Slow Down?

[Overimprovement]

Really? I see many sales contracts with an appraisal clause if appraisal is below SC price borrower is released from the deal /similar terms. Seems you are the one lying then...since many borrowers do not want to over pay for a house and end up with negative equity.

Actually the reason this clause is in most contracts is that if the house does not appraise, the buyer does not have the funds to make up the difference, so if this clause was NOT in there, the buyer would still be legally obligated to purchase the house.

Now IF there is a financing clause in there as well, with a specified loan amount, the appraisal contingency can be redundant, but various stakeholders through the years have kept the appraisal clause in there. Why? It gives the buyer one more out if the wind changes direction between signature and closing. It is extremely difficult to win a specific performance suit on a real estate purchase contract. The seller is much more legally bound to perform than the buyer. Been that way a while...

I don't think its because the borrower cares if the house is over-valued or not. I have been in lending for many years in addition to appraising. Borrower just wants the loan to close. Borrower does not create the purchase contract anyway, typically they are created and/or endorsed by the state realtor's board (around here anyway). The 'handmade' purchase contracts I see rarely if ever have appraisal, or financing contingencies in them.

 

[EddieB]

It’s a great loss that some of the most insightful posters left and many jackasses remain consistent.

 

[Overimprovement]

??How can we bring more "value" to our product. Name it or any reason why a lender or fannie would be interested in it, esp when an AMC will hire cheaper over who does a "better job" (sorry to say)

The public/borrowers need our services now because of appraisal waivers and because of offer pad and Quicken now owns for sale by owner etc. I've talked before about appraisers forming an outreach public website feeding off links to Zillow, offerpad etc and got little interest, imo if appraisers do not start getting on board with that and make a public presence they will become more and more marginalized.

Perhaps you have partially answered the question yourself. The borrower doesn't currently think about value. The borrower/buyer may not even care about value. I just said that myself and believe it to be true in many or most instances.

But...maybe with some creative local advertisement/outreach, the borrowers, especially the ones that never even meet face to face with a mortgage broker and/or realtor could be more easily persuaded TO care about value. They need a real person to be an advocate for them. Someone they can trust. Maybe reaching out to them extolling the virtues of really knowing the true market value of a home even before signing a purchase contract could be the ticket to a whole new area of clients.

Would this be easy? No. But that fact alone would leave 90% of appraisers out of this space. Look no farther than home inspections. They are rarely required to get a loan, but the borrowers have been made to see their value. If we consider how THIS was done, perhaps there is hope for the go-getter appraiser yet.

 

[KYLECODY]

Brother-in-law is a pharmacist for Walgreens. Over the last year Walgreens has cut benefits and working hours. He claims there is a gross oversupply of pharmacists in the market that Walgreens is pushing the old out for the new.He went from praising the company to calling it crap. We are not the only industry feeling the pinch.Amazon bought a drug company so we know where things are heading.

Just a quick follow up on this. It used to be almost as difficult to get into a Pharm program as medical school. Limited slots, high requirements. A friend of mine got rejected for the pharm school at my college and ended up getting into med school at another University..Crazy.

Pharmacists do make nice money but the job looks brutal to me..Pure boredom sitting behind that shelf. All that education and knowledge and you end up literally counting pills and explaining to the customers to take/not take with food/water, to avoid sunlight, take twice a day, etc. Essentially doing the same thing as the pharm tech and monitoring them when they just had to go through a 18 month program or whatever it is now, mostly online. I always thank the pharmacists for the info but imagine saying the same basic thing 50-100 times a day to the average citizen who basically ignores you, isn't appreciative and wants out of there with their pills as soon as possible.

 

[Dublin ohio]

Look no farther than home inspections. They are rarely required to get a loan, but the borrowers have been made to see their value

Not really a fair comparison. Home inspectors address what most buyers would consider to be more tangible factors. The roof leaks, the furnace is nearing the end of it's life, electric service is marginal, plumbing leaks, insulation in attic is not sufficient, etc, etc, etc. When was the last time a buyer thanked an appraiser for being below purchase price. By the time you get around to the home inspection. The buyer has already decided they are willing to pay "X" amount for the property. In my experience. Sellers are more likely to negotiate price due to inspection problems than appraisal coming in below contract. Especially when it is more of a sellers market.

 

[KYLECODY]

AMC merger. Let the games begin.

Valued Appraisers,



As you know, Apex is in the process of merging with Value Trend Solutions, another great appraisal management firm. As part of that process, we’re revisiting all of our policies and procedures to make sure we are operating as efficiently and effectively as possible. We’re also reaffirming our commitment to being the most appraiser friendly company in the industry.



