Today my client was issued a time of the essence letter. He's purchasing a REO and the bank will not give an extension. His mortgage contingency is over but I don't have a clear to close yet.
Its the gosh darn-it appraisal holding back bank clearance. To make a long story short, the out of area appraiser the AMC chose keeps making errors, and it took a week to get back the corrected appraisal, only for me to realize there are more mistakes. This nonsense has made a simple appraisal correction turn into a month long nightmare and a worried sick client that may lose his down-payment.
Forget about this particular scenario. I had so many clients forced to pay thousands of dollars more in fee's and so much precious time wasted.
And now lets focused on the appraisers. Good honest Americans, who worked for years to build a business with integrity and hard work have seen their business go down the toilet. flush..
We have traded quality for quantity. We let go of experience for the lowest price. all the while the amc's are raking it in. The appraisers are getting paid a quarter of what the client is being charged and this outright thievery is mandated by the government.
I wonder if Andrew sleeps at night... I sometimes don't. I worry about my clientsgetting shafted, as I stand by and cant do anything to prevent it. I sympathize with the Realtors and their deals sit around not closing in a timely manner. I feel for the appraisers.. but as to Andrew.. GO GET A LIFE!!! get away from an industry you don't understand. Don't pass laws that just look good for your record. but HURT consumers. HURT mortgage lenders, KILL appraisers.
if you run for governors seat. You do not have my vote!!
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