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way over value

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TexasRed

Sophomore Member
Joined
Jun 23, 2004
Professional Status
Certified General Appraiser
State
Texas
I just had a report come across my desk that looks to be over valued by 230k-280k (855k value). I was not given the report to do a review on just to look at because I didn’t believe the LO when he told me the value. I have lost at least one client a month this year because my appraisals are not hitting the values requested. What should be done with this report? The house 2 doors down sold for 559k 3 weeks before the appraisal, the comps are all over 1 mile.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Send it to the state. The TALCB might...just might...take some action. Depends on just how many of his/her files have been sent to the state.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
definately send to the state along with those closer sales.
 

aussie ken

Member
Joined
Mar 11, 2005
Professional Status
Retired Appraiser
State
Australia
I just had a report come across my desk that looks to be over valued by 230k-280k (855k value). I was not given the report to do a review on just to look at because I didn’t believe the LO when he told me the value. I have lost at least one client a month this year because my appraisals are not hitting the values requested. What should be done with this report? The house 2 doors down sold for 559k 3 weeks before the appraisal, the comps are all over 1 mile.

I's HATE THE VARMITES.......send it to your state registration board with the better supporting sales evidence.
 

redfish

Senior Member
Joined
Sep 2, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
Call the LO and ask him if he wants to send the report to the state or should you. If justs makes it more fun that way.
 

TITAN1

Sophomore Member
Joined
Jan 2, 2008
Professional Status
Certified Residential Appraiser
State
Florida
Call the LO and ask him if he wants to send the report to the state or should you. If justs makes it more fun that way.
Redfish , i like the way you think!! your a sick individual as I , when it comes to makin it right!!
 

Cob

Senior Member
Joined
Mar 30, 2006
Professional Status
Certified Residential Appraiser
State
Texas
Send it to the state. The TALCB might...just might...take some action. Depends on just how many of his/her files have been sent to the state.


TALBC will not look at it if the complaint is about value, I used to work with a guy who had a friend that worked at TALBC, he said 99% of the time they will not even look at a complaint if it's about value. Also if you have lost a client a month, if you turn the appraisal over to TALCB or tell the client who provided you the appraisal that you are thinking of doing that, you may have just lost another client.

If the appraisal that you saw is really that overvalued it should take care of itself, the way lenders and U/W's are now, that appraisal will never make it through anyway. I personally would just move on and maybe find some better clients, people that are over valuing homes by 220,000 will not be around much longer with the lending climate the way it is now.
 

TexasRed

Sophomore Member
Joined
Jun 23, 2004
Professional Status
Certified General Appraiser
State
Texas
It closed 2 months ago. UW didn't say a word.
 

Marcia Langley

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Missouri
The board will definitely look at it if the comp selections were not credible and resulted in a non credible appraisal.
 

toddmallard

Junior Member
Joined
Oct 4, 2007
Professional Status
Certified Residential Appraiser
State
Georgia
Tex, the other number hitters are working right?. They say that we will correct the profession. Yeah right.
 
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