Treasury Department Recommendations

[J Grant]

Evincere commented on the gap. I posted the one I was looking at and have since worked on all day. I did not make a claim. Maybe you just read my second post. Maybe neither one makes sense to you.

I think there are lots of reasons for things taking a long time but lately I think it is related to buyer financing issues. Clean transactions move normally for time but there are a lot of messy ones that don't. The messiness is before I am invited but what I see and hear are borrower qualifying issues.

It doesn't matter. If there is just ONE delay a year actually caused by an appraisal, they will use it as an excuse to eliminate or downgrade appraisals . That's what they want , and they will use any rationale to justify their decision..

 

[J Grant]

Evincere commented on the gap. I posted the one I was looking at and have since worked on all day. I did not make a claim. Maybe you just read my second post. Maybe neither one makes sense to you.

I think there are lots of reasons for things taking a long time but lately I think it is related to buyer financing issues. Clean transactions move normally for time but there are a lot of messy ones that don't. The messiness is before I am invited but what I see and hear are borrower qualifying issues.

It doesn't matter. If there is just ONE delay a year actually caused by an appraisal, they will use it as an excuse to eliminate or downgrade appraisals . Whether there is regulatory or market participant push back/unintended consequences that will retain appraisals as the go to product remains to be seen.

 

[Renee Healion]

There are plenty of accounts here, recent and over the years, of the worst AMCs shopping appraisals for weeks for fees. Direct lenders don't do that, well, make that--at least not for long. Bankers' hours are not what they used to be. My point is that there are a lot of things going on and a lot of parties involved, none of whom want any blame. Everyone seems stressed, at least at this altitude (sea level). But yes, delays will be laid at our door.

 

[Non Sequitur]

I find it ironic that although most real estate appraisers are particularly good at appraising real estate - we are in fact terrible at "appraising" our own profession.

Reminds me of a great quote "Set your house in perfect order before you criticize the world."

 

[gregb]

Reminds me of a great quote "Set your house in perfect order before you criticize the world."

Mark Twain:

The secret of getting ahead is getting started.

 

[Joe Flacco]

What the profession needs is to get younger. Profession is not evolving because we still have the same appraisers from 30 years ago. I don't mean to upset the more experienced appraisers but a lot of you guys need to go. Especially the ones that think analytics and big data is the answer.

 

[Non Sequitur]

Mark Twain:

The secret of getting ahead is getting started.

I don't fault VaCAP for getting started, I fault them for deviating from standard methods. In order for any survey/study to be valid the methodology has to be solid, their methodology isn't even based on reality.

 

[Joe Flacco]

I don't fault VaCAP for getting started, I fault them for deviating from standard methods. In order for any survey/study to be valid the methodology has to be solid, their methodology isn't even based on reality.

If the benchmark is the contract date then what difference does the "front end" make in the turn times for both? Both would be impacted by the same "front end" issues.

 

[Joe Flacco]

Average age of 55 is one of the biggest problems the profession has.

 

[Joe Flacco]

There is nothing wrong with the methodology or the approaches to value. The approaches to value is what mimics the thought process of market participants. The thought process was the same a century ago and it is the same today. There are things that should and need to evolve but it is not the approaches to value and it is not to evolve into data scientists.