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This is all too common these days...

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Warren Sumner

Thread Starter
Sophomore Member
Joined
Jan 19, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Ohhh boy did I just get a call from a genius!!!

I appraised a manufactured home in a small country subdivision last month. I get a call from the loan officer this morning wanting to discuss my appraisal. Now, I was fortunate enough to find three comparables within five miles for this property. And for support, I added a listing on the subject street. As is typical for the market, there was a wide range of indicated values for the comparables, and given the appeal of the home as compared to other properties and the desirability of the subject parcel, (over three acres and a fenced pasture) AND on the basis of the listing support, I came in near the upper end of my range. Unfortunately for aforementioned loan officer, that was also about 10k below what he needed to make his deal work. But get this...this resident genius "used to be an appraiser before he became a loan officer." Per the message on my voice mail, my appraisal was "unacceptable," my adjustments "improper" and my value "way too conservative." (how many appraisers do you know that talk like that???) This guy went on further stating that I should have put my indicated value at the one suggested by the listing rather than the comps (against most every appraisal practice I can think of) and that my adjustments moved the appraisal to the "lower end of the range."
(Huhhh???)

I'm just glad my voice mail cut this (insert expletive here) off before he could continue. It's quite obvious by his voice mail that this guy had no idea what he was talking about and I seriously doubt he was ever an appraiser. If he was he must have been the worst in history. I have a return voice mail for this guy to call me to discuss. I just hope I can remain calm...I don't suffer idiots very well on Tuesdays!!! :x
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
It is just a case of too many loan officers getting whatever they want on their appraisals. If one appraisal comes in low they just call another appraiser because one license is as good as another. If you dangle the "I'll give you all my business" line in front of some appraisers, it is amazing what kind of value or appraisal you can get. Give somebody a chance to steal someone else's business and one shady appraisal is a small cost when you know the chances of review are slim. This scenario happens far mor often than anyone realizes.
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
Just be glad he's an ex-appraiser and no longer competes for your work. He obviously couldn't make it as a professional appraiser, and now he can't make it as a professional LO. Maybe he should consider selling cars or running for office, or better yet, starring in his own talk show.


George Hatch
 

Tony O\'Regan

Freshman Member
Joined
Feb 28, 2002
Call back and on his voice mail tell him...his closing costs are "unacceptable", the loan rate is "improper" and the loan to value on said loan is "way to conservative" :twisted:

...Obviously, YOU would know all this because in your past life you were a loan officer!!

Thank God you were blessed with a higher IQ this time around :lol:

Tony :wink:
 

Lee in L.A.

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
Or tell him "your message is improper, and should be illegal". "Please release some of the excess air pressure before your head explodes!" :twisted:

Or maybe you would rather give him an air compressor. :!:

No, I don't tolerate that well at all.
 

J in Florida

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Florida
I was in fact in a previous life a loan officer prior to becoming an appraiser. Trust me, most of these _____ cant hold our collective jocks. Upon my transition from LO to appraiser I had to purge my system of selective ignorance, ability to deny obvious facts, and the "if you won't do it I'll find someone who will" mantra. If you did a solid appraisal, there'll be no talking to this guy.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Just tell them to order a review, no need to try and explain it to them. They have tunnel vision and probably enjoy the view pack there.... keeps their head warm. :wink:
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
This is gonna happen so much more in the coming months EVERYONE is Refing BUT the problem is the value increase has slowed to where the every 2 year refi can no longer be supported. Plus Appraisers have started seeing some collegeues going down so the "I CAN DO" guys are leaving. My last 12 Appraisals have been REO's.
 
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