A Ghost Of A Chance

[Lobo Fan]

Thursday, March 17, 2005

Ghost Derails a Mortgage

<mod edit>

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Wayne McKerley
AppraisersForum.com

</mod edit)

http://www.abqjournal.com/biz/323074outlook03-17-05.htm

 

[Tawfik Ahdab]

"I went ahead and ... got someone to do a reappraisal without a ghost in it, and all of a sudden the loan got done," she said.

Now it's mortgage fraud, and Anne Drago let herself be quoted.

Will someone notify Fannie and Freddie?

 

[deturner]

Maybe we need to start a poll and see how many appraisers would report a ghost/death/murder, etc....

DaveT in NC

Based on the article, Obviously one appraiser doesn't report ghost and one does.

 

[Otis Key]

I've already written a letter to the editor and just going to review it some before I send it off. I cited that she started out about the loan, then the appraisal and appraiser then the lender and investor and then took it all over towards the real estate commission in, IMHO, an attempt to imply that the appraiser/s and all appraisers are under the control and roof of the commission and NAR. I made a clear statement, once I've cleaned it up, that the appraisers are NOT under the control of the commission nor NAR. We are independent and are to answer the NM REAB, not NAR, the REC nor the borrower. I also point out that she has perpetuated the common fallacy that appraisers are obligated to the loan, lender and borrower. I gave her the link to USPAP and also stated that I'd be more than happy to provide her with the phone number to the NM REAB and/or board members and/or provide a meeting between myself and her. It did not go unnoticed. Many other appraisers and lenders read that article already. My phone started ringing at 7:15.

 

[Deleted member 80407]

Sounds like this one is for a new television show called "Believe it or Not".

 

[Tawfik Ahdab]

The second appraiser was selected specifically because he/she was and WOULD REMAIN unaware of the property history.

The second appraiser may be innocent, but not the owner, buyer, realtor, and most especially the lender.

I despise these people.

 

[Ray Miller]

Love it. Just run out and get another appraiser. One that has not done research or just over looks things at the request of the lender. I have no use for this kind of appraiser.


I do believe this place was shown on the Travel Chanel a few months back with a few others out west.

The buyer pool may be small. But there are buyers. I would not mind to own a place like that myself. Might even sit down and talk a bit with the old boy offer him a fresh orange or open a can of peaches to share with him.

 

[Non Sequitur]

Originally posted by Tawfik Ahdab@Mar 17 2005, 09:51 AM
Now it's mortgage fraud, and Anne Drago let herself be quoted.

Will someone notify Fannie and Freddie?

Hyperbole doesn't help our cause. Considering ghosts don't exist, I wouldn't have mentioned the orange peal assults. But to be fair to the first appraiser, he didn't either. All he did was scan in a document that mentions, I'm sure among other pertinent information, the ghostie.

The appraisal, dated Dec. 13, 2004, includes a copy of a document from "Corrales Historic Buildings: Glimpses of Old Corrales," by the Village of Corrales Historic Preservation Committee.

 

[Caterina Platt]

Well, I'm not so sure I'd shoot the second appraiser. I personally worked in a historic building for 4 +/- years which was reportedly haunted. I was there at all different hours throughout this employment. In storage rooms, basements, upstairs, etc. and not once did I have an encounter. Maybe I just don't have 'holes in my aura' or whatever it takes to see or believe in the paranormal, but I can't prove this place was haunted. It's not a material fact or concern, albiet perhaps a tourist attraction to some degree. It is a rumour, period.

The law states a Realtor must disclose material facts regarding the property. Can you tell me a folklore tale is a material fact??

Can I prove the property was vacated by the previous borrower due to paranormal activity? Can I prove a market reaction to it or other properties in the area due to the stigma?? If the answer to these questions is 'No', then does this rumour or folklore have any business being in an appraisal report???

IMHO, no!

 

[Randy Beigh]

There is not a ghost of a chance that I believe in ghosts. However, if the appraiser sees something, anything, that he believes the market will perceive as affecting value or marketability, then it should be disclosed. Hard for me to believe that lenders would be unwilling to take the risk, but that is up to them.