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It said, Comp 2, an older, Traditional dwelling, is in the subject neighborhood…” I am baffled. I pushed back, and the bank came rolling me over with a crazy diatribe about how it could be biased in so many ways and how could I not see that?
I did a VA appraisal some years ago, and the same bank wanted a different appraisal on a different property. The box checking AMC’s that ‘QC’ the appraisal before delivering to client have 2 revisions. Then post funding 2 months later the investor wants you to add 2 comps. its endless.
Most banks won’t risk financing an acquisition loan for a business with more than 20% of total sales from one customer. If you are preparing to appraise your assets or inventory or think you may have overvalued your assets or inventory, read this article for a plan to correct the issue. The risk is just too high.
If you think that just because you’ve been appraising for 35 years with no adverse legal consequences, that this kind of thing couldn’t happen to you, you’ve been out in the field too long. Who says that appraisal (if there even is one) is more credible, or even credible at all? In reply to hammering hank.
Jeff Pitts I am a rural appraiser with lots of experience…. DID do an appraisal year ago. Did an in-depth rebuttal bank thought was good. Did an in-depth rebuttal bank thought was good. There are few comps period in my area 1 but retired my SRA a few years ago as no one cared. not at all comparable.
My reports are very inclusive and long – to the chagrin of the opponents typically lazy appraiser. Good luck with the demented “current world order” Just finished some self storage work and included 25 rent comps in the report based on a survey I conducted. This is in addition to the inclusive appraisal report.
I’m a Certified General Appraiser that started appraising in 1984, almost 40 years ago! Spent the majority of my career appraising both residential and commercial properties in a major metropolitan market. Like most of you, I really enjoyed appraising and was proud of my profession.
Spencer, imagine a better run system, like comp searching, or some better elevation and respect for the appraisers vital role and important worthy participation in mortgage lending. And now every appraiser is under a state of permanent probation, unending scrutiny, and unyielding pressure to posture as subservient to lenders.
article quote; Our hubristic faith in the god-like powers of technology and central banks / states creates an illusion that the credit cycle turning is the result of a “policy error,” when in fact it’s just the way systems function. The closer your comps are, the fewer the adjustments required, the narrower the range.
My fellow peers this is an attack on our profession and a malicious attack on caucasian appraisers period. However; if I were casusain I would be very leery of appraising a minority owned property. No one stopped black people from becoming an appraiser. As appraisers, we are not advocates for anyone.
Further to our prior post about Delaware’s two new appraisal decisions, SWS Group was a small, struggling bank holding company that merged on January 1, 2015 into one of its own substantial creditors, Hilltop Holdings. Stockholders of SWS received a mix of cash and Hilltop stock worth $6.92 at closing. below the merger price.
We are the only ones who don’t make huge amounts of money on a deal; the realtors do, the banks do, we just get our pittance of a fee for ALL the liability. I’m willing to do this but why when appraisal waivers and AVM’s will result in handing out mortgage loans like tic-tacs at a senior citizens gala.
Andrew Cuomo filed against eappraisit and got HVCC because appraisers were taking values from owners and blessing them with their licensed opinion because they were whores for more work. I refused to workfor ant AMC after they were accepted by banks and other lenders so they farmed out the Appraisal departments to amcs.
10-year Treasury or German Bund), which fluctuate based on central bank policies and inflation expectations. [23] The Era of Low Interest Rates (Pre-2022): For much of the preceding decade, central banks maintained near-zero interest rates (ZIRP). [33] 23] Risk-Free Rate: Tied to government bond yields (e.g.,
He is following another playbook and he will allow the GSEs to use appraisal waivers, algorithms, AI, and all these techie assists for appraisers! Banks and Wall Street with their derivitives! I know Texas appraisers I reviewed that say it is a bear mkt in oil so the economy is good. RESIDENTIAL customers will PAY!
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