Posted by cassiewi on 5/15/07 9:01am
Msg #190197

Interesting article on appraisers

http://realestate.msn.com/Buying/Article_mw.aspx?cp-documentid=4787329>1=10029

Reply by BrendaTx on 5/15/07 9:08am
Msg #190199

Cassie, you WI folk are awesome...

I really appreciate all the excellent info you, Lisa and Dick post.

Reply by cassiewi on 5/15/07 9:49am
Msg #190206

Re: Cassie, you WI folk are awesome...

Thanks Brenda, although Lisa and Dick are a lot better at it than me. Must be the cheese! LOL

Reply by LisaWI on 5/15/07 11:28am
Msg #190217

Re: Cassie, you WI folk are awesome...Brenda

I really do appreciate the nice thought, but I have to be honest and let you know alot of my inspiration comes from Zana our wonderful Administrator of the Network and Dick.
These two know their stuff and I am thankful that I have had the pleasure of meeting them and also being a part of this network has really meant a great deal to me.
With that being said, lets not forget who instigated this whole network thing. That would be you Miss Brenda. And for that, I bow before you respectfully. Your drive and inititive are wonderful traits that one could only look up to. And I thank you for that.
Im looking foward to a meeting one of these days with all the networks and their members. I think it would be a blast.

Reply by Becca_FL on 5/15/07 12:15pm
Msg #190225

Network Meetings

The Florida NSA Network will be having its second meeting this Saturday in Orlando. We'll be sure to report back to the rest of the networks.

How fun would it be to have all the Networks get together for a National Convention?! I can't wait for that day.

Reply by BrendaTx on 5/15/07 12:51pm
Msg #190228

Re: Cassie, you WI folk are awesome...Brenda

Thank you, y'all.

I'll bet that Mz. Zana (who I also greatly admire) is not the only Wisconsinite I have overlooked. I just know that lots of good stuff comes out of your state.

I hear you about the meeting up with each other. That would surely be fun!

Reply by Joe Ewing on 5/15/07 10:43am
Msg #190214

After about 7 or so years of driving up to houses, walking inside and then looking at the insane appraisals on the 1003's I have yet to figure out what Voodoo the appraisers used to come up with the incredibly inflated values on ALL of these homes in San Diego county. I'll give you a true example and there are many- many of these identical appointments. I carried a refi out to a borrower that bought his new home at 545K and 3 months later (with a dirt yard front and rear) an appraiser came out and appraised the house for 790K. The borrower was in the process of a refi and was taking extra cash out for 85K. Was this insanity the Loan Officers fault? I think not! And did the 790K appraisal then affect the value of all the other homes around it? You bet. It set a new benchmark in the neighborhood for others to follow. People in power want to blame the Lenders for all these foreclosures but their slightly off the mark. Somebody was truly smoking something to create the values that the lenders were using to give all that money away. Just think fellow notaries of what would have happened to us if we had compromised our integrity the way the appraisers had done.

Reply by Vince/KS on 5/15/07 3:28pm
Msg #190250

Appraisals in Johnson County Kansas are mixed with many going down. Had a borrower the other night upset that the house appraised for $175,000 when he paid $185,000 3 years ago for it (the quick appraisal on the web site said it was worth $207,000). He said the County appraised it at over $200,000 for tax purposes. His attorney told him to challenge the County as most Johnson County properties were going down. What really irked him was MI was now going to be charged on his loan (that and the appraisal being less than he paid). He thinks his taxes will go down enough to cover the MI...

Reply by Stamper_WI on 5/15/07 7:47pm
Msg #190273

Appraisers have always felt this pressure. They also(at least in WI) face stiff penalties and jail time if they cave to the pressure of "over pricing" properties. Ethical professional behavior is expected all through the business of real estate from selling to refinancing.
Also, US Code states that falsifying any information to induce a federally funded loan has a penalty of up to 1 million and jail time as well. (don't quote me, I painted my living room and kitchen the past few days and my brain has nothing but fumes to draw on right now). I think it was US Code 124, 126 or 128. This applies to us as part of the chain of events. Think of that when considering backdating or other illegal activity on your part!

By the way, all those compliments were a boost! Thank you!