- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Restraining order against bad home appraiser
Posted on 10/5/23 at 9:27 am to slackster
Posted on 10/5/23 at 9:27 am to slackster
quote:
Interest rates, more than anything else, drive home values.
Supply and Demand drives home values. If someone is willing to pay 'x' for your home that's what it is worth. Appraiser is there for the bank. In a cash situation they are irrelevant.
3
Posted on 10/5/23 at 10:13 am to ronricks
quote:
Supply and Demand drives home values. If someone is willing to pay 'x' for your home that's what it is worth.
Evidently not.
Appraisers set the price, then the dogshit appraisal sticks on your property if you sell to anyone that doesnt use a conventional loan.
Then you're fricked. It doesnt matter how many hundreds of people want to buy the house, they cant get a loan for more than this one idiot appraisal determines as the value. Its ridiculous.
My buyers are more pissed than me every time this happens and its happening more and more frequently.
Posted on 10/5/23 at 10:17 am to slinger1317
quote:
2 bad ones sounds like the issue may be with your expectations for the property?
I do this full time and have done so for over a decade.
I know the market better than any appraiser in this area, so thats untrue.
Posted on 10/5/23 at 11:27 am to ronricks
quote:
Supply and Demand drives home values.
You don't think higher interest rates suppress demand?
Posted on 10/5/23 at 12:45 pm to TDTOM
quote:
You don't think higher interest rates suppress demand?
Not in low inventory environments like we have now. Prices haven't cratered yet for some reason. Prices around me are still insane despite rates. Location may vary.
Posted on 10/5/23 at 1:08 pm to ronricks
Agree to disagree. Mortgage applications are down pretty significantly over the past year. Either everyone looking to buy a house has bought one, or the rates are too high right making home ownership too expensive. Maybe there are other reasons.
Posted on 10/5/23 at 1:22 pm to blueboxer1119
I’ve had some bad appraisals the last 2 years. Seems like banks are just going with the cheapest bid now. I just sold my home for $50,000 more than it appraised last year.
Posted on 10/5/23 at 2:15 pm to slackster
quote:
Interest rates, more than anything else, drive home values.
Lots of factors in play in this market. Increased rates have caused massive drop in supply, maybe more so than demand. So homes that sell might be for more than ask. Got to stick with comps.
This post was edited on 10/5/23 at 2:16 pm
Posted on 10/5/23 at 2:38 pm to ronricks
quote:
Supply and Demand drives home values. If someone is willing to pay 'x' for your home that's what it is worth. Appraiser is there for the bank. In a cash situation they are irrelevant.
Again, head in the sand.
Interest rates are massive for demand.
Posted on 10/5/23 at 3:36 pm to slackster
quote:
Interest rates are massive for demand.
You keep putting the cart ahead of the horse.
There are still cash buyers.
There are still investors willing to grab homes at a stagnant price.
You are correct. Higher rates will limit the buyer pool for a particular address. And supply/demand can impact that price. But it only takes 1 buyer to bite at that price. And right now, the fish are still biting in a lot of areas.
Posted on 10/5/23 at 3:38 pm to TDTOM
quote:
You don't think higher interest rates suppress demand?
Higher interest rates also make fewer people put their homes up for sale.
It cuts both sides of the supply/demand chart.
Posted on 10/5/23 at 4:09 pm to meansonny
quote:
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?
Yes. The title insurance should be held by the buyer not the lender. On a refinance, the homeowner should be able to change the additional insured to the new lender. That solves the problem. Of course the few that make money on title insurance don't want anything to change.
Posted on 10/5/23 at 4:14 pm to blueboxer1119
restraining order for bad valuations ... I like this one
Posted on 10/6/23 at 7:45 am to tigeralum06
quote:
Yes. The title insurance should be held by the buyer not the lender. On a refinance, the homeowner should be able to change the additional insured to the new lender. That solves the problem. Of course the few that make money on title insurance don't want anything to change.
I don't think you understand insurance.
The lender gets title insurance on the purchase.
The new lender gets title insurance on the refinance.
If you want money, the lender gets title insurance. It is a simple, obvious requirement.
An insurance policy only covers those with an insurable interest.
What makes you think the first lender's policy would ever cover the 2nd lender?
Posted on 10/6/23 at 8:38 am to blueboxer1119
quote:
Comps from 2+ yrs and 15 miles away. Ridiculous shite.
They can only go back 365 days.
They can extend on mileage if it's a rare property. They can not go back on time.
Posted on 10/6/23 at 9:50 am to tigeralum06
It's almost like something that affects the ownership could have happened between your first mortgage and the re-fi, and that a title company has to do its due diligence and close on an entirely new mortgage. I guess you think they should work for free though.
Posted on 10/6/23 at 10:00 am to Billy Blanks
quote:
They can only go back 365 days.
They can extend on mileage if it's a rare property. They can not go back on time.
Is that a law?
I don't think it us.
If the appraiser needs additional data to bracket a value, they use whatever is necessary.
I've see 10 comps with 4 of them pending listings.
I've seen sales over 12 months in a similar fashion (note...the home would be same style, age, condition, neighborhood in a stable price environment during a market where unique high value homes with a view or unique feature do not go up for sale with regularity).
The appraiser isn't "nailing a value" any more than he/she is bracketing as tight a window as possible for the high end and low end of the current market.
Posted on 10/6/23 at 1:38 pm to meansonny
I don't think you even read what I wrote. The homeowners should have the policy, not the lender.
Posted on 10/6/23 at 2:35 pm to blueboxer1119
quote:I'll bet you're fun at closings.
I do this full time and have done so for over a decade.
I know the market better than any appraiser in this area, so thats untrue.
Posted on 10/6/23 at 3:41 pm to tigeralum06
quote:
I don't think you even read what I wrote. The homeowners should have the policy, not the lender.
You can say that homeowners should do this or should do that.
No one is getting a mortgage without the lender's insurance.
It is called underwriting and mortgage backed securities.
Page 2 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News