Pretty blatent wouldn't you say?

[Dirty Harry]

Just got this email when I came back from my USPAP class today.

I wondered if you can assist. I have a client in Fairview OR. Residential SFR property and we are trying to refinance his loan

Our problem is we do not know the market property values that well in that area.

Here is the info on the property:

Joe Borrower
zzz Bridge St
Fairview OR 97024

Client estimates his value at least 400k.

Online gave me a value of 335k

I would really appreciate it and happily order the appraisal however I can’t order an appraisal without knowing roughly where the value is at as I am sure you understand. Look forward to hearing your ballpark comp opinion.

Shameless
Loan Consultant
--
xxxxxx Lending Group
xxxx Cahuenga Blvd West
Suite 300
Los Angeles, CA 90068

Phone: 323-zzz-1000 ext. 247
Mobile: 818-zzz-1387
Fax: 323-zzz-1150
xxxx@xxxxxxlend.com

So gee.. If I just do this and if the value is just right, shameless will be happy!

Oh my day is complete! Life has a purpose once again. :new_multi:



PS. Oops spelled blatant wrong!

 

[Rufus]

Mr. Santora's signature line sums this up.

 

[timd354]

Just got this email when I came back from my USPAP class today.

I wondered if you can assist. I have a client in Fairview OR. Residential SFR property and we are trying to refinance his loan

Our problem is we do not know the market property values that well in that area.

Here is the info on the property:

Joe Borrower
zzz Bridge St
Fairview OR 97024

Client estimates his value at least 400k.

Online gave me a value of 335k

I would really appreciate it and happily order the appraisal however I can’t order an appraisal without knowing roughly where the value is at as I am sure you understand. Look forward to hearing your ballpark comp opinion.

Shameless
Loan Consultant
--
xxxxxx Lending Group
xxxx Cahuenga Blvd West
Suite 300
Los Angeles, CA 90068

Phone: 323-zzz-1000 ext. 247
Mobile: 818-zzz-1387
Fax: 323-zzz-1150
xxxx@xxxxxxlend.com

So gee.. If I just do this and if the value is just right, shameless will be happy!

Oh my day is complete! Life has a purpose once again. :new_multi:



PS. Oops spelled blatant wrong!

Here is my suggested response:

Dear Shameless,

Please have payment of $(insert your usual appraisal fee here) delivered to my office and I will get to work straight away on determining the "ballpark value" for the property. As an added service, I will deliver a free appraisal report to you on the requested property. Thank you very much for your business.

Regards,

Mr. or Ms. Appraiser
Ballpark Appraisal Service, Inc.

 

[xmtpedprl]

That's just a broadcast comp search, 15 of your 'competitors' got the same thing, as well. I just save 'em, and when I get another one from the same numchuck firm I remind him/her of the previous one they sent, and I let them know they're on borrowed time for not knowing how to do a loan even remotely ethically.

Dave...

 

[Michigan CG]

Here is my suggested response:

Dear Shameless,

Please have payment of $(insert your usual appraisal fee here) delivered to my office and I will get to work straight away on determining the "ballpark value" for the property. As an added service, I will deliver a free appraisal report to you on the requested property. Thank you very much for your business.

Regards,

Mr. or Ms. Appraiser
Ballpark Appraisal Service, Inc.

Yup, $325 comp check includes a free appraisal. What a concept.

 

[RSW]

I wish I had the discipline to keep my cool when I get these types of requests. I usually just blow a gasket and tell them off.

 

[Bama Bayou]

LIke the homeowner has no idea what their house is worth. What a joke.

We need to go back to the old days and let the borrower pony up the fee at the time of application. This comp check garbage has caused a financial disaster and ruined all of our professional reputations.

USPAP was a great idea until they put their blessing on comp checks and decided that an AVM was not an appraisal, it just told you what is was worth.

 

[Mike Phillips]

LIke the homeowner has no idea what their house is worth. What a joke.

We need to go back to the old days and let the borrower pony up the fee at the time of application. This comp check garbage has caused a financial disaster and ruined all of our professional reputations.

USPAP was a great idea until they put their blessing on comp checks and decided that an AVM was not an appraisal, it just told you what is was worth.

Speaking of the old days, there was a time, say '82 until maybe '98 when appraisers had a certain rapport with lenders requesting comp searches. I did them all the time. Usually it was a legitimate case where the lender who had no resources to estimate value on their own just wanted to know if they were in the ballpark.

Every lender I ever spoke to knew the score. They knew damn well I was not offering any guarantees of anything. I was providing a service and I will add, it served the public good.

After '98 or so it seems the whole process went to hell. A huge generation of rookie appraisers started entering the field and they just couldn't grasp the concept. It turned into "if you can hit this value I'll send the order."

We can never return to the "old days." However, personally, I never want an appraisal order that I know in advance will turn out badly.

 

[xmtpedprl]

You may be correct, we may not be able to return to "the old days."

Problem is, it might go back to the "Dark Ages" if the current trends aren't resolved.

Dave...

 

[Webbed Feet]

Mr. Phillips,

Actually, you have it all backwards. It was many of the old timers that lacked the mental capacity and education for two things that caused all the problems. A) Their practices of doing comp searches back in the good ol days was never ethical even back then. B) USPAP came along and they couldn't grasp what it said.

None of it ever had a thing to do with what the score was, or wasn't, in the ballpark.

Webbed.