Hello everyone and Welcome to another
episode of Selling Greenville your
favorite real estate podcast here in
Greenville South Carolina I'm your host
Stan McCune I'm a realtor here in
Greenville as you probably already know
and you can reach me via my contact
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and we're good to go today we are
going to be talking about appraisers
gone wild because the past few weeks
I have lost so much sleep thanks to
appraisers and it's not normally been
this way okay this is kind of an
abnormality for my career and and an
abnormality I think for appraisers as
well and obviously we're in a a unique
market and there are some challenges
there are a lot of challenges for
appraisers in a market like this we're
having a lot of bidding wars prices
going up in unique ways and it it
becomes difficult for them when they
are trying to make a deal work and most
appraisers do try to make a deal work
they do they don't want to be the ones
that blow up a deal they don't want that
reputation but at the same time it's
challenging when we're seeing
appreciation at levels that we've never
seen it before and if you have someone
that is making a small down payment
the appraiser becomes really the the
appraisal becomes a really important
part of it because we can typically get
appraisals waved if the buyer is
making a Down payment that's you know at
least 20% you know if they're going up
to 25 30% usually we can just get the
appraisal waved if the down payment
is that much but when you have the
the standard minimdown payment 3% 3
and a half% 5% whatever that may be
depending on the loan product that's
being used it becomes a very
important part of it because that
appraisal now determines
exactly how the lender deems what the
lender deems the home to be worth and
and so it it
becomes a challenge when the appraisers
are are looking at you know okay
obviously the market is appreciating at
a at a tremendous rate right now but
they don't want to just artificially
put a higher number than they should
they have standards whereby they need
to try to ensure that the lender isn't
isn't putting more money towards a
house than they should and that a buyer
isn't buying a house for more money than
they should because when that happens
then we can end up back in in 2008 when
we have a a housing market crash that
causes a massive worldwide recession
appraisers are kind of the Guardians of
that to a certain extent and they
take that at least in Greenville and
Spartanburg they take that very
seriously we have very conservative
appraisers around here and they
really don't want to see home prices
going going wild well instead the
appraisers I feel like in my opinion
they are the ones that have gone wild
and they're in really a unique position
and and by the way I'm probably going
to get some some negative responses
from some appraisers I'm not trying to
to bash appraisers on here and not all
appraisers are the same let's let's
start with that there are definitely
ones that have a good reputation and
definitely ones that have a bad
reputation it's it's the same way in
every business there are some that are
good and some that are bad and I've had
a slew of some bad ones but over the
course of my career I've had a lot of
good ones a lot of ones that that you
know that called me up regarding one of
my old listings that closed and and
asked me questions to try to understand
cuz they're doing an appraisal for
someone else they want to understand my
listing a little bit better and I always
help out appraisers when they do that
because I I want them to be able to to
do their job I want them to be fully
equipped and if they're going out of
their way to contact an agent to try to
get more background information on a
listing that's great that shows me that
they're doing a great job but the
past few weeks and and really the whole
year appraisers have been causing me
to to to lose sleep and and as I was
starting to say they're in a unique
position where they are really the
only essential Cog in a real estate
transaction that is functionally I I
know they're not com this isn't 100%
true but really functionally they are
immune to Performance standards there
they yes there are
some certain things in place to
somewhat make it to where there are
performance standards for the appra for
these appraisers but at the end of the
day they're they're pretty much immune
to Performance standards I mean if a
realtor A lender an insurance agent
closing attorney an inspector Etc if
they do a bad job they are going to lose
business right that is the way this
works if you if you do a bad job I mean
maybe one time if you do a bad job
that's it's not the end of the world but
if you consistently do a poor job you
are going to lose business and I mean we
could be sued anyone in that part of the
transaction could easily be sued now I'm
sure that there are ways that appraisers
could be sued but I have never heard
of that and I don't see how that could
could possibly happen unless they they
acted unethically us as Realtors and
and particularly inspector
lenders Etc just making a simple
mistake could have us in the crosshairs
of a of a lawsuit and that just
doesn't happen with the appraisers they
make mistakes all the time and there are
