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Started By
Message
Restraining order against bad home appraiser
Posted on 10/4/23 at 1:28 pm
Posted on 10/4/23 at 1:28 pm
I keep running into problematic home appraisers. 2 specifically that are clearly terrible at their job.
Is it possible to file a restraining order against these 2 to keep them from appraising any of my properties going forward?
Does this happen?
Is it possible to file a restraining order against these 2 to keep them from appraising any of my properties going forward?
Does this happen?
11
Posted on 10/4/23 at 1:32 pm to blueboxer1119
you can probably request the bank that is ordering the appraisals to not use certain appraisers, as long as it isn't too big of a list compared to the number of appraisers in the city.
Posted on 10/4/23 at 1:32 pm to blueboxer1119
I can understand 1 bad appraiser.
2 bad ones sounds like the issue may be with your expectations for the property?
2 bad ones sounds like the issue may be with your expectations for the property?
This post was edited on 10/4/23 at 1:35 pm
Posted on 10/4/23 at 1:39 pm to slinger1317
Ive had 4 properties in a row come back with low appraisals.
I think they've been given marching orders to pump the breaks on home values. Some go to extremes.
Comps from 2+ yrs and 15 miles away. Ridiculous shite.
Ive done nearly 80 houses in 8 years and have never had this problem until 6 or 8 months ago, then boom....every appraisal since has come back low.
*all 4 houses were under contract for full price within 2 DOM.
I had a friend tell me this restraining order thing was common....which is why I brought the question here....
I think they've been given marching orders to pump the breaks on home values. Some go to extremes.
Comps from 2+ yrs and 15 miles away. Ridiculous shite.
Ive done nearly 80 houses in 8 years and have never had this problem until 6 or 8 months ago, then boom....every appraisal since has come back low.
*all 4 houses were under contract for full price within 2 DOM.
I had a friend tell me this restraining order thing was common....which is why I brought the question here....
Posted on 10/4/23 at 1:45 pm to blueboxer1119
quote:
never had this problem until 6 or 8 months ago, then boom....every appraisal since has come back low.
That's with all appraisers these days. 2+ years ago they would look at the loan amount and LTV target and make it come out just more than it needed to be, now they are extremely conservative.
But if you have legitimate issues with an appraisal you should be able to go back with the reasons and numbers to back it up to request some changes. Some with dig their feet in, but a lot will be willing to update if you have good evidence.
Posted on 10/4/23 at 1:58 pm to blueboxer1119
quote:
I had a friend tell me this restraining order thing was common
Clearly your friend is not a lawyer. Pretty sure this is not how restraining orders work or what they're intended for.
Posted on 10/4/23 at 2:13 pm to blueboxer1119
If everyone you meet is an a-hole........
Posted on 10/4/23 at 2:19 pm to blueboxer1119
Based on current and projected interest rates the value of the properties should be much less than they were a year ago.
Posted on 10/4/23 at 2:36 pm to agdoctor
quote:
Based on current and projected interest rates the value of the properties should be much less than they were a year ago.
Values are not based on interest rates.
I've never seen an appraisal list interest rates in the sales comparison model.
Sales and only sales can dictate the market value of a home.
If the OP expects appraisers to be ignoring valid comps and ignoring them maliciously when presented with data, then the OP should go to the appraiser licensing board.
Something tells me that there is nothing malicious. But the OP just does not agree with the reasoning for ignoring sales data (comparing 2 story homes to 1 story homes. Comparing homes with over 15% variances in square footage, variances in style/age, or neighborhood).
Posted on 10/4/23 at 3:13 pm to blueboxer1119
quote:
Does this happen?
No. In addition to what people have said, you don't even come remotely close to meeting the legal requirements for obtaining a restraining order.
Posted on 10/4/23 at 8:23 pm to meansonny
quote:
Values are not based on interest rates. I've never seen an appraisal list interest rates in the sales comparison model.
You’re being intentionally obtuse.
Interest rates, more than anything else, drive home values.
ETA - in particular, larger moves upward in rates impact home prices the most.
This post was edited on 10/4/23 at 8:36 pm
Posted on 10/4/23 at 8:28 pm to slackster
Kinda what I was thinking. High rates...low sales...low comps.
Posted on 10/4/23 at 8:41 pm to blueboxer1119
No. I can’t imagine that you could get a restraining order prohibiting someone from appraising your properties. Appraisals can be done by searching the public records for comparables. Whether you like it or not, even your opponents in a court case can hire appraisers to testify against you. You can combat them by hiring your own appraisers.
Posted on 10/4/23 at 8:46 pm to blueboxer1119
Our neighborhood has a ton of houses sitting on the market for months and not moving.
Sellers refuse to lower prices.
Appropriately priced homes meanwhile are selling in days.
My guess is OP expectations are not in line with current market reality.
Sellers refuse to lower prices.
Appropriately priced homes meanwhile are selling in days.
My guess is OP expectations are not in line with current market reality.
Posted on 10/4/23 at 9:02 pm to blueboxer1119
Appraisals are one of the biggest scams in the finance industry.
Maybe annuities are are worst scam.
Change my mind
Maybe annuities are are worst scam.
Change my mind
Posted on 10/4/23 at 9:13 pm to LSUFanHouston
quote:
My guess is OP expectations are not in line with current market reality.
In most areas prices are rising. What is market reality these days
Home values fell for seven consecutive months beginning in July 2022, the first decline in more than a decade. Prices began to recover in February 2023 and by July, average home prices nationwide fully recovered to peak levels reached in mid-2022.
Posted on 10/4/23 at 9:15 pm to KillTheGophers
quote:
Appraisals are one of the biggest scams in the finance industry.
Your bank won't give you a loan unless an unbiased 3rd party does a professional assessment of collateral?
And that makes it a scam?
Posted on 10/5/23 at 8:42 am to KillTheGophers
quote:
Change my mind
Title insurance, especially on a re-fi, is the biggest scam in history.
Posted on 10/5/23 at 8:45 am to blueboxer1119
Did you order the report with them directly?
Or did you use an AMC
If so call them and tell them to get them off there rolodex and ask for a new appraiser
Now sure how that could even happen
Or did you use an AMC
If so call them and tell them to get them off there rolodex and ask for a new appraiser
Now sure how that could even happen
Posted on 10/5/23 at 9:18 am to whodatigahbait
quote:
Title insurance, especially on a re-fi, is the biggest scam in history.
Your lender won't give you a lower interest rate unless they can get an insurance policy that covers them if you do not properly own the home, and that's a scam?
How many times do you think that happened before lenders' title insurance became a requirement?
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