Comments on: “CHECK YOUR APPRAISAL” Post Starts a Great Discussion Over on Active Rain http://www.lendingclarity.com/2007/08/27/check-your-appraisal-post-starts-a-great-discussion-over-on-active-rain/ Home loans made easy Fri, 21 Nov 2008 17:34:48 +0000 http://wordpress.org/?v=2.3 By: Marc http://www.lendingclarity.com/2007/08/27/check-your-appraisal-post-starts-a-great-discussion-over-on-active-rain/#comment-12847 Marc Wed, 12 Sep 2007 22:37:16 +0000 http://www.lendingclarity.com/2007/08/27/check-your-appraisal-post-starts-a-great-discussion-over-on-active-rain/#comment-12847 Chris, keep me posted on the outcome of that deal would you? Andrew, lenders are taking various positions with this right now. Worst case: 5% reduction in LTV. Best case: additional comps and an explanation from the appraiser (=delay in closing). Vikki, Amen. I have always believed that we should deal with value straight up. There has been a lot of arm twisting by bad lenders on appraisers, such that appraisers have approach me for business suggesting that one of benefits they could offer is the ability to get whatever value I need. I don't need or want that kind of help. It is what it is. You appraisers have careers and reputations that shouldn't be compromised by this lapse in ethics. Appraise on! Chris, keep me posted on the outcome of that deal would you?

Andrew, lenders are taking various positions with this right now. Worst case: 5% reduction in LTV. Best case: additional comps and an explanation from the appraiser (=delay in closing).

Vikki, Amen. I have always believed that we should deal with value straight up. There has been a lot of arm twisting by bad lenders on appraisers, such that appraisers have approach me for business suggesting that one of benefits they could offer is the ability to get whatever value I need. I don’t need or want that kind of help. It is what it is. You appraisers have careers and reputations that shouldn’t be compromised by this lapse in ethics. Appraise on!

]]> By: Vikki http://www.lendingclarity.com/2007/08/27/check-your-appraisal-post-starts-a-great-discussion-over-on-active-rain/#comment-12846 Vikki Wed, 12 Sep 2007 20:47:35 +0000 http://www.lendingclarity.com/2007/08/27/check-your-appraisal-post-starts-a-great-discussion-over-on-active-rain/#comment-12846 Guess what, It is true that appraisers must state whats currently happening in the market as of the effective date of the subject appraisal. It is true in Northern California at least that the market is in a 'contracting' state still. Sorry thats just the truth. Everyone has to deal with it as it is on some level. Most appraisers will not 'misrepresent' a truth such as that to lose a license no matter how much a real estate person/loan originator will pay them. Guess what,

It is true that appraisers must state whats currently happening in the market as of the effective date of the subject appraisal. It is true in Northern California at least that the market is in a ‘contracting’ state still. Sorry thats just the truth. Everyone has to deal with it as it is on some level. Most appraisers will not ‘misrepresent’ a truth such as that to lose a license no matter how much a real estate person/loan originator will pay them.

]]> By: Andrew http://www.lendingclarity.com/2007/08/27/check-your-appraisal-post-starts-a-great-discussion-over-on-active-rain/#comment-12710 Andrew Wed, 29 Aug 2007 00:44:54 +0000 http://www.lendingclarity.com/2007/08/27/check-your-appraisal-post-starts-a-great-discussion-over-on-active-rain/#comment-12710 Good post and thanks for the warning. I've started calling my wholesalers to see what's coming around the bend. Good post and thanks for the warning. I’ve started calling my wholesalers to see what’s coming around the bend.

]]> By: Chris D. http://www.lendingclarity.com/2007/08/27/check-your-appraisal-post-starts-a-great-discussion-over-on-active-rain/#comment-12707 Chris D. Tue, 28 Aug 2007 00:18:52 +0000 http://www.lendingclarity.com/2007/08/27/check-your-appraisal-post-starts-a-great-discussion-over-on-active-rain/#comment-12707 Guess what? I have a deal stalled because of a box that was checked saying the property is in a declining market. Thought you would be interested. Guess what? I have a deal stalled because of a box that was checked saying the property is in a declining market.

Thought you would be interested.

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