Comments on: Appraisals and the Catch 22 http://wallaceandkelly.com/2010/03/02/appraisals-and-the-catch-22/ "All Things Real Estate and Some Other Stuff Too..." Wed, 12 Oct 2011 15:29:57 -0700 hourly 1 http://wordpress.org/?v=3.1.3 By: Mike http://wallaceandkelly.com/2010/03/02/appraisals-and-the-catch-22/comment-page-1/#comment-233 Mike Wed, 12 Oct 2011 15:29:57 +0000 http://wallaceandkelly.com/?p=481#comment-233 Hi Joyce, Thank you so much for your comment. I am pretty sure we are both saying the same thing. Back in March of '10 when this was written we were just beginning to experience firsthand what the big financial institutions were doing to the appraisers and how they were influencing where the market was in terms of value in a given area of the U.S. I was trying to say that the appraisers should be allowed to come in at market value..... Not at an inflated value or an artificially deflated value. I have worked with many competent appraisers over the years and am witnessing today, a good year and few months later, these appraisers turning to other means of income due to the decreased amount of the appraisal fee that they receive after the supposed HVCC management company takes their cut, which to me is a very sad thing that is happening to the industry. Thank you for reading, your input is valuable. <strong>Kelly...</strong> Hi Joyce,

Thank you so much for your comment. I am pretty sure we are both saying the same thing. Back in March of ’10 when this was written we were just beginning to experience firsthand what the big financial institutions were doing to the appraisers and how they were influencing where the market was in terms of value in a given area of the U.S.

I was trying to say that the appraisers should be allowed to come in at market value….. Not at an inflated value or an artificially deflated value.

I have worked with many competent appraisers over the years and am witnessing today, a good year and few months later, these appraisers turning to other means of income due to the decreased amount of the appraisal fee that they receive after the supposed HVCC management company takes their cut, which to me is a very sad thing that is happening to the industry.

Thank you for reading, your input is valuable.

Kelly…

]]> By: Joyce J. Potts, SRA http://wallaceandkelly.com/2010/03/02/appraisals-and-the-catch-22/comment-page-1/#comment-232 Joyce J. Potts, SRA Wed, 12 Oct 2011 00:08:38 +0000 http://wallaceandkelly.com/?p=481#comment-232 Get your head out of your short term commission check and start looking at the long term consequences. There's no catch 22. It's about integrity and appraiser independence. The HIGH appraisal is NOT always the best appraisal. Haven't the losses since 2007 attested to that fact? Yes, the HVCC that is now incorporated into Dodd Frank has been hijacked by AMC's that are owned by the big lenders. Everyone is paying the price and I don't see it getting any better. Get your head out of your short term commission check and start looking at the long term consequences. There’s no catch 22. It’s about integrity and appraiser independence. The HIGH appraisal is NOT always the best appraisal. Haven’t the losses since 2007 attested to that fact? Yes, the HVCC that is now incorporated into Dodd Frank has been hijacked by AMC’s that are owned by the big lenders. Everyone is paying the price and I don’t see it getting any better.

]]> By: patrick http://wallaceandkelly.com/2010/03/02/appraisals-and-the-catch-22/comment-page-1/#comment-219 patrick Tue, 02 Mar 2010 16:59:15 +0000 http://wallaceandkelly.com/?p=481#comment-219 Right now we have the "perfect storm".When you use the term "lender" in this market, one never knows if you're referring to the seller or the buyer's new mortgage company. It's very confusing when you're talking about a real estate transaction to keep the players straight. Another confusing thing (one of many) is that the appraisers are now supposed to be sepaprated from the lenders (via the HVCC rules) which is hysterical because these "middle men" firms are now owned by the banks(lenders) who are supposed to protect them from themselves. Something is very wrong !!!!!! Right now we have the “perfect storm”.When you use the term “lender” in this market, one never knows if you’re referring to the seller or the buyer’s new mortgage company. It’s very confusing when you’re talking about a real estate transaction to keep the players straight. Another confusing thing (one of many) is that the appraisers are now supposed to be sepaprated from the lenders (via the HVCC rules) which is hysterical because these “middle men” firms are now owned by the banks(lenders) who are supposed to protect them from themselves. Something is very wrong !!!!!!

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