This. So much about mortgage and property transactions is outdated and extracts value from the deal without contributing

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Apr 13, 2021
7:48:59am

Tokolosh All-American

This. So much about mortgage and property transactions is outdated and extracts value from the deal without contributing

much to it. The bulk of home transactions should be much more streamlined and much less expensive. There are still plenty of property transactions where the process is complicated and benefits from all of the checks and stop gaps. Common home sales are not those types.

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Tokolosh

Bio page: Tokolosh
Joined: Jun 9, 2004
Last login: Apr 23, 2024
Total posts: 60,397 (5,631 FO)

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Messages

Author

Time

Appraisers are worse than Realtors.

4/13/21 7:39am

I don't disagree with the last part, but that's not the appraisers' fault. They have a legitimate job to do for the most

supertux

4/13/21 7:41am

I understand appraisals protect against fraud

4/13/21 7:45am

I believe most appraisers would agree with this.

Wyomingite

4/13/21 8:00am

My realtor said that if the appraised value is less than but close to the offer

Powerbait DPM

4/13/21 8:47am

The contract should always be considered.

Wyomingite

4/13/21 9:21am

It’s all of it.. title companies too.. All the third party people who take their

cougfanz

4/13/21 7:43am

This. So much about mortgage and property transactions is outdated and extracts value from the deal without contributing

Tokolosh

4/13/21 7:48am

Think of it as a VAT for every step it takes through the process 🙂

panacablue

4/13/21 8:10am

Better.com is trying to fix all this. Anyone here have experience with them that

Zooropa

4/13/21 8:30am

Better.com is just a normal mortgage lender, except they own the title,

4/13/21 1:10pm

I would argue that title companies help so I can buy a home without a realtor

SweetBabyG

4/13/21 7:55am

On a purchase I agree, on a refinance requiring a new title policy is ridiculous

johnnybyu

4/13/21 9:42am

Totally understand the frustration with that but

Venom

4/13/21 9:55am

Agreed it is still required but can be done quickly so fees should be much less

johnnybyu

4/13/21 10:03am

You can't really blame the title companies--their main function is to examine

mncougar

4/13/21 8:32am

Good point..

cougfanz

4/13/21 8:42am

A home is worth what a person is willing to pay. So long as the offer is within

Corn Pop

4/13/21 7:46am

Not even close to true in a hot market. Appraisals will always lag market price.

4/13/21 7:48am

But a "hot market" usually pops and resettles. So again, the entire point of an

Corn Pop

4/13/21 7:55am

Sorry but you have no idea what you’re talking about.

4/13/21 8:12am

Interesting. Can you expound? My own experience matches 4th and niner

cougsareforreal

4/13/21 5:49pm

willing buyer– willing seller means nothing without appraiser if you need a loan

grandpacoug

4/13/21 9:05am

If a loan is needed, then the bank is officially the buyer, and that buyer isn't

Corn Pop

4/13/21 9:41am

In the market today you have to pay over the appraised value

4/13/21 7:47am

In this market a few weeks can make a substantial difference

cougarfann888

4/13/21 8:08am

I genuinely hate appraisers.

DKN

4/13/21 7:49am

RE: I genuinely hate appraisers.

ICBlue

4/13/21 9:57pm

Tough to get good comps w/ so many sold w/o an MLS listing. At least in Utah, those aren’t reported so appraisers

Soupie

4/13/21 7:55am

Understandable, but wrong.

Wyomingite

4/13/21 8:06am

Bingo. We have a winner.

Tripod

4/13/21 8:07am

Not to mention the FNMA requirements

4/13/21 8:16am

To become an appraiser, you must be trained by one. There is a reason they are

panacablue

4/13/21 8:09am

Not quite, but a graying profession for sure.

Wyomingite

4/13/21 8:12am

A little TIC but my wife looked into it and couldn't find any mentors.

panacablue

4/13/21 8:15am

Oh yeah. I was trained by family and am only training family.

Wyomingite

4/13/21 8:37am

It’s a legitimate issue. The average age is high 50’s.

4/13/21 8:22am

Oh I get it. I totally agree. But how do you incentivize it for licensed guys?

Wyomingite

4/13/21 8:39am

Yup! That’s the conundrum. I totally understand it, but

4/13/21 8:49am

Yeah, I'm not sure what the answer is, either.

Wyomingite

4/13/21 9:29am

Why is the answer not just a simple computer program that does some data modeling to find a value range based on comps

Mike Honcho

4/13/21 9:40am

That has been proposed. Its called an AVM.

Wyomingite

4/13/21 10:03am

How are competitive neighborhoods picked by an appraiser? Not sure how emotion plays into an objective valuation

Mike Honcho

4/13/21 10:44am

You mean like when an appraiser inspects a home?

Wyomingite

4/13/21 11:09am

I mean like when a home inspector inspects the home

Mike Honcho

4/13/21 11:11am

Ok. You have your opinion why that works (it won’t). I’ll have mine.

Wyomingite

4/13/21 12:38pm

My wife is an appraisal trainee, we thought it would be a good option since she

Venom

4/13/21 9:59am

Appraisers "gave" us a bargaining chip to negotiate down on the price of one....

IAmACougarManSir....

4/13/21 8:31am

Don’t get me wrong, appraisers can be total tools and are not equally competent.

4/13/21 8:44am

Been saying this for years. They don't do Jack and manipulate everything.

MrClark

4/13/21 9:06am

Clearly you have an informed and well reasoned opinion.

Wyomingite

4/13/21 9:23am

Thank you. Very few pick up on that with little knowledge.

MrClark

4/13/21 10:56am

I’m a skilled observer

Wyomingite

4/13/21 12:39pm

From my POV, the appraiser stole $9000 from me the last time I sold a house.

Florwood

4/13/21 9:37am

Wow! They took that $9,000 and gave it to the appraiser?

Wyomingite

4/13/21 10:05am

It felt like it. It certainly cost me 9k.

Florwood

4/13/21 12:14pm

I can understand your frustration. Doesn’t make it thievery.

Wyomingite

4/13/21 12:40pm

What was the price if you don't mind me asking and was it recently? Seems like

palangi

4/13/21 2:45pm

3 years ago, sale price was 319k, appraisal 310k.

Florwood

4/14/21 9:32am

See that's bogus, rising market and a willing buyer comes in at the list price

palangi

4/14/21 10:13am

My favorite appraiser. "How much do you need it to come in at? Also, do you

O Gaucho

4/13/21 9:44am

Again they are trying to justify the purchase price not determine market value.

johnnybyu

4/13/21 9:48am

Appraisers don't represent the buyer or the seller

ICBlue

4/13/21 10:11pm

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