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refi /aggressive lenders

J Grant

Thread Starter
Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Now I see why (some ) owners get upset about the value on a refi - just got a voicemail from an owner ( will not call her back, not appropriate) that she is upset because her lender told her her house would be worth a value of X $ and she just found out appraisal amount of Y$ -( 40k lower than lender promised amount - (below 300k price range ) and she wanted to know why..

why...1) Lender is an azz 2) the house had few upgrades and was compared to ...drumroll...similar size houses with few upgrades. The houses worth 40k more have
pools, garages, or significant upgrades/or located in gated communities (hers is not ) Surely there will come a reconsideration of value with ridiculous superior sales. I have more problems with refi values btw than in a purchase situation. With a refi, the lender/agent /Zillow indicates a sky high value, or they over borrowed on last refi with a inflated value and now are tapped out of equity and wonder why the appraisal is "low"
 

ucbruin

Elite Member
Joined
Mar 11, 2014
Professional Status
Certified Residential Appraiser
State
Massachusetts
"I have more problems with refi values btw than in a purchase situation."

Could this be because everyone involved in the sale and the mortgage process have access to the purchase and sales agreement??? :unsure: :peace:
 

J Grant

Thread Starter
Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
hope they throw my appraisal in the garbage and go find a number hitter to reappraise it. Just leave me alone. Is there any other profession that punishes people for doing their job ?

As if we bring it in "low" on purpose or something. Not much has changed since pre crash, I have some good clients btw this would never happen with, was a poor decision to accept an order from a C client who do very little work for.
 

J Grant

Thread Starter
Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
The competition is fierce now from internet lenders to more established ones and they chase any loan down no matter how marginal, and perhaps one way they snag a customer who is loan shopping is by promising a ridiculous high value.
I despise the move from fannie to speed things up even more to accommodate these aggressive gotta close today lenders in case their customer might take a moment to re consider. Yeah, like a data collector phoning in the "inspection" and appraiser rushed even more to deliver fast will help things. (sarcasm ). The client, a C rated client for a reason was rushing me even on this one where I took an extra day to make sure did not miss anything.
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
she is upset because her lender told her her house would be worth a value of X $ and she just found out appraisal amount of Y$ -( 40k lower than lender promised amount - (below 300k price range ) and she wanted to know why.
I blame the LOs for this because they boast about values they can't guarantee and if it works, they're the hero, if it doesn't they make the appraiser out to be the villain. Zillow makes these situations even worse. We're always made the target, I wonder if a LO has ever been sued for making promises to borrowers he can't deliver on? I had a screamer last month who behaved similarly.
 

J Grant

Thread Starter
Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
I blame the LOs for this because they boast about values they can't guarantee and if it works, they're the hero, if it doesn't they make the appraiser out to be the villain. Zillow makes these situations even worse. We're always made the target, I wonder if a LO has ever been sued for making promises to borrowers he can't deliver on? I had a screamer last month who behaved similarly.
And to make it even worse, the borrower does not understand why we don't call them back - god forbid the loan officer informs them about why appraiser will not be discussing value with them - so now the borrower will be offended as well as upset.
 

Mark K

Senior Member
Joined
Jan 27, 2004
Professional Status
Certified Residential Appraiser
State
Indiana
The ridiculous high fees that the refi lenders charge is why they are so aggressive.

Quicken has been hounding my daughter to refi her house. The refi cost estimate is nearly 6% of the loan amount. It would take her nearly 12 years to break even. Over $8,500 in costs for a $150K, 75% LTV refi loan. She blocked their calls after we talked.

LOTS of $$$ to be made by the lenders and you're getting in the way.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Certified Residential Appraiser
State
California
I blame the LOs for this because they boast about values they can't guarantee and if it works, they're the hero, if it doesn't they make the appraiser out to be the villain. Zillow makes these situations even worse. We're always made the target, I wonder if a LO has ever been sued for making promises to borrowers he can't deliver on? I had a screamer last month who behaved similarly.
I have no problem with brokers, agents and buses. From an ROV:


Per Client: There are 3 bedrooms not 2. Please address.

Per Client: Please review the following SALE. If you believe the following sale is not comparable to the subject, please briefly explain why in the addendum. If you believe it is in fact comparable, please include in your report only if you feel it is applicable: •zzz Laurel Del Dr. Thank you

1. Refer to the building sketch in the main body of this report. The “third bedroom” referred to is a three-walled addition built at the rear of the attached garage and accessed through the garage. The room is not contiguous to the GLA. International and National building codes prohibit this type of room to be used as a sleeping area or bedroom. Refer to one of the source codes provided below. The obvious issue is health and safety as this would be a hazardous condition due to fires from fuels and other materials associated with automotive storage. The other issues is the potential for suffocation from Carbon Monoxide which is the result of exhaust from an engine.

This was discussed in the report, as originally submitted, and was also discussed with the property owner during the site visit. T
he property was marketed in MLS as a 3-bedroom home and this was an error on the part of the listing and selling agents. There are several prior listings of the subject property where the correct room count was listed.
 
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