basically no ramifications for them for
that they they don't have the same
concerns as the rest of us do and at the
end of the day they are working for the
lender but it's a very unique
relationship between the apprais aers
and the lenders because the lenders only
have limited say in terms of what
appraisers they work with they have
appraisal management companies that
essentially that they go through and
then you know my understanding is it's
kind of almost like a lottery
system whereby you know the appraiser
is selected for the job A lender can't
just go out and say we want this
Appraiser for this job because that's
you know kind of what was happening back
in 2006 2007 there were some shady
things like that going on and it's part
of why the housing market crashed so
they've really tightened up there's very
limited communication that A lender
can have with an appraiser directly and
very little say that they have in terms
of what appraiser they work with and
I'm not going to get all into the Weeds
on that lenders aren't
completely in the dark and and
completely incapable of of you know
selecting who the appraisers are but
there is just a lot more degrees of
difficulty there to to basically
bring accountability to to an
appraiser because of of how many
different things are in place to prevent
lenders from colluding with appraisers
and so that makes appraisers you know
the god in the transaction they have
very limited accountability but guess
what they have tons of business and
that's the other thing is that you know
yeah lenders you know even if a lender
terminates an appraiser or wants to
terminate an appraiser from their system
that's kind of like you know cutting
off your nose to spite your face because
appraisals are getting declined are
backed up by weeks it's it's insane
what's happening because of of how much
that's going on in the market and
because you know at the end of the day
we don't have enough appraisers right
now to handle all the work that's
happening and I don't know if it's
still the same but I I looked it up
years and years ago this was before I
was a realtor I was looking up you know
what it would take to become an
appraiser and it's it's takes you
know several years of being an
apprentice not making a whole lot of
money and you know it's it's not super
easy to get started in it but then once
you get started in it you're rolling
right in in theory but I think because
of of how difficult it is right at the
beginning that a lot of people don't go
that Direction They Don't Go the
direction of becoming an appraiser
because Who Wants to Be an apprentice
for a few years again I haven't checked
recently if that's still the case
with the process but I'm assuming that
it is because not a whole lot changes
you know down in this area they tend to
keep these real estate things if
anything they become stricter they don't
tend to become less strict now now I
saw with regard to the amount of work
that appraisers have today I saw a
Facebook thread actually just yesterday
with some appraisers where they were
saying they're turning down five to 10
appraisals per day these are multiple
appraisers turning down 5 to 10
appraisals per day so what does that
tell me that tells me they are way too
busy and guess what happens when people
are really busy and basically they are
immune to Performance stand standards
have you ever been to the one restaurant
on you know on an exit in a really long
stretch you know and this is this is the
first opportunity that people have had
and and you know perhaps an hour hour
and a half of driving to get out stretch
your legs grab a sandwich use the
restroom what typically happens to that
one restaurant it's the only restaurant
in this this long stretch and it and
it's the you know basically immune to
Performance standards right because they
have no
competition and they have a lot of
business because people that are driving
on this highway need a place to stop and
get something to eat need a place to
stop and use the bathroom are those
places typically good or are those
places typically not so good we all
know the answer to that typically those
places they're not good they don't need
to be they don't need to be good they've
got business regardless of whether the
bathrooms are clean they've got business
regardless of of whether you know the
person at the front counter is sneezing
all over the food it doesn't matter for
them go on there and leave them a bad
Yelp review who cares the next person
that is hunger and needing to use the
bathroom on that long stretch they're
still they're not going to be looking at
Yelp to see oh is this restaurant a
good restaurant or not no they've got to
use the bathroom they're hungry they're
thirsty they're just going to pull over
and just eat the sneezed upon a sandwich
I mean that's just the reality of the
situation another one that comes to
mind is the DMV now I'm not I'm again
I apologize that might be harsh to
appraisers but who's another type of of
organization that's immune to
Performance standards and is too busy
the DMV and we all hate it we all hate
going to the DMV because we know we're
just another number to them they They
Don't Care About Us they don't need to
provide good customer service to us
