Posts

Appraisers Ain’t A.M.C’s (Explained); Subjective vs. Objective Too

“Hey Rich, I need a $500,000 appraisal to make this refi work; there’s an extra $300 for you if you can push the value to $500,000…” That was the entire schtick of a loan officer I knew back in the day (prior to the 2008 meltdown). He was friends with an appraiser who would push […]Read More

When to Expect High Appraisal Fees and/or Appraisal Delays

We recently had a Texas transaction involving a large acreage with a 1 bedroom home and an accessory dwelling unit. It took us a few weeks just to find an appraiser willing to appraise the property (even though we shopped it very aggressively), and the fee was $1,000! The delay and the fee caught the […]Read More

Buyer Gives Us $360 of Chocolate; Speed, Systems, Appraisals, Teams & Other Stories

SYSTEMS AND INTERNAL APPRAISERS – CLOSED IN 13 DAYS! A buyer recently gave us $360 of specialty chocolate b/c she thought we were getting too skinny. OK – actually, she gave us the chocolates b/c we saved her deal that had blown up at another lender. Her contract price was $720,000, but her appraisal came […]Read More

What Realtors Can Say To Appraisers- Anything; Comp Guidelines

Lenders are not ever allowed to communicate directly with appraisers. We are only allowed to order appraisals through our Appraisal Management Company, which in turn contacts the appraiser. Realtors, however, can communicate directly with appraisers and we highly recommend it. Realtors often ask us what they are “allowed to say.” Our answer is: “anything, as […]Read More

Smart Appraisers Essential; Using Local Companies/Appraisers

“The unique nature of the subject property necessitates going outside of the typical market area of influence to garner adequate comparable sales data.” In 1994, a really smart appraiser taught me to say that in appraisals whenever it was necessary to go outside of the neighborhood or a 1 mile radius to get comps to […]Read More