http://matrix.millersamuel.com/?p=4719 Interpreting the Real Estate Economy Mon, 06 Sep 2010 23:56:29 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://matrix.millersamuel.com/?p=4719&cpage=1#comment-169553 Daily Digest for 2009-06-16 | Joe Spake - Memphis Real Estate Wed, 17 Jun 2009 07:43:12 +0000 http://matrix.millersamuel.com/?p=4719#comment-169553 <p>[...] Posted an item Joe Spake: Matrix » [Now Appraisals Are Obstacles?] Talking Out Of Both Sides Of Our Mouths [...]</p> [...] Posted an item Joe Spake: Matrix » [Now Appraisals Are Obstacles?] Talking Out Of Both Sides Of Our Mouths [...]

]]> http://matrix.millersamuel.com/?p=4719&cpage=1#comment-169532 Real Estate News You Don't See on the News - from The Cutting Edge | Memphis Real Estate Buzz Tue, 16 Jun 2009 19:55:22 +0000 http://matrix.millersamuel.com/?p=4719#comment-169532 <p>[...] Matrix » [Now Appraisals Are Obstacles?] Talking Out Of Both Sides Of Our Mouths  http://matrix.millersamuel.com/… [...]</p> [...] Matrix » [Now Appraisals Are Obstacles?] Talking Out Of Both Sides Of Our Mouths  http://matrix.millersamuel.com/…; [...]

]]> http://matrix.millersamuel.com/?p=4719&cpage=1#comment-169525 Joe in Memphis Tue, 16 Jun 2009 13:43:29 +0000 http://matrix.millersamuel.com/?p=4719#comment-169525 <p>As a Listing and Buyer agent, I have no issues with any of the appraisers I have worked with; however, the underwriters seem to be out of control: changing their own guidelines, and second-guessing appraisal results - not value issues, but condition. The mortgage companies say it is driven by the investors. Bottom line-the entire process is 50% slower than a couple of years ago.</p> As a Listing and Buyer agent, I have no issues with any of the appraisers I have worked with; however, the underwriters seem to be out of control: changing their own guidelines, and second-guessing appraisal results – not value issues, but condition. The mortgage companies say it is driven by the investors. Bottom line-the entire process is 50% slower than a couple of years ago.

]]> http://matrix.millersamuel.com/?p=4719&cpage=1#comment-169524 Edd Gillespie Tue, 16 Jun 2009 13:37:40 +0000 http://matrix.millersamuel.com/?p=4719#comment-169524 <p>I heard somewhere that appraising requires thick skin. I still want to believe appraising requires ability, hard work, honesty and professionalism. A real estate appraisal is an opinion of value. Who the heck needs an opinion from an unskilled, untrained, uneducated expert? The lenders have been taxed through FIRREA with getting an appraisal and the response by the appraisal industry was to allow the ranks of appraisers to be bloated by any applicant who could pass the test and go to work for a mill. Jonathan, HVCC is meant to keep the dance going and not to fix the real problem of lender pressure. I recall being in the group that said mortgage brokers were the problem for appraiser independence, how late I learned the brokers were only the messengers. The really unfortunate thing you have mentioned is the endemic unreliability of appraising. That is the fault of the appraisers not of the lenders or real estate agents. It comes about because the overwhelming majority of appraisers are not experts and are pushovers. On another note. I am now beginning to believe the lenders had to see this credit freeze coming. I thought lenders made money from lending deposits, but apparently there is more to it. My thinking led me on to believe that the once bailed out the banks would have to start lending or perish. Now, despite ever present NAR spin to the contrary, the FRB is not reporting that tighter lending is getting appreciably looser and I'm hearing the banks are sopping up corporate credits and doing OK. Seems they don't need the loans as bad as the economy does. Have you heard that?</p> I heard somewhere that appraising requires thick skin. I still want to believe appraising requires ability, hard work, honesty and professionalism. A real estate appraisal is an opinion of value. Who the heck needs an opinion from an unskilled, untrained, uneducated expert? The lenders have been taxed through FIRREA with getting an appraisal and the response by the appraisal industry was to allow the ranks of appraisers to be bloated by any applicant who could pass the test and go to work for a mill. Jonathan, HVCC is meant to keep the dance going and not to fix the real problem of lender pressure. I recall being in the group that said mortgage brokers were the problem for appraiser independence, how late I learned the brokers were only the messengers. The really unfortunate thing you have mentioned is the endemic unreliability of appraising. That is the fault of the appraisers not of the lenders or real estate agents. It comes about because the overwhelming majority of appraisers are not experts and are pushovers. On another note. I am now beginning to believe the lenders had to see this credit freeze coming. I thought lenders made money from lending deposits, but apparently there is more to it. My thinking led me on to believe that the once bailed out the banks would have to start lending or perish. Now, despite ever present NAR spin to the contrary, the FRB is not reporting that tighter lending is getting appreciably looser and I’m hearing the banks are sopping up corporate credits and doing OK. Seems they don’t need the loans as bad as the economy does. Have you heard that?

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