My extent of dealing with appraisers as a listing agent is this, I meet them at the house to open it up for them. The bank that hires them usually gives them a copy of the purchase contract. Y’all are so crazy with your conspiracy theories.
An appraisers job is to make sure the bank isn’t entering into poor business deals, are some not good? I’m sure, but like anything they have good and bad and I’m sure the ones that cost banks money don’t get much repeat business.

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Posted by AwgustaDawg

CSRA

Member since Jan 2023

7505 posts

Posted on 4/17/23 at 10:25 am to TJG210

quote:
They also work with appraisers...surprisingly homes are always appraised almost exactly what the offer is

My extent of dealing with appraisers as a listing agent is this, I meet them at the house to open it up for them. The bank that hires them usually gives them a copy of the purchase contract. Y’all are so crazy with your conspiracy theories.
An appraisers job is to make sure the bank isn’t entering into poor business deals, are some not good? I’m sure, but like anything they have good and bad and I’m sure the ones that cost banks money don’t get much repeat business

Not a conspiracy when you witness it happening first hand, not once but twice, with two different listing agents and two different appraisers in 2 different markets. It was also part and parcel of new regulations after the housing bubble burst in 2006(?). Appraising real estate is at best a guess based on homes in the area which may or may not be remotely similar to the home being appraised outside of them having 4 walls on the exterior, more or less, and some sort of roof. An appraisers job may well be to make sure a bank isn't entering into poor business deals but they are human and will, just like loan officers, enter into deals on behalf of the bank they work for which are advantageous to themselves.

Most mortgage companies are going to sell a mortgage, some mortgages are sold several times. They don't give a rip if the appraisal is accurate...they all make money until the system breaks then the taxpayer bails them out.

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Posted by TeddyPadillac

Member since Dec 2010

25997 posts

Posted on 4/17/23 at 10:39 am to TJG210

quote:
An appraisers job is to make sure the bank isn’t entering into poor business deals, are some not good? I’m sure, but like anything they have good and bad and I’m sure the ones that cost banks money don’t get much repeat business.

that's one part of it. It's also the banks job to make sure the person they are lending to is going to pay them back.
The jobs that cost them money are the ones that don't pay their loan back, and that seems to fall more on the lender giving loans out to people that don't deserve them as the root cause of why they lost money.
It makes no difference to the lender if the value of a home goes down after a few years, as long as the lendee keeps paying their loan, and if they sell their house, they pay back the loan in full. It's the buyer that loses out there, not the lender.

Your house is worth what people are willing to buy it for. that's how every sale in this country works. Is a Louis Vitton purse worth $2,500? to me, absolutely not, but some idiot pays that much, so that's its worth. And i get it, it's the bank buying the house, not the buyer, but that's where handing out loans to people that don't deserve them come into play much more so than an appraisal coming in 5% less than the offer on a $400k house.

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