I have a loan processor that is really letting me down. We have pushed our close once, and will probably push our close again.

Any chance someone knows a home appraiser in Houston that can do something on a quick turn-around? Something like in 2 days or so?

I'm happy to pay a premium at this point if something can get done fast.

Cannot happen. Federal law prevents any interested party from directing the report to a specific appraiser. You have to go through a third party and it needs to be an arms length transaction

SteveBott said:

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Cannot happen. Federal law prevents any interested party from directing the report to a specific appraiser. You have to go through a third party and it needs to be an arms length transaction

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Didn't know that. Thanks.

Rule makes sense, actually.

Could be a loan processor issue but it also might be that appraisal turn times in Houston are really slow right now.

Yep. Realtors are writing 30 day contracts without any discussion of Appraisel turn times with lenders. My appraisals are running 2-3 times as long state wide

"Independence" in the selection of appraisals is a high priority in the guidelines. It is meant to prevent lenders or borrowers from influencing the appraisal results. Normally, collateral valuation programs are administered though the Credit side of the bank, and (allegedly) separated from influence from the Lending side of the bank. Banks develop and enforce internal policies that (allegedly) maintain Independence in the administration of the collateral valuation program, and that would include policies preventing borrowers/lenders from selecting appraisers.

"An institution or its agent (i.e. a third-party servicer) must directly select and engage appraisers. The only exception to this requirement is that the Agencies' appraisal regulations allow an institution to use an appraisal prepared for another financial services institution provided certain conditions are met. An institution or its agents also should directly select and engage persons who perform evaluations. Independence is compromised when a borrower recommends an appraiser or a person to perform an evaluation. Independence is also compromised when loan production staff selects a person to perform an appraisal or evaluation for a specific transaction."

Houston appraisals are crazy slow right now. We are having to pay wild rates to get jobs accepted. I've got one due on the 2nd where the appraiser hasn't even made contact with the listing agent yet, much less see the home. And we paid roughly 50% extra for a rush. Appraiser will not answer anyone's calls, texts, emails.

I have a texager that got sent a link to pay the appraiser and he was out of town a few days. He got back and paid but his slot was given to someone else. So new Appraisel date was a month later.

We asked what a rush fee could do and we're told a rush was 2000 PLUS the 850 normal price.

We called four more Appraisel companies and could not get better then 4 weeks at what we originally were to pay. We are waiting it out.

Red Pear Realty said:

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Houston appraisals are crazy slow right now. We are having to pay wild rates to get jobs accepted. I've got one due on the 2nd where the appraiser hasn't even made contact with the listing agent yet, much less see the home. And we paid roughly 50% extra for a rush. Appraiser will not answer anyone's calls, texts, emails.

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I am selling one of my properties in NE Houston right now. On June 2nd we were told it was due on the June 19th. On June 22, my buyers called lender and asked where the appraisal was and the lender said "I meant July 19th"

I assume this was ordered through an AMC. How does anyone know who the appraiser is at this point?

Hold up, residential appraisals are going for $850? And a rush fee is $2k on top? One house?

I may need to switch over to residential

That was my thought.

I was like, uh, I can do that. Easy. I'll charge $1,000, 48 hour turn.

Takes 1,000 hours of apprenticeship, though.

For Res? Cert Gen won't just auto qualify?

That pricing of 2k rush was an extreme outlier. No on in my company had never seen anything close to that. Usually 150-200.

As for 850 yes that is top end now. I'm quoting 640 for a standard suburban report

Isn't part of the problem that Chase offered a bunch of appraisers a guaranteed $1,500 per appraisal to come work for them?

jja79 said:

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I assume this was ordered through an AMC. How does anyone know who the appraiser is at this point?

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The AMC will tell you who the appraiser is when he accepts the order. And with that, you can find a lot for free on the internet. Moral is, don't mess with my clients.