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I am working on deal in a rural area right now that is completely being held up by an appraiser. All he needs to do is give underwriting one more comp. This hag in his office just told me that none of the 5 comps I gave her were good enough and that is causing the hold up.
First of all it's a rural area in a slow economy- the fact that I came up with 5 comps is a miracle! Second, why do I have to give you comps to begin with? The appraisal is YOUR job... I'm a little biased here, I want the deal to come together so I will get paid and my Buyer will get a loan on the house they love! You've been hired because you aren't biased, why am I doing your job?
Does this "fetch me comps, Agent" junk happen in all markets? Am I the only one that finds this frustrating and unfair?
Now that most banks are using a 3rd party to pull appraiser out of a hat instead of hiring experienced hard working ones - the level of "corruption" in the industry has now been replaced with incompentency - only, instead of the occasional issue of insider problems we have the constant issue of appraisers being picked that either don't know an area, or aren't willing to put appropriate level of effort to get things done without delays. Some of the best appraisers in my area are no longer the busiest.
The appraisers in my market don't like it when we provide comps as it questions their work and they get offended. Many would rather turn in a low appraisal than ask the agents for help to understand where we got our values from. It's getting really ridiculous!
I am working on deal in a rural area right now that is completely being held up by an appraiser. All he needs to do is give underwriting one more comp. This hag in his office just told me that none of the 5 comps I gave her were good enough and that is causing the hold up.
First of all it's a rural area in a slow economy- the fact that I came up with 5 comps is a miracle! Second, why do I have to give you comps to begin with? The appraisal is YOUR job... I'm a little biased here, I want the deal to come together so I will get paid and my Buyer will get a loan on the house they love! You've been hired because you aren't biased, why am I doing your job?
Does this "fetch me comps, Agent" junk happen in all markets? Am I the only one that finds this frustrating and unfair?
We do primarily rural appraisals and cover a large area in which we are completely geographically competent. We have all the data bases.
Do you have any idea how annoying it is to hear the "we need one more comp sold within 90 days and within 1 mile of the Subject"? Do you have any idea what hoops the appraiser has jumped through to get the sales he/she used? Chances are that the sales used are not very comparable and have large adjustments because THERE IS NOTHING ELSE!
I frequently receive a list of sales from the realtor and I appreciate it. But just as frequently they won't work. Some because they are far superior to the Subject, some because they are foreclosures and some because they were not arms length transactions or the sales data could not be verified.
I sometimes get a list of sales sent to me by Underwriters from a certain client and want to know why certain sales were not considered. How would they know what I considered and what was not considered? So far, every time I explain that yes, they were considered but not used for the following reason. I have started charging for this.
I am of the opinion that all loan originators ought to spend a day with an appraiser so they understand what the appraisal process is.
Bottom line is that we use the best sales available. We can't make them up.
We do primarily rural appraisals and cover a large area in which we are completely geographically competent. We have all the data bases.
Do you have any idea how annoying it is to hear the "we need one more comp sold within 90 days and within 1 mile of the Subject"? Do you have any idea what hoops the appraiser has jumped through to get the sales he/she used? Chances are that the sales used are not very comparable and have large adjustments because THERE IS NOTHING ELSE!
I frequently receive a list of sales from the realtor and I appreciate it. But just as frequently they won't work. Some because they are far superior to the Subject, some because they are foreclosures and some because they were not arms length transactions or the sales data could not be verified.
I sometimes get a list of sales sent to me by Underwriters from a certain client and want to know why certain sales were not considered. How would they know what I considered and what was not considered? So far, every time I explain that yes, they were considered but not used for the following reason. I have started charging for this.
I am of the opinion that all loan originators ought to spend a day with an appraiser so they understand what the appraisal process is.
Bottom line is that we use the best sales available. We can't make them up.
I'm with you sister!! As if we keep one more comparable in our back pocket for when they call for another one! If I had another comp I would've given it to you in the first place! We've taken a huge step back from the appraisal business due to this kind of silliness.
I think a lot of the misconceptions in the industry are due to lack of knowledge. Pricing a property and valuing one are two totally different animals. Most real estate agents are taught differently that real estate appraisers and thats why they clash so much. We were in a real estate class last week and the well known and well liked instructor that was supposed to be one of the best started out the class saying "They've just passed brand new appraisal legislation called the HVCC..."
To the OP - You are correct that you should not have to supply comps to an appraiser. A competent appraiser should have all the data sources you have and more. It shouldn't take that long to re-research the area and then either provide the underwriter with an extra comp or provide them with an addendum stating that there are no additional comps available. As for the other comments, I totally agree that Cuomo screwed up the appraisal business for everyone. I actually have several brokers who hire me to appraise their listing just so they can hand it to the AMC appraiser who knows nothing about the area. Pretty sad.
I'm with you sister!! As if we keep one more comparable in our back pocket for when they call for another one! If I had another comp I would've given it to you in the first place! We've taken a huge step back from the appraisal business due to this kind of silliness.
I think a lot of the misconceptions in the industry are due to lack of knowledge. Pricing a property and valuing one are two totally different animals. Most real estate agents are taught differently that real estate appraisers and thats why they clash so much. We were in a real estate class last week and the well known and well liked instructor that was supposed to be one of the best started out the class saying "They've just passed brand new appraisal legislation called the HVCC..."
Sheesh...need I say more?
I am dying to say: "I am sorry, you ordered the silver appraisal. Better comps are only available with the platinum appraisal package."
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