I believe one of the most important people in the transaction to me as a Mortgage Broker is the Appraiser. But not just any old Appraiser, "A Great One!" There are times when I don't even meet a client and the Appraiser is the first person that a client meets. The interaction and personality of your Appraiser with the client can truly set the tone for your client of how well the transaction is going to go. When my Appraiser, Scotty Riemens visits a home, he is friendly and offers suggestions of things to look out for, such as the wood pile that was recently on the side of my new clients' home. He told them that wood lying next to the home will have moisture build up and wood destroying termites will transfer from the wood logs to the home! Great observation and my client appreciated the advice :)
I have NEVER, I repeat...NEVER told an Appraiser that I won't do buiness with them if they don't "Come in on value" with an appraisal. You should always seek out an Appraiser that puts out honest numbers. One of the problems that we are having in the mortgage industry are transactions and situations where the Lender and Appraiser are doing an injustice to the Banks and Investors by overstating the value of a home to get the loan approved. In the end, no one wins. Rather than simply giving a value though, a great Appraiser will put great details in the Appraisal to "paint a picture" if you will for the Underwriter at the bank, who is the person that makes the final decision on approving the loan. The Underwriter is a person that will NEVER see the home and only has the appraisal to base their decision, outside of the numbers. The proper use of comps, taking great pictures, writing solid information about the surrounding area to include: schools, current and future growth patterns, parks and local attractions that make the area desirable are all very important!
Finally, a great appraiser leaves themselves available to make fast revisions when needed! This can be the difference between a borrowers loan funding on time or being delayed, only to go over the "lock period."
As of late, underwriters that make the ultimate decision on approving a loan need everything that you can provide to them in order to make the decision easier.
I always have the following things included in my reports and you should too!
-The Appraisal
-Minimum of 3 Comps
-Copy of License
-Copy of Resume
-Copy of Current Errors Insurance for the Appraiser
-Copy of a "Paid in Full" Invoice
-Sidenote: I ALWAYS DO MY APPRAISALS AS A COD, WHERE THE CLIENT PAYS IT BY CHECK UP FRONT..NEVER...I REPEAT...NEVER SET UP AN APPRAISAL TO BE "PAID THROUGH THE LOAN OR AT CLOSING!"
The last thing you want is several bad bills with Appraisers outstanding in your company's name if the still "potential client" walks! If a client is serious about moving forward with the purchase/refinance transaction, $350-$400 shows a commitment to the transaction and gets your Appraiser paid for their hard work!
So, who do I use on a locally in Chico, Paradise and surrounding areas of California?
Scotty Riemens Appraisals-Honest Evaluations
CA Lic # AL033841
Direct: 530-342-6793
Cell: 530-228-0999
Email: Scottytoocool@sbcglobal.net
By:
Scott Gormley
Broker/Owner
Oak Valley Mortgage
2006 Chico Assoc. of Realtors Affiliate Chairman
Direct: 530.592.8362
Fax: 530.267.5555
Website: http://www.CALoan.com
Blog: http://www.CARealEstateBlog.com
"You find the perfect home, we'll find the perfect loan!"
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