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HMDApproved
729 Posts |
 Posted - 07/18/2008 : 6:45:02 PM
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ASSasin, You are the only idiot on this post.... I smell an implode coming...... I am not insulting you Gregory from WI..... why do you feel the need to insult me????
Perhaps its because out there in WI where YOU KNOW WTF IS GOING ON, you have never seen a $400k mortgage??? unless ofcourse it was 6 loans on 6 different trailers....IDIOT. |
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lgruey
657 Posts |
Posted - 07/18/2008 : 6:48:20 PM
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quote:
Originally posted by assassin17
quote:
Originally posted by HMDApproved
If Borrower owes $400k
And Fatboy does his "free comp check" and says house is worth $350k
Are you suggesting I still have him go out and charge the borrower $475.00 for an appraisal that myself and the appraiser both know won't help her situation???
If that borrower was your mother or father I'm sure you would be singing a different tune... You are saying to charge the widow on the balls of her ass so you can get the job knowing it cant help her.....
You're blaming everyone else for yourself being an idiot who doesn't know what he's doing. If you're so worried about old ladies, then pay her out of your own money since YOU messed it up and based everything upon a Comp Check Value.
Every comp check in the world could say "$400,000", but the REAL value is unknown until the appraiser steps onto the property and actually sees it. That is EXACTLY why the appraisal is requested, to prove the collateral is worth the amount lent out, proof for both borrower AND lender not to get ripped off. It's not ordered just to look pretty. I guess you would prefer that the old lady pay off an upside-down loan?
Yeah, you're about as thoughtful as Idi Amin and as bright as a lump of charcoal. It's people like you that caused the current real estate crash, which now makes people like you desperate to get anything through for a paycheck.
Unless, of course, you happen to know a lender that accepts "Comp Checks". I don't. I'm not an appraiser, I'm just someone who knows a tiny bit about WTF he is doing for a living and tries to do it right. You should have told the client that nothing was set in stone from a Comp Check value.
Where is Pam Crowley when you actually need her?
I agree with you on this. Oh wait, I am an appraiser. I am not supposed to agree with any of you am I? lol I am just kidding. That was well said though. |
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lgruey
657 Posts |
Posted - 07/18/2008 : 6:49:59 PM
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quote:
Originally posted by HMDApproved
ASSasin, You are the only idiot on this post.... I smell an implode coming...... I am not insulting you Gregory from WI..... why do you feel the need to insult me????
Perhaps its because out there in WI where YOU KNOW WTF IS GOING ON, you have never seen a $400k mortgage??? unless ofcourse it was 6 loans on 6 different trailers....IDIOT.
Wow. You sure are smart aren't you? For your information I used to do appraisals in Minnesota and Wisconsin. There are plenty of houses that are worth that and more. Why do you insist on these moronic comments?
Also, I see that you do FHA and VA loans? You better make sure you are not doing comp checks on those. I know that FHA for sure is currently looking to find out if brokers are doing comp checks and does not abide it and are looking for evidence of it. They have specifically said that they do not want this type of behavior spilling over to FHA. |
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HMDApproved
729 Posts |
Posted - 07/18/2008 : 6:51:29 PM
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I am nottrying to be confrontational with anyone...
I simply asked in the original post:
Is this appraiser a dirtbag for taking the ladys money or did I commit a crime asking him for HIS "free comp check"? |
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mwfan55
488 Posts |
Posted - 07/18/2008 : 6:52:29 PM
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| Keep burying yourself. Keep telling everyone how SMART ROB outsmarted you. |
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HMDApproved
729 Posts |
Posted - 07/18/2008 : 6:56:43 PM
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Hopefully one day Smart Rob does your Grandmothers appraisal....
You guys are like vultures that prey on widows?????
I tried to help the old lady!!!! Rob took her money knowing it would hurt her and would not help her and I'm the bad guy and the idiot????
