Any stories about Wells Fargo underwriting?
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[{"id": "f2fs33c", "text": "Appraisers are the last of a dying breed, many main stream banks will only have appraisers do a drive by.\n\nThat way the appraisers can only charge say $200 instead of $400-$600 per appraisal.", "replies": [{"id": "f2g2nrk", "text": "Or even less. My go to guy is able to get appraisal wavers quite often. \nFanny/Freddy are pushing for just computer model appraisals. \nIt\u2019s much better in my opinion.", "replies": [], "depth": 2}], "depth": 1}, {"id": "f2fu01o", "text": "Not totally on topic but thought it was funny.. \n\nFew years I was selling a duplex and had to accompany the appraiser around the house bc tenants etc. She actually measured room sizes with a 200\u2019 tape (the plasticy ones you use outside)! When I offered her my laser measurer she said she doesn\u2019t trust those things... as she\u2019s draping a 200\u2019 tape across a 1/2 bath! \n\nSo I always wondered what they actually do for appraisals bc they obviously aren\u2019t taking accurate measurements!", "replies": [{"id": "f2kyt06", "text": "Measurements are generally irrelevant for most property.  10% -20% accuracy is really all that is neeeded.  People don't buy most property on a price per square foot basis. They buy it based on how it fits their needs.  In some markets for commercial property, this is an issue (such as with warehouses).  But virtually no one buys a house based on a precise size.  And certainly, no one rents a place with that in mind.   \n\nIn reality, it's stupid that appraisers measure properties.  It's easier now with laser devices, and it's easy for a house. But what if you're appraising a 1.5 million square foot office building?   That's a pretty hefty bill, and something only an architect is really qualified to do.", "replies": [], "depth": 2}], "depth": 1}, {"id": "f2g0rva", "text": "I'm pretty sure this is more on the appraiser than WF.", "replies": [], "depth": 1}, {"id": "f2kladw", "text": "Not for Wells Fargo but as far as working for a Bank and doing appraisal reviews there are hard and fast rules put out by regulators and then bank policy rules. Normally if there is a recent appraisal or the value of the home is below a certain value they will just do a drive by. Although these drive by appraisals tend to assume the inside has significant wear and tear since they never actually see it.", "replies": [], "depth": 1}]