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Property Appreciation

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Joined
Jan 16, 2002
The president of a mortgage company "shopping around for a better appraisal" - say it ain't so ! Better yet, he can only afford 3% down !
And of course, as we all know, he didn't pressure the appraiser.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
"I can only afford three percent down,"
"Any suggestions would be helpful."

Here's an idea.... buy a smaller, more affordable house. :roll: Oh yeah I forgot, you gotta keep up the image of riches.
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
The last three short paragraphs say so much, and that one sentence saying........"Your appraiser should have known his (her) report was likely to get kicked out of underwriting". Really ? No underwriter ever shares with me what is likely or not likely to happen, if..... I don't get to speak with underwriters, but I sure wish those avenues of communication came open every now and then. Why are they such a cloistered and shielded group of participants in this process ? And, don't say that they are too busy, and have a lot or other files to complete before the day is over, because we are all busy. O.K., well, we'd like to be busier, but the market is simply not what it was a little while ago, but don't worry, it will come back, I think.
 

Randy Beigh

Senior Member
Joined
Jan 16, 2002
Read this story. Interesting.

The payments with taxes and insurance are likely over $1,800 per month, but they have no money. Only in America.

I think they should buy something they can afford. I also think the appraiser should know that providing a large time adjustment with no evidence, should indeed know he is going to have an underwriter problem.

Was also wondering that in an area where there are a lot of sales with increasing values, why the appraiser didn't have more current sales. Seems like a contradiction to say sales are brisk with increasing values and then provide old sales.
 

BarbaraNJ

Junior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
New Jersey
The writer, at the very end of the article, states "You are doing the right thing" as an encouragement to the "poor" borrower seek another lender.

I wonder: would the author also tell the writer to drive drunk as long as he selects a town where the police would give him an escort to protect against killing himself??

The appraisal came in !!!! The lender rejected it, probable because they got the "odor" of a no money down purchase. Or could it be the borrower has a credit history which makes the lender uncomfortable?? That same writer will be happy to sue the terrible lender for letting him borrow so much money that he can't repay it !!!!

I love this forum, but if I read much more of this I may not be able to afford the therapy/drugs/alcohol (pick one or all) I will need as a result!!!

Just one question-------Does everyone in the U.S. now believe that they are ENTITLED to own a home????


____________________________

The Harder I Work, The Luckier I Get
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
if I read much more of this I may not be able to afford the therapy/drugs/alcohol (pick one or all) I will need as a result!!!
Pass the paper bag that holds the bottle...


Just one question-------Does everyone in the U.S. now believe that they are ENTITLED to own a home????
Of COURSE, preferrably complete with a winning lottery ticket or sucessfull lawsuit (same diff right?)
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Just got back from the courthouse where I saw the morthgages on two manufactured home packages I had done drive bys on several weeks ago Posted about them in another post. The used home put on the acreage has a mortgage with a large lender of $80,000. The manufactured home dealer that is selling the land also has two second mortgages that total another $26,000. My opinion of value, based on a 2055 exterior, was approximately $35,000 less than the total of those three mortgages. The highest recnt sale in the county that was arms length on twice as much land with a detached garage/shop, wrap around wood deck, site built utility room of good condition, unit same age as subject, had a sales price of $15,000 less than the subject. The subject is sitting above ground, on piers with vinyl skirting, without any porches, steps, patios, additions or covered parking. Well!!! I filing that info away for when I get an order for a REO appraisal in six months to a year. My 2055 exterior appraisal obviously gotten filed in drawer 13 and they kept shopping. Makes me want to go slap some people along the side of the head.
 

Frederick R. Ruffell

Senior Member
Joined
Jan 21, 2002
Professional Status
Certified General Appraiser
State
California
[There are a couple of things he can do. First, he can make "adjustments" based on inferior and superior aspects of the home for sale. For example, let's say the house you are buying has a nice big deck off the kitchen. A similar home in the neighborhood that recently sold for $220,000 has no deck. The appraiser may make a $3,000 adjustment in the appraisal report. This would help substantiate a sales price of $230,000. ]

Uh, $220,000 + $3,000 = $223,000 not $230,000...... Right?

This just shows how everyones thinks they know how to come up with a value. first of all how did he come up with a $3,000 dollar value for the deck, second how does $223,000 help substantiate a sales price of $230,000 any better than $220,000. Either you got $230,000 bracketed or you don"t. or am I missing something?[/quote]
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Don't you just love it when every Tom, Dick and Julio tells us how to do our job and get the value they need?

I sometimes think.... no make that more often than not.....think that most people don't understand the checks and balances of the appraisal process.

Unfortunately, it will not be corrected in my lifetime.
 
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