I am in a deal now that's set to close in about 3 days. 2 weeks ago, the Appraiser goes and does the appraisal, a week later the results are great the Appraiser shorted the value by $300 from the purchase price, no biggie, my Buyer will make up the difference.

Lender reviews the Appraisal, says to the Mortgage Broker, uh, we need the Appraiser to take the rental comp pics and also we will require the Appraiser go out there again once the electricity is turned on. At first, I called the listing Agent and said, hey did you guys shut off the electricity because I know it was on a week prior when we did our inspcetion. Agent says, no we can't because the Asset Management Company makes us keep them on until the home sells.

So the Mortgage Broker calls the company who contracted out the Appraiser to get the Appraiser to take the rental comp pics and to do the electricity inspection again. 4 days goes by, finally the Appraiser calls the Mortgage Broker and egotistically says, the electricity was still not on. Mortgage Broker says are you sure? Appraiser says yes I am sure you need to call the listing agent and have them turn it back on before I will submit anything back to the Lender.

Well at this point, we knew the Appraiser was an IDIOT! The Mortgage Broker then says this to the Appraiser, if you look at your own report, you submitted pictures of the front of the home and the back of the home with LIGHTS ON!

So the management company who hires these Appraisers were severely embarrassed and apologized to my Buyer and the Mortgage Broker for the having such an imcompetent Appraiser on staff. I guess I don't hate all Appraisers, ok maybe I do.

Oh my God!! It is so nice to see that I'm not the only one. The appraiser went out to my listing and tells the loan officer that they have to make a second trip because the water wasn't on. Jackass, the house is on a well system - the water is always on. The loan officer went out to the house and even verified that the water was on. The loan officer told me that she had several closings held up by the same appraiser who always has to go out for a second visit. She believes that the appraiser is just trying to supplement her income with second visits.

I have another house that closing where the appraiser said he wanted the HVAC tested by a licensed contractor and then he would come back out. When I questioned the buyer's agent and the loan officer about the problem, they acknowledged that the appraiser never even cut the system on. I told that them that the heat and AC works as I required to check once the utilities were cut on.

And they wonder why everyone is starting to dislike them.

I'm getting the same BS, constantly. The latest one the appraiser said the house was occupied. Ummm...just did an interior BPO, check the pics...not occupied. A peek through the full leaded glass front door would tell any visitor the property is not occupied. Unless you were a fraidy cat and couldn't get past the guarded gate but I'm guessing the appraiser never put their lazy butt in a car.

Same property I posted elsewhere that has cost me the buyer side on a $550K transaction. Buyer had to walk due to delays.

Idiots!

Just a thought - if it is gated wouldn't there be a sign in sheet just to make sure the appraiser actually made the trip?

If not - I wonder if you could go after him/her for the lost commission?

The asset manager agreed that the appraiser had not been to the property. Little consolation at this point but I think frustrations like this are the nature of the REO beast.

I'm not going after anyone for the lost commission. I'm going after another buyer. Trying to stay positive.

I love that attitude!

And *poof* I have another buyer for the property. I love the law of attraction.

Oh Gosh



lol - jk

I had one last summer where the appraiser said the furnace did not work. Middle of summer, hmmmm, the thermostat selector was on AC. Appraiser turned up dial to get the heat to come on WITHOUT switching it to heat. After the appraiser said he had revisited the property and still could not get the heat on, the buyer hired a home inspector to go out and verify that the heat was working. Before the home inspector was hired, the underwriter had said that would be an acceptable solution. When the home inspector said the heat WAS working, the underwriter then said because we had two different opinions, a THIRD opinion would be necessary!

The appraiser's stupidity ended up costing the buyer an additional $350 to prove that the heat did, indeed, work.

LizL

Just food for thought. I would have used a heating/ac contractor.....paid $69.95 for the service call....times two equals $140 (includes 10 cent tip...lol).

I have an appraisal coming up, next week. Sale price $320k...two model match comps are $318,900 (two months old) and market is showing appreciation....this can be interesting. Trust me, I'll be there when the appraiser is. I always ask the same question. "Do we have any problems?".... They'll never give you the value while on site, but will answer "yes or no". Let us pray......lol

Yes, I must agree there are some lazy appraisers out there. But the same thing could be said about a few agents being too lazy to get their data correct are BPOs. I guess the real difference is appraisers get more money for their mistakes than agents doing BPOs. Depending on the form, sometimes the information requested requires the same amount of research.

[quote=Jayesnoop] The loan officer told me that she had several closings held up by the same appraiser who always has to go out for a second visit. She believes that the appraiser is just trying to supplement her income with second visits.
[/quote]

I think you hit the nail on the head here.

Hopefully the AMC realizes this and cuts this appraiser off from future work. Most AMCs have a ranking system for their appraisers. Also, the lender could add this appraiser to their exclusion list for future orders.

So, the market today is full of IDIOTS. I have a short sale that was about to close. The negotiator ordered a new BPO for no reason, so the BPO Realtor came up with price $53,000 higher than me and previous BPO and Appraiser. Now the case is escalated and have been waiting for two weeks for response. Buyer is getting inpatient and there is a big chance to lose this transaction....

Yes, it is an equal opportunity industry...