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Survey Shows Pressure On Appraisers
- Thread starter Restrain
- Start date
- Status
Lawrence Silverman
Freshman Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Illinois
Ditto
Larry
Larry
Mike Simpson
Senior Member
- Joined
- Jan 30, 2002
R-E-A-L-L-Y
Lenders pressuring appraisers...I hadn't noticed.
...I've got to agree with the major consensus...any appraiser working for $50 while contributing to putting themselves out of business must be (let's see...how can I put this gently)...challenged? They must need money pretty darn bad!
-Mike
Lenders pressuring appraisers...I hadn't noticed.
...I've got to agree with the major consensus...any appraiser working for $50 while contributing to putting themselves out of business must be (let's see...how can I put this gently)...challenged? They must need money pretty darn bad!
-Mike
Blue1
Elite Member
- Joined
- Jan 14, 2002
- Professional Status
- Certified Residential Appraiser
- State
- California
'Blessing' an AVM with a licensed appraiser's signature it tanatmount to doing an appraisal. Since the appraiser is not actually viewing the subject property this type of assignment carries more liability for the appraiser and therefore should require a higher fee.
Ghost Rider
Senior Member
- Joined
- Apr 27, 2003
- Professional Status
- Banking/Mortgage Industry
- State
- Connecticut
That works to a point, same thing I did with them, until they stopped sending the orders, and giving them to idiots who WOULD electronically sign their BS AVMs........
As far as the original point of this thread, the fact that someone noticed that lenders pressure appraisers for values?? NO ****.......I'm sorry, but this has been obvious since I got into this business over 5 years ago. The only way to fix it is to pull the abillity to order appraisals out of the hands of the mortgage brokers and originators......Until then, I won't hold my breath for the pressure to start, and the ability of the number hitters to be able to survive and make a very comfortable living.
I've actually been offered sizeable, well, call them bribes, kickbacks, whatever to make sure a number would happen.......but the $$ has never been worth the risk in my eyes. I've had a borrower show me $1,000 in cash, and leave it on a kitchen table, just to make sure his refi went through.....I called the lender from my cell phone in the driveway, and told then I wouldn't be doing a DAMN thing with the appraisal, and the reason why......No way I was going to complete that report with even the whiff of that going on.....Now, on the other hand, an investor who was doing say.......50 properties, and he added another zero to the kickback on each of them.....Might get a bit more interesting, but I'd still walk.
As far as the original point of this thread, the fact that someone noticed that lenders pressure appraisers for values?? NO ****.......I'm sorry, but this has been obvious since I got into this business over 5 years ago. The only way to fix it is to pull the abillity to order appraisals out of the hands of the mortgage brokers and originators......Until then, I won't hold my breath for the pressure to start, and the ability of the number hitters to be able to survive and make a very comfortable living.
I've actually been offered sizeable, well, call them bribes, kickbacks, whatever to make sure a number would happen.......but the $$ has never been worth the risk in my eyes. I've had a borrower show me $1,000 in cash, and leave it on a kitchen table, just to make sure his refi went through.....I called the lender from my cell phone in the driveway, and told then I wouldn't be doing a DAMN thing with the appraisal, and the reason why......No way I was going to complete that report with even the whiff of that going on.....Now, on the other hand, an investor who was doing say.......50 properties, and he added another zero to the kickback on each of them.....Might get a bit more interesting, but I'd still walk.
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