Steve:
I noticed in a recent message on their forum one of the posters asked for an appraisers. He said "not just any appraisers". Another one posted back he knew a guy "never had a problem with value". Not as crazy as your talking, but sad just the same. Many of these guys just care about up front fees, hell with risk. They do not want to know the truth or at least an opinion of the truth. The sad thing is it goes pretty high up in some of these organizations. I have never seen or heard anything as crazy as this system.
The housing market is booming, but because of the economy commercial, especially office is really hurting in most of Chicagoland. Most of the commercial appraisal work this past Summer had been refi based strictly on lower rates. I fear if things take a down side or rates go up to quickly we will be sitting on our hands for a while than the repos will start. In fact I took in a couple of repo appraisals last month. I have not done any in years. It is going to get interesting.
This Spring and Summer I was saying things were going to be good for awhile but I feel the wind a shifting. It will be some months out ( 6 to 8) but its a coming. The good times are not over yet but we are near the peak, if not slightly over it.
And as one of them said on their forum, once its over there will be a whole lot of appraisers and brokers saying "would you like fries with that order"? Well lets hope brokers mostly.
Steve Vertin
