Comments on: Homeowner Rejects Hybrid Appraisal

By: Certresid

Certresid — Wed, 07 Aug 2019 16:35:50 +0000

This would be a GREAT article to submit to AARP and similar publications. Elderly, retired people with experience the likes of this woman are still very active in their communities and society. They like nothing better than to share / spread their knowledge and experiences 😉

By: Mike Ford, AGA, GAA, RAA, SCREA, Realtor®

Mike Ford, AGA, GAA, RAA, SCREA, Realtor® — Thu, 18 Jan 2018 23:31:07 +0000

In reply to BD.

The circumstances you outlined will be the rule rather than exception.

By: BD

BD — Thu, 18 Jan 2018 18:49:13 +0000

I had an inquiry about doing a Hybrid several months ago. I suggested that they send me what they had so I could take a look and see if I could help them. They sent a report with minimal photos. The inspector indicated that it was in need of about $2000 or so in repairs. My assessment just from his front photo was that $10K might not be enough. Google photos revealed what looked like an abandoned property. The KICKER… The report was signed by a Real Estate Broker… I looked up his/her name in the State Records and found that they were from a town some 150 miles away. I know they didn’t drive all that way to do a quick/inexpensive inspection. Who knows who they hired locally to do it. Needless to say, I informed the lender that I’d have to do my own inspection. Haven’t heard from them since. Just hope they got smart. No Hybrids for me!

By: Gary

Gary — Thu, 18 Jan 2018 18:47:24 +0000

In reply to lloyd lentz.

I believe the point is what the AMCs are doing based on USPAP.

By: lloyd lentz

lloyd lentz — Thu, 18 Jan 2018 17:27:27 +0000

I always give the owner or Realtor my card upon arrival. That seems to smooth the way. After 30 years doing appraisals never do I remember ever having someone being so suspicious. If they get rude and demanding I’m always ready to turn and walk away. Life is too short to suffer through any bull s**t from the owner on top of all the bull s**t dished out by the AMC and army of draconian reviewers……………….

By: Joan

Joan — Thu, 18 Jan 2018 17:19:13 +0000

Great Story!

By: Gary

Gary — Thu, 18 Jan 2018 16:30:19 +0000

Maybe someone should forward to AMCs who are going this way fast. I just got a call from a new company wanting to sign me up to give them my inspection business.

By: Rebecca Stone on Facebook

Rebecca Stone on Facebook — Sun, 14 Jan 2018 13:14:01 +0000

We should have some kind of wallet size photo id that verifies that we are appraisers. Anyone with a professional license should have some kind of wallet size photo id.

By: Mike Ford, AGA, GAA, RAA, SCREA, Realtor®

Mike Ford, AGA, GAA, RAA, SCREA, Realtor® — Fri, 12 Jan 2018 17:38:11 +0000

In reply to Pmac.

Wow!

Even one of those nifty $60 background checks done six months before wouldn’t have picked that one up. Great vendor vetting by the AMC.

By: Pmac

Pmac — Fri, 12 Jan 2018 02:53:39 +0000

Was getting my home appraised recently for a refi and the inspector wasn’t calling to schedule an appointment (10+ days). Finally the lender told me to call him. Luckily I Googled him before calling. He had recently been arrested for mortgage fraud and money laundering. Was facing 100 years in prison and the lender had no idea.

By: Mike Ford, AGA, GAA, RAA, SCREA, Realtor®

Mike Ford, AGA, GAA, RAA, SCREA, Realtor® — Thu, 11 Jan 2018 09:46:59 +0000

That lady sounds like my Mom! She should be heroine to all of us!

By: Mike Ford, AGA, GAA, RAA, SCREA, Realtor®

Mike Ford, AGA, GAA, RAA, SCREA, Realtor® — Thu, 11 Jan 2018 09:43:52 +0000

In reply to Baggins.

At least they send you one! Many years ago I reduced and reduced and reduced my actual license to wallet size and had it laminated – then the state started telling us we could not copy state licenses under any circumstances (about when lenders started requiring copies). Now people still routinely copy them out here, but in my state I’d urge caution. They love to set up ambiguities and then drop the hammer on people later when they decide NOT to look the other way anymore.

California! Pull your head out and start issuing wallet ID cards with the newly jacked up renewal fees.

By: Mike

Mike — Wed, 10 Jan 2018 23:59:50 +0000

I inspected the home of a corporate attorney just the other day. He recently left a large financial institution and went with a manufacturing company. He told me he left the financial institution because they were not listening to the attorneys who were advising against all the automations and short cuts they wanted to do.. Artificial Intelligence was creating more problems than benefits. I explained about hybrid appraisals and how they were attempting to shorten the time for faster and cheaper. He nodded his head and said that was a key topic over the past year and not one of the 3 attorneys on staff recommended taking that short cut. He said all those mortgages will be buy backs from the investors in a few years and it will cost the company significantly more than the few days it may have saved. I am glad at least a few people on the other side understand the issues with these products.

By: Dave Towne

Dave Towne — Wed, 10 Jan 2018 23:10:40 +0000

Thanks for sharing this story. I’ll “rebroadcast” it later. A key problem and issue is far too many lenders and their AMC minions are in lockstep over these ‘hybrid’ appraisals that use undocumented ‘property inspectors’ to examine and photo the subject before the appraiser even gets the assignment to complete in-office, while wearing bathrobe and bunny slippers.I’ve been writing about the craziness of these new products for over a year. I have warned appraisers to be very cautious about doing them, be cause the actually MAY violate your responsibility under USPAP, although most are ‘sold’ as being compliant. FORMS are not compliant, but appraisers must be.

By: Bill Johnson

Bill Johnson — Wed, 10 Jan 2018 20:09:16 +0000

At issue here is that the borrower must blindly TRUST that the lender has their best interests in mind when they shop for an appraiser, or alternate system to determine a property value. When on a federal level the separation of fees (appraiser/AMC) is not required, its obvious from the start its a shell game to hide the truth (fee paid to the appraiser) from the borrower. If the true cost of the appraisal is hidden, why not attempt to hide from the borrower who it is who is inspecting your property.

By: Scott Runtzel

Scott Runtzel — Wed, 10 Jan 2018 18:11:02 +0000

Great story. Thank you for sharing it!

By: Diana N.

Diana N. — Wed, 10 Jan 2018 18:05:33 +0000

My kind of gal, good for her.

By: EJ

EJ — Wed, 10 Jan 2018 17:44:32 +0000

In reply to Baggins.

GA does the same thing. When you renew you just print it off their web site.

By: Brenda Taylor Cameron on Facebook

Brenda Taylor Cameron on Facebook — Wed, 10 Jan 2018 17:30:47 +0000

Great story. I would have done the same thing. (Can’t be too careful!) I’ve been appraising houses for 35 years. I carry a laminated copy of my license with my photo. I also explain about taking interior photos when I schedule the appointment. I’ve noticed a lot of my assignments are senior citizen women. I don’t mind “profiling” if it puts people at ease. ?

By: Retired Appraiser

Retired Appraiser — Wed, 10 Jan 2018 17:29:24 +0000

This had to be coach Tubby Smith’s wife. She put me through this crap and I told her she needed to find another appraiser. Their house was 10,000+ sf and I had no desire to have this old B*T$H following me around berating me for 2-3 hours. Unlike the woman in the story, there was NOTHING warm and understanding about Mrs. Smith. This was the only client I’ve ever had to fire.