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Answers (11)
- Wes Black
- Contributions:509
This topic of milking buyers by appraisers is not to my knowledge happening in Louisville, Ky.
- Deborah Garvin, "loanmonarch"
- Contributions:438
AMEN, Vince!!! Thanks for joining the thread. The fact is that I know of no one who is trying to "kill deals" today...most of us are not "Rolling in the Deep" with Adele and are fighting tooth and nail to help consumers buy, sell or refinance properties and agents to assist their clients.
Frankly, there is no room (IMHO) for the "throw them under the bus" type of comment that was made previous to your comment. Best to you!
Frankly, there is no room (IMHO) for the "throw them under the bus" type of comment that was made previous to your comment. Best to you!
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
@Shawn
Yes, it happens all the time. appraisers are doing their best to kill deals nation-wide and earn themselves additional money.
In reporting accurate values, sometimes we do 'kill deals' because many people own more than a home is worth. I sometimes do 'kill a deal', because HVCC keeps me from 'comping out' properties as we used to do to give the mortgage broker a heads up. In 'killing a deal' I peronally am more concerned about the homeowner losing their home than a mortgage broker getting a commission. It isnt fun to 'kill a deal' because no one wins, and everyone loses. And in 'kiiling a deal' no 're-inspection' is ordered, so Im not sure what that has to do with it. And for my clients, if I purposely 'kill deals' I end up with no work, dont know where you think its the opposite....
Yes, it happens all the time. appraisers are doing their best to kill deals nation-wide and earn themselves additional money.
In reporting accurate values, sometimes we do 'kill deals' because many people own more than a home is worth. I sometimes do 'kill a deal', because HVCC keeps me from 'comping out' properties as we used to do to give the mortgage broker a heads up. In 'killing a deal' I peronally am more concerned about the homeowner losing their home than a mortgage broker getting a commission. It isnt fun to 'kill a deal' because no one wins, and everyone loses. And in 'kiiling a deal' no 're-inspection' is ordered, so Im not sure what that has to do with it. And for my clients, if I purposely 'kill deals' I end up with no work, dont know where you think its the opposite....
- Deborah Garvin, "loanmonarch"
- Contributions:438
Dave, It is very rare to see a frivolous request for a re-inspection, IMHO. First, the lender/underwriter makes the determination for the re-inspection, desk or field review and/or second appraisal. If there is an error or omission on the initial report the underwriter will requre a correction, not a re-inspection. If, however, any work needs to performed on the property, there will always for a request for a 442 (re-inspection) to verify that the work was done to code, by permit (if required) and to provide photos for the final underwriting of the transaction.
@Shawn, IMHO, frivolous comments that suggest ALL appraisers (lenders, agents, title company's...take your pick) are purposely going out of their way to sabotage real estate transaction is counter productive to the goals of the advice columns on Zillow. After all, we are trying to help consumers understand the process; not convince them of impossibility of the sucess.
Frankly, I have not had many appraisal issues. But, perhaps the listing agents I work with know how to properly price a property and the buyers agents know how to educate their clients on the correct offers for success.
Dave, I wish you success on your transaction.
@Shawn, IMHO, frivolous comments that suggest ALL appraisers (lenders, agents, title company's...take your pick) are purposely going out of their way to sabotage real estate transaction is counter productive to the goals of the advice columns on Zillow. After all, we are trying to help consumers understand the process; not convince them of impossibility of the sucess.
Frankly, I have not had many appraisal issues. But, perhaps the listing agents I work with know how to properly price a property and the buyers agents know how to educate their clients on the correct offers for success.
Dave, I wish you success on your transaction.
- Shawn Ryan Rosa, "sryan1980"
- Contributions:494
yes, it happens all the time. appraisers are doing their best to kill deals nation-wide and earn themselves additional money.
- Ryan Cook, "ryancookrealtor"
- Contributions:153
Dave - Interesting note. The only time I see appraisers need to come back is when agreed-upon items were written into the Purchase & Sale contract, i.e. the electric sub-panel was found to have double-tapped circuits and the owner agreed to fix. If that agreement to fix was placed in the Purchase & Sale agreement (I'm speaking for MA), then the lender will likely require a re-inspection be done at the Buyer's expense. Some items we'll have the attorneys write up into a side agreement that is not part of P&S so the Buyer isn't hit with re-inspection fees.
Good Luck,
Ryan
Good Luck,
Ryan
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Dave- Thank you for your acknowledgment and understanding. Happy holidays.
