Relocate to Wisconsin : Appraisers who DON'T know, Should Not Appraise

Appraisers who DON'T know, Should Not Appraise

  A couple weeks ago we wrote a post that was entitiled:  The appraiser wanted to know WHAT ?  which was the result of  an appraiser's questions that feel into the "None of your Questionbusiness and why does that matter to the value of the property?"   category. Things like...Why is the Seller Selling the property ?  How many people were interested in the property....and it kept getting better....where are you comps for this price ?  (Gee I thought that was your job,,,) Why did the Seller select this buyer ?

   He complained about but did not request a survey. He even wrote that we said in effect that we picked the pnot acceptablrrice "from thin air."  His comps were largely out of the county....and did we mention he had been an appraiser for 3 years...and had been a realtor.  

     The appraisal came back at a ridiculous number not acceptable to either the Buyer or the Seller. 

    What would you do banking members of AR?  This is a commercial loan. 

      The "deciding banker" is out of town until next week...the loan officer remains mum, and we dumbfounded while the buyer considers another lender. 

     Know what you don't know...and if you get an assignment you can't handle...admit it...don't guess...you only make yourself look incompetent and frustrate everyone involved. 

    Stay tuned,....I feel  a chapter 3 coming on !

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Comment balloon 15 commentsSally K. & David L. Hanson • January 28 2017 01:16PM

Comments

This appraiser sounds like an idiot... buyer should request a formal review from his banker and a reappraisal.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (RE/MAX Executive | Charlotte, NC) over 1 year ago

can't you request an appraisal from a more knowledgeable appraiser.....time to start climbing the ladder in that bank.....

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) over 1 year ago

I am so with you, I had 3 deals affected by bad appraisals this January. 2 commercial and 1 VA residential. One my office commercial the bank chose a BPO over a full appraisal and the agent used a garage, a mill building and a single unit in a high rise office condo instead of a free standing office building. The 2nd =was a 8 unit building where instead of adding for value because the comps were inferior, he deducted from the subject. A simple mistake nut one he would not correct killing the sale. The 3rd a VA appraiser who after the appraisal was done and a list of work given to complete, she cam back on her own as she thought the buyer should get a better deal by having more work done by the seller. 

Posted by Scott Godzyk, One of Manchester NH's Leading Agents (Godzyk Real Estate Services) over 1 year ago

Good morning Sally and David,

There is an appraiser here that most of the banks will cancel the appraisal and ask for another appraiser.

Make yourself an astonishing day.

Posted by Raymond E. Camp, Licensed Real Estate Salesperson Greater Rochester (Howard Hanna Real Estate Services) over 1 year ago

There are so many bad apples in the appraisal industry. In my experience, their first question is always, "Can I have a copy of the contract?" A real expert does not need to know the sales price before valuing the property!

Posted by Nathan Gesner, Broker / Property Manager (American West Realty & Management) over 1 year ago

Oh, that is terrible and I would definitely be calling on another appraiser and making waves at the bank for this particular appraisal management system. His 'thin air' comment would have pushed me over the edge!  It's totally not something the appraiser should be putting in the appraisal - ever!

You'll have to keep us informed as to how this goes, Sally K. & David L. Hanson!

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) over 1 year ago

Oh my, talk about ridiculous -  Waiting to read how this turns out.

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Condo & Home Sale Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) over 1 year ago

Good morning Sally. I look forward to satisfactory conclusion in Chapter 3. Very sad and I agree with your thinking.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) over 1 year ago

Know what you don't know.

If only.

How frustrating for all involved!

Posted by Sharon Tara, New Hampshire Home Stager (Sharon Tara Transformations) over 1 year ago

Hi Sally and David - oh yes this is really a problem.  The bank should have vetted that appraiser.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) over 1 year ago

Hi Sally and David -- "know what you don't know" ---- not only for appraisers and not just in real estate --- this is a life lesson that I'm sorry you have to endure. I'm looking forward to a happy ending of this story.

Posted by Michael Jacobs, Los Angeles Pasadena Area Real Estate 818.516.4393 (Coldwell Banker Residential Brokerage) over 1 year ago

Once during a home inspection the appraiser walked in and asked the selling agent and my clients how much they wanted for the house.

Posted by Jay Markanich, Home Inspector - servicing all Northern Virginia (Jay Markanich Real Estate Inspections, LLC) over 1 year ago

Good luck in finding another  appraiser and in having a smooth closing.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 1 year ago

Changing lenders and appraisers may very well get you where you need to be. How frustrating.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) over 1 year ago

***** CHECK OUT THIS APPRAISAL NIGHTMARE! Sunday, February 26, 2017 New York Times, page 9 of Business Section about Dutchess County, NY. How about 35% lower than agreed sales price? L.

Posted by Lynn B. Friedman, Concierge Service for Our Atlanta Sellers & Buyers (Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ...) over 1 year ago

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