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Testimonials
IL
At last someone is trying to stop the insanity! I'm a one man shop with 4 local banks to deal with. Two play the numbers game with two local appraisers that give up numbers. Two my steady clients call and NEVER question my numbers. Even if it causes a problem in the loan deal. They do sometimes however, then shop. SOLUTION: 1) Office of banks and real estate should not allow anyone to sell and appraise property, period. Don't allow 2 licences. Avoidng the conflict of interest!
SD
I was kicked off of the approved list of one of the largest lender's in the U.S for under valuing a property. The subject sold for $275,000. I appraised it for $255,000. I had 10 comparables in the same subdivision that supported my value. I was sent comps from the Real Estate agent that were 3 - 5 mile away, I refused to use them. They found another appraiser who appraised it for $267,000. which is what it closed at. Now I'm loosing about $1,000 - $2,000 a month because I was honest.
VA
I bet I've got one for the books. I was sold a "townhouse" valued at $120,000, with no land as a "single family residence" with approximately 1/8th acre of land for $204,000!!! Can I refi - no. Can I sell? No - the AG of my state said he will prosecute if I do. I am not the only homeowner in the development that has experienced this, and the SOP for the developers is real estate fraud, with several well known cases.
TX
My story is like everyone elses. The mortgage broker beats me to death, my values are never right (meaning never high enough). When I dont hit their number, another appraiser is called and then the deal is closed. It is shameful. The process needs another buffer between the appraiser and the client, one you does not care if the deal is closed or not. I have decided this year to do no more residential appriasal becuase of all the coercion and backstabbing. Good luck to all.
PA
The system is broken. I lose clients for 2 reasons. First, by not "making the deal". Second, for asking to be paid for appraisals on loans that never settled. "Shopping" the appraisal around by the loan officers is the biggest problem. I am a reviewer for a mojor lender who is losing millions from fraudelent appraisals and "make the deal" appraisers.
OR
After completing a drive-by report for a lender on a distant property they rejected my appraisal because their lender guidelines prohibit accepting a 2055exterior report below Qualifying Value.Ó They where not going to pay for the appraisal they ordered because 1)I should have violated USPAP by stopping the report when I knew it wouldnÕt make QV 2)Upgrade the appraisal to an Interior Report & 3)make a 2nd 80 mile round-trip all for a base Interior Fee! Never got paid.
NY
What about the third party companies and Banks that charge $350-$450 for an appraisal and pay us $200-$250? In New York this is illegal. The New York Banking Department says "this is not happening,but would be very illegal if it did happen". All they need to do is perform an audit where they compare closing statements with appraisal invoices/checks.
AZ
The real estate agent and the seller (a builder, who is a good friend of the agent) sold the home for $490,000. The appraisal was very well supported at $431,000. The lender said the appraisal was no good, refused to pay for it and called another appraiser, who somehow managed to come in at $475,000. Now he gets all the work.
(WY) 95% of my appraisal assignments are refinances as are the other honest appraisers. Unforfunately, 2 or 3 appraisers(one drives 160 miles)do the sales appraisals. the 'make the deal' appraisals have inflated the market and refinacing appraisals are based on an inflated market. Everyone is going to lose big time when the bubble burst. I have turned in an appraiser for a fraudulant appraisal and the appraiser board found an excuse to slap my hands and did not even look at the fraudulant report.
AZ
Too many appraisal management compainies are owned by banks, who must have the numbers made right, within a few days (usually four days, after you told them the appraisal would take 1.5 weeks), or they will take you off their list and not pay for any previous work in process -- unless you dance to their tune.
A certain appraisal management company requests an appraisal, are told it will take 1.5 weeks, then begin calling and harrassing the appraiser to get it done much sooner.
(NY) What about the third party companies that charge $350-$400 for an appraisal and pay us $230-$250? That worry you to death, "have you called for an appointment, have you seen it yet, what is going on so far." One hand doesn't know what the other is doing and 3 or 4 people from the same company call about the same appraisal.
I've been in this business since 1979 - endured boom and bust times... but it has never been as bad as this regarding appraisal quality. I have been an independent review appraiser since 1987 - been involved with fraud, litigation,and an incredible number of totally unacceptable appraisals. However, sale concessions are prevalent, assisted down payments,100% loans, etc.results in putting people in their homes upside down. This is shameful. USPAP and licensing has failed....
NY
Until reading the comments here, I thought I may be the only appraiser not willing to commit fraud, based on the loan officer's behavior in my market. I agree with so many here that something must be done to enforce the policies of USPAP, especially regarding valuation practices, for the good of our industry and our country as a whole. The bank lobby is so very powerful that I am afraid no meaningful change will be enacted without a loud and strong voice from the honest and virtuous among us.
MO
I agree with all the responses. I used to love my job. Now I have to worry if a client will continue sending me work when my opinion of value is less than the sales price. Until the appraisal ordering is put into the hands of the LENDERS and not the loan officers and real estate agents, the problem will continue. I am very pleased to see an organization willing to step up and say "enougn is enough". Maybe NCRC will help cleanup the industry and make it an honorable business again.
OH
I see on a daily basis, loan officers demanding values on appraisals. I lose business weekly because I will not bow to their demands. I see appraisals not being paid for because of value. I also see the same home I appraised geting sold or refinanced at the value the original loan officer demanded. The pressure from these unscruptulous LOs must be stopped.
VA
Lenders have required that appraisers return a client's fee for turning in a report that would not qualify the borrower for a refi. The point being that appraisers should know in advance what a property is worth or not receive payment for their services. Loan officers have called and said "listen, if you can promise me a value of "X" on this deal, I will send it to you now." No further info is offered. We ask if FIRREA is required reading for loan officers in their state.
MD
It is illegal, dispicable, fraudulent behavior for appraisers, to meet or exceed a predermined number. It should also be illegal for the LO's, agents, and borrowers to request a predetermined amount. What is the matter with these people????? Are they not able to figure out this practice will cost everyone in the end. I for one have no intention of EVER meeting a predetermined value. That is what USPAP is all about.
IN
I completed an assignment for a new client last week. I came in $175,000.00 below the sales price. The client called mad as could be. The mortgage broker stated that this is a customer service industry and appraisers like me that don't get the requested value don't have a clue. The clue is we don't have the same customers/clients!!! They hire me, but I don't work for them, or the "realtor", or their customer. I think I will have to put a mechanics lien on this property to get paid.
CA
It is 100% worse now than it was in the eighties, as the prior appraiser stated - its so true. Since licenseing, the quality of work has diminished, because its the loan officers ordering the work, and they have a built in conflict of interest. Until the people who stand to profit stop ordering appraisals, also deciding who will get the report, pushed values will continue. There is no such thing anymore as an objective appraisal, which is how it used to be when I learned to appraise in 85
CA
I appraised a manufactured home in a development of all manufactured homes. The sales price was $560,000, and the agent said that she had a recent appraisal that came in over the sales price. There were several recent sales in the development which did not support the high sales price but closer to $475,000! I reviewed the previous appraisal. Sure enough, it was for a refinance. Comparables were all from outside the neighborhood with no mention of the fact that the subject is a manuf. home!
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