A lot of lenders already do this for the “easy” stuff, especially

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Mar 5, 2019
3:10:24pm

Sandstone Cougar All-American

A lot of lenders already do this for the “easy” stuff, especially

in large down payment situations.

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Sandstone Cougar

Bio page: Sandstone Cougar
Joined: Jan 20, 2012
Last login: Jun 19, 2024
Total posts: 14,979 (153 FO)

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Messages

Author

Time

Real estate appraisals ordered by a lender are worthless.

JAGA97

3/5/19 1:11pm

If the value is at considered at least that amount, they'll just go with the purchase price. If the value is considered

Pimpin4Paradise

3/5/19 1:14pm

And that is why they are a waste. A sales database could give that amount of

JAGA97

3/5/19 1:28pm

Salt Lake County assesses based on a sales database. I can assure you.....

StarMan

3/5/19 1:55pm

Appraisals ordered by a lender aren't for the consumer.

IdahoCoug

3/5/19 1:15pm

Relatively small expense in the overall transaction (you're likely paying lender

StarMan

3/5/19 1:18pm

They are not trying to determine fair market value. They

johnnybyu

3/5/19 1:18pm

RE: Real estate appraisals ordered by a lender are worthless.

ICBlue

3/5/19 1:28pm

Appraisers are in a tough spot when it comes to home loans...

3/5/19 1:56pm

You’ll be happier once that property tax appraisal comes in at that higher value

cougfanz

3/5/19 2:06pm

I disagree whole heartedly. For one, what is the value of any good?

kimdaddy35

3/5/19 2:07pm

It actually sounds like we agree for the most part. I don't see the need for

JAGA97

3/5/19 2:38pm

I'm not in the game anymore, but a few years ago

IdahoCoug

3/5/19 2:50pm

I get why we need appraisals; I just don't think we need appraisers

3/5/19 2:24pm

RE: I get why we need appraisals; I just don't think we need appraisers

ICBlue

3/5/19 2:49pm

Zillow has proven that automated systems don’t work well, even

Sandstone Cougar

3/5/19 2:56pm

zillow's fundamental "flaw" is that it is a product for individual consumers

3/5/19 3:06pm

A lot of lenders already do this for the “easy” stuff, especially

Sandstone Cougar

3/5/19 3:10pm

exactly. it started out as a pilot program at some larger banks

3/5/19 3:13pm

Bill Simmons called it the Milton Berle principle.

Sandstone Cougar

3/5/19 2:54pm

The appraiser of the home I sold a year ago stole 9k

Florwood

3/5/19 3:11pm

Same.

3/5/19 3:12pm

How? When the appraisal came in too low, why didn't you just cancel the

IdahoCoug

3/5/19 3:15pm

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