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Why do lenders yell at new appraisers????

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Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Why do lenders yell at appraisers? :agrue: Don’t they know it makes then go to the bottom of the stack. :twisted:

Had a lender call me today about an appraisal I did. In a round about way stated they needed around $200,000.00 to make the deal work, when the sent it to me. :( I sure you all know the drill. Well being a new appraiser and not understanding the way lenders talk. :?: I came in at $95,000.00, just a little short of what I guess they needed. :|

So I received a call from the LO today all upset and wanted to know how the subject could come in that low. 8O She had an appraisal from last year where it came in at $150,000.00. With the increase in real estate value over the past year, she just knew I was wrong and it should be around $200,000.00. :mrgreen:

Well, I pulled every comp, within twenty-five miles of the subject, that were two story homes from one year to 100 years old. The one year old home with 3500' of living space sold for $150,000 very nice home. The oldest home with 1,100' living space sold for $38,000.00 I pulled over thirty comps. The median range was $57,000.00 for the area. :wink:

I told her what could have happen last year, that the appraiser went out of the area, used comps closer drive to the big city or may have used lake frontage, which can dose add a lot of value to property. :infinity: But an older remodel farm house on a dry lot, out in a rural area would not bring as much in the market. :idea:

She informed me that she would send me the old appraisal by fax in the morning and wants me to review it and tell her what the problem is. For me to learn the difference to apples and oranges. :crazyeyes:

By the way a certified general appraiser I work with said I was ok on it. Also the tax records shows the fair market value for last year to be $84,400.00 :)

Could the other appraiser from last year, been trying to reach a number that the LO wanted then? He/she was almost double what the county called a fair market value and no other older farm homes in the area were selling for that much, unless they were on the water or had a lot of acreage with them. :lying: :agrue:

Just asking and learning??
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Sounds like you're being handed a golden opportunity to nail a number hitter. DO NOT give your opinion of the older appraisal to ANYBODY unless you are hired to do a review on it!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

If it's as bad as it would appear that it must be, send me a private PM and I'll help you prepare it to send in to your state board with a complaint.
 

wyecoyote

Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
Ditto what Pamela stated send it onto the state and let them decide.

Ryan
 
B

Bemis Pownall

Guest
DONT FRETT
GO TO THE GYM HAVE A WORKOUT
GO HOME HAVE A COUPLE A BEERS AND FORGETABOUTIT!
YOU CANT PLEASE EVERYONE. ONE PERSONS APPRAISAL IS NOT YOUR BENCHMARK OF VALUE.
PERHAPS YOU WILL HAVE TO GIVE THEM A VERY QUICK LESON ON APPLES AND NOT APPLES.

THATS ALL FOR NOW
:icecream:
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
AhHaa! Ray, you have met your first golden opportunity. :B-fly:
If the LO is dumb enough to send you the report, and it is as bad as you think, GET 'EM. :robot: :2gunfire:
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Ray,
Don't let anyone yell at you. Don't pull a hundred comps.
Tell them the comps you used were the best ones for
the subject property. Ball is in their court. Don't ever
change your value, or you'll be doing it all the time.

Its an attitude you convey. Listen to callers as carefully
as if you were on the witness stand. Choose your words
carefully. Be clear. I've never let anyone tell me to
explain another appraiser....what do they think I am,
a mind reader. There's a time to be nice, but sometimes
there's a time to be no nonsense.

elliott
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
I agree with what every one said and want to stress one point. Reveiw the appraisal and if it fraudulent

TURN IT IN!!

If you don't who will? I let one sit on desk for months because I just hated to turn it in knowing our board. But I finally did and regret not doing sooner. If you find bad work. that is obviously bad and not just a mistake you need to turn that appraiser in!
 

Oregon Doug

Senior Member
Joined
Jan 15, 2002
Professional Status
General Public
State
Oregon
Hey Ray - they yell at us old appraisers too. If you stay in the business long 'enuff, your skin will thicken and you'll develop an attitude.

Some folks are suggesting that you file a complaint against the earlier appraiser if you get your hands on his appraisal - maybe/maybe not. I understand that lots of you (myself included) would like to tack the hides of some of these hit-the-number-slimey-SOB appraisers to the garden wall but let me give you a little insight as to how some of your state boards work:

1 - most don't have the money to hire the investigators/reviewers required to deal with the complaints that they already have. The result is that many of them are behind to some degree.

2 - often, the folks doing the investigations/reviews have little/no appraisal background (some do). Most do the best they can with what they got.

3 - work with your board and most of them will work with you. Remember that their mandate is usually to protect the public - they are not there to protect appraisers/lenders.

4 - most boards are charged with the responsibility of enforcing USPAP - nothing more or less.

If you elect to file a complaint - make it specific. Specify the violation and provide evidence for your conclusion ("the appraiser has violated SR 1-1(development) by doing thus & so with a corrisponding violation of SR 2-1(reporting). If you tell 'em "this is a bad appraisal and you should review it" - they may not have the resources/understanding to persue it.

I know it sounds as though I'm asking you to do some of their work for 'em - that may be the only way.

Oregon Doug
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Don't let anyone yell at you. You are not their husband or wife or kids or dog. You are in a business relationship and if they do not understand that, perhaps it is time to drop them as a client.

If this is an LO, call his/her boss and tell them you do not appreciate rude behavior in people you do business with. Tell him/her to either get the LO under control when he/she talks to you or you won't take any calls from the LO.

Reminds me of one aggressive female type who jumped all over my case one time. I didn't like the tone and the attitude or being hung up on. I called back, talked to the manager and told him I did not like the LO's attitude and that I did not want to deal with her any more. He said OK. He said that he knew knew how she could be sometimes since the LO was his wife!
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
>>I know it sounds as though I'm asking you to do some of their work for 'em - that may be the only way. <<

I just have to agree with Doug. If you get you hands on that appraisal and it is truely bad. Then do you home work and turn in details as to what is wrong. Support it with comps that should have been used. Show why the ones that were used were bad. Or what ever is wrong, detail why it is wrong.

I did this on the one I turned in. I went throught it basically line by line explaining all the problems. I went into details on the adjustments and why they were wrong, provided details on the comps and better comps that were available at the time the appraisal was done.
 
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