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Which Type Of Appraisal Is More "inflated"

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  • Purchase money mortgage appraisals - Sales Price

    Votes: 0 0.0%
  • Refinance appraisals - Estimated values

    Votes: 0 0.0%
  • They are both equally agressive

    Votes: 0 0.0%
  • I've never had to "kill" a deal in my career

    Votes: 0 0.0%

  • Total voters
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Ghost Rider

Senior Member
Joined
Apr 27, 2003
Professional Status
Banking/Mortgage Industry
State
Connecticut
I was just curious from the other thread where the discussion of "real appraisals" vs. "refi appraisals" started............I normally kill a LOT more deals for refinances than I do for purchases, by a rate of 5:1 or so, probably even higher depending on the market.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
only ones by 'bad appraisers'
:rofl: MH

I do not inflate appraisals :eek: , but I have bin known to kill off a few refi's in review.

Got one right now where I went to the extraordinary step of actually going out to the county appraiser ofice to view their photos: cause county said it was fair/below average on quality and condition... and you can't see the palce from the road. After lookin at the pics Ican see why they downgraded in a county where darn near everything is 'average' ;) The client ain't gonna be happy with my slashing the value, nor the fact the original appraiser didn't mention the shared drive, nor the oil tanks, nor the 22 cars, nor the HEck they even had a hound dog on the sagging front porch when the county guy took the pic! :rofl: .....

IF what you are asking is 'inflated estimate of value'
I have to agree with you
but honestly beleive the 5:1 figure is too low. <_<
 

Ghost Rider

Senior Member
Joined
Apr 27, 2003
Professional Status
Banking/Mortgage Industry
State
Connecticut
I should update it to read "which type of appraisal REQUEST is more inflated"

I do wanna know who said that they've never had to kill a deal ever!!!!!
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
I do wanna know who said that they've never had to kill a deal ever!!!!!
:huh: That has to be a joke. Who is the biggest joker?? Bucks..... 'dat your vote? :D
 

John Hassler

Senior Member
Joined
Jul 23, 2002
Professional Status
Certified Residential Appraiser
State
California
Even though we are all appraisers, we are all in differnt markets with different forces at work.

I get a request for "max refi" maybe 5% of the time. I know I'm going to pop the baloon for those people who say California is going to tank hard, but the refi deals I see are typically 40-60% LTV with little or no cash out. There were just over 100 published Trustee sales last year for a county of 250k. Doesn't sound like a recipe for disaster.

What has been tough lately are sale appraisals, especially at the lower end of the market (under $500k). Multiple bids are fairly common and the SP's are seem to just always push the limits of the comps. The appreciation is minor and therefore hard to measure. The good thing is 90% of the sales seem to be 20% or more down.

BTW I've never killed a deal - they were dead before they hit my desk and I just confirmed it. Had one last week; one-bedroom condo ask $250k w/full price offer. $240k appraisal. Deal falls apart and property re-listed this week asking $242.5k. I prefer to think of myself as a buyer's savior :D
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
I prefer to think of myself as a buyer's savior
Yeah.... That's It! :) Maybe I can use that in my yellow pages ad.... next to Mr. Number Hitter's ad.
 

jeanwillick

Junior Member
Joined
Jun 2, 2003
Professional Status
Licensed Appraiser
State
Michigan
We like to think that we are not putting people in a position they shouldn't be in. You do put people in a bad position if you over value their property. If someone dies, loses their job, etc. they can't get the $$ out in a sale to bail themselves out of a bad situation. One of our local Realtors told me the number hitter valued her house at $30,000 over what she knew she could sell it for--she wanted to know why he did that???

In the end, I guess you have to stand tall and declare what you are and live by it. It takes bravery.
 

Oregon Doug

Senior Member
Joined
Jan 15, 2002
Professional Status
General Public
State
Oregon
This is a trick question. The correct answer has to be "none of the above."

I can't bring my self to write an "inflated" appraisal for any purpose so how could an appraisal for one purpose be more or less inflated than that for another?

Oregon Doug
 
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