'We just want appraisers who know what they are doing'
Letter to the Editor
By Inman News, Wednesday, July 7, 2010.Re: 'New guidelines for choosing appraisers, comps' (July 7)
Dear Editor:
I was thrilled to read your article this morning. This is exactly what is needed. There is no doubt in my mind that the regulation pendulum made a huge swing in the last two years but trying to get accurate and timely appraisals has been a nightmare for real estate practitioners.
We don't want to be involved in the process or influence the outcome -- we just want appraisers who know what they are doing to be assigned.
Barbara G. McMurry
Senior vice president
Montague, Miller & Co.
Charlottesville, Va.
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Submitted by Carol Best on July 11, 2010 - 5:17am.
Carol@CarolBest.net
Coldwell Banker Residential Brokerage
Barrington, IL
BUYERS in IL: http://www.FindNorthernIllinoisHomes.com/
SEARCH Foreclosures: http://www.FindLuxuryHomeForeclosures.com/
Submitted by Carol Best on July 11, 2010 - 5:49am.
WELLS FARGO: Appraisers | BPO's | Short Sales | Buyer Loans
Continuous Horrible Experiences with Wells Fargo -
3 Strikes & You're OUT! Wells Fargo has been nothing but a disaster [for me and my clients] here in the northwest suburbs of Chicago, Illinois.
1) I referred my buyer with a great loan officer with Wells Fargo. Too bad Wells Fargo wired the check to some bank in Indiana - that was only a 4+ hour disastrous closing!
2) I have a $375,000 short sale of a 3 year old townhouse. Wells Fargo orders a BPO from a broker/owner of a C-21 office in Chicago/Cook County, who is doing 100 BPO's per week! Apparently this agency does not work with buyers or sellers, just stayin' alive with BPO's.
I checked out his company's transactions over the last several years - his agency/agents have never sold, closed, or probably even been in Lake County, IL! Do you think he or the assistant that did the BPO has a true clue about how to understand the comps? Did he look at the single family homes in this community where prices have tanked, NO. A buyer can purchase a large single family home for the price he put on this townhome. What a huge disconnect! Hello Wells Fargo, have you ever heard of garbage in/garbage out?
3) I have a $275,000 short sale listing - Wells Fargo's number. Another Wells Fargo mess - talk about clerks pushing files to new negotiators, to W.F. Marketing Managers to whomever else. It's a shell game! Let's see, this house has been on the market a total of 373 days and counting. We have an offer on the table from a buyer willing to pay $232,000 and EVEN APPLY for a Wells Fargo loan to get this deal done. Wells Fargo has approved a sales price of $275,000. Let's see, there have been no/zero/showings in this very depressed area and this is one of the Top 4 highest-priced 4 year old new construction ranches on the market. The home is marketed with 25 photos on Realtor.com, featured on Trulia, etc. Hello Wells Fargo - maybe YOUR CHOSEN APPRAISER would like to buy this house. This is another out-of-area appraiser.
My confidence in Wells Fargo with ANY transaction, remains at zero - you've outdone yourself Wells Fargo and are a true embarrassment to to the full-time professionals that have been in & remain in this business. Perhaps it is time to involve Channel 7 Eyewitness News. This needs to be reported!
Realtors: did you know that unlicensed spouses of licensed agents are doing BPO's? Speak up and be heard - the government continues to make changes that do not work. Thank goodness they did not give the banks/lenders the carte blanche real estate licenses they wanted several years back!
Carol@CarolBest.net
www.CarolBest.net
Coldwell Banker Residential Brokerage
Barrington, IL 60010
Submitted by Alan Fried on July 16, 2010 - 6:56am.
Alan loves Susan