we're not the one that they answer to
but we're the one that they're serving
but they don't have any good reason to
have our best interest in mind it's
basically an honor System we're hoping
that we get the one person that's had a
good day we're hoping that we get the
one person that actually cares about
their job because we know that a lot of
them don't and that's the thing with
appraisers if you catch them on a bad
day or if you catch one that doesn't
have pride in their work guess what
you're you're at their whim because they
can do whatever they want basically no
accountability very little again I
shouldn't say no accountability but it
is not a lot of accountability it's less
accountability than every other part of
the real estate transaction in my
opinion
now again I I just want to make sure
that we understand that there are a lot
of good appraisers out there and they're
really of them they're all working very
hard right now regardless of whether
they're doing good work or not they're
all working their their tails off and
I respect that I know because I'm a
realtor and I'm working my tail off and
by the way I'm not sitting here and
pretending like there are a lot of
realtors that are doing poor work
because they're too busy as well you
know it's hard for all of us to keep up
with everything but you know as
Realtors we have the the good ones have
processes in place in order to make sure
that their business can expand and
contract depending on what part of
the market it it's in because we have
seasonal business appraisers that their
business is not as seasonal as us as
Realtors because I don't know how many
appraisers there are in Greenville I'm
guessing a few hundred whereas there are
thousands of Realtors so it's just a
different appraisers unless the market
gets really slow they always have work
whereas Realtors the market can be a
it can be a decent market and you as a
realtor still aren't super duper busy
that can happen it's just a completely
different type of of work even though
it's real estate oriented it's a
completely different type of work so
there are a lot of appraisers the pretty
much all of them are working hard right
now they're all trying to keep up and
a lot of them are are absolutely doing
their best but it's human nature that
even those with the highest standards of
work when they're super duper busy and
when there's really no one holding them
accountable things are going to slip
that just happens it it happens among
the best of us okay it happens among the
best Realtors you can see it I had a
closing attorney that I've used
for several of my own personal
transactions I've dealt with them on a
few different things recently their
business their quality is slipping I've
heard this from multiple other people
and and I never thought that that would
happen with them and so weird things
happen when people are busy and so you
have to keep that in mind appraisers
are not immune to that just like
on the flip side they basically are
immune to Performance standards and
being held accountable they are
not immune to having their service slip
unfortunately so a few examples you
guys are probably curious well well what
are you seeing out there well I told
a story a while back the the listing
from hell and that was that was from
a few months ago at this point that was
from the spring and that was an
example of where the appraiser
basically scheduled the appraisal for
the same day so she you know scheduled
the appraisal for 400 p.m. and scheduled
it at noon that day so like 4 hours
before she was going out there that was
when she scheduled the appraisal for
then she got out there couldn't get into
the property told me that you know
that she wouldn't be able to go back out
for several weeks probably because she's
again she's just way too busy and
thankfully this was an example of a good
appraiser who listened to me and and
listened to my Saab story about how we
had been waiting and waiting and waiting
and it wasn't her fault but it was the
buyer's fault which was not my client
but the buyer had changed things so
many different times and my client the
seller was just waiting and waiting and
waiting and here we were we thought we
had the appraisal in and now the
appraiser couldn't get into the property
and and again everything was so last
minute nobody was prepared for the
appraiser to be there because they
scheduled it 4 hours before they were
going to show up and so that was a a
a an example of here's an appraiser to
me that's just kind of flying by the
seat of her pants a little bit but she
redeemed herself because I was able to
get my locksmith out there get the
property open for her and she came
back on her way back from the other
appraisal she had to do she came back
and did on her way home so she redeemed
herself but it wasn't an ideal
circumstance by any stretch anyway you
can listen to that whole episode that
was just one small part of a wild ride
that I had on on on that list that
you can go back and listen to I don't
remember what episode number it is but
it's called the listing from from
hell I had another one just recently
and and by the way some of you guys I I
know some of you are are listen to my
podcast you're going to hear your story
