Some one posted a news story this week that listed the highest inflation rates in the nation by city. The highest rates were around 10% and the usual suspects, LA, SF, NYC, etc. Why is that? I think the anwer is a rigged market or in-house industry opertion. Realtors price their listing based on a 10% annual price increase, appraisers appraise fair value instead of market value by making time adjustments when they come up short, lenders know all of this but what the hell, we are all making out like a fat rat, so what?
This Wells Fargo, APR deal is a micro in-house deal. The only thing they need now is an appraisal service to go in with them and they can corner the market. One stop shopping. Easy money. We make your life easy.
I have an appraisal request laying on my desk at this moment from Wells Farge Home Mortgage. Why haven't I done it? Because it has a transaction value of $125,000 on the request, I did a search of every sale in this unique subdivision (40 parcels) going back 10 years and there is absolutely no justification for any such number as that in general and on that property in particular.
As I stated on another thread, this industry of ours is leaderless. We spend hours on this forum discussing the nuances of the AF, ASB, AQB, USPAP, while Rome burns. What is the point of it all?
Last Wells Fargo appraisal was several years ago when LO complained to me ..."well you just killed a really good commission for me"....knew they weren't going to last past the first dead deal anyway...bye, bye Wells Fargo.
These people should have been jailed years ago !!!!!!
They are still operating locally giving Skippy all their work - hey Skippy are you reading this !