What are these LO's thinking?

[Leon Stewart]

John it looks like my extended comments need a little updating .....maybe something like this....In the final reconciliation of value, the most emphasis has been given to the Needed Value approach. The Estimated Value and the Market Value approaches were given some consideration, but we believe the Needed Value approach better serves the borrower.

I think the "Needed Value Approach" best serves the Lender. Keep in mind the Needed Value allows the Borrower to pay more for something than he/she should.

leon

 

[Caterina Platt]

Bobby,

:lol: :lol: :lol: :lol:
ROFLMAO, and Lee Ann's classic, SBOS! (Spitting beer on screen).

That one's going on the wall!

Cheers all!

Here's to the best weekend possible while one is planted on one's sedentary backside typing reports! :roll:

 

[Dee Dee]

Got a very interesting assignment this week. Local LO made an offer to purchase on a fixer-upper where the seller had a realtor but it hadn't been listed in MLS yet. LO thought he was coming in with low price offer to seller which was accepted, and yours truly is called in to appraise said property.
Checked the place out, researched it to death, there was no way it was worth the contract price. Even called up the sellers Realtor out of courtesy to see if he had comps up his sleeve that I may have missed. Nope...not one....hadn't even had time to come up with a listing price with seller before offer was made. I finished my report and value estimate came in about $30,000 less than contract. LO (buyer) and seller are now renegotiating price. If that doesn't work out then deal will crash and burn.
First time ever that an LO has thanked me for 'coming in low'. Told him it was not intentional or to do him any personal favor, but to remember it next time when I come in low on any of his loan deals. I appraise to protect the buyer and the lender, not to make the deal fly. In this case I happened to save the guy from making an expensive mistake, and hopefully he won't forget the lesson anytime soon.

 

[Blue1]

Hey Bobby! Good Idea! Why, we wouldn't even HAVE to do an appraisal for the "Needed Value" approach.....just sign your name to the fax and re-fax it back to them. (with the appropriate fee of course) :lol: :lol: Shouldn't even need comps, after all, the "Needed Value" has already been determined by the LO. :twisted:

Faxed comp searches from unknown quarters go to the "black hole" in my office. Never to be seen again.......tommorrow, I'll forget I even received that "comp request." Saves time and money in the long run.

 

[Tim Hicks (Texas)]

Comp requests always cause trouble. I can't even get a grasp of value on actual assignments with "average to good" tax data here. Everytime I think I have a "slam dunk" appraisal it bites me in the behind. There is always some angle that can not be expected. The add-on addition, the tax records are 200 SF big (but you said you could get $150,000-I did not say that, you did), garage conversion, the 1,100 sf house is now 2,200 SF, the subject is the only house in the 40 year old neighborhood with all original everything, etc. I will not do comp requests because they want to "nail you to a value" before you go out. Plus, how many times have you gone out on an appraisal assignment thinkng "no way" and left the property thinking "yes way". That reason alone could keep a prospective borrower from getting their home refinanced because a prelimary check does not support their needed value.


I am still expecting some loan officer to call and ask why I exceeded their "needed value" on one property by $20,000 and can't get their "needed value" on another by $5,000 (Its only $5,000, you can get that somewhere). I can here it now, "Can't you reduce the last one by $5,000 and add $5,000 to the this one?" like it is some appraisal well that only has $xxxxxx amount to be shared by all assignments.

 

[Karl]

The only requirements to be a Loan Officer that I am aware of are : Sold at least two used cars within 90 days & Own your own calculator. Prefer that calculator have many buttons on it.

 

[Mike Garrett RAA]

New approach (thanks to Bobby Bucks). The Rubber Stamp. You tell me what you need and I will "rubber stamp" name and license number on it. Why I could do these for $1.00 an appraisal and make up my loses in VOLUME!

Just had a loan office call a home owner and tell her to stop payment on COD check because the appraisal came in too low. It was too late, took the check to the bank the same day!

 

[Terrel L. Shields]

Wonder if the LO warned the homeowner the consequences of stopping payment of a check....in my state this is treated the same or worse than a bounced check.

ter