I wonder if you guys would let your clients read this???? |
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HMDApproved
729 Posts |
Posted - 07/18/2008 : 6:57:54 PM
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Good Night People.....
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PCook
429 Posts |
Posted - 07/18/2008 : 7:00:29 PM
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| Really help the old lady & give her back the money Rob stole! Oh - I forgot - you don't want to really help - do you? |
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success07
688 Posts |
Posted - 07/18/2008 : 7:03:17 PM
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So does the lady need a loan mod????
quote:
Originally posted by HMDApproved
I must say, every appraiser in this part of town is a money hungry, bottom feeding, low life swindler that would charge their own mothers for an appraisal.
I had an incident where I told the appraiser (his name is "Fat Slob Rob"), that the only way the loan would work is if the house was worth $400k, I specifically told him to comp it out and let me know BEFORE he went to do it. This was a rate/term refi and the borrower was strapped for money and could not afford to pay $475.00 for an FHA appraisal if the refi would not go through.
Fat Slob Rob said that $400k was no problem, he had plenty of comps and to put him in touch with the borrower to schedule. Fat Slob Rob did the appraisal and charged the lady $475.00 at the door in cash. He took 5 days to send me the appraisal and when I got it, he appraised the house at $365k. When I asked him why he did that he said that what I asked him to do was illegal and he had to do the actual appraisal to get a "real value". He did this knowing that the loan wouldnt work.
Am I wrong for thinking this guy is scum or was I asking him to commit a crime???
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clarenceworley
5717 Posts |
Posted - 07/18/2008 : 7:17:56 PM
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| Where is the property- Red Bank? |
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ritabradley01
4945 Posts |
Posted - 07/18/2008 : 7:39:57 PM
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Yes the appraiser was a dirtbag. So are you.
quote:
Originally posted by HMDApproved
I am nottrying to be confrontational with anyone...
I simply asked in the original post:
Is this appraiser a dirtbag for taking the ladys money or did I commit a crime asking him for HIS "free comp check"?
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HMDApproved
729 Posts |
Posted - 07/18/2008 : 7:44:49 PM
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| thanks Rita, I smell another implode>>> BYE |
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toddblue
4343 Posts |
Posted - 07/18/2008 : 7:48:00 PM
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As hard as it is for me to do, I've got to back Rita on this one.
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MisterVA
8643 Posts |
Posted - 07/18/2008 : 7:51:10 PM
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This is pretty simple. What it 'needs' to be and what it 'is' can be entirely different. Same thing affects sellers who 'need to get' a certain sale price to be made whole. It doesn't make the property worth what is needed. If someone cannot afford the appraisal in the first place that probably says something. Please don't say this is a repeat customer.
When you said it needed to be at a certain value, you tainted the transaction. Why do you think Cuomo is on the warpath? Just because you've been called on it, doesn't mean you need to go off on people. The CONCEPT is the same whether the average home value in an area is $100,000 or $500,000. It is a pretty simple concept, too. |
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twistedreality10
5 Posts |
Posted - 07/18/2008 : 9:08:00 PM
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No one takes care of your money, but yourself. Lots of cash went out the window. I do a lot of for sale by owners, everytime it rains the house grows 100 sq ft. I take my own tour, even if a client has seen it and wants to buy it, and measure it myself, no big deal. I can pull my own MLS comps, my money, why waste time? Then, I call my appraiser, same one I've had for years. Condition of the house swings thousands.
I've had yards mowed for pictures for the appraisal, had trash hauled off. I've replaced broken windows and patched holes in walls for a good paying loan. I pay for appraisals if the client is strapped. My word the deal will go, why wouldn't I put up the money?
Last week, the seller said 2000 sq ft, my client wanted a loan. I go over, pull out my tape, the guy panics, has it sold for 179,000 (fort worth), 1445 sq ft. Get real, I said,
worth 125,000 max, I'm calling my client. Wait a minute, he replied. Closing next week.
