Have you had issues with your real estate appraisals? Or if you are an appraiser, what do you think of this video? Are lenders tightening down too hard on appraisals?
From YouTube: “Tinna and Bill discuss over the top appraisal conditions and scope creep. More importantly they discuss how this can cause appraisers to to work for minimum wage…”
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Wow! Great video, thanks for sharing. I don’t work for the lender that was mentioned in the video, I wonder what kind of appraisal fee that lender pays?
I have not personally done any work for this lender either. I doubt fees have increased. What are they looking for in the aerial photos? Moreover, many times area photos are very old and not up to date. So much can happen in three years. Google Earth, for example, has an image a couple years old for my own house.
That’s why the conditions are so ridiculous. No one should be agreeing to them and certainly not for the money that Chase’s AMC pays. Time to push back and the more our numbers decrease, the easier it will be to bargain. Stand up for your fee.
Have you heard anything, Bill, on what they are really looking for in the aerial photos? It’s easy to have ideas, but I’d be curious to hear it straight from Chase.
Chase probably won’t accept a Google Earth image. You would have to rent a hang glider, hot air balloon or the Met Life blimp and take an air born shot that you can certify that you personally took during the appraisal process. All of that for $195 per report.
Just kidding. I don’t know the answer to that.
Funny. Images are so old usually, so sometimes an image for a new subdivision will show vacant land. It just doesn’t make much sense to me. Hopefully you’re kidding about $195 appraisals too. That is so far below market rate. Wow!!!
I am not kidding about the fee. Maybe not in this area, but I have heard other appraisers say that is the fee in their area.
No bueno.