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Oh the Appraisal Insanity
Posted on 6/23/09 at 2:26 pm
Posted on 6/23/09 at 2:26 pm
Now dont get me wrong (and I made fun of believing appraisals in another thread today), but this is class real estate agent bull shite at its best:
LINK
In other words, we are not getting enough bull shite high appraisals from our buddies anymore. These appraisals are actually using prior sales.. those bastards! Dont they know we just re-caulked the windows? That is $20K sweat equity alone!
You just gotta love this stuff
LINK
In other words, we are not getting enough bull shite high appraisals from our buddies anymore. These appraisals are actually using prior sales.. those bastards! Dont they know we just re-caulked the windows? That is $20K sweat equity alone!
You just gotta love this stuff
1
Posted on 6/23/09 at 2:34 pm to igoringa
I'm not sure why an appraiser wouldn't know that an addition had been made or renovations had been done. Are appraisals no longer done through the appraiser coming out to the property and taking measurements, etc?
Posted on 6/23/09 at 3:15 pm to BR Tiger
side note, I had an issue with an agent who was bumping sales prices in a subdivision that she had listed. The sales price would be 135,000 and she would go in the MLS and change it to 145,000. Then a lazy appraiser would come along and use it as a comprable, for other purchases based on the MLS price alone and not even go to the court house to verify. Kind of crappy, and the stupid agent didn't think she was doing anything wrong, "I felt the home was worth that much" if you take into account all the upgrades.
Posted on 6/23/09 at 3:30 pm to DieSmilen
Classic
Posted on 6/23/09 at 4:52 pm to DieSmilen
quote:
a lazy appraiser
Is there another kind? I thought that was a key qualification.
Posted on 6/24/09 at 8:03 am to BR Tiger
quote:
I'm not sure why an appraiser wouldn't know that an addition had been made or renovations had been done. Are appraisals no longer done through the appraiser coming out to the property and taking measurements, etc?
quote:
Realtors say some of these appraisers are not only not local, they don’t even have access to the local MLS. They are doing appraisals using computer models, often incorporating distressed sales as comps, and often not even knowing that the home had extensive renovations or an addition. As a result, the appraisals are coming in far lower than the agreed-upon purchase price.
Posted on 6/24/09 at 8:58 am to DieSmilen
quote:
Then a lazy appraiser would come along and use it as a comprable, for other purchases based on the MLS price alone and not even go to the court house to verify.
Holy shite. I hope you reported her.
The average residencial appraiser likely uses MLS alone for comps.
Posted on 6/24/09 at 9:15 am to Camp Randall
yeah both to Realtors Association and Louisiana Real Estate Commission
Posted on 6/24/09 at 9:25 am to DieSmilen
quote:
yeah both to Realtors Association and Louisiana Real Estate Commission
I bet they brought the hammer down on her.
LINK
Apparently the Florida Real Estate Commission has no authority over the MLS. I'd venture a guess LREC doesn't either.
This post was edited on 6/24/09 at 9:31 am
Posted on 6/24/09 at 9:51 am to Camp Randall
(18) Representing to any lender, guaranteeing agency, or any other interested party, either verbally or through the preparation of false documents, an amount in excess of the true and actual sale price of the real estate or terms differing from those actually agreed upon.
not sure it would cover this,, is an appraiser and intrested party?
not sure it would cover this,, is an appraiser and intrested party?
This post was edited on 6/24/09 at 9:55 am
Posted on 6/24/09 at 10:35 am to DieSmilen
quote:
had an issue with an agent who was bumping sales prices in a subdivision that she had listed. The sales price would be 135,000 and she would go in the MLS and change it to 145,000. Then a lazy appraiser would come along and use it as a comprable, for other purchases based on the MLS price alone and not even go to the court house to verify. Kind of crappy, and the stupid agent didn't think she was doing anything wrong, "I felt the home was worth that much" if you take into account all the upgrades
holy shite there is so much wrong with this
Posted on 6/24/09 at 10:38 am to Camp Randall
quote:
The average residencial appraiser likely uses MLS alone for comps
very untrue, most appraisers actually utilize proper information and do a solid job....it's the few bad apples out there that make the entire industry seem like a lazy buncha bums
any appraiser worth a shite would NEVER use the MLS to gather their information other than preliminary choices for comps
Posted on 6/24/09 at 1:12 pm to Shankopotomus
quote:
very untrue, most appraisers actually utilize proper information and do a solid job....it's the few bad apples out there that make the entire industry seem like a lazy buncha bums
How much do they make per appraisal? $350-400? You are telling me they make a site visit, take photos, measure, locate comps, and make a trip to the courthouse for sales data on said comps, and write/print a report for that amount? Ok well I'm glad I'm not a residential appraiser.
Posted on 6/24/09 at 2:16 pm to Camp Randall
I know some who turn out 30/40 reports a month. They make between 250-275 per report.
Posted on 6/24/09 at 5:12 pm to Camp Randall
I have a copy of the report on mine. All that is in there.
Posted on 6/24/09 at 10:31 pm to DieSmilen
quote:
I know some who turn out 30/40 reports a month. They make between 250-275 per report.
...and they use MLS for all their data except the pictures of the appraised house.
Posted on 6/25/09 at 8:19 am to Meauxjeaux
quote:
...and they use MLS for all their data except the pictures of the appraised house.
Apparently there is a pay service that has data from the actual sale too. I'm still a pessimist though. I'd say most of them use MLS alone.
Posted on 6/25/09 at 12:17 pm to DieSmilen
quote:
I had an issue with an agent who was bumping sales prices in a subdivision that she had listed. The sales price would be 135,000 and she would go in the MLS and change it to 145,000. Then a lazy appraiser would come along and use it as a comprable, for other purchases based on the MLS price alone and not even go to the court house to verify. Kind of crappy, and the stupid agent didn't think she was doing anything wrong, "I felt the home was worth that much" if you take into account all the upgrades.
I told Sis to stop doing that....
Posted on 6/27/09 at 8:43 am to LSURussian
I had a weird issue 5 years ago when I bought my house. It was a foreclosure on the lake that had been vacant for 6 months. When we agreed on the price (which was about $30000 below ask) the appraiser came out and appraised it $10000 above our offer. We asked why it didn't appraise for more and the mortgage company said it's worth more than the appraisal but they can't make it look like too good of a deal (citing some gov't shite).
After we'd been in the house for 6 months we had it reappraised. We had added siding and a metal roof. It appraised for $65000 more than we paid. Why the hell would the mortgage company's guy low ball it so much?
After we'd been in the house for 6 months we had it reappraised. We had added siding and a metal roof. It appraised for $65000 more than we paid. Why the hell would the mortgage company's guy low ball it so much?
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