It's your money, to many complainers on this site, always blaming someone else when for that kind of cash you can go the extra mile. Do your homework, my teachers always said to me, front the appraisal, worth a 12,000 check on a 400,000 loan.
If you had to pay for the appraisal yourself, you would have fired up your computer, you
need to refund the lady her money. Help your clients out, help your appraiser out, do a little extra work. Stop blaming others, it's your cash. Refund the lady her money, or is it the appraiser's fault?
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rtrefflich
5176 Posts |
Posted - 07/18/2008 : 9:44:57 PM
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I think $475 for an appraisal is the real problem here, that is way too expensive.
Also, regardless of what the appraisal came in at, they would have asked for a field review (it is obviously high LTV) and if there was MI on it it would have been cut to even less than the appraisal amount given as they are being very conservative these days. |
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ADenton
44 Posts |
Posted - 07/18/2008 : 9:48:39 PM
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quote:
Originally posted by twistedreality109
No one takes care of your money, but yourself. Lots of cash went out the window. I do a lot of for sale by owners, everytime it rains the house grows 100 sq ft. I take my own tour, even if a client has seen it and wants to buy it, and measure it myself, no big deal. I can pull my own MLS comps, my money, why waste time? Then, I call my appraiser, same one I've had for years. Condition of the house swings thousands.
I've had yards mowed for pictures for the appraisal, had trash hauled off. I've replaced broken windows and patched holes in walls for a good paying loan. I pay for appraisals if the client is strapped. My word the deal will go, why wouldn't I put up the money?
Last week, the seller said 2000 sq ft, my client wanted a loan. I go over, pull out my tape, the guy panics, has it sold for 179,000 (fort worth), 1445 sq ft. Get real, I said,
worth 125,000 max, I'm calling my client. Wait a minute, he replied. Closing next week.
It's your money, to many complainers on this site, always blaming someone else when for that kind of cash you can go the extra mile. Do your homework, my teachers always said to me, front the appraisal, worth a 12,000 check on a 400,000 loan.
If you had to pay for the appraisal yourself, you would have fired up your computer, you
need to refund the lady her money. Help your clients out, help your appraiser out, do a little extra work. Stop blaming others, it's your cash. Refund the lady her money, or is it the appraiser's fault?
Couldn't have said it better myself.. If you truly wanted to "help this lady out" and knew upfront that $475 was more than she could handle and you were so sure that your buddy Rob had your value, then why not pony up the cash yourself.
I pay for appraisals myself all the time. If you are good at what you do (AKA know WTF you're doing), which would consist of building trust thru relationship, knowing your programs and guidlines, knowing your market and doing your own research. Then you should lose no sleep by putting up the cash to help one of your customers. When it all boils down, you are nothing without them anyway.
You didn't care about helping this lady, you were concerned with getting a paycheck. If you were so worried about her well being you would give her the money back out of your pocket. After all you are the one who flucked up..
But fuc kingup is part of learning WTF you're doing.
