Yet another example of what's wrong

[athome77]

Former MB client accidentally e-mailed me this today. Interesting to see the process in action. By the way, the reason it is a former client is that their new boy doesn't mark his reports declining unless the lender insists.




**** *****
****** Mortgage, LTD
* ***** Dr Ste 100
**********, IL 60***
847-***-****
847-***-**** Fax
847-***-**** Cell

----- Original Message ----- From: **************
To: ****************
Sent: Tuesday, July 22, 2008 8:39 PM
Subject: FW: Appraisal information

Here's the information that I sent the other mortgage company about our house and her response that her appraiser thought he could value our house at $280-290k.​

I'll scan the loan application, W-2's, and earnings statements as soon as I get into the office tomorrow morning. You should have them no later than 9AM.​

Thanks again for all of your help.


****

From: *** ****** [mailto:*********]
Sent: Friday, July 18, 2008 4:16 PM
To: '********r'
Subject: RE: Amy with ********​

Good news my appraiser said he can get $280,000.00 to $290,000.00!!​

***********
Executive Loan Officer​

www.******.com
*** West **** Road Suite ***
Tempe, AZ 85284
***-985-**** ext.*** Toll Free
866-***-**** Toll Free Fax
***-***-**** ext.***
***-***-**** Fax

****** ******** Group is authorized to broker and/or make home loans in 18 states. State licenses: *************************************** HUD/FHA & VA Approved Lender________________________________________________________

From: **********
Sent: Thursday, July 17, 2008 4:09 PM
To: **********
Subject: RE: Amy with ***********​

5 bedrooms
2 bathrooms
It's a raised ranch/bi-level. The total square footage is about 2,200 sf for the two levels, but the assessor considers it an 1,100 sf house with a finished basement. I hope that makes sense.​

We split the upstairs living room in half and made half into a third upstairs bedroom and the remainder of the former living room is a "loft". That's why it's five bedrooms.

We recarpeted the whole house and added ceiling fans/lights to all of the bedrooms when we bought the house. We also upgraded the upstairs bathroom.

Here's the parcel information from our township assessor:
info/stcdetail.asp?parcel=0935409008000&sales=0

Here's a listing for a house that's right behind us that is the same model as ours. It looks likes it's sold on contingency for $279,000
=true&mlsnumber=6875625&mlsid=271&acc=

I hope that the links work.

Let me know if you need anything else.

-****

From: ********
Sent: Thursday, July 17, 2008 10:47 AM
To: ***********
Subject: RE: Amy with *******​

I am going to speak to my appraiser and see what value he can get us...I need to know how many bedrooms, bathrooms, basement and if it's finished or not, square footage and any other upgrades you have done since you moved in???​

*** ******
Executive Loan Officer​

Tempe, AZ 85***



So here is what happened, as far as I can tell. Homeowners were working with "Amy" from Arizona. After finding out some info about the property Amy's appraiser told her $280-290 no problem. That was 6 days ago. Now the homeowners are working with a local guy. Just for fun I looked up this property. There hasn't been a raised ranch to sell in that area for more than $230K in the last 12 months. I am assuming Amy's guy visited the property over the weekend, couldn't make the value, and now the homeowners have moved on to the local guy in hopes that his appraiser can make it happen. Either that, or the homeowners moved on for some other reason. I hate assuming the worst, but I have been on the other end of the phone so many time with an out of state MB that needs a value I can't help but think that it was an appraisal issue. Its just interesting to see the process from the outside looking in.

 

[Functional Obs]

"We re-carpeted the whole house" .... !!!!

Imagine the cost of re-carpetting 1,100 sqf like that! I think it's probably worth 280 now just on Amy's client's pride in ownership...

 

[Wendy]

Hey does not matter what the house is really worth - gotta get that loan no matter what. MB has no liability so what does he have to lose?

 

[Andy Taylor]

"We re-carpeted the whole house" .... !!!!

Imagine the cost of re-carpetting 1,100 sqf like that! I think it's probably worth 280 now just on Amy's client's pride in ownership...

Don't forget the ceiling fans they added to each room.
And the upgraded bathroom(meaning they installed a new toilet seat).

 

[Mike Garrett RAA]

Don't you just love the term..."my appraiser"? Reminds me of slavery in the deep south.

 

[Don Clark]

Don't you just love the term..."my appraiser"? Reminds me of slavery in the deep south.

"Gotta get my boy/girl on this one"

Must be a symbiotic relationship.

 

[Andy Taylor]

Whenever I see or hear the term, "my appraiser", I think of someone who has sold their soul and are essentially "owned". Or maybe one of those small lap dogs that when you yell at them they pee on the floor.

 

[redfish]

Don't you just love the term..."my appraiser"? Reminds me of slavery in the deep south.

That's taking it a bit far. Many folks may find that comparison offensive.
Sounds more like an employee relationship with no independance.