With that in mind, we’re altering our appraiser payment policy to get the fees you’ve earned into your hands faster. Traditionally, Apex has cut checks weekly, but those checks pay files completed 30 days prior. Here’s the new policy:



Ø There will be 2 paychecks per month – one on the 15th (or last business day preceding) and one on the last business day of the month.



Ø The 15th paycheck will encompass orders completed from the 16th of the previous month through the end of the previous month. For example, the January 15th check will cover orders completed from December 16th – December 31st.



Ø The last paycheck of the month will encompass orders completed from the 1st of the current month through the 15th of the current month. For example, the January 31st check will cover orders completed from January 1st – January 15th.



Effectively, we’re shortening the payment cycle from 30+ days to 15 – 30 days. It’s true that there will be fewer checks per month, but those checks will be larger and will cover more recently completed files. For those of you who currently work with VTS, this is the payment policy they already employ.



Apex will be sending out a check today (January 4th) on its normal pay cycle. However, the next check will be cut on January 15th and will cover all files completed through December 31st. Also, please note that it is possible that you will receive check from Apex that pays files completed for VTS (or vice versa). This is completely intentional, and you may deposit the check as you normally would.



Once again, thank you for taking this journey with us! We’re completely committed to being the most appraiser friendly company in the industry, and we’ll continue to lean on this commitment as we consider future

Valued Appraisers,





As you know, Apex is in the process of merging with Value Trend Solutions, another great appraisal management firm. As part of that process, we’re revisiting all of our policies and procedures to make sure we are operating as efficiently and effectively as possible. We’re also reaffirming our commitment to being the most appraiser friendly company in the industry.





With that in mind, we’re altering our appraiser payment policy to get the fees you’ve earned into your hands faster. Traditionally, Apex has cut checks weekly, but those checks pay files completed 30 days prior. Here’s the new policy:

I don't know about Apex but I know ValueTrend and learned my lesson years ago. Home of the $350 appraisal and 4 day turn time standard order for 7 years running..I still get an "order" now and then to decline. Also one of the annoying ones and the WORST I have dealt with after submission. Please dot this i or cross this T or explain this more or that..or please add this specific comment in your addendum. Other than that...super. The staff are at least nice

 

[KYLECODY]

touche, but my sig line is a paraphrased quote from someone else on here and has nothing to do with my personal or political beliefs (i haven never even met a cattle farmer). all of the items were related to appraisals in threads on this board, most of them over and over in the same threads. i don't get into political fights because that's all they ever are and nothing ever changes - no matter which side you ask they are the ones in the right and the other side is wrong.

Never met a cattle farmer?? Ok, pro tip, they are called ranchers...Don't call them farmers, they hate that.

 

[Raven59]

Actually the reason this clause is in most contracts is that if the house does not appraise, the buyer does not have the funds to make up the difference, so if this clause was NOT in there, the buyer would still be legally obligated to purchase the house.

Now IF there is a financing clause in there as well, with a specified loan amount, the appraisal contingency can be redundant, but various stakeholders through the years have kept the appraisal clause in there. Why? It gives the buyer one more out if the wind changes direction between signature and closing. It is extremely difficult to win a specific performance suit on a real estate purchase contract. The seller is much more legally bound to perform than the buyer.

In agreement. This is done to leverage the purchaser's position. There are scenarios where the loan contingency may not be sufficient enough to give the purchaser an out.

 

[Raven59]

Just a quick follow up on this. It used to be almost as difficult to get into a Pharm program as medical school. Limited slots, high requirements. A friend of mine got rejected for the pharm school at my college and ended up getting into med school at another University..Crazy.

Pharmacists do make nice money but the job looks brutal to me..Pure boredom sitting behind that shelf. All that education and knowledge and you end up literally counting pills and explaining to the customers to take/not take with food/water, to avoid sunlight, take twice a day, etc. Essentially doing the same thing as the pharm tech and monitoring them when they just had to go through a 18 month program or whatever it is now, mostly online. I always thank the pharmacists for the info but imagine saying the same basic thing 50-100 times a day to the average citizen who basically ignores you, isn't appreciative and wants out of there with their pills as soon as possible.

Volume based business. They push staff to get prescriptions out the door.

 

[KYLECODY]

go find your safe space.

You are kind of a tool..Smart arse posts that serve no purpose other than to piggyback someone elses argument or to bang away at other posters belong on the useless comment forum. I'm sure you can find your way. --->