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canoe
253 Posts |
Posted - 07/18/2008 : 10:40:44 PM
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| This appraiser has problems, I am an appraiser and man this story has my blood boiling,he takes a ladys money and then tells the loan officer that the loan officer committed a crime is a joke, USPAP says if an appraiser feels pressured then he/she is to decline the order, not run out and collect fees because he wants to punish the loan officer , this appraiser has appointed himself as judge and jury. The USPAP was not designed to punish the loan officer or the borrower, the appraiser in my opinion has some very serious moral and ethical issues. I have been an appraiser for over 20 years and i understand why the loan officers and the public hate us, many in my industry are living in a bubble, yes we due have to follow USPAP and we do have some very tuff rules to follow but we are allowed some flexability. When appraisers start treating loan officers with respect , they get respect. Treat others as you would want to be treated. |
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canoe
253 Posts |
Posted - 07/18/2008 : 10:41:49 PM
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| This appraiser has problems, I am an appraiser and man this story has my blood boiling,he takes a ladys money and then tells the loan officer that the loan officer committed a crime is a joke, USPAP says if an appraiser feels pressured then he/she is to decline the order, not run out and collect fees because he wants to punish the loan officer , this appraiser has appointed himself as judge and jury. The USPAP was not designed to punish the loan officer or the borrower, the appraiser in my opinion has some very serious moral and ethical issues. I have been an appraiser for over 20 years and i understand why the loan officers and the public hate us, many in my industry are living in a bubble, yes we due have to follow USPAP and we do have some very tuff rules to follow but we are allowed some flexability. When appraisers start treating loan officers with respect , they get respect. Treat others as you would want to be treated. |
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assassin17
7838 Posts |
Posted - 07/18/2008 : 11:04:20 PM
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quote:
Originally posted by HMDApproved
ASSasin, You are the only idiot on this post.... I smell an implode coming...... I am not insulting you Gregory from WI..... why do you feel the need to insult me????
You're right about one thing... My name-calling was uncalled for. I apologize.
But your appraiser is not necessarily a dirtbag. He may truly have thought the house would hit that value, his comps supported it, but when he went out to that house it just didn't hold up. He is NOT bound to give you a value based upon comps.
You, however, did mess up... Both with him and with the client. I'm not going to dwell on it, because that answers your original question. I'll just sit here in Wisconsin and mind my own business with our teeny-weeny home values and a view of the jail that I will never be in. |
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sherm94
42 Posts |
Posted - 07/18/2008 : 11:11:18 PM
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| youre stupid....., check the comps yourself before you do an appraisal or have your appraiser get paid COD, plenty of appraisers to use nowadays. |
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ritabradley01
4945 Posts |
Posted - 07/18/2008 : 11:31:08 PM
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I knew you secretly liked me Todd
quote:
Originally posted by toddblue
As hard as it is for me to do, I've got to back Rita on this one.
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slants
4982 Posts |
Posted - 07/19/2008 : 01:08:30 AM
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quote:
Originally posted by HMDApproved
you are missing the point, I asked the appraiser if this was a realistic value and if it was not, the woman could not afford to spend the money.
He said, "NO PROBLEM, DEFINATELY WORTH WELL OVER $400k" BLAH BLAH BLAH.
Fact is, he lied just to get the $475.00 knowing he was being a scumbag and taking the womans money even though her loan wouldnt work....
The point is, is he a dirtbag or not??? that was the original question...
HMD, you're the one missing the point. Are you not aware that NY Attorney General Cuomo brought suit against one of the largest real estate appraisal management companies in the country for mortgage fraud over this type of practice by WAMU? The result of which is that come January, none of us will be trusted to order our own appraisals because there are still originators like you who cannot comprehend the rationale that valuating properties by hitting a predetermined number undermines the entire lending system and was a large factor in our current demise. To answer your question, Rita is right, yes Fat Slob Rob is a dirtbag but you did ask him to commit mortgage fraud. |
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MARKJOLLIFF
486 Posts |
Posted - 07/19/2008 : 01:18:50 AM
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quote:
Originally posted by HMDApproved
I didn't TELL him I needed a value, I ASKED him if that value was realistic!!!!!
He lied and said yes to get the job and the money!!!!
Where is the fraud????? You have no clue what you are talking about!!!
You ASKED if it was realistic and COMPLAIN like it was guaranteed! Stop asking for predetermined values as a condition for work. Flame away but only one of us can make his argument in front of a judge or licensing board and that is me! |
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redmen999
91 Posts |
Posted - 07/19/2008 : 05:14:18 AM
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| this is why you should know someone who has access to MLS...comp the property out before you order. |
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genealle
1297 Posts |
Posted - 07/19/2008 : 05:35:53 AM
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quote:
Originally posted by HMDApproved
you are missing the point, I asked the appraiser if this was a realistic value and if it was not, the woman could not afford to spend the money.