on here so I hope you enjoy that I'm not
going to you know mention any personal
details so you don't need to worry about
that but I'm sure I'll get some
people that are like hey I recognize
that that was my house I just had my
lowest appraisal in terms of
difference from the contract price to
the appraisal price
$49,000 lower than what we have it under
contract for
49,000 this is not this this is
basically
10% of of the total contract price
I've never had anything like that and I
asked the lender hey have you ever had
anything like this he could only think
of one other time I asked my team leader
who's been in real estate for you know
20 something years have you ever had
something like
this one time he could he could think of
where he had a $70,000 low appraisal but
otherwise they're usually you know low
appraisals are typically usually 10
15,000 if that
49,000 and and let me tell you this
isn't an instance of course there are
instances where people over spend for
house this is not one of those instances
this is a house that is a remodeled
kitchen remodeled bathrooms
the comps that the appraiser used the
appraiser only used three
comps and we went back to him and and
showed him other comps said you know why
are you only using these three comps
they were not good comps one of them was
a cash purchase above list price now if
you know anything about real
estate you know that most cash purchases
are not above list price most cash
purchases are either at or often times
below list price even in this market you
know I've had multiple cash buyers
the you know the past year and there
has well there was technically one that
went above list price but they went
above list price by like $500 just to
give them you know a potential
competitive Advantage because there were
like 30 offers on this house and guess
what 30 offers on that house the cash by
fire went 500 above list price you know
how many other offers were above list
price I think EV every other offer that
they received was higher than my clients
but my client got it in large part
because it was cash so that is the trend
other other cash buyers that I've had
the past year while this Market has been
crazy they've been able to get it even a
little bit below list price in a market
where the past couple of months
things have been selling on average
above list price which is the first time
that's ever
happened okay in in our Market okay
so what do you think was the case if
this was a cash purchase several
thousand above list price that tells me
that there were a bunch of offers and
you can look at this house and see it
was underpriced there had to have been a
bunch of offers that were well above
what it went under contract for that
were financed and because that would
be the norm for that situation but
guess what we're penalized for that when
that's used as a comp because the seller
opted to go for a lower price with a
cleaner cash
offer okay an appraiser doesn't care
about that I get it but me as a realtor
I'm looking at that and I know exactly
what happened and it's like you know
what that is a really
frustrating comp to to use I get it I
know that that some of that is anecdotal
but it's frustrating okay now if that
were just one of the comps and it's not
that big of a deal whatever by the
way that property it it did not have
nearly as nice of fixtures as the
subject property a lot of other things
that I I didn't like about it that the
appraiser did not adjust for whatever
another one of the comps that the
appraiser used was clearly a fixer upper
home like you can look at it you can see
that the the flooring is waving
looks like the flooring has moisture
damage or something you can see that the
the kitchens and the bathrooms are we're
not just talking about like not updated
we're talking about ugly we're talking
about these need to be completely like
they are well below the standard for
that neighborhood did the appraiser make
adequate adjustments for those things no
no not at all and and the appraiser did
not make any adjustments for
appreciation either we're appreciating
right now on average about 1% per month
no adjustments for appreciation except
with with one comp that was an older
comp and it wasn't an appropriate
adjustment it was not an appropriate
adjustment so we got a very low
appraisal and and the lender was just
like we we all just laughed I was
talking to the to the Banker about
this and he was just like yeah that that
we can all look at that that's just a
bad appraiser and a bad appraisal and
by the way we sent them other comps and
he said oh no those are too big or too
small but this is in a neighborhood that
has a wide variety of of Home sizes
and and the appraisal is designed to
where you can make those adjustments you
can make adjustments based on the size
of the property wouldn't do that would
only look at homes that basically the
only thing he was looking at was the
square footage of the home he wasn't
looking at the kitchens or the bathrooms
he wasn't looking at the the Landscaping
or anything he wasn't looking at
appreciation he was only looking at the
square footage okay these homes are in
the same neighborhood similar square
footage what did they sell for that is
an awful way of doing your job in my
opinion and so the lender actually
