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The Number Hitter.....

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slacker

Junior Member
Joined
Feb 20, 2002
<span style='color:blue'>By no means do I consider myself a "Number Hitter" but I was backing up some files the other day and realized that I only came in short on about two jobs in the last 100.

Would this appear low compared to what others are seeing out there lately? I don't see many unique or rural properties so that may have a lot to do with it.</span>
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Are you making time adjustments?
 
B

Bemis Pownall

Guest
AT LEAST YOU DONT HAVE TO TAKE ANGRY PHONE CALLS AND EXPLAIN YURSELF AFTER THE REPORT IS COMPLETE...

WISH ALL MINE WOULD COME IN...

:icecream:
 

Leon Stewart

Member
Joined
Jan 15, 2002
Contrary to what they say, all Residential Appraisers in a large competitive market with an extensive Client base that never changes are "number hitters". If there are a lot of Appraisers in a market, a lender will not use any specific Appraiser if he/she doesn't get the values they need to close their loans. They can be low on an Appraisal from time to time on properties that are suspect, but an Appraiser who consistently appraises low, will not exist in this business.

leon
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Slacker:
If you have that kind of sales to work with (wish I had em) and are still in an appreciating market that alone 'could' account for your making the numbers... or is it even remotely possible that a teensy bit of bias could have crept into your analyses?

-not tossing rocks, just wondering.

It's terribly easy to find 'for' and 'against' certain items if you are looking.

It also may be the case you work in a nice stable highly knowlegable market...

again (can you HEAR the whine) wish I did...
 

jim farrelly

Sophomore Member
Joined
May 8, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
slacker,

be thankful u are in the chicago metro market. it's been really weird here for the the last 9-12 months. my observations are similar. values appear either way under or way over the owners estimate of value
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
I probably 'appraise low' at least 15% of the time. I 'appraise high' at least 10% of the time. Sometimes the variances are by less than 10%, other times the variances are significant. I would classify my client list as pretty stable in that no client who has ordered more than 5 appraisals from me has ever dumped me. Of course, I'm not doing a whole lot of residential work right now.

Of the appraisals that come in low, I probably talk myself out of another 10% of the deals that come my way just because I can see their estimates are way high.

IMO, a residential appraiser who isn't either talking their way out of an assignment or bringing in an appraisal below the borrower's estimate at least some of the time probably isn't doing their job. It's no wonder Fannie thinks that 95% or more of all appraisals ever done come in at value.


George Hatch
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
George-

Where do you think Fannie gets their information? From the lender who's L.O.'s are sending out 3 appraisers to get their predetermined value, that's where!

The folks over @ Fannie can't be that gullible--it's a matter of politics. Coincidently, a timely transaction fee in lieu of an appraisal could work wonders for a sagging stock price--don't you think?

Most my clients do not provide me w/an owner's estimate (I've diversified). I only work w/clients who want to know what I think--there's a market believe it or not. However, for the two Mortgage Brokers I do work with...I'd say I "come-in-low" somewhere in the realm of 15-20% of the time (never kept stats--just guessin). It's typically in excess of 75% if they've utilized an AVM (no kidding).

-Mike
 
Joined
Jan 16, 2002
It depends on the market. When it's appreciating like crazy the "dead" file
is a low percentage like you stated. However, the market here is getting ready to crash and burn, presently about 20% arn't making it and it's increasing by the day..........If the idiot RE agents would do their jobs, instead of pandering to property owners, my secretary wouldn't be getting so many angry calls. I also talk myself out of a lot of jobs, knowing in advance that the aggrevation simply isn't worth it. I don't care about making their lousy deals. I had a call from a borrower yesterday, thanking me for killing the deal (it's rare, but it sure makes me feel good). I have a standing policy with no exceptions - ya don't like the value ? Fine, submit proof I'm wrong ! Notice I said my secretary gets the calls, I won't even get on the phone until I've seen their so-called proof and 99.9% of the time it's bogus BS.

PS - I have a stable client base and believe it or not most are loyal and
long time customers. An occasional "let's make a deal" sleeze ball shows up every once in a while, but their fired by the time they order the 2nd or 3rd appraisal.
 
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