He said, "NO PROBLEM, DEFINATELY WORTH WELL OVER $400k" BLAH BLAH BLAH.
Fact is, he lied just to get the $475.00 knowing he was being a scumbag and taking the womans money even though her loan wouldnt work....
The point is, is he a dirtbag or not??? that was the original question...
That's the way I read your original post. FatAssBob wasn't asked to do evil, he was advised that if his opinion the house wouldn't hit target, he should skip it. You didn't tell/ask/beg/plead/coerce him to inflate a value. You asked for a favor to save an old lady some green.
Fat Slob Rob said that $400k was no problem, he had plenty of comps and to put him in touch with the borrower to schedule.
If he said that without seeing the house, dear Bob is a liar and probably had every intention of doing the app. Sheezam, that statement from him might even be illegal. If the house was a schitbox inside, he should have called you. I'd bet he would have gotten your next 10 apps for that courtesy.
You need to find a more trustworthy appraiser. Apparently he is more interested in money than relationships. He is akin to the real estate agent that says "Yep! We can get $400K for this little shack." Knowing full well the comps will be circa $160K. Anything to get a listing. |
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HMDApproved
729 Posts |
Posted - 07/19/2008 : 06:14:20 AM
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Holy Cow!! I just woke up to find this thread still alive and kicking???/
Guys, I am not trying to divide appraisers or l/o's. I am not looking for a lynch mob,,
I gave the lady her money back a long time ago...
I may have screwed up in trusting the appraisers word and should have definately done my own research but this Fat Ass was so determined and positive and convincing and then went out and took the money. He checked his comps on MLS. He said he had plenty to support a 400k value, I believed him and told him to do the job. I made a mistake and gave the woman her money back. That doesn't make him less of a dousche bag which was my original question. And yes, I did learn a valuble lesson. |
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HMDApproved
729 Posts |
Posted - 07/19/2008 : 06:46:37 AM
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And I do COMP CHECKS AS WELL ON EVERY FILE.
why would I waste everyones time and money if I know I have a borrower that owes 400k on her home and I can very easily ask an appraiser to see (based on the info at hand) an approximate value. If he tells me 325k, guess what, i saved alot of people alot of time and money. Oh I am sorry, the appraiser didnt make the $475.00....
IT IS NOT ILLEGAL TO CHECK COMPS ON A PROPERTY BEFORE HAVING A CLIENT PAY FOR AN APPRAISAL |
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PCook
429 Posts |
Posted - 07/19/2008 : 07:02:18 AM
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Having an appraiser do your free comp checks only prove that you NEED a crutch to do your jobs.
Do your own comp searches and eliminate the need to waste an appraisers' time, MLS expenses, and potentially put their license in jeopardy.
If once and for all, ALL appraisers just said NO - we wouldn't have to have these dumb discussions. |
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SolarMTG
473 Posts |
Posted - 07/19/2008 : 07:10:39 AM
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Is it illegal to ask this question to an appraiser:
Dear Mr. Dirtbag Appraiser:
I am working on a refinance for a borrower at 123 Main Street in Sweet Tits, South Carolina. This is an FHA appraisal and I got your information from the HUD website so I trust your integrity and ethics. Since it is illegal to ask you for a "pre-determined value" of the subject property, do you have any recent sales you can pull up on the MLS so I can see what we are working with here. Since I am not asking for specified value, this should not be a violation of USPAP. Please email me the photos and property description, along with the sales date and amount so I can work on this and send an order over to you.
Thank you,
Scumbag LO |
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PCook
429 Posts |
Posted - 07/19/2008 : 07:13:56 AM
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| Well, Kathi, While it is true that it is not illegal for you to ask - IT SHOULD BE!!!! Personally, I think that is what will eventually happen. Some folks don't stop at asking - and some folks will provide the required number. Therefore, wouldn't it be better if ALL temptation is removed from the process? |
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HMDApproved
729 Posts |
Posted - 07/19/2008 : 07:16:07 AM
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I dont need a crutch MR APPRAISER....
