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Stop the insanity!

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Chris Colston

Thread Starter
Elite Member
Joined
Jul 24, 2003
Professional Status
Certified Residential Appraiser
State
Florida
I've never seen this business and markets this insane!

Mortgage brokers, LOs, etc calling and asking for fees and turn times, then finally asking the real question..."Do you Pre-comp.?" even on FHA assignments. FHA assignments waiting 3, 4 days even as long as a week to 10 days before being issued a case number. (Do you suspect the client wants the value first....Hmmm? I do.) Then getting upset because you haven't seen the house yet.

Homeowner's upset because your final value is too low and they can't get their loans.

Call backs because you checked DECLINING and OVERSUPPLY and your comments state a 'buyer's market" and the "whiner" on the other end of the phone claiming their investor won't accept the appraisal that is marked that way.

Now the latest, seems no matter what value we opinine, the funding lender's underwriter is cutting the value further.

So which is it? As I am sitting here, preparing to answer the law suit of a homeowner for what they feel is incompetence and undervaluing their property, I just now got a call from a MB about a property I appraised in October that the inhouse reviewer, in agreement with the UW has cut to below the property assessment which came out to a minus 39% of the appraised value on the report!! At least this time, to the borrower I'm not the bad guy, but to the lender they now have me flagged as someone who "over values" property and will have to be reviewed on a regular basis.

UGH!! This is absolute INSANITY!
Somebody wake me from this nightmare! m2: m2:
 

OSU Beavers

Elite Member
Joined
Jan 10, 2007
Professional Status
Licensed Appraiser
State
Oregon
I am still waiting for a case number for an FHA report ordered on Monday.
 

David Wimpelberg

Moderator
Staff member
Moderator
Joined
Mar 30, 2005
Professional Status
Certified General Appraiser
State
New York
It is insane. Our office recently did a job (second appraisal) for a MB. We were chosen because they had no choice (limited lender approval list). The other appraiser's made-up number was 50% higher than the one our office did. You wouldn't believe the screaming that ensued.

I currently refuse all MB work; don't call me if you're a MB. I'm not interested in hearing the screaming on their way down.





Note to MB's: I like my fries just out of the fryer and lightly salted.
 
Joined
Jan 31, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
I know it's easy to say from my corner Chris but just stick to your guns. The good guys will win in the long run.
 

Vegan702

Senior Member
Joined
Feb 24, 2005
Professional Status
Certified Residential Appraiser
State
Nevada
It could be worse, I think. :shrug:
 
Joined
Jun 3, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
The most recent Goldman Sachs forecast, via Calculated Risk --

http://calculatedrisk.blogspot.com/2007/11/goldman-sachs-on-housing.html

Home prices are also likely to decline substantially. If the economy narrowly escapes a full-blown recession—as we continue to expect in our baseline forecast—a peak-to-trough decline of 15% in house prices is the most likely outcome. This would imply price declines in states such as Florida of up to 30%. If the economy does enter a recession, prices could decline as much as 30% nationwide.

Note the 30% value decline in Florida is predicated upon staying out of a recession -- which is less and less likely, as the financial sector bad news increases every day.
 

Wendy

Senior Member
Joined
Feb 23, 2004
Professional Status
Certified Residential Appraiser
State
Florida
Some places in my part of Florida have already seen 20%. 30% does not seen so far away now. :(
 

Narkissos

Junior Member
Joined
Jan 9, 2006
Professional Status
Certified Residential Appraiser
State
Michigan
Chris,

Try to relax, you are going to need to up you BP(blood pressure) meds.
S.E. Michigan has been on a downward spiral for a while now. I have been getting those calls since Aug.06. All we can do is our job, we have no control over the fall out from us reporting the truth. Someone is going to have to start a support group for stressed out appraisers before one ends up on a shooting rampage. Just put your life jacket on and get back in the water.
 

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Ms. Janet

Elite Member
Gold Supporting Member
Joined
Oct 27, 2004
Professional Status
Certified Residential Appraiser
State
Florida

UGH!! This is absolute INSANITY!
Somebody wake me from this nightmare!

I agree. It's weird, I still love learning and reading about appraising, but, I'm really disliking practicing...:cryingsmiley:
 

Marcia Langley

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Missouri
You guys are right about these MBs trying to do FHAs. Dang, my last one took so long to get the case number I thought he had cancelled the job.

Then the next job I had was a screamer.:fiddle:
 
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