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#276 Aug 21, 2008
The entire "Regulation of Appraisers Seems to be a Flop" -- Ah, yes, unfortunately the article thus titled is in the Star Bulletin August 17, 2008 edition, Page D6 (Business)-- Oops -- this is the Advertiser -- Oh well - BTW One must wonder how far the FBI has come in the investigation of the lending industry in Hawaii?
#277 Oct 3, 2008
Still don't know what you are talking about. You initially stated that there are 800 appraisers in Hawaii and about 200 of them are the cream of the crop.
I asked if you thought all 200 of the "cream" knew what they were doing (as in are they capable, competent and honest).
Your reply was that they know what they are doing, but they may not be exactly doing what you would think is the best for you, or they could not stay in business (or soemthing like that).
Then I said something to the effect of I think your chances are better if you are selecting one of those 200, but I would be willing to bet that it is no guaranty (meaning you are perhaps only a little less likely to hire a clown, incompetent or moron).
So then you went on to say, it's the other way around. Graft is apparently rampant the small eager ones would be the best bet to serve your interests. And something about the fat cats lapping cream.
Then you went to you last post(above)where apparently I should be reading and weeping and goes on to cite stats about mortgage originations from mortgage brokers, 10 appraisers stating that they've been pressured and something about the $250,000 real estate appraisal threshold undercuting efforts to protect consumers. The excerpt then goes on to state that certain groups believe that oversight of real estate appraisals should be geared toward the
interests of consumers, who should be able to expect an unbiased, objective third-party opinion of the value of real property offered as security for a loan and that there are few problems or risks associated with loans valued below the $250,000 threshold.
So my question is...what are you talking about and why should I be weeping? My only question to you was whether or not you thought your cream of the crop was automatically better than one of the other 600 appraisers out there.
Since: May 08
#278 Oct 4, 2008
Good posting. Here in New York, I can tell you first hand that a recent appraiser came in $50k less than the purchase price on a recent deal. That was after I fought like crazy proving my point with dozens of comps in hand that his first thought of putting $150k less was totally absurd.
Now the buyer wants a reduction of $50k as you state in your posting which is only normal, however the seller refuses to come down and I do not blame her.
I have done over 9,000 appraisals to date and this inexperienced appraiser, who only became an appraiser one year ago & was worried what his boss would say if he appraised this at selling price. At least thats what he told me.
Since this house is unique in size and property size wise, the comps went from selling price and even $100k above it.
So you must take a stand and don't expect every homeowner to have to go down in price or they will lose the deal.
This inept appraiser didn't accurately appraise the home in the first place. So keep an Open Mind that just because he / she is an appraiser doesn't mean their opinion is always right and in stone.
#279 Oct 4, 2008
Good post. All appraisers, as with any other profession (doctors, attorneys, accountants, auto mechanics) are not created equal. It may be worth paying more to hire an experienced appraiser or a reputable firm that won't hand the job to the lowest rung on the ladder. But how often do parties to a transaction have that option.
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