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The way of the World. The rest of you can deal with it now.

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Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
the world go by at the Western and English Mart. Waiting for the boss to get done. Or I would be one mad ole bull right now.

Got three calls on my cell phone this morning. One call was from a client I have been doing business with for a couple of years. LO says time are changing and I need to adjust to them. The report I sent in on Monday can not be used because I missed the owners’ value by some $80,000. I ask him in a nice way if he had read the entire report, read the CMAs I had included and what I search for like the subject for this past year and the year before. Did you read my Stats that I included showing the market has dropped 10% in the past year? That the highest sales of the similar subject properties was $280K to $315K. That the mean was $260K did you read all the data about the subject home and each comparable and the listings. Noted that they were all similar to the subject? His answer was yes, but that did not make any difference they needed the $380K to make the loan work. If I couldn’t get that number then they would need to pull the other orders they had with me. I was to refund the owners money. They do not want to waste their client’s money for something they can’t use. You know my answer to that. He pulled the orders.

Call two was from a new lender that said I was recommended to by one of the realtor offices that I do some business with. Right off the bat he said you know I need a hard value on the property before I can send you the order. We don’t want to waste our client’s time or money. I will give you the information about the property then you fax back what you think it will bring. I tried to tell him there was no way I could do that. I need to see the property and inspect all the records for the subject property and comparable sales at the court house and township offices. He said you know we can send a lot of business your way. We just started marketing in your area. Again I told him I could not do it and would not. He went on to tell me that all the appraisers they use agree to these terms if they want business from us. Then he ask me about my fess, I told him in the rural area depending on the subject and location they start at $350/$375 per appraisal, extra work is billed at $35/$50 per hour. He then went on to tell me that the highest fee they will accept is $125 for appraisal in town and $200 for anything rural. At that point I told him he had my answers if he want to due business with me, he would need to work on my terms.

Call three was from the a new lender on the solar system home. He said the other lender went out of business and he needed for me to change the name to the him and get the appraisal right over to him. I said I can do it when I get back, it would be a new appraisal because I just can’t change the name to you. There would be a charge to recheck the MLS data base and write a new report. I could have it to you by Monday. His reply was I am not having my client pay to just change the name. I will get some one to copy your appraisal and sign the new copy. I told him that was against USPAP and Regulations they would need to comply. He said I have appraiser that do what I ask, because we keep them busy.

It is happening more and more everyday now. I guess it is time to totally pull the pug on the residential side of the appraisal business. My business model is not working any more. I am going to build fence in the spring.

One of these was a Minnesota,Wisconsin lender and one from NY. So it not just east and west cost lenders anymore.

You can bet Pam will have these when I get back, to what good it would do the lenders are just going to lie anyway.
 

Non Sequitur

Elite Member
Supporting Member
Joined
Feb 14, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
Good luck. I wish I could build fences.
 

Narkissos

Junior Member
Joined
Jan 9, 2006
Professional Status
Certified Residential Appraiser
State
Michigan
Ray, I have been calls like this for the past few weeks. It has been that way in Michigan for some time now. They are getting better about wasting my time. Today my first call was "Hi, Do you do comp checks?" answer "No!" reply dial tone. At least they are not wasting my time by telling me the old story; all the appraisers do it, we can keep you busy, we have 50 loan officers and just starting marketing in your area..... The list goes on and on.

Call number two; "Hi, do you appraise Monroe County?" reply "Yes" . " I have a standard SFR I need to have an appraisal on. What is your fee?" reply "starts at $350.00 for suburban property". "Well it is on 20 acres, has two pole barns, is 4,000 + sq.ft and has three cell towers on the property". reply "That would be $1,500 - $2,000, depending on the SOW". "I have someone that can do it for $225" reply "Good luck with that"


Call number three; "Hello, do you do appraisals in Belleville?" reply "Yes" "We need an appraisal done at 1234 pain in the *** rd" reply "No problem, send the order over" "Well, before I can do that I need you to guarantee that it will appraise for $***,***., If it comes in you got the order". reply "What is your name again and who are you with?" dead silence, then dial tone. I just got off the phone with her supervisor, He seemed to be bothered that I called him about this.


And last but not least the email from an LO on an appraisal I just submitted

The appraisal reads Fair. I need it to be marked average. She is very sad and needs this loan

The appraisal must read average.
 

liznindy

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Indiana
It really gets to me when a MB says they don't want to waste their client's money (when asking for comp checks/value guarantees)...

Guess they don't have a problem wasting my time (which is money)!!
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Hey Ray be sure to stay in touch with the rest of us that your leaving behind. You'll be on my scheduled stops once I get the Motor Home. Best of luck in your new endeavors NO ONE can blame you for leaving this line of work. & Most are probablly envious.
 

Tucson Appraisals

Junior Member
Joined
Apr 12, 2007
Professional Status
Certified Residential Appraiser
State
Arizona
Luckily I get enough non-lender work to offset the evil of these people that telemarket for values. Every single time I get an email or fax with verbiage, it gets forwarded straight to the department of financial institutions.
 

Frederick

Senior Member
Joined
Nov 2, 2005
Professional Status
Certified General Appraiser
State
New Jersey
OK, here's my contribution for the day; I got a field review today.

The appraisal was done for an MB signed by a trainee and a licensed appraiser as having both inspected. Both traveled close to 100 miles to inspect this property. Remember, this is Jersey, not Texas or Oklahoma. They had to pass a couple hundred thousand homes and a few million people to get here. Their toll charges and gas would eat up most of the fee an AMC would pay.

The house was purchased in 2006 for $185,000. They re-listed in 2007 for $280,000. The appraisal says the Opinion of Value is $285,000 a month after it expired at $280,000 after 221 days on market. Of course, they didn't mention the expired listing that was only a month old.

I bet a dollar if I see the homeowner and ask them how many appraisers came through the house they will say .......one.

I feel like calling these people up and asking them if they know how many people they have sold down the river of bankruptcy and foreclosure.

These MBs are going to get a rude awakening. There are very few wholesale lenders still doing business and they are all gun shy right now. If these MBs think their stuff isn't going to get reviewed they are drunk. LOL

They can get all the comp checks and skippy's they want but their loan ain't getting funded.

A new day is dawning.

The Lender Implode-O-Meter says 215 lenders imploded as of today.
 
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Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
LO and MB seem to be SO worried about "wasting their client's money".
What about the few HUNDRED THOUSAND dollars the Lender might waste?
We are supposed to be the cut-out, the disinterested expert party who says Yes, the Collateral is sufficient -or- No, not sufficient.
HOW the heck DID THINGS GET THIS WAY ?? !!
/
 
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