The Fat idiot offers "fre comp checks" to all Loan Officers.. If I had to guess, He will be offering his wife soon.
The guy is a bum, I found that out after the fact. If someone is offering a service, why wouldnt I use it? Its not a crutch, Its trying to make the most out of my time and if there is an offer from someone to help me accomplish that, I am certainly going to give it a shot. I didnt ask, HE OFFERERD, how is that a crutch???/ You have no idea what you are talking about. |
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HMDApproved
729 Posts |
Posted - 07/19/2008 : 07:20:47 AM
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Temptation my friend only affects those that are tempted....
I see your way of thinking. |
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PCook
429 Posts |
Posted - 07/19/2008 : 07:23:36 AM
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quote:
Originally posted by SolarMTG
Is it illegal to ask this question to an appraiser:
Dear Mr. Dirtbag Appraiser:
I am working on a refinance for a borrower at 123 Main Street in Sweet Tits, South Carolina. This is an FHA appraisal and I got your information from the HUD website so I trust your integrity and ethics. Since it is illegal to ask you for a "pre-determined value" of the subject property, do you have any recent sales you can pull up on the MLS so I can see what we are working with here. Since I am not asking for specified value, this should not be a violation of USPAP. Please email me the photos and property description, along with the sales date and amount so I can work on this and send an order over to you.
Thank you,
Scumbag LO
Dear Scumbag LO,
I'll get right on that for ya! After all, this is only the 5th request today from someone I have never done business with, expecting me to put them ahead of my fee paying customers to do free work on the slightest of chances that it may amount to something!
Not gonna happen - but I will give this address to one of my local good clients so that they can follow up.... |
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PCook
429 Posts |
Posted - 07/19/2008 : 07:26:01 AM
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quote:
Originally posted by HMDApproved
I dont need a crutch MR APPRAISER....
The Fat idiot offers "fre comp checks" to all Loan Officers.. If I had to guess, He will be offering his wife soon.
The guy is a bum, I found that out after the fact. If someone is offering a service, why wouldnt I use it? Its not a crutch, Its trying to make the most out of my time and if there is an offer from someone to help me accomplish that, I am certainly going to give it a shot. I didnt ask, HE OFFERERD, how is that a crutch???/ You have no idea what you are talking about.
FREE COMP searches - so, maybe you got what you paid for........NO appraiser worth their salt is gonna offer this -- think about it! If you SEEK this kind of an appraiser - then maybe the 2 of you deserve one another. |
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clarenceworley
5717 Posts |
Posted - 07/19/2008 : 07:26:04 AM
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| Tell me you were going to send the file to Emigrant Mortgage as well... |
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HMDApproved
729 Posts |
Posted - 07/19/2008 : 07:29:02 AM
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Dear Dirtbag Appraiser,
If you don't want to provide me with what I am asking, why are you advertising that you do? Is this some kind of bait and switch to get business because you are starving?
If you don't want to do it, don't advertise that you will do it.
Thanks Dirtbag, I will be sure to give your card out to everyone I know!!!
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HMDApproved
729 Posts |
Posted - 07/19/2008 : 07:30:30 AM
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| Smarten up Clerence, You have no idea!!!! |
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PCook
429 Posts |
Posted - 07/19/2008 : 07:31:58 AM
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| He seems to have a lot more ideas than you do......and skills! |
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HMDApproved
729 Posts |
Posted - 07/19/2008 : 07:35:55 AM
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Hey Cook,
No one directed any negative words at you. You seem to have the biggest problem with all this and you seem to defend this guy more than anyone.