Happy funding, Rudi
Happy funding, Rudi
- Ofe Polack, "Ofe Polack"
- Contributions:1416
Without knowing was item(s) needed to be reinspected, I do not know that any of us can contribute anything to your comments. If I were to feel that something was not done on the first visit that should have been done, I would refuse to pay for a second visit, because it was obviously the mistake of the appraiser. Please, let us know exactly what was left out on the first visit!
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
I dont work for StreetLinks, but I can tell you my story...
When the bank orders an appraisal in order to obtain a mortgage, the appraiser purposely and knowingly leaves out pieces of information the bank is going to require. They give themselves an excuse to have to re-inspect the property because you are picking up the bill.
Re-inspections are only required in rare instances usually when an item is NOT complete, ie new construction. I never get paid extra for a re-inspection, but maybe StreetLinks is, I wouldnt blame the appraiser. Do you know 100% the appraiser got the full re-inspection fee ? Or did it end up in StreetLinks' pocket.
WHAT exactly was the re-inspection for ? I would be curious. New construction or what ?
Note many AMCs get a good chunk of the total appraisal fee, read this.
If the appraiser TRULY is coming up with bogus items to make a bigger fee, feel free to contact the California OREA and file a complaint. Thats the only way to knock out un-ethical appraisers out of the field.
This is all too common working with appraiser management companies like StreetLinks, the company I am stuck working with right now.
This is the bad system we have right now, and StreetLinks is simply one of the actors. We actually dont need StreetLinks, nor any AMC, doing the work the lender should be doing. Lenders have less 'skin in the game' by using AMC's, and hence IMHO we will end up with another, and worse housing crisis 'next' time.
When the bank orders an appraisal in order to obtain a mortgage, the appraiser purposely and knowingly leaves out pieces of information the bank is going to require. They give themselves an excuse to have to re-inspect the property because you are picking up the bill.
Re-inspections are only required in rare instances usually when an item is NOT complete, ie new construction. I never get paid extra for a re-inspection, but maybe StreetLinks is, I wouldnt blame the appraiser. Do you know 100% the appraiser got the full re-inspection fee ? Or did it end up in StreetLinks' pocket.
WHAT exactly was the re-inspection for ? I would be curious. New construction or what ?
Note many AMCs get a good chunk of the total appraisal fee, read this.
If the appraiser TRULY is coming up with bogus items to make a bigger fee, feel free to contact the California OREA and file a complaint. Thats the only way to knock out un-ethical appraisers out of the field.
This is all too common working with appraiser management companies like StreetLinks, the company I am stuck working with right now.
This is the bad system we have right now, and StreetLinks is simply one of the actors. We actually dont need StreetLinks, nor any AMC, doing the work the lender should be doing. Lenders have less 'skin in the game' by using AMC's, and hence IMHO we will end up with another, and worse housing crisis 'next' time.
- Dave, "Unsatisfiedappraisal"
- Contributions:2
Rudi,
You are probably right that this is most likely one bad apple in the bunch and should not reflect against Street Links.
I did thoroughly discuss items about the property prior to the appraiser coming to the property. It seems pretty clear that the appraiser wanted an excuse to come back out to the property.
I appreciate your response.
You are probably right that this is most likely one bad apple in the bunch and should not reflect against Street Links.
I did thoroughly discuss items about the property prior to the appraiser coming to the property. It seems pretty clear that the appraiser wanted an excuse to come back out to the property.
I appreciate your response.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Dave- In my opinion Street Links appraisers perform excellent appraisals. In the past year or so I have ordered about 15 appraisals from them, none came in with questionable appraisals. Also most of those loans required 2nd appraisals, due to their loan amounts. None of those had any problems. I would not hesitate to use Street Links again.
Unless you can throughly document your remarks about incompetency or trickery, which could be construed as slanderous, if you don't have a attorney friend that will perform their services for you pro bono. nor have unlimited funds for litigation, I suggest you be very careful about any negative remarks you make on a forum as Zillow and will remain on search engines for eternity. Best wishes.
Happy funding, Rudi
Unless you can throughly document your remarks about incompetency or trickery, which could be construed as slanderous, if you don't have a attorney friend that will perform their services for you pro bono. nor have unlimited funds for litigation, I suggest you be very careful about any negative remarks you make on a forum as Zillow and will remain on search engines for eternity. Best wishes.
Happy funding, Rudi
Are appraisers milking buyers for "re-inspection fees"
This is all too common working with appraiser management companies like StreetLinks, the company I am stuck working with right now. I welcome them to respond to this post if that is not the case.
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