• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Please Call Me if Values Look Out of Line!

Status
Not open for further replies.

stefan olafson

Thread Starter
Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
When will it end? I received an order to appraise two properties from a mortgage broker. Included on the request was (Estimated Value: $150,000) and ("Please Call me if the values look like they will be out of line")!!!

The properties were last appraised by my company in 2005, the properties were appraised by my company when originally purchased in October of 2003 at which time the value per unit (8 Units in two buildings) was $22,000 per unit. In 2005 the value per unit in the refi was roughly $27,000 per unit. Now the mortgage broker is hoping for $37,500 per unit!

I sent an email informing the broker it was not possible to complete the appraisal if in fact the $150,000 value for each building was a direction in value! I requested that if I were to go ahead with the appraisal I needed another request, a new request, with no value given on the request. I informed the broker what he was asking for was against the law. I went on to tell him that the problems within the mortgage industry were caused by actions such as these.

He called this morning asking again if the value was attainable. I informed him that I had not begun to work on the assignment. I had completed preliminary research which indicated a wide range in value for the type of property and the only way to really determine the value was to complete the appraisal. This is an income property and it appears the income stream would by itself support a higher value, but the market appears to lag considerably in comparison.

The mortgage broker was unwilling to pay me my fee without a guarantee up front that the loan could be funded! He indicated that if the property owner were to pay me, he would allow the appraisal to proceed.

I'm now waiting for the cancellation notice.

What bothers me is there are at least four other appraisers who work the small town market where this property is located who would have had no problem completing the appraisal as requested?

Did I do the right thing?
 

Chris Colston

Elite Member
Joined
Jul 24, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Send the information to Pam!! Yes, you did the right thing.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Send the information to Pam!! Yes, you did the right thing.

& while your at it have the testicles to also send it YOURSELF to your State AG & FBI & IRS., Governor, Senate Finace commite, Your Banking regulator. & Local Newsmedia

I'm sorry folks but I'm really getting upset that you all want PAM to handle everything at NO COST for everyone. YES send it to her by all means for the Watch List BUT isn't it about time MORE of you step up & take some of this to the local & State authorities??

Wannas really support PAM?? Start assisting in the fight in your own states.

You all want PAM to work for FREE How many send her a check each month?? How About you ALL work free for one day a month??
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
Karl, you have a very good point.
 

stefan olafson

Thread Starter
Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
I am considering forwarding this to the FBI also. I'm so tired of unrealistic value judgements! I understand owners typically have an inflated value opinion, I understand on this particular property the income stream will support a higher value than the value after adjustments to comparable sales. I just wish mortgage brokers were required to follow the law and we appraisers were allowed to just do our job, not spend countless hours educating them.

If I had any money I would support Pam! I'm struggling right now with feelings of burnout and looking at opportunities outside the profession. That's after thirty plus years of this business.
 

Beth Stevens

Sophomore Member
Joined
Jan 14, 2007
Professional Status
Certified Residential Appraiser
State
Washington
Stefan,

I applaud your decision to hold your ground with the mortgage broker!! If all appraisers were like you, the mortgage brokers would have to comply with the law or starve. HELL YES, you did the right thing!!! Now turn the sucker in! :)
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
"If I had any money I would support Pam! I'm struggling right now with feelings of burnout and looking at opportunities outside the profession. That's after thirty plus years of this business."

We ALL "feel your Pain"

How to PAY for service without using your CASH: If you win a Gift Card at a event Send it, IF you win a 50/50 send 50% . IF the person is at an event pay for her meal (deductible) IF your close enough stop by offer to help with doing input or cleaning the house while she imnputs (SORRY pam not going to happen by me). Got a special talent Art & Craft example give her sommething she could use or use as a gift. You can Paint Go paint her house Anything where you can offer the labor for free. After all she is giving her labor for free. & of all the people she understands that those she is trying to help the most are probablly suffering the most.

But I believe the biggest help we can give her is to NOT just send her the info BUT pass it on to EVERYONE you can think of in the area where the problem is. We now have the attention lets not waste it.
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
There are 40,000 AF members, if we all were to send her $1-20 per month through her Paypal, this will give her the helps that she justly deserves. Even if it's $1 of 20,000 AF members that would be plenty.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
IF you go on vacation to Florida take her out for a day she is very low maintanence.

this new LSI release should be lifting her spirits.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Stefan has been badly beaten by the unfair and unrealistic system as long or longer than me. He has my sincere sympathy and support!

Karl, you already know I love you and Sharon and very much appreciate your support!
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks