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There's That Word Again....underwriter...

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Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
O.K. today's the day Friday, 3 p.m. Underwriter in Arizona doesn't like the Delaware appraisal because the bi-level comps for the bi-level subject are too far away (4.5 mi., 3 mi., 1 mi.) and they are not current enough (2 of the 3 over 6 months). I know the guidelines and explained and explained in the initial report...best there are, none others, bi-levels hard to find, different animal around here, buyers either want a bi-level or split, or they don't, small state 97 miles long, 35 miles wide, 3 little counties, distance not considered a factor, etc. etc.

But the Underwriter thinks she has the "goods" on me. She checked in Realtor.Com and there are tons and tons of very recent bi-level sales within a mile of the subject that sold within 6 months, and I'd better look again and provide 2 really good comps, NOW, because this is scheduled to settle Monday. I say, SEND THEM ON, whenever she gets a chance.
 

Ben Vukicevich SRA

Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
Wow.

Please ask that genius where I can find sold prices on realtor.com..I thought they only did listings....and with that, the listings have no street addresses posted, so they're kind of useless.

Gee, I could cancel all my MLS services and save big bucks if realtor.com is giving away free comp info...

Ben (North of the canal, this month)
 

Bob Alexander

Sophomore Member
Joined
Apr 1, 2003
Charlotte,
You ran the comps and you know what's out there. This is the time to challenge the underwriter by saying in your own sweet way, "Why don't you send the appraisal out for review" Never mind this "send me the Comps", because you know it will be garbage. Let them do the extra work.
Bob - San Jose <_<
 

Frederick R. Ruffell

Senior Member
Joined
Jan 21, 2002
Professional Status
Certified General Appraiser
State
California
Ditto Bob Alexander,
Charlotte you are preaching to the choir here, We all know your track record here at the forum. Now be nice about it, but tell the underwriter to provide their comps, per the MLS, along with their Appraisal Lic. and analysis... OR... send it out for review. Of course keep us all posted. :D
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
"Be nice", that is the one that always gets me. I practice being nice in this situation all the time. Sometimes intending to be nice and being nice never work out. My best advise, if they are an important client, grin and bear it. I hate kissing mortgage broker butt over clever comments I made that did not sound so clever after the fact. Remember, this is a business and make sound business decisions regarding your comments. Now if they are a client that you will never miss and you have been paid. It is open season. Tell them, spell it out and don't pull punches. Then end the relationship with polite farewell like, I wish your business the best of luck".


Some things not to say:

"What book did you read that?"

"I have other clients to service, too!"


"This comp was included per underwriter request only. This sale is given no consideration in the market analysis and is only provided for the entertainment of the underwriter. This sale is rural in a nature but within the requested three miles and six months, so the underwriter can fill out their check list appropriately. The subject's highly restricted addition has no comparison to a rural property with no restrictions. The original three sales are the only three sales from the subject addition in the past year, bracket the subject and best represent the subject market."

"The appraisal process is more complicated than a checklist. Appraisal guidelines are just that. Why would I want to provide a sale that is larger than the subject, when it is more important to provide like/kind properties? These sales are on high traffic streets like the subject, they may be 100-200 SF smaller, but that does not mean the subject is overbuilt for the area. So, you want me to provide an "out-of guidelines" larger sale with a large site/view adjustment, so you can check the correct box?"


I am not saying I have made those comments in the past, because it is against my better judgment. But, they say experience is the best teacher.
 

Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
Surprise #1......I was nice!
Surprise #2......They, he, she, it were all nice!
Surprise #3......They, he, she, it backed down and said, o.k. send 2 current listings of bi-levels.

Thank You...It worked! See, I can be nice when I'm told to! Thank you all for getting me back on track! :D

Now I've got to wash this sickening sweet taste out of my mouth with :beer:
:D
 

liznindy

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Indiana
I have a client who says the underwriter is saying the appraisal needs to be on form 2055 interior/exterior (the appraisal is currently a URAR)....they are closing today...


Any suggestions on how I could respond 'nicely" :rolleyes:


" The URAR is a complete summary report and should satisfy underwriter requirements which call for a 2055 interior/exterior"...."I would be happy to talk with the underwriter directly."
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
It was ordered on a 1004, it is appropriate on that form... if you NEED the other form the fee will be $$$a BUNCH of coyote pelts for emergency response... and cut who ever gets put off a few hours a portion of that fee in 'relief'.

and thanks to all for your flexibility!
 

Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
Originally posted by Charlotte Dixon@Apr 19 2003, 12:25 PM
Now I've got to wash this sickening sweet taste out of my mouth with :beer:
:D

Liznindy said: Any suggestions on how I could respond 'nicely"
Wish I could help, but I'm all out of sweet for the next few days :angry:
 

Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
What's going on out there in underwriter land? One week from original post (to the day) and this is what I got:

Underwriter: Please provide 2 additional current comps of a MODULAR townhouse unit, similar to the subject, and with a location not to exceed 3 miles from the subject.

Underwriter: Please provide 2 additional current comps of log homes, within 5 miles of the subject.

Underwriter: Please comment on the subject dwelling and shed situated on a 3 acre parcel and verify the shed is not being used for commercial purposes and that the land is not being used for crop income. (8' x 10' shed)

In the hour I had left in my Friday work day after all of the above, I took on a Desk Review and completed it. Why not? I don't usually do them but the borrower was stuck in a hotel with his family and the lender that I never heard of couldn't find anyone. At least I did something worthwhile. :angry:
 
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