just ordered another appraisal which
is pretty rare to be honest just
ordered another appraisal and and
told me that they actually have have
terminated their relationship with that
appraiser they they talk to another
realtor who does a lot of work in that
area knows a lot of the appraisers
and that Realtor said oh yeah that's the
worst appraiser in the area and so
they did a rare and kind of nuclear move
of just terminating their relationship
with that
appraiser had another one recently so
so really that's my only like low
appraisal that has been like the big
headache I don't get very many low
appraisals and if I do we're kind of
prepared for them and and there have
been a few situations where where we
have been prepared okay this could be a
low appraisal type of of
situation what are the odds that it
appraises low and what where is it going
to fall and I always have that
conversation with my clients on the
front end so that we're all prepared for
it this is the first one that really of
my entire career that has been like
surprisingly low low in a way that that
we did not anticipate it and what does
that tell you that tells you that
almost certainly that there was a quirk
with the appraiser and the appraisal
itself and and the appraiser was just
when we approached him about why it
was so low he just dug his heels in and
there were there were mistakes on the
appraisal as well that I caught he tried
to explain the mistakes but didn't his
explanations didn't make sense so
anyway it was just we decided to cut our
losses and just move on from that guy
let's just get a second opinion and
we'll go from there the second opinion
might come in low but I don't think it's
going to come in anywhere near that low
that might be another story for
another day we'll see we'll see how this
all plays
out here's another one so this one
wasn't a situation where an appraiser
an appraisal came in dramatically
lower than we expected but it was a
situation that it this just happened
where I have a client under contract
by our client for a house that as
soon as we went under contract the house
had some water damage that it got hit
with and basically there was a leak
upstairs caused damage throughout the
house homeowners insurance claim had
to be filed they had to do water
mitigation they had to do a bunch of
repairs etc etc but the lender
recommended that we move forward with go
ahead and and keeping the appraiser on
schedule to go out there and look at it
and obviously when the appraiser sees
all this damage the they're they're
still going to give the normal appraisal
as if the home was in good shape but
then they're going to have to go back
out there and and perform a reinspection
in order to ensure that those repairs
were done well that was scheduled for
this past Friday the appraiser was
supposed to go back out there and
reinspect on Friday well I get a text
from the while I'm out at another
meeting saying did the listing agent
tell the appraiser that the repairs
weren't done and I was like not that
I'm aware of the you know and I've been
in touch with the listing agent and he
had literally just texted me that day a
bunch of photos showing that all the
repairs were done and I had actually
walked through the house just a few days
earlier and the repairs were like 99%
done there were just some very minor
things like some shoe molding that was
missing some some very basic things that
needed to be done so I was like
what happened you know I asked the
lender what what happened and he said
the appraiser is not scheduled to go
there out back out there until the 29th
well guess what we're supposed to close
on the 30th that's really cutting it
tight and probably not enough time for
everyone to to get their stuff together
so I reached out to the listing agent
listing agent listing agent like no I
confirmed with the rer that that as
of Thursday the repairs would be done
and he was like I've actually got this
all on text so he sends me a copy of
the of screenshot of the text message
thread and sure enough there's the
appraiser talking you know scheduling
it with the listing agent and they said
we'll be out there on Friday
referring to this past Friday not this
upcoming Friday this past Friday and
so there was a lot of back and forth
that then ensued of course then the
appraiser was hard to reach I couldn't
reach them I called them multiple times
the lender of course the lender can't
call the appraiser directly they have to
call the appraisal management company
listing agent reached out to them we're
basically being ghosted by this
appraiser finally we got a hold of them
on the next day and they actually
admitted to the listing agent they they
had just made a mistake and guess what
this is what I'm saying they are too
busy of course there's nothing we can do
about that but they're so busy I think
they just confused the house for another
house and so thankfully again this is
an example of an appraiser that redeemed
themselves they went out there yesterday
and they completed their work they got
it done I think in this case they they
took ownership they actually admitted
that they were wrong they took ownership
of that and they went back out there and
and corrected you know what could have
really hurt the transaction potentially
