Same old comp check, different approach.

[William K]

I think that is exactly what is going on around here. I think L.O.s have been warned and informed to try this approach for comp checks. It's strange that they seem to be from the same 2 or 3 companies? As if they received a memo or instruction.

 

[dyewise]

Indeed, FHA is also going to spiral out of control, especially in light of how easy they made it to get on their damn list.

I had to take a class, pass an AMP exam (50 questions), the whole she-bang. Probably many of you did, as well. Now it's 'Sign and Send.'

RIDICULOUS.

Dave...

Dave,
FHA has made it far too easy, now you don't even have to fill out all of the application. They should have made it harder not easier, maybe a field test and report on a specific property.

 

[Jim Onderisin]

They were losing market share and "adapted". They became loose as a goose to pander to lenders and real estate agents.

 

[Common Sense]

How about this 1 guys. I received a text message last night at 11:30 asking for a comp check.

 

[AnonApprsr]

Indeed, FHA is also going to spiral out of control, especially in light of how easy they made it to get on their damn list.

I had to take a class, pass an AMP exam (50 questions), the whole she-bang. Probably many of you did, as well. Now it's 'Sign and Send.'

RIDICULOUS.

Dave...

Dave,
FHA has made it far too easy, now you don't even have to fill out all of the application. They should have made it harder not easier, maybe a field test and report on a specific property.

I don't find it ridiculous. I think the application is ok, and if they are actually checking the information I think you'll get a majority of accepted appraisers that know what they are doing. I may not have the FHA rules memorized, but I know enough to know when I don't know, and to find out.

For myself, I have been trained by an FHA approved appraiser, who like you had taken a test. He has been appraising since the late 80s, and was within the first 1000 appraisers to get licensed in the state. FHA Approved for about 10 years I think. This man trained me for about a year on FHA appraisals, several months prior to my application. I'm also a certified residential appraiser, and have been doing appraisals for years.

The fact is that this application allowed me to be quickly approved, without great cost and time. An FHA appraisal honestly doesn't require that much more than a normal refinance/sale of a property. And since the new FHA guidelines came into affect, it's even less "responsibility." You don't have to kill the loan, you just give the lender the information to make the decision within the report. Anyway, that's not really the issue here.

The issue is that this application, if the information provided is checked for accuracy, isn't by definition bad. It allowed me to perform work I could not have previously, and did so semi-quickly and in an affordable manner. The way it should be.

 

[AnonApprsr]

How about this 1 guys. I received a text message last night at 11:30 asking for a comp check.

You win, .


I have received request for appraisals from home owners for the very reason that the lender is freezing their line, due to recent home value declines in their area. I'm pretty sure the banks just have a list of counties or zip codes that have declined, according to someone.

I see no fault in a home owner seeking an appraisal to keep their source of money. The only fault could be the appraiser's, if they do not inform them of the possibility of a lender not accepting the appraisal, or even worse if the appraiser agrees to a preset value for a sweet fee, or the prospect of two fees.

I, myself, have taken 4 assignments of this nature in the last 3 months. Two of the owners seeking appraisals, said they needed a number. I informed them that I do not work like that. That I would give them an honest appraisal, based on correct data and my years of experience and education. I told them that an appraisal from me will be performed in an ethical manner, and professional fashion. I also explained to them about USPAP, and my ethics in general.

At the end of my explaining to both of them respectively about them having proposed "hitting" a value, they still wanted my services. In addition to them probably figuring they didn't have to give their lender my appraisal if they didn't want to, and I think they actually wanted an honest appraisal of their property. Not everyone is a jerk like that. After explaining to them about ethics, legality, and the fact that my appraisals are professional performed by a certified and experienced appraiser they decided that's what they wanted.

Yes, these people want their money but I'd say that a lot of them don't want to break the law, or have ethics violated. Some of them may be naive enough to think that's how appraising works, our profession isn't exactly well regarded at this moment in time, and sadly they may have experienced shady ******* appraisers who did break ethics. But once you tell them about your ethics, and that they will receive a quality product, I feel that some, if not most of them will still procure your services.

Of course, this is only based on 4 such offers. But I did go 4 for 4, and I did explain that the lender doesn't have to accept my appraisal to all. I think all of them said that the lender, when instructing them of their option to get their own appraisal, said that any licensed appraiser would be accepted. Oh well, I'd definitely accept more such work.

And be sure that my fee was collected at the door, and that the check cleared before I shipped the .pdf to them. And on two of them I did get another fee for "readdressing" the client. And be sure you do too. In actuality, it's of my understanding that it is a new assignment. When questioned as to why it was such a large fee (75% of a full fee fyi), I explained that my signature on a report with the lender as a client is a new appraisal in that the lender is being given all the guarantees that come with an appraisal, and that my signature is not free. There were no complaints, and both lenders paid. I didn't feel bad, because the home owners didn't have to pay the second fee. I probably would have further reduced it if they were required to.

In summation, I have had nothing but good experiences with home owners looking for appraisals to save their loans. And if they are looking for a certain value, explain to them that you're an appraiser, and appraisers don't do that.