As readers continue to share their appraisals with the blog, we have gained a greater understanding of how the process works; where there seems to be some judgement; where there seems to be some objectivity; where there can be some facts; and where there can be opinion; and most notably, where there can be some misrepresentations or shall we tone that down and say some ‘bias’. And there is always the possibility that an appraiser is simply not as aware as they should be or could be about the problems surrounding the Vue Charlotte project.
The blog has tried to remain fairly neutral of late, but we feel ourselves being pulled in a direction of to use a cliché: calling a spade a spade. Even giving the Vue, the lender, and its current appraisers the benefit of the doubt, it is hard for us not to call the current process ethically concerning or professionally questionable. Having said that, it is very important that this be an informed judgment, so I’ll look for the readers to weigh in to see if maybe this is too extreme or even unwarranted.
We absolutely don’t want to come across too strong on this, and it is much better for you, the pre-sales buyers to decide, rather than some random opinion stated on a blog. So over a coming post or 2 (in between breaking news events like new sales) we will review a standard appraisal form and perhaps even take a poll on how you would answer some of the questions and check some of the boxes. Once we see how the majority of our readers answer we’ll compare those answers to how appraisers working for the original Preferred Lenders like Wells Fargo, Bank of America, and MetLife answered. My hunch is they will be similar.
Then, we’ll take a look at the current appraisers and how they are filling out the forms and you will be able to draw your own conclusions as to the objectivity, fairness, competence, and reliability of what is being submitted to investors who will be supplying the money to finance closings.
We have a good supply of appraisals from the appraisers used by the original Preferred Lenders. We are still looking for appraisals being done since the original lenders were released and GuaranteedRate came on board. Please help and send if you can. No specifics of any appraisal will be mentioned in the blog. Please send appraisals and feedback to firstname.lastname@example.org. Thanks to all who have helped the blog with these up to now.