Please Help Us Avoid Homelessness!

[Meandering]

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.

The other nifty trick was to wait and see if the Fed would have raised the rates this week. If so, blow your rate lock and they can charge you more money while blaming the appraiser for the delay.

But that's off the table, as the Fed won't raise rates this quarter, so there is no real reason to delay you any longer, other than a management company trying to keep every possible penny from the appraisal fee.

;.

 

[Michigan CG]

because no appraisers have picked it up from TSI yet.

The problem is not so much a lack of appraisers but a lack of appraisers who are willing to work for companies like TSI.

I have many clients who I would fit in somehow.

 

[ucbruin]

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.

1. What do you mean "if we can find 3 appraisers"?
2. Is the property you're purchasing unique or odd in some way?

 

[Terrel L. Shields]

The problem (as you all know) – there simply aren't enough appraisers[willing to work cheap for a bad client ] in our area to get the appraisal done.

Fixed it for you.

 

[TJSum]

You might want to try a small local bank, typically they have their own roster of local appraisers who they work with directly instead of using a third party AMC.

 

[KYLECODY]

I appraised a home last week for a lady who handles loans for USAA nationwide. She said Oregon and Washington specifically were taking at least 3-4 weeks in terms of turn times to get an appraisal done. We are crazy busy, my busiest last three months in 10 years..Supply and demand. Someone will take it and the buyer will be fine. Good time to feast as an appraiser and save for a famine. I am quoting ridiculous fees to people(not getting them usually) but I don't want the work, too busy, other things to do. Loan delays are common, glad the buyers have somewhere to go.

 

[techbiker]

I believe the buyer should have the privilege of ordering the appraisal, as long as they work with a reputable appraiser! I know that lenders hold the strings in this situation, however the buyer should be equally motivated to pay a fair price. I would rather give the appraiser all of the "appraisal fee".

We went through a somewhat similar situation. When purchasing our office, I requested that we be allowed to order the appraisal. I had already been in contact with an extremely competent appraiser through this forum. Our lender required we spend 35% more than necessary on an appraisal from their appraiser. The appraisal itself arrived just a week before we were scheduled to close...

The best you can do in a situation like this it seems is file a complaint and pay more EM. Good luck!

 

[TRESinc]

I believe the buyer should have the privilege of ordering the appraisal, as long as they work with a reputable appraiser! I know that lenders hold the strings in this situation, however the buyer should be equally motivated to pay a fair price. I would rather give the appraiser all of the "appraisal fee".

We went through a somewhat similar situation. When purchasing our office, I requested that we be allowed to order the appraisal. I had already been in contact with an extremely competent appraiser through this forum. Our lender required we spend 35% more than necessary on an appraisal from their appraiser. The appraisal itself arrived just a week before we were scheduled to close...

The best you can do in a situation like this it seems is file a complaint and pay more EM. Good luck!

why would anyone let a biased party order an appraisal so said party could borrow money from someone else to purchase the property? the appraisal is not done on behalf of the borrower, it is done for the lender so they can protect their investment. would a car dealer allow you to bring in your own appraiser and sell you a used car for what your hired gun said? of course not, so why would it be any different for a purchase that could be exponentially more?

 

[techbiker]

why would anyone let a biased party order an appraisal so said party could borrow money from someone else to purchase the property? the appraisal is not done on behalf of the borrower, it is done for the lender so they can protect their investment. would a car dealer allow you to bring in your own appraiser and sell you a used car for what your hired gun said? of course not, so why would it be any different for a purchase that could be exponentially more?

In your hypothetical, the car dealer is the seller.

In a real property purchase, the lender initially foots most of the bill of course. Over time though, the buyer typically repays far more than the principal amount. In my opinion, the buyer should be equally if not more interested in ensuring they get a good deal than the lender. The buyer is more invested (again imo), especially if the purchase is for the buyer's home.

Of course, you will always have unscrupulous buyers. Lenders could put safeguards in place to ensure the buyer commissions an unbiased appraisal. Then there is also USPAP.

Just my 2 cents after going through the process.

 

[Meandering]

And that sounds good,

But the sad reality is that too many buyers just walk away or deed the property to the bank and walk.

It's the lender's money on the line for too many years, in most cases, to trust borrowers.

Put more than 50% down, then borrowers might have some leverage.