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

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Apr 13, 2021
7:55:46am

SweetBabyG Starter

They take care of lots of paperwork and research on the property that I wouldn't have any idea how to do.

This message has been modified

Originally posted on Apr 13, 2021 at 7:55:46am

Message modified by SweetBabyG on Apr 13, 2021 at 7:57:09am

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SweetBabyG

New username: BikeGuy
Bio page: SweetBabyG
Joined: Jan 26, 2016
Last login: Dec 1, 2021
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Messages

Author

Time

Appraisers are worse than Realtors.

4th and Niner

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

4th and Niner

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 So much about mortgage and property transactions is outdated and extracts value from the deal without contributing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

DescendentCoug

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.

4th and Niner

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.

Ned Schneebly

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

creameryon9th

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

Ned Schneebly

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.

Ned Schneebly

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

Ned Schneebly

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.

Ned Schneebly

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

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