Please Help Us Avoid Homelessness!

[markgraybill]

Hello – we're in the process of purchasing a home (FHA) in Vancouver, WA. Everything is squared away with the lender and we're only awaiting an appraisal. The problem (as you all know) – there simply aren't enough appraisers in our area to get the appraisal done. We were originally supposed to close on 7/29 (tomorrow) and we've just been informed that our closing is being delayed to 8/31 because no appraisers have picked it up from TSI yet.

We are in the process of moving out and will have to rely on the good graces of family and friends to host our little family of five. Our lender has told us if we can find 3 appraisers who are willing to commit to taking the job, they will be able to move forward.

Is there anyone out there who is willing to help us? We would be so incredibly grateful.

 

[Randolph Kinney]

You better give hint to the city in Washington so those appraisers in the area can respond.

I stopped appraising FHA in May 2016. I believe that adds to the problem as others have too.

 

[markgraybill]

You better give hint to the city in Washington so those appraisers in the area can respond.

I stopped appraising FHA in May 2016. I believe that adds to the problem as others have too.

Thanks, Randolph! Updated the post. FHA helped us where we could not have moved forward otherwise, but we'll avoid it in the future for sure!

 

[Meandering]

and we've just been informed that our closing is being delayed to 8/31 because no appraisers have picked it up from TSI yet..

Does this mean that your appraisal order has been email blasted out for a low fee to the appraiser and none have accepted it?

Sorry this has happened to you.
.

 

[Randolph Kinney]

Thanks, Randolph! Updated the post. FHA helped us where we could not have moved forward otherwise, but we'll avoid it in the future for sure!

Vancouver, WA is a lovely area. I hope all works out for you.

Here is a link to FHA/HUD to search for FHA roster appraisers. Just put in the city, state.

Appraiser Roster for Vancouver, WA as of 07/28/2016 - 69 appraisers

It tells you by name and address. Call them, ask them if they are busy.

 

[markgraybill]

Does this mean that your appraisal order has been email blasted out for a low fee to the appraiser and none have accepted it?

Sorry this has happened to you.
.

Thanks, Marion. I don't know what price was put on it. The lender assured me they've added a rush fee and are even covering that themselves. But the lender is not local and I think that plays in to the issue as well.

 

[Meandering]

Thanks, Marion. I don't know what price was put on it. The lender assured me they've added a rush fee and are even covering that themselves. But the lender is not local and I think that plays in to the issue as well.

Yup, I'd say that plays into the issue.

I don't know if they told you, but what you pay for an appraisal, is not just for the appraisal, or the appraiser.

That fee gets split with an Appraisal Management Company, who has an incentive to keep as much of the fee as possible, so it takes them longer to find an appraiser to accept work at a low fee, so that the management company can make a profit.

This is especially true with large lenders, online lenders, and non-bank lenders.

Even though the lender is telling you they are paying a "rush" fee, that does not mean the "rush" fee is being advertised to appraisers.

FHA appraisals are additional work, take additional time and carry additional liabilities for appraisers. There is no incentive for an appraiser to take on that work for a low fee, so, what we've seen is that these kinds of email blasts will go round and round for awhile with small fee increases until they get someone to accept the work, then, they'll breath down the appraiser's neck to hurry up and get it done.

Just curiously, how many days has it been, since you applied for a mortgage, and now, a few days from closing, no one can find an appraiser?

.

 

[markgraybill]

Originally applied with this particular house in mind on May 30. We did contribute to some delays early on, but it a) took forever before the appraisal was ordered and b) a lot of time passed before they even made us aware that it's just floating out there. We assumed it was just in the queue of a specific appraiser.

In any case, it is what it is I guess. Thanks for taking the time to explain how it works!

 

[Meandering]

Thank you for providing a time frame,
as AMC advocates here have previously said they did not have as much time to find an appraiser, as we believed they did, so you have confirmed our suspicions also.

Truly sorry this is happening to you this way.

If it blows a rate lock or leaves you homeless, try contacting the state banking commission to make a complaint, because ultimately it is the lender who is responsible for the management company, and the appraiser, and it is the management companies that claim "management of the appraisal process" is the reason they keep some of the fee.

.

 

[markgraybill]

We were originally supposed to close on 7/29 (tomorrow)

To be clear...it had already been pushed back to the 12th. But just yesterday we learned it would be 8/31. What bothered us is not that appraisers are busy, but that are lender somehow was unaware of how long it would take and waited until so late to tell us. But now it all makes sense as they'll just incrementally increase the price until someone picks it up.