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What a Loan Officer Should NOT Say To an Appraiser

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Charlotte Dixon

Thread Starter
Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
Loan Officer...

You mean, you haven't been there YET?

Just calling for status. You know, this is a SUPER, SUPER RUSH!

We need an UPDATE on that appraisal you did for XYZ Mort. Co. 2 yrs. ago.

We've been looking for a "GOOD" appraiser we can "WORK" with.

Didn't you get my message about what we NEED it to be?

NONE of the other appraisers had value issues in that subdivision.

You know that appraisal request on Smith Street we sent you yesterday? Well the Seller called and said you haven't contacted him yet. I gave him your office and cell phone numbers. The Seller says he needs to give you his schedule because he's very busy and needs to plan ahead.

Joe Shmo, our REGULAR appraiser is out of town. He ALWAYS uses stick built homes for comps when appraising singlewide manufactured homes. He knows the area and we've NEVER had a problem like this.

We got in contact with Joe. He said he'll be back in 3 days and he'll send you one of his reports so you'll see how he handles those singlewides. You can just copy what he did. He's a great guy!

The borrower said you were only there 30 minutes and missed some stuff. That's why the appraised value was so low. Can you go back?

The borrower said you were rude to his canine. He jumps on people if he likes them. He's just a big old friendly Marmaduke dog. I told the borrower you must not like animals.

That's strange. None of MY other appraisers complain about not getting paid. Are you sure you sent an invoice? Did you have a file # on it?

The borrower says it's got to be worth at least $40,000 more than the appraisal he had done last year. They painted the interior, stenciled, added 4 ceiling fans and 2 more electrical outlets. Pump it up as high as you can. We gotta get this guy out of trouble.

You're new on our approved appraiser list and that was a terrific job you did on that appraisal 2 weeks ago. Couple things though... we need you to change it to "suburban", take out that part about the house facing the sewage plant, and retake the street scene photo. The Underwriter wants an addendum with further explanation regarding your comps being 4 blocks from the subject. Oh, and they renegotiated the contract yesterday because the borrower is buying the lawn tractor, above ground pool and lawn furniture, so you'll need to jack the appraised value up $5,000 more...but don't talk about that stuff in the report. Won't be a problem will it? Just tack on another $5,000 somewhere. Atta girl! Oh, we're closing in 2 days. Got some more for 'ya! We'll keep 'em coming! :roll:
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Wheeeeeee! But, you only printed what you heard last week. What about the other 51 weeks.
 
B

Bemis Pownall

Guest
yur giving all the LO's who read this forum
all the secret lingo!
LOL
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Don't you think the roof will last one more year? Then why is that deferred maintenance? That is 12 months from now, he has plenty of time to replace the roof. :x
 

Nancy in Friday Harbor

Junior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Washington
Well, why do you have to mention the hole they cut in the wall of the manufactured home? It's just to get to the addition........ If you talk about it or require an inspection, you'll ruin the deal!!

N.
 

Alan Simmons

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
True story:

LO: "I just talked to the underwriters and they thought your idea VERY unprofessional of using comparables ten miles away in that better neighborhood. I argued with them all day about your idea. I told them you said you could make it work."

Me: What?

LO: "Two weeks ago you said [selectively paraphrasing] that the only way the subject would appraise for over $X is if we used comparable in that better neighborhood ten miles away. The Underwriters did not like this idea at all and asked for your name."

Me: "I think you misunderstood me. I said only houses in the better neighborhood were bringing that value. I was not suggesting a way to get a value but politely turning down the assignment."

LO: "Oh, but closing has been moved up to Friday"
 

J in Florida

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Florida
A few more faves...

"I'm looking for an appraiser who will make deals, not kill deals"

"But I don't understand, if you having a willing buyer and a willing seller, that's market value, isn't it?" heard that one WAY too many times

"The borrower said that those houses are going for way more than your appraisal"

"The borrower said you were at the house this morning. Where's my appraisal?"

"Don't bother with all this zoning, obsolescense stuff just give me my value"

"We don't need an appraisal, we just need to know what its worth"
actual quote
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Yesterday:"I know we haven't paid you in 3 months. You came in low on that VA we ordered. You should have stopped and called us an let us know it wasn't going to work. I don't feel we owe you since you came in $30,000 low and didn't have the courtesy to call us(VA Loan)

My response. "OK, I'll call VA and ask that in the future they require you to prepay for the appraisal, and if you don't pay, that you be removed from their approved list.


Today: "If you don't have the check in 2 days let me know and I will hand carry it" President of company after receiving a call from VA.


Don
 
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