appraisals are costing home owners and the banks are making more profit off the backs of homeowners.

Appraisers can no longer market for work, we wait on a rotation that has no bearing on experience. Lower prices and quick timings result in poor quality appraisal reporting.

I DID AN APPRAISAL A MONTH AGO FOR LANDSAFE, THE CUSTOMER TOLD ME HE PAID $430 FOR THE APPRAISAL. I MADE 230. I ALSO HAD TO PAY APPRAISAL PORT OUT OF THAT FOR THE ORDER.

SEE WHO IS BENEFITING…

To David:

You indicated that HVCC would affect Realtors’ paychecks. How? Could you elaborate on this factor?

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I also predict that HVCC will undergo extreme changes in the near future.

The appraisers that are left are fighting mad.
The Mortgage Brokers that are left are fighting mad.
Realtors are just catching on to the fact that their paychecks will be affected.
Borrowers are now being hit with the fact that 2 $450 appraisals are requied.

The proverbial ship will not hit the fan until the number of outraged borrowers reaches critical mass. Then look out Congress.

1) This is an FHA loan so doing a precomp isn’t an issue (HVCC doesn’t apply).

Question: How do we know that it’s an FHA loan…they can say that about every deal…so we just say no to all precomps now.

2) The Mortgage Broker can no longer give an appraiser an estimated value. Here’s their answer to this problem: Have the Realtor plant the info in the appraiser’s mind or the borrower. Nearly every borrower that I’ve met since May 1st has told me the value they need to make the deal work. What an amazing coincidence.

My borrower just paid 700.00 for an appraisal that normally would have cost 575.00 but never would have been ordered if we had comps. No communication is never good in any situation. NOT having this valuable tool is counter productive and only hurts the consumer. My 89 yrs old client is out $700.00.

Susan Kelly how blessed is my client.

If all reports are required to go through AMC’s who set’s the cost of the report. I did a report last week for $550.00 The price I would have typically charged, now this was for a bank, not an AMC who would have paid at the most $275.00 The bank charged $750.00

I’m sure the AMC would have charged $750.00 also. So because of your beloved HVCC, the borrower is now paying $200.00 more for this particular report.

Right now in a down market where the demand for our services is less then the supply, the appraisers are taking the blunt if not 100% of the UN-NECESSARY cost of working with AMC’s

When the market come’s back, and their is a sever shortage of appraisers, We collectively will not work for the sub standard fees that the economy now forces upon us. What then. Will as AMC will have to pay us as fair wage if the want the volume to flow, and as the will need to tack on their UN-NECESSARY cost, who do you think will end up paying more for the report. That’s right the consumer will get screwed.

If a consumer wants a loan, one has the option of going through a Loan Broker who can find the best fit for that borrower, many time’s in which a loan rate may change, or a package may be better fit for a different lender as circumstance change. Now if a consumer wants to check the fit with three different lenders, he has to pay for THREE different reports. Now Susan my dear, how blessed are the consumers.

A home has not one value, but a range of value. So let’s say the blessed consumer requires a appraised value of $600.00 and the range is only $450,000 to $525,000 not a chance in hell of it coming in any higher. Your blessed consumer can no longer get a comp check from the bank, no they fork out a full cost for a report that is a pure waste of their money. Oh lucky them.

If that’s not enough, lets take a near same situation. A home has not one value, but a range of value. So let’s say the blessed consumer requires a appraised value of $495,000 and the range is only $450,000 to $525,000 The appraiser very comfortably brings in the value at $490,000 He could have just as easily supported $500,000 but as it make’s no difference as far as the appraiser go’s, Who cares, why not just be conservative. I’ll never get any feedback.

The borrower finds themselves either losing the loan, or paying a higher interest rate, cost them thousands over the life of the loan, because the loan to value, although truly supportable was not supported in the report as written. WOW Susan Kelly how blessed are they now.

As you limited your ill thought out comment to the consumer, ill not fill your wee brain with the many other reasons the HVCC is good for non but the big lenders who only wish is to control 100% of the process.

So Susan if you can muster up an intelligent response, Ill be looking for it. But I won’t hold my breath.

Mark

With the Appraisers, yea who can deny there were issues with them and the Realtors, Lenders, and the buyers and sellers. All were just looking at the mighty dollar and how can I get a check, if I don’t do this someone else will…

But as Big Brother always does they create a problem, swing the Pendulum all the way from the Left to the Right, never consider stopping near the middle where it may make a little since.

We just all need to hang on and mark my words, in a year or two it will swing past the middle and back to the other direction, maybe not as far as it was a couple of years ago but it will swing too far again.

When we do our job, we just need to always ask our self “Does this make since?”

This accounts for 90% of the average person (Appraisers, Realtors, Lenders) on the street trying to make a living, this in no way accounts to ANY Politician, they never ask the question “Does this make Since?”

Roger Paschal
RE/MAX Trinity
Fort Worth Texas

Susan Kelly you should educate yourself before you come to such niave conclusions.

http://www.hvccpetition.com let’s get this thing reversed!!! It’s been a disaster. Forward to everyone

HVCC is a blessing from almighty God to Consumers; and, it is indeed some of these same whiney industry insiders who perpetuated this capital chaos while playing their speculative insider games unchecked for decades, and, all their greedy little sheepish simps of course too, who do/did not want this all to change!!

The seller decides what the home is listed for, not the Realtor. The Realtor shows them the listings, pendings and closed sales to educate them about the market so they can make an informed choice. That being said, there are many agents who will over list a home just to get the listing. (very stupid thing to do)

This would be the same as doing comp checks to get business as an appraiser. (whore yourself out now and they will repect you later – ha ha ha)

As far as the least trained making the most, those of us (Realtors) that are still in this market know how to sell. Nothing happens until something is sold. There is no need for the appraisal or the loan until the home is sold.

Thomas – I am an appraiser who has become a Realtor as well. Get your sales license!!! Buyers and sellers need Realtor’s who understand the market, and NOBODY understands it better that an appraiser. Trust me on this. I have been selling homes and closing them in this market and will soon be making more selling than I ever did appraising.

The best part is that I get to truly help people who desperately need me and appreciate me because I know what the hell is going on…

Good luck.