In the last 2 weeks I have called 2 borrowers to schedule appointments for appraisal inspections, and have had them say "someone was just out here... someone was just here yesterday, and they walked around the house, took pictures, and asked us questions, etc.".
At first I was confused, thinking another appraiser had already been out to inspect the subject, and maybe this was a duplicate order (it happens), and then I started asking questions: Who was it that did the inspection? Was it an appraiser? In a small town like Sequim, you know the names of fellow appraisers and agents, word gets around, you hear things.
Typical answers were: No, it was Cindy Smith from XYZ Realty, and she did a really good inspection.
Right... no offense to real estate agents or Realtors, as I'm one myself (yes, I'm a member of NAR - read my profile). After the second time of hearing similar comments it clicked... these are real estate agents doing BPOs for the same lender that ordered an appraisal from me.
Nice... as if my job isn't difficult enough in this market. Now I have to handle questions like: Why wasn't the first one approved? Why do we need another inspection?
After I explain to them, tactfully of course, the difference between BPOs and appraisals, and why lenders might order BOTH OF THEM, I get them to agree to set up an appointment time, and proceed with the appraisal.
So, my question is this: Why are lenders ordering both BPOs and appraisals on the same property, seemingly within a few days of each other, and not notifying the borrowers and/or appraisers that this is the case? Aren't lenders facing enough problems and criticism with their current status to warrant at least a cursory explanation of what's really going on?
And, FYI, I showed up for an inspection yesterday and had the borrowers questioning me on the stabillity of the lender, AKA, sounds like Fells Margo, and if they were a good company or not and if they should trust them. WOW! How do I answer that one?
The times, my friends, they are a changing...
PS: I'm REALLY busy with appraisals = turn time is 2 weeks plus! I heard from a friend that a local lender is quoting a 60 day lead time for underwriting.
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