• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

realtor mumbo jumbo

Status
Not open for further replies.

Ron Schwartz

Thread Starter
Junior Member
Joined
Dec 11, 2002
Professional Status
Certified Residential Appraiser
State
Florida
I have never been a fan of Mtg Brokers or Realtors especially since we get $300.00 and they get $3000.00 for being glorified used car sales people.

Its amazing how these realtors colors are now changing. Today I had to do an REO appraisal for a major bank. The realtor met me and walked around the exterior of the house following me as I was measuring it. He kept pointing out what needed to be fixed. When we got into the house he actually began to kick the baseboards. punch the drywall and scrape the ceilings while he described the home as being a dump. He then offered me some printed sales and went on to explain how "I better not kill his deal with a high appraisal and that he is sick of appraisers killing his low offers on these REO forclosures.

Interesting???? I guess he doesnt recognize me because I remember a few years ago he showed me a dump and tried to compare it to the Taj Mahal and and referred to it as the nicest home in the city that he ever offered for sale.....

Also, I was driving home from the last appoinment today and I got a call from a realtor who found my name on an approved lender list....She explained that she needed an super rush appraisal on a two story townhome in a 30 story condo on the bay and ocean. She needed and guarantee of a value of atleast a million dollars and wanted an appaiser to come out and meet her at 9:00 PM tonight and wants a copy on her desk by 12:00PM tommorow....I started to explain that it is unethical to ask for a predetermined value and about the complexity of the job. She said "she doesnt want to hear about the lender ordering an appraisal and all that mumbo jumbo and that she wants to control the deal so she can finally close this one"

People...This is what is wrong and one of the causes of the mortgage loan crisis....
 

Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
<snip> .....................a two story townhome in a 30 story condo ......................

People...This is what is wrong and one of the causes of the mortgage loan crisis....

Mr. Schwartz,

Was it beamed in there by Scotty?

Webbed.
 

Eli Weiss

Senior Member
Joined
Nov 28, 2005
Professional Status
Certified Residential Appraiser
State
New York
Ron, I have the same experience on the REO properties, you forgot to mention that once they close the deal with the bank, this house gets painted, and goes back on the market for double the amount purchased, and is once again the Taj Mahal until the new owner forecloses a year later......
 

Ron Schwartz

Thread Starter
Junior Member
Joined
Dec 11, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Its the first two floors of the building .....and Eli I am sure we probably deal with the same snowbirds....you probably work with them in the summer and me the winter.....

I actually just got a voice mail from the condo agent saying "we will not be utilizing your services, I found an appraiser who will listen to me and do as I say"...... I bet his name is Skippy!!!!!
 

Chris Colston

Elite Member
Joined
Jul 24, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Its the first two floors of the building .....and Eli I am sure we probably deal with the same snowbirds....you probably work with them in the summer and me the winter.....

I actually just got a voice mail from the condo agent saying "we will not be utilizing your services, I found an appraiser who will listen to me and do as I say"...... I bet his name is Skippy!!!!!

January 1, 2009 can't come soon enough, in this case. Any wonder why the regulations of who can order an appraisal are changing? Ron, you probably really didn't want the job in the first place.
 

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
Ron, I have the same experience on the REO properties, you forgot to mention that once they close the deal with the bank, this house gets painted, and goes back on the market for double the amount purchased, and is once again the Taj Mahal until the new owner forecloses a year later......
After the Realtor sells the house to his brother in law , quite a scam..
 

Proactive

Senior Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Washington
Its the first two floors of the building .....and Eli I am sure we probably deal with the same snowbirds....you probably work with them in the summer and me the winter.....

I actually just got a voice mail from the condo agent saying "we will not be utilizing your services, I found an appraiser who will listen to me and do as I say"...... I bet his name is Skippy!!!!!

Keep the address Ron; I'm sure we'll be able to file retrospective complaints after 1/1/2009. Maybe sooner.:new_smile-l:
 

JENIFFERW

Member
Joined
Nov 26, 2007
Professional Status
Licensed Appraiser
State
California
Maybe the Cuomo deal ought to make the appraiser's name a part of public records when the deal closes? That way, when we have been asked to do something unethical and pass or get "fired", but somebody else does it, we know who to turn in.
 

marc paolella

Junior Member
Joined
Nov 3, 2005
Professional Status
Certified Residential Appraiser
State
New Jersey
I have never been a fan of Mtg Brokers or Realtors especially since we get $300.00 and they get $3000.00 for being glorified used car sales people.

Its amazing how these realtors colors are now changing. Today I had to do an REO appraisal for a major bank. The realtor met me and walked around the exterior of the house following me as I was measuring it. He kept pointing out what needed to be fixed. When we got into the house he actually began to kick the baseboards. punch the drywall and scrape the ceilings while he described the home as being a dump. He then offered me some printed sales and went on to explain how "I better not kill his deal with a high appraisal and that he is sick of appraisers killing his low offers on these REO forclosures.

Interesting???? I guess he doesnt recognize me because I remember a few years ago he showed me a dump and tried to compare it to the Taj Mahal and and referred to it as the nicest home in the city that he ever offered for sale.....

Also, I was driving home from the last appoinment today and I got a call from a realtor who found my name on an approved lender list....She explained that she needed an super rush appraisal on a two story townhome in a 30 story condo on the bay and ocean. She needed and guarantee of a value of atleast a million dollars and wanted an appaiser to come out and meet her at 9:00 PM tonight and wants a copy on her desk by 12:00PM tommorow....I started to explain that it is unethical to ask for a predetermined value and about the complexity of the job. She said "she doesnt want to hear about the lender ordering an appraisal and all that mumbo jumbo and that she wants to control the deal so she can finally close this one"

People...This is what is wrong and one of the causes of the mortgage loan crisis....

Good observation. Yes Realtors are rolling in loot right now and collecting $3,000 per deal for doing virtually nothing. I guess the 30% of the licensees who have left the profession over the past 24 months just HATE MONEY.

I really love how some people take a couple of dopey anecdotes and universalize them into fundamental postulates. I am both a Realtor and an Appraiser and can categorically state that you don't know what the hell you're talking about.
 

OSU Beavers

Elite Member
Joined
Jan 10, 2007
Professional Status
Licensed Appraiser
State
Oregon
January 1, 2009 can't come soon enough, in this case. Any wonder why the regulations of who can order an appraisal are changing? Ron, you probably really didn't want the job in the first place.

What happens on January 1, 2009? Found it:

Banks will be required to adhere to the code. Beginning Jan. 1, 2009, Fannie Mae and Freddie Mac will require that lenders represent and warrant that appraisals on or after Jan. 1, 2009, will conform to the code, or they will not be purchased.

Just like HUD requires brokers to "stand behind", "be responsible for" or whatever on their FHA loans for the entire term. Yea like that stopped fraud in HUD loans. NOT.

Nothing to see here, move along folks. I don't see how AMC swapping will do anything but drive our fees down as direct lenders make a dozen AMCs fight for their business (Sort of like what BoA does now).
 
Last edited:
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks