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To: russwinter who wrote (49271)	1/9/2006 4:56:01 PM
From: Broken_Clock	Read Replies (2) \| Respond to of 110194

As far as hitting the number for a lender, it's my personal experience that 95% of appraisals won't get done w/o a copy of the sales contract. Curious is things are done the same on the mainland. Pretty easy to hit the number when the target is required paperwork. loantech? Ramsey?

To: russwinter who wrote (49271)	1/9/2006 4:58:51 PM
From: Broken_Clock	Read Replies (1) \| Respond to of 110194

"Given increasing concerns about rising defaults and foreclosures in 2006, especially on homes highly leveraged by home equity loans or financed with zero-down/interest only mortgages, it is time to finally take real action to stop improper valuation practices. Every Chief Financial Officer, Chief Compliance Officer, General Counsel and Auditor need take notice and action, using Ameriquest as their bellwether." Little late there isn't he? I do believe the horses have left the barn. LOL!

To: russwinter who wrote (49271)	1/9/2006 6:49:36 PM
From: ggamer	Respond to of 110194

I called a developer in SF Bay Area to compare their prices to what they were offering eight months ago when people were signing up for their lottery system (I had kept one of their brochures from June of 2005). I found out that their prices have gone up about 3% since then. However and immediately the sales person told me that there are many good deals out there and he would explain to me all the price reductions and incentives when I am at their office physically. I think home sales are still high because the builders are still tricking people who put their down payment for their homes 6-12 months go that they are in the money before they even move in.

To: russwinter who wrote (49271)	1/9/2006 7:18:11 PM
From: Ramsey Su	Respond to of 110194

Russ, The guy in the editorial said I have worked in the appraisal business for over three decades. He can work in the appraisal business for another 3 decades and it will still be the same. Appraisal "problems" are not fixable. end of message. Ramsey <gggggg>

To: russwinter who wrote (49271)	1/9/2006 8:39:12 PM
From: Ramsey Su	Respond to of 110194

Russ, OK, here is the long answer to appraisal. This is how it works in the real world. Market comparable is the the common approach to residential appraisals. It is basically 3 recent sold comparables and 3 on market comparables. Ideally, comps should be within 3 months of appraisal date. Now take an appraisal order in a very active subdivision where there are lots of comparable sales of similar units. Let us assume there are 9 sold comparables and 9 on market comparables. The appraiser can pick the 3 highest or the 3 lowest and neither would be "wrong". If we choose another property located in a neighborhood where comparable sales are not so plentiful, it is even easier. An appraiser is free to choose comps from north east south or west, larger, smaller, then adjust for value based on whatever is necessary and all would be absolutely legit. There seems to be a misunderstanding that appraising is something scientific with exact answers. In reality, 5-10% can be fudged with no effort and without violating any appraisal principles. A "good" real estate broker would do all the work for the appraiser so that the appraisal will come up with the "correct" value. In house appraisal departments will always be pressured to facilitate and not hinder a deal. Independent fee appraisers will always be pressured the same way, or else the they will never see another order again. As for the truly fraudulent appraisals that you hear about, I am willing to bet that it is such a small percentage that it is totally insignificant in the mortgage world.