Law Firm Ad

Discussion in 'General Appraisal Discussion' started by Judy Whitehead (Florida), Jul 12, 2011.

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  1. Judy Whitehead (Florida)

    Judy Whitehead (Florida) Senior Member

    0
    Jan 20, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Well, I think I've seen it all now - perhaps you all have already seen this stuff in your area. A Florida law firm is advertising that they can "save your home" if you come to them at "no charge" and order a forensic appraisal review on the appraisal of your home that influenced you to borrow so much money.

    It doesn't actually state that appraisers have insurance, but the implication is there. They are offering this as an alternative to help avoid foreclosure and short sale. I saw the ad first last night and will try to pay even more attention the next time I see it, since they were partially into the ad before my head snapped around. Is this happening all across the country?
     
  2. Wendy

    Wendy Senior Member

    0
    Feb 23, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    I caught it the other day - made me ill.

    Can't remember the firm...
     
  3. 23Degrees

    23Degrees Senior Member

    3
    Jan 31, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    California
  4. Judy Whitehead (Florida)

    Judy Whitehead (Florida) Senior Member

    0
    Jan 20, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    I can't remember the exact name but it is very large and I think in Tampa and they have the big initials on the screen - K.E.L. - which is the first letter of each last name.
     
  5. Joyce Potts

    Joyce Potts Elite Member

    3
    Feb 6, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    I wonder where they got that idea from?

    One more thing and of course few listen, but I'll give it one last shot.

    Both borrowers and attorneys out there looking to sue appraisers who have E&O insurance. It's the not so new hot ticket in town. Is some of it justified? Well, that all depends but many will go broke finding out because only the attorneys get compensated regardless of who wins or loses. Many of you, especially in Florida may want to consider that lots and lots of lenders -- yes those same ones who pressured you to hit numbers back in the day, are the same ones now filing regulatory and civil complaints on your butts. So think not once. Not twice, but three times as to how you're writing your reports and documenting your work files. Please learn by other people's mistakes, oversights, ignorance and oversights.
     
    Last edited: Jul 12, 2011
  6. Judy Whitehead (Florida)

    Judy Whitehead (Florida) Senior Member

    0
    Jan 20, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    I agree with Joyce - you better have EVERTHING in your work file, including personal notes to yourself. We had all of this, on one of ours that had a forensic review, including site sales to support the location and none of it did any good, as the review appraiser disagreed with us. Most of the review comments were personal opinions with no documentation to back it up.

    I have learned a lot through this. The homeowner must pull permits in most cases, even if they are doing the work. For instance, the homeowner can install up to 25% of the roof but if more than that is redone, then you must pull a permit. There is a person at Permitting that you can call, tell them what you are doing, and ask him/her to make the decision whether or not you need a permit. Let's see....how many people do you think are going to call up the county, ask if you need to pay $75 to put in a $150 toilet, and race right up there and give them the money. In this economy I don't think so. So the moral to this story is if you make notes that such and such was replaced or remodeled, then I would ask the homeowner if they pulled permits, or state that you viewed the new "whatever" but could not give it extra value since there was no permit on record.

    I don't consider us to be the permit police, but if you are going to give something value, then it better be supported other than just your word or the homeowner's.
     
  7. 444nutman

    444nutman Senior Member

    4
    Jun 20, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
  8. leelansford

    leelansford Elite Member

    14
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    "There's gold in them thar hills!"
     
  9. Restrain

    Restrain Elite Member

    1
    Jan 22, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    Given that the banks are settling right and left on bad loans, the attorneys may be looking at big bucks from them rather than an appraiser's E&O
     
  10. Mile High Trout

    Mile High Trout Elite Member

    2
    Feb 13, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Appraisers don't control credit markets or fico score requirements to prequalify. Nor do they control anything about the price of homes as buyers and sellers see fit to establish in open marketplaces, except to advise the lenders what substitutable valuation may be.

    Score criteria is up, buyer confidence is down, earnings indexes and median incomes are not necessarily in the same alignments with housing market pricing indexes now as they were then.
     
    Last edited: Jul 13, 2011
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