Why we need an HVCC

[Diego Lopez]

So I did an appraisal a few months back for a conventional loan turned it, got paid, no problems. Last week I get a call from the lender: "we need to switch this to an FHA appraisal." I say: No problem, it is a new assignment, I'll re appraise the house for an FHA loan and my fees will be $300 (I typically charge $375)." Lender says great, "call us when you are done so we can get you a check." I go ahead working on the appraisal, exept now the appraised value is less than it was before (who would have thought). Call the lender whem I'm just ready to turn it in, wanting to secure a check before sending the pdf. Lender asks what did it come in at. So i read him a certification statement/limiting conditions (to CMA, they always ask, but i've never had this problem before) an tell him what we got. Lender goes Irrate, short of tells me to go fly a kite and they that will be using another appraiser from now on.

Although, I commented against part III of the HVCC, It is becoming more clear to me that something must be done. We need an disinterested government sponsored entity ordering these appraisals.

 

[Lloyd Bonafide]

I don't know how bad the market is in your part if Florida, but if your client didn't expect that your value would probably be lower than it was a few months ago, they must be a real idiot.

 

[PropertyEconomics]

Always a reason for payment UP FRONT ... never after .... a lesson learned.

No tickey no laundry.

 

[Elliott]

In this market, appraiser's should get everything COD, especially FL.

I was re-billing a local MB and he said, Elliott, 'we submitted the appraisal
to two lenders and they rejected it outright, didn't even ask for more comps.
We're trying another one.' Its a tough market out there for a refi.

 

[Josh Shapiro]

Hate to say this, but the fact that you gave him a value prior to obtaining your fee was just plain dumb!

 

[c w d]

I don't know how bad the market is in your part if Florida, but if your client didn't expect that your value would probably be lower than it was a few months ago, they must be a real idiot.

No, they're not idiots. Some appraiser has made that possible for them in the past. Here's an example: One of our clients sent us over an appraisal for a loan they're working on in order to "see if we could do anything with it", i.e. get the same value. So we start looking at the original appraisal. Quickly, looking at page two it becomes quite clear why they didn't ask us the first time to do it and are now asking if we could do anything with it. The appraiser made +$300K adjustments for differences in landsize. Now we're talking about acreage. The problem lies in the fact that the adjustments to the comps for differences in landsize just happen to be approximately 230% larger than the sale prices for the comps. And there are other close, more similar comps that sold for a lot less than what he appraised the subject for.

So, no, they're not idiots. They only have certain expectations from historical experience. I don't know what ****es me off more: The appraiser who does stuff like this or the mortgage company that perpetuates it. I'm sure, in their eyes that appraiser is a "golden" find. Instead of sending him to the state where he belongs they forward along the appraisal to "see if we can do anything with it".

And before anyone says what I know they're thinking. I've already asked to forward it to the state and have been told in no uncertain terms "no".

 

[GCJim]

........ The appraiser made +$300K adjustments for differences in landsize. Now we're talking about acreage. The problem lies in the fact that the adjustments to the comps for differences in landsize just happen to be approximately 230% larger than the sale prices for the comps. And there are other close, more similar comps that sold for a lot less than what he appraised the subject for.
..................................... I don't know what ****es me off more: The appraiser who does stuff like this or the mortgage company that perpetuates it.

This one's easy. The appraiser ****es me off more and should be arrested.

 

[RICHARD D. FRANK]

we need rules and laws.

This one's easy. The appraiser ****es me off more and should be arrested.

If we had rules and laws, this wouldnt happen, because everyone would follow the rules and laws. or else.

 

[RICHARD D. FRANK]

So I did an appraisal a few months back for a conventional loan turned it, got paid, no problems. Last week I get a call from the lender: "we need to switch this to an FHA appraisal." I say: No problem, it is a new assignment, I'll re appraise the house for an FHA loan and my fees will be $300 (I typically charge $375)." Lender says great, "call us when you are done so we can get you a check." I go ahead working on the appraisal, exept now the appraised value is less than it was before (who would have thought). Call the lender whem I'm just ready to turn it in, wanting to secure a check before sending the pdf. Lender asks what did it come in at. So i read him a certification statement/limiting conditions (to CMA, they always ask, but i've never had this problem before) an tell him what we got. Lender goes Irrate, short of tells me to go fly a kite and they that will be using another appraiser from now on.

Although, I commented against part III of the HVCC, It is becoming more clear to me that something must be done. We need an disinterested government sponsored entity ordering these appraisals.

LOL.... YOU had the wrong answer! I have one like it right now. "PayPal" baby, or check will do, cash it at their bank if you can. And you did your job, your number was an appraisal. Turn him in for collections. The Russians said it like this "you cant fight the forms, you have to kill the people generating them" You can't fight collections, for free. Turn em in, you did the work and delivered the appraisal. Since they dumped you, you wont lose a client.

 

[Mike Phillips]

<snip>
Although, I commented against part III of the HVCC, It is becoming more clear to me that something must be done. We need an disinterested government sponsored entity ordering these appraisals.

Right...

Kinda...sorta...sounds like a friend of mine who said "I used to love to tell jokes about attorneys...until I needed one."

MP