Sounds to me like you are doing 1, maybe 2 appraisals a week at most and can't pay your rent. Get over it. The guy is a bum, if you choose to defend a bum, it speaks volumes of you. |
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SolarMTG
473 Posts |
Posted - 07/19/2008 : 07:50:31 AM
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quote:
Originally posted by PCook
quote:
Originally posted by SolarMTG
Is it illegal to ask this question to an appraiser:
Dear Mr. Dirtbag Appraiser:
I am working on a refinance for a borrower at 123 Main Street in Sweet Tits, South Carolina. This is an FHA appraisal and I got your information from the HUD website so I trust your integrity and ethics. Since it is illegal to ask you for a "pre-determined value" of the subject property, do you have any recent sales you can pull up on the MLS so I can see what we are working with here. Since I am not asking for specified value, this should not be a violation of USPAP. Please email me the photos and property description, along with the sales date and amount so I can work on this and send an order over to you.
Thank you,
Scumbag LO
Dear Scumbag LO,
I'll get right on that for ya! After all, this is only the 5th request today from someone I have never done business with, expecting me to put them ahead of my fee paying customers to do free work on the slightest of chances that it may amount to something!
Not gonna happen - but I will give this address to one of my local good clients so that they can follow up....
Dear Dirtbag Appraiser,
If you have only received 5 requests for recent sales today (without a pre-determined value) then you must be really hurting. My scumbag LO associates get many more loan requests. Out of the many POTENTIAL deals that we get, only a few are going to work out. Although you may not feel that spending 5 minutes of your time on the MLS is worth building a business relationship, I suppose I can understand that since starting next year ALL OF YOUR EXISTING RELATIONSHIPS WILL VANISH. I understand that your inability to go on the computer, type in an address on the MLS may take up too much time. While it may be illegal to ask you for a value, asking for recent sales on the MLS is not. If you are that lazy then you should find a different line of work. You should be excited when you have an email asking for recent sales for a subject property. No pre-determined values and that is what makes it legal. If you charge $475 for an FHA Appraisal you are already robbing the borrower blind.
From,
The Scumbag LO who asks for RECENT SALES on the MLS, not a PRE-DETERMINED VALUE |
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PCook
429 Posts |
Posted - 07/19/2008 : 07:53:34 AM
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You have NOT been reading my posts then if you believe I defend that appraiser. All I have said is that if you SEEK this type - then you get what you deserve.
People have been trying to offer you good advice, but its obvious that you don't WANT to know how to avoid these types of situations, so carry on...seems to be working really well for ya so far.......... |
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benjamin
6966 Posts |
Posted - 07/19/2008 : 08:36:23 AM
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The appraiser was definately an ass. Per Canoe, he violated USPAP too. Loan mod sounds like a good idea.
It was cool you gave her the money back, even though you were obligated to pay for it as you made the order. |
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twistedreality10
5 Posts |
Posted - 07/19/2008 : 08:54:49 AM
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Doesn't most of us have long term relationships with our appraisers? My business is mainly FHA, never liked Subprime, the Fieldstones, Longbeach, Sebring, etc. We make thousands, while the appraiser makes $325 to $475, plus costs for extra comps, rental income statements, excess milage. And yet, some posters declare the appraiser the enemy.
"How dare the appraiser, for the ridiculous sum of $400, which I want to pay at closing after I see the appraisal, and if I close the loan, refuse to bring in the inflated value I need!" is what I see here, on some postings.
My appraiser is paid at the door, by me or the client, meaning if the client can't pay, the appraiser comes by my office and gets a check the same day. Why do I insist she is paid up front? I have done my own research, looked at the house, seeing if there is an add-on, updating, upgrades, etc., and, sq ft. Appraisers do the heavy lifting, as my title agent, I make the bucks, I go more than halfway. What heavy lifting do I do? 1/2 ream of paper? Fire up the computer while wearing my pajamas?
The issue here is, "someone", wanted something done for free. You got what you paid for, your client suffered. Free is a four letter word, quality people need to be paid.
People I have learned, treat ones as they have been treated. I have learned, since being in the business since Carter was the Pres. and FHA was over 18%, to appreciate the motivations and needs of others, putting their interests ahead of my own. For example,
a young couple, referred to me, victims of an illegal sheriff's sale, young children, boxes packed, I have the attorney at my title company set it aside. With the help of the parents, refi'd and saved their home, (finances destroyed by medical bills.) After I paid for the survey, appraisal out of pocket, covered closing costs from premium, I made $499, I owed my Broker $500. We both laughed for 30 minutes and longer after he told me I still owed him $1.
Stupid on my part? Stupid on the attorney's part, the title co attorney? The enormous amount of time wasted to loose $1? I received 4 referrals.....
Did "someone" not have their own appraiser, from a long established relationship, where trust was the foundation of the relationship? Where fees are paid? Or, did "someone" answer an ad, for "FREE".
Free, is expensive. I pay my appraiser upfront, my appraiser is worth it. Look for quality, integrity, character, honesty, the rest takes care of itself.
Don in Dallas/Ft Wt
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hmorales007
491 Posts |
Posted - 07/19/2008 : 08:58:19 AM
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Don't worry - starting January 1st brokers won't be allowed to order appraisals.
You will actually have to go on Zillow, yahoo, and all the other free and easy sites and take a stab at the value yourself.
The appraiser will not have a "pre-determined" value to come in at. Chasing pre-determined values is illegal. Skipping over comps, lying about the condition of the most pertinent comps to avoid using them, altering the adjustments to "curve" the value upward - all the things that every single appraiser has done to satisfy their brokers - these things are coming to an end - and so are you buddy.
Your anger and frustration will turn to homelessness if you try to stick it out as your only source of income. |
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hmorales007
491 Posts |
Posted - 07/19/2008 : 09:05:02 AM
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The value dropped 6% over a week. Home prices are collapsing. Get used to it. All this business has to offer you is more misery and poverty if you choose to stick it out. No more loan programs. Just super strict 'A' paper with no exceptions and no service. It is the death of the mortgage broker.
Jan 1 and brokers are no longer allowed to order appraisals. They pressured appraisers into chasing pre-determined values for years and they all complied by fraudulently skipping over comps, lying in the adjustments, and all manner of fraud to feed their family. This crooked relationship and mortgage fraud and both sides fueled an idiotic housing bubble, which is now in full collapse. This new rule will break the back of brokers. It's over.
quote:
Originally posted by HMDApproved
you are missing the point, I asked the appraiser if this was a realistic value and if it was not, the woman could not afford to spend the money.
He said, "NO PROBLEM, DEFINATELY WORTH WELL OVER $400k" BLAH BLAH BLAH.
Fact is, he lied just to get the $475.00 knowing he was being a scumbag and taking the womans money even though her loan wouldnt work....
The point is, is he a dirtbag or not??? that was the original question...
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SolarMTG
473 Posts |
Posted - 07/19/2008 : 09:13:39 AM
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| hector that is for fannie and freddie. it does not apply to fha. from what i understand, fha has already taken over the market. rest in peace hector. |
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PCook
429 Posts |
Posted - 07/19/2008 : 09:15:30 AM
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| ahhhhhhh FHA - the NEW subprime..... |
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SolarMTG
473 Posts |
Posted - 07/19/2008 : 09:24:35 AM
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quote:
Originally posted by PCook
ahhhhhhh FHA - the NEW subprime.....
You crack me up. You obviously have no clue about what an FHA loan is. I hope you are not an FHA Approved Cetified Dirtbag Appraiser. |
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PCook
429 Posts |
Posted - 07/19/2008 : 09:28:29 AM
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Nope I am not FHA approved - by CHOICE! - don't want to be, don't have to be........there are more reasons to appraise than MORTGAGES.
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