I had another one and and this one was
the most stressful out of all of
them I had another one recently that
was a very unique property it was a a
multif family type of property had a lot
of unique features in terms of its
location and and and various things and
guess what appraisers didn't want to
take it it took a long time for them to
just get an appraiser to accept it cuz
guess what I just told you
that appraisers are saying they're
rejecting 5 to 10 appraisals per day
well which appraisals do you think
they're rejecting they're rejecting the
ones that are hard they're taking the
easy ones they're looking at the
appraisals that are coming down they're
like oh that's a neighborhood that has a
lot of comps oh that's that's a house
that looks like an easy one to comp
so that you get a unique property a
multif family property something that
has unique features and they're not
getting paid a whole lot more if
anymore in in order to appraise that
property they're just going to pass over
it give me the easy ones right and and
again I'm not making fun of appraisers
for only wanting the easy work Heck i'
if I were getting paid the same thing to
do easy and hard work give me the easy
work all day I mean that's just a very
basic thing particularly when you're as
backed up as they are but we had a
hard time I think it was rejected eight
different times before an appraiser
finally took it on
well then of course it's multiple weeks
before the appraiser actually gets out
there and so we had a date where the
when the appraisal was supposed to come
in and of course this was combined with
a listing agent that was completely out
to lunch I mean this is a listing agent
he's the broker of his company he was
completely out to lunch the entire
transaction not not fun to work with he
he argued with me about the contract
language and he did not even know
the how the contract language worked
there was just a lot of different things
there but the day that we were
supposed to get the appraisal back I
found out that the appraiser hadn't even
been out there yet I mean we're supposed
to have the report in the appraiser was
supposed to have been out there at least
like a week earlier right the report's
supposed to be in and the appraiser
hasn't even been to the property yet
so it turns out that he had been
reaching out to the listing agent
because it was it was such that it
was set up so that because there are
tenants in the property it was set up so
that the listing agent had to approve
all all showings and and all
appointments well the listing agent
because he was nonresponsive wasn't
responding to the appraiser because the
listing agent probably was also too busy
among other things and so the
appraiser waited an entire week until
the day his appraisal was due to let us
know to let the lender know that and
and the appraisal management company
know that oh I haven't even been able to
get out there yet so I certainly won't
have my report in
today well that was awful news to hear
because this was already a difficult
transaction based on what the seller was
doing the seller had a backup contract
in place that was better than our
contract weird situation overall but
they had a backup in place better than
ours so they were just playing hard ball
the whole time and I was concerned if if
we end up not being able to close on
time is this seller going to say you
know what forget it I've got a better
offer that can close in two weeks you
know they had they revealed to me that
they had a cash offer so it could have
closed in two weeks and it was as is
and I I believe that the agent if I
remember correctly said it was above the
price that we had under contract for
so they if we didn't close on the
contractual closing date they may have
had some very compelling reasons to just
at that point say you know what we're
moving on from this one and going on to
one of our backup
contracts and so I was on pins and
needles we need this appraisal to come
in and so we were able to between
me and the and the lender we were able
to get that appraiser into that
property on that day and that was a
that was actually a Thursday if I if my
memory serves me and so then we
need the the actual appraisal in by
Monday and thankfully the lender with
Southern First Southern first is really
Nimble in terms of being able to handle
things last second but you know
that's within reason right so the
appraiser you know needs to get his
appraisal in really I over the weekend
we're supposed to be closing Monday
morning so I called the once I got
confirmation on Friday that the
appraiser had been out there I called
the appraiser and spoke to him and his
wife who is his
scheduler which is actually kind of
common in the appraisal World
interestingly I spoke to him was just
like hey just so that you know we're
closing this Monday morning it would
be I I know that you're really busy but
is there any way that you can can crank
this appraisal out and get it over to
them over the
weekend and the and you know i'
had given him the address and everything
the appraiser didn't even remember this
property he didn't even remember the
property he had just been out there like
12 hours earlier maybe a little bit more
than that maybe 18 hours earlier and it
