especially if you never enter the property to physically inspect the upgrades.

JCm2: