Take That Listing Out of the Appraisal

Posted on November 10, 2009 by admin

So, like I wrote last week, I was contacted by a loan officer at the bank for not only an additional comparable in an appraisal for an Aframe home, but also to remove the active listing that I had included. Well, I included that listing given the lack of sales and because it was in the SAME NEIGHBORHOOD. So, here is what I wrote in the appraisal that I forwarded back to the bank…

“The appraiser was contacted by the loan officer and asked to provide additional A frame comparables and to remove the active listing that has been originally included in this appraisal report. The appraiser has added two closed sales of similarly designed A frame homes, one a lakefront property on a superior site, and the other a dated sale of a similar property.

The current listing is not being removed from the appraisal. For properties with a unique design, a current and active listing from the immediate neighborhood is a very strong indicator of market appeal for these types of homes. Given the lack of similar A frame homes that have closed in the subject neighborhood, it is this appraiser’s opinion that the active listing in this appraisal is a key component of the overall value opinion. The inclusion of the listing does not indicate that this is a “soft” market or that there are any market concerns at all, it is merely included to provided, as noted, the underwriter and any subsequent users of this appraisal report with an understanding of alternatives and marketability in the immediate subject neighborhood as of the effective date of the appraisal. It is also noted that the current listing is in comparable position number 5, and is not among the primary value indicators considered in the final value opinion.”

I just had to include the part that I was contacted by the loan officer. Isn’t that a violation of HVCC? They say this is a secondary market loan. Who knows. Anyway, I hope this clears this issue up.

Posted in Appraisal Issues, Lenders | Tagged , | Comments Off

New Career For Appraisers

Posted on November 6, 2009 by admin

Personally, I’m frustrated and pissed off with the appraisal profession.  I’ve hated it for years, but now we’ve all kind of rolled over and let big brother give it to us.  Sorry for the kind of graphic reference, but that’s the way I feel.  And I’m not passing blame, I’ve been just as guilty as everybody else.

Regardless of fault, I’ve found a new career for the talented appraisers out there in internets (that’s intentional!) world.  It brings out all the best qualities of an appraiser…the analytical side, the creative side, and  by gawd the capitalist side.

What is that new career for an appraiser you ask?  The broad answer is web entrepreneur.  The more specific answer, and the quickest way to replace your appraisal income, is by learning the ways of the affiliate marketer.  What is an affiliate marketer?  Well, in the internet world it is someone who promotes a product on the internet, whether through email, a website, or even, like I’m doing right now, on a blog, and gets folks to click on their links, like this one right

here

Go ahead, click it and check it out.  I’ll keep venting about the idiots in the appraisal world, and the way out for you and yours.

I saw a quote today that really kind of, well, hit me.  It was from a link from a comment on this site….

“Whatever you can do or dream you can, begin it.  Boldness has genius, power and magic in it.  Begin it now. – Goethe

That is damn straight.  If  you think you can, by gawd, do it, because your right!

Posted in Appraisal Issues, Appraiser Jobs, Appraiser Marketing | Tagged , | 2 Comments

Is This Lender Influence?

Posted on November 5, 2009 by admin

Secondary market loan, so they said. So, I just get off the phone with the loan officer at the local bank. She didn’t order the appraisal, they actually have a good system set up rotating through different appraisers.

So, she calls about an additional comp. It is an Aframe, and of the 4 closed sales already in the report, 1 is only kind of an Aframe. But, since there weren’t any recent closed sales of comparable Aframe, I went the 4 sales, and also added an active listing from the immediate neighborhood that is an Aframe.

She asks for an additional comp, and no problem…I understand that. Just need to get outside the time frame and or price range and or geographic region, but I understand.

Then she starts chastising me for having an active listing in the report. Saying “well, I’ve been in the business for over 28 years, and never seen an active listing in an appraisal.” I call BS! Bull pellets. No Way.

So, is she influencing me to take this listing out of the report. I told her for me to even consider it, I would need a request from her in writing as to why it needs to come out. I’m going to expand on that email conversation with her until she really shows how stupid she is. At that point, I’ll give her a report with probably two more additional comps, both Aframes, and that listing will still be in there.

I hate this business.

Posted in Appraisal Issues, Lenders | Tagged , | Comments Off

Latest frustrated appraiser news – Appraisals kill deals | Miamism

Posted on November 4, 2009 by admin

Ok so 3 more posts today that I’ve dug up – I’m an information JUNKIE on this stuff lately. Give em a browse and let me know what ya reckon. They’re just from a few different sites I’ve been surfing lately that are generally good for information like this…

Appraisals kill deals | Miamism

In today's market, appraisals are coming in artificially low. We see sellers today pulling their properties Continue reading →

Posted in Appraisal Issues | Tagged , | Comments Off

Do You Really Want To Be An Appraiser?

Posted on November 3, 2009 by admin

The Real Estate appraisal business really appealed to me some 13 years ago as a great home based business. And, yes it has been very good to me. Sure, it does potentially provide those things that a solid home based business should provide, a consistent income and scheduling flexibility, but along the way there are many potholes of which to be aware.

Initially, getting to the point where you can get work as an independent appraiser can be a long, frustrating and
expensive road. Education and training requirements have changed so now it is required that you have at minimum a 4 year degree to obtain the certification required to provide the most opportunity. Many currently certified appraiser’s have been “grandfathered” in with these recent changes, but anybody new to the profession will be required to have a 4 year degree.

Second, finding somebody to train and work with you over a period of at least two years can be trying. Many experienced appraisers refuse to train their replacements. The thinking is that once a trainee has completed the necessary training, education and testing, that they will then go out into that marketplace and instantly become the competition of the person or firm that trained them. Certainly this is a valid concern, and can cause headaches as your trying to get started in the business.

Lastly, over the past several months, the business has changed, and many long standing relationship between appraisers and banks and lenders have been dissolved with the introduction of the HVCC, and the following requirement that all conventional loans have appraisals ordered through appraisal management companies. What this has done is provide anybody with a certification to appraise an equal opportunity at the appraisal work available just by getting “signed up” with an AMC in your area. This can actually be a good thing for a new appraiser, as those long term relationships have been essentially ended.

Many long time appraisers have been forced from the profession with the changes in the process. If you can weather the challenges along the way, then certainly the appraisal profession can provide great opportunity for good income and scheduling flexibility. But, the path to those rewards can be very difficult and full of challenges.

Posted in Appraiser Jobs | Tagged , | Comments Off