WILL THE GENIE GO BACK IN THE BOTTLE!!!!!

By
Real Estate Appraiser

WILL THE GENIE GO BACK IN THE BOTTLE !!!

 

If HR4173 passes will we be able to put the HVCC GENIE back in the bottle (and put the bottle in the nearest dumpster), and do away with appraisal prostitution! I personally don't think so, the AMC's and Banks (kind of one in the same) hold way too much power. Besides, how many Real Estate Appraiser do you know who can afford $500-$1000 a plate, political fund raising dinners? I could think of a few Bank Executives, for each bank who could! And for the record I'm not talking about the small AMC's.

Comments (3)

Pat Fenn
Marketing Specialist for CJ Realty Group/Cindy Jones Broker - Springfield, VA

It is the same way that banks are getting real estate agents to grovel for $40 to do a BPO. Someone agreed to it and you are right now that they have companies with appraisers that will work for that money it will be hard to turn it back.

Dec 10, 2009 01:31 AM
William Kincheloe
Kincheloe Inc. Appraisal Services - Las Vegas, NV

Banks like AMCs way to much to them the disappear because the HVCC. I beleive once the HVCC does go away the only way appraisers will continue getting work is through AMCs or the banks will probable to something rediculious like add an extra point to the loan if you use your own appraiser. Too bad appraisers have 19 organizations and lawyers, brokers, plumbers, electricians and any other profiessional business only have 1. Where did appraisers go wrong?

Jan 05, 2010 04:53 AM
Craig Chapman
Call Realty / Access Appraisals - Mesa, AZ
The Value Guy

I read that another state, I think Nebraska has a couple legislators who are on the boards of a couple banks trying to pass a bill to remove the current law that disallows agents from doing BPOs where there is not an anticipation of a loan.  They want it to read that agents can do BPOs on all loan products under $250k not covered by FIRREA.  Just while several other states are trying to get rid of such laws. Do agents realize that the pay for BPOs was typically about $60 back in the 90s?  I think that agents should stand up for themselves & demand at least $100.  The service is well worth it.  Appraisers should get together & develop a short limited drive by type APO form that can be filled out quickly & profitably for about $100.  Then maybe we could regain some of our business back. Things are what they are, I think, & will probably never be the way they were, so the best thing to do is find ways to make changes that will work for us, the lenders & agents. It would take both appraiser organizations & NAR working together to accomplish something like that, but it would benifit both appraisers & agents.  And I think since it would benifit both, you might get both to support it.  Also the requirement of some valuation courses for any agent wanting to do BPOs would be benificial too.  They would not be lic. appraisers, but maybe would have to have the training & a NAR designation of BPO agent, ot something.  They need to be accountable for their valuations too.  What do other think?

Jan 14, 2010 10:20 AM