Posted by Glenn Strickler on 12/14/10 4:20pm
Msg #365019
Interesting Read on appraisals
http://ca.reuters.com/article/topNews/idCATRE6BD3V020101214
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Reply by Dennis_IN on 12/14/10 4:43pm
Msg #365020
Looks like an oppertunity for the signing services...
maybe they will morph into the appraisers world and not have time to broker our (paltry in comparison) fees.
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Reply by MikeC/NY on 12/14/10 6:08pm
Msg #365026
I was burned by this about a year ago - I had buyers for a house and we were all set to go, but the appraisal came in $25K lower than the agreed upon price. It was bogus - the appraiser used bad comparables, and when the listing agent and I offered more accurate comps, the appraiser said "Sorry, I have to go by the bank's guidelines." Apparently, those guidelines are to bring in the appraisal as low as possible... The deal fell through after that.
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Reply by Lee/AR on 12/14/10 6:54pm
Msg #365034
And this is going to help the economy recover...how?
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Reply by JanetK_CA on 12/15/10 12:43am
Msg #365056
Good point. And I don't see how the arrangement of using an in-house agency to hire appraisers makes them any more independent. Seems to be the other way around and it just takes money out their pockets. I know of a few who are really struggling in this market.
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Reply by Shoshana/AZ on 12/15/10 1:00am
Msg #365057
Yep! And the HVCC is a crock of you know what!
It just make the banks richer since they own the AMCs (appraisal managment companies). Hmm AMCs, foreclosures instead of loan mods. Now Chase is going back to charging service fees if you don't meet their criteria for a free account. Aren't they already making enough money???
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Reply by Sha/CA on 12/15/10 5:45pm
Msg #365103
Re: Yep! And the HVCC is a crock of you know what!
I just opened a new account at another local bank and getting ready to jump the Chase shi_. I'm sick of the banks shenanigans.
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Reply by Shoshana/AZ on 12/16/10 9:27pm
Msg #365279
Re: Yep! And the HVCC is a crock of you know what!
Especially since they are going to start charging service fees for many of the accounts! Like they don't have enough of our money!
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