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What is going on here?

I just got off the phone with an appraiser, no problem there, but he was from out of town many miles from where I am. He said he was contracted to do an appraisal on a mobile home in my area. I told him I can not help him. but take he should try contacting some of the appraisers in this give him a hand.

Several things to me seem out of order:

1.Why was he calling me for comps, and not another appraiser? (They are all listed on the roster by the state).

2. Why is it allowed for a appraiser, not associated nor familiar with a particular area be chosen?

3. Is the lender aware of what this guy is doing?

4. Was the appraisal being done for buyer? If so, why didn't he contact the listing agent to possibly review comps.

5. Is the client getting an honest product?

Thsi just stunck to me!!!!

Posted by Paul Durry, Broker Associate, CHMS, I.R.E.S. on 09/24/2007 05:12 PM

Comments (8)

8 Comments on What is going on here?

HHHmmm Paul,

I would be wondering too. It could be that the lender uses their own appriaser (kinda like World Savings does if you are familiar with that bank) and he was the closest appraiser on their list for using. Who knows, but I would be real concerned if I was the home buyer or home owner whichever it is that needs the appraisal.

Sean Allen

09/24/2007 05:31 PM

by International Financing Solutions

PD,

That`s not unrealistic to ask for comps.

Out of area though is a problem and I would contact the lender to ask why an "out of area" appraiser is conducting the appraisal.

I would ask them for a "quick pencil" prior to them certifying the Mobile Home.

09/24/2007 05:33 PM

by Scott Daniels Florida Real Estate 2.0. Agents Earn 100% Commission. (Florida List For Less Realty, Inc. Broker/Owner. )

Sean, that is exactly what I thought...I would not want to be the seller or buyer.

Scott, true it is not unrealistic to ask for comps, but my point why call me? I had nothing to do with the transaction. Like I said they should either contacted an appraiser from this area, or the agent with association to the file.

09/24/2007 05:41 PM

by Paul Durry, Broker Associate, CHMS, I.R.E.S. (RE/MAX Professionals)

That is concerning to know that appraisers are relying on our comps and not physically viewing the property.

09/24/2007 06:50 PM

by Stella Barbour - Real Estate Agent - Serving Northern Virginia (Jobin Realty - Real Estate Agent)

This is actually pretty common across the country. Especially as the REO market is filling with inventory. You are being called because you have credibility - consider it a complement.

09/24/2007 09:43 PM

by Chris Pollinger (Mastery Coaching)

Chris I thought about it, I can take it as a complement. But.........I still do not think this type of practice is right!

Stella, that is one of the points that also distrubs me.

09/25/2007 09:18 AM

by Paul Durry, Broker Associate, CHMS, I.R.E.S. (RE/MAX Professionals)

Paul, I had an appraisal done in a rental home I own and the bank sent an appraisal from another town 2 hours away. It seems that they did not have a local one, surprisingly. It did not seemed right to me but I could not do anything about it because the bank was not local either.

09/29/2007 12:02 AM

by Carmen Rivero Celebration & Kissimmee Real Estate (La Rosa Realty, LLC)

I question if these people are truly appraisers or just agents doing BPO's claiming they are an appraiser?

I have actually caught someone doing that on one of my REO listings that had an offer on the property.

09/29/2007 10:11 AM

by Paul Moye, Broker, ABR, GRI, CSP, e-PRO (Keller Williams Realty Franklin )

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