[Georgia Girl 2]

This stuff about the appraisals is absolutely true. I was a licensed mortgage broker for 17 years and my appraiser who I had an established relationship with would comp houses for me for free to see if it looked like the value was there on a prospective property. It many times saved my clients $350 for an appraisal that would not have come in at the sales price. In addition the new Dodd Frank law says that the broker cannot have any one on one contact with the appraiser so you can’t even get vital information to the guy like maybe a comp he does not know about etc. Its a nightmare.

As soon as the new appraisal procedures started the banks put out the word to the appraisers that they wanted the most low ball appraisals possible so all the appraisers now are scared to stick their necks out and make the kind of decisions their experience and knowledge is supposed to equip them for. They basically take the 3 most recent comparables and then use the value of the lowest one to come to a value on your client’s house.

All the new fees, regulations etc have finally driven me and most of the small brokers out of business. It has not done the clients any good that I am able to see.

[taildragger]

This stuff about the appraisals is absolutely true. I was a licensed mortgage broker for 17 years and my appraiser who I had an established relationship with would comp houses for me for free to see if it looked like the value was there on a prospective property. It many times saved my clients $350 for an appraisal that would not have come in at the sales price. In addition the new Dodd Frank law says that the broker cannot have any one on one contact with the appraiser so you can’t even get vital information to the guy like maybe a comp he does not know about etc. Its a nightmare.

Yes...

The Appraiser pool can FUBAR a deal. It has happened here in SE MI, a Detroit Appraiser will look at a high end Burb-Exburb home and come in lower than it truly is, start deal all over, or find a new buyer. You also have to price your house to a real Appraisal ( So go get your home Appraised before you sell $350 to $400 out of your pocket so your selling it close to what it is truly worth ) because if you get a bid above the Bank's Appraisal they may or may not grant a mortgage even if the buyer shows up with the difference. Don't ask me how I know all this.

Should I talk about my conversation with an Uber Financial Adviser last night and it sparked my new pet theory that Net Neutrality is really based on the fact that FINRA can't keep up with new ways money can pay for goods and services and investments and they are far behind the curve and can't control it?