was a unique
property and that just blew my mind I
was like these guys they can't even
remember the properties that they were
at the day before maybe there was some
senility going on there or something I
don't know but I took it as this guy is
way way too busy and so finally I
jogged his memory he's like oh yes yes
yes okay all right so you're
you're closing when oh okay 10: a.m. on
Monday okay hey honey that that that
multif family property they they're
closing Monday morning are we able to do
that yeah yeah yeah okay yeah we'll get
it done that's that's what he said to me
so I was like okay all right that's
good he said he'll get it done well we
decided okay this is probably going to
be the kind of thing where we need to
give ourselves a little bit more time on
Monday so we we kicked the the closing
to 1 pm on Monday to make sure that we
had the morning because you know Banks
aren't open over the weekends and and
all of that as well so even if he got
it to us over the weekend it wouldn't be
reviewed until Monday morning anyway
well guess what it didn't come in
Saturday it didn't come in Sunday and
here we are Monday morning hours before
closing and we still don't have the
appraisal now Southern first did a great
job they got every everything teed up so
that they were ready to rock and roll
when that appraisal came in they could
review it crank it out get it done we
come to 10:00 no appraisal 11:00 no
appraisal my client is asking me
should we go to the attorney's office
and I'm just like I have no idea I I
have no idea whether you should even go
to the closing attorney and so I I
talked to the lender and we just decided
you know hey let's let's try to find a
later time give this appraiser some more
time he said he there was some
communication with him and I guess he
said he was working on it but again
we're all multiple degrees removed and I
don't want to bug the appraiser because
if he is working on it well if he isn't
working on it we're in trouble anyway
right it doesn't matter if I bug him if
he is working on it then I don't want to
distract him with phone
calls so so that puts me in a weird
spot where I'm just you know waiting on
again on pins and needles so so the
the closing attorney has a 3 p.m. slot
available okay so we bumped the time to
3 p.m. the appraisal came in at noon
it came in at 12:00 and of course now
there was a possibility that appraisal
could have been low and now I didn't
think that that was going to happen that
that really would have shocked me in
this instance but that is always a
possibility it came in at noon now it
has to go through the review process
and has to be approved by underwriting
and all of
that thankfully Southern first cranked
it out and I mean we had it it was we're
not even talking about the 11th Hour
like it's the 59th minute of the 11th
hour we got them to the closing table we
got everything Signed Sealed Delivered
good to
go thank you thank you appraisers for
making every step of the process as
stressful as possible every step there's
not a single part of this from
scheduling to producing the report to
going back for reinspection to providing
the the appropriate value literally
every step in the process has been
difficult
and I feel bad again that they are so
busy but we've got to we've got to
find a solution for this there's got to
be more accountability I don't have
those Solutions I don't know what the
answer to that is outside of you know
Finding ways to get to get more
appraisers here in the upstate of South
Carolina in order to ease up some of
the issues with with supply and
demand get more supply of appraisers
in order to be able to handle how much
demand there is for them but
nonetheless that is where we are at
appraisers have gone wild we're doing
our best to work with them but it is a
major factor going into a
transaction how is the appraisal going
to go and and in the past that used to
be with regard to price now it's regard
to every aspect of the appraisal
process has just become difficult and
so be prepared for that whether you're a
buyer or a seller be prepared this is
the way the market is right now we all
just have to do our best this is why
it's really important to work with a
good lender a good lender
particularly a local one they will step
in and do what they need I mean that
one that example that I just gave that
if if I and the lender hadn't done
the work that we did that whole deal
might have blown up
it I my hunch is that it would have it
would have blown up had we not
stepped in and so that's the important
I'm not trying to toot my own horn but
that's the important part of having a
good realtor having a good local lender
it can be the difference between a
transaction that happens and a
transaction that falls
apart that's it for today's episode a
little bit longer than I planned but
lots of Storytelling I hope you guys
enjoyed it I hope you guys have a great
rest of the week we had some insane
flooding yesterday
I'm recording this on Tuesday July
the 27th yesterday we had some crazy
flooding up at the airport it was wild
but it looks like a nice nice day
hopefully the rest of the week is nice
and I hope you guys stay safe and
enjoy the rest of the time the last few
weeks that we have of Summer
[Music]