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August 17, 2009
Appraiser Trouble
Just had an appraisal done by Richard L. Fields of East Coast Appraisal, for a Refi with Wells Fargo. We got the report from them 3 months after the physical inspection. Richard used comps of completely irrelevant apts. we have a small 2 bedroom on 4th floor of 6 floor bldg. The comps he found appropriate were the most recent sales in our bldg, 2- 1 bedrooms on the ground floor, and a 2 bed in a walk up. Due to this appraiser we are having a terribly difficult time with the refi. Has anyone ever heard of this appraiser? 0 hits on a google search.
Comments
I had a similar problem with an appraisal and Wells. It's not the appraser but the bank, I think. I used a guy from Jersey and the same thing happened. This was for the purchase, however, and it came back 10k less than the purchase price. I wonted to put 25% to keep my rate at 4.875% and the bank gave me a hard time saying their 25% is based on the appraised value not the purchase price. I lost the rate since I wanted to proceed with the purchase. Bankg away was an option but the inspection, appraisal, etc. was already paid for and no one will refund the money for that.
I'm not sure why they do it but something is definately going on. Few of my friends had a similar problem during their purchase.
Sorry.
Posted by: karo25 at August 17, 2009 4:39 PM
It's your TAX dollars at work. I warned you all about this months ago when Congress passed the HVCC act that bars mortgage brokers/bankers from ordering an appraisal from a local appraiser. You now have to use an Appraisal Managment Company that is guess what.... owned by Wells Fargo, and the other national banks. Now your appraisal costs about a third more and is of poor quality as they are using inexperienced appraisers.
There are programs and lenders that do not use the HVCC but you have to know where to look.
adamdahill@gmail.com
Posted by: Adam Dahill at August 18, 2009 10:29 AM
I'm in the process of moving firms so that is why the gmail email acount.
Posted by: Adam Dahill at August 18, 2009 10:30 AM
Adam, that is total spin control by boo-hoo mortgage brokers and bankers like yourself. Now, it's much harder for you to strong arm appraisers into hitting values so you can push your crappy deals through the system. Wells Fargo sends out appraisers within a 30 mile radius of their home if they can help it. Sounds like locals to me, no?
Posted by: Springs at August 21, 2009 9:14 PM
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