A positive story for once

[444nutman]

I appraised a condo sale for a random mortgage broker. The new buyers were buying a bank owned sale and took them 2 months to get approval for the sale. I appraised it 20k less than the 150k contract. The MB calls me and goes off on me. He told me I should have called him if it was not going to make value. I told him I don't know that answer until I am finished. He told me that I was a THIEF for taking the borrowers money. I told him I am no thief and I saved the buyer from a bad investment. A thief would have appraised it at contract. He told me I needed to call him if I am going to mark declining values. I told him that I have to do a lot of research for the market to see if it is declining and I don't do that for free. He then told me I was highly recommmendend. I ask him by whom so I could ask them not to recommend me to MB's of this guys ilk. The buyer called me two weeks later and asked me if I could reappraise the property because they are going to a new lender. The owner (bank) renogiated the sales price based on my appriasal and sold them the property for 8k less than I appraised it. The owner thanked me for saving him so much money. That made my year. They were a recently married young couple and they are not starting out 20k in the hole.

 

[Pamela Crowley (Florida)]

Thank you for such a great story of they way it's supposed to work!!!

 

[Michigan CG]

make sure you call the other, thief MB and tell him the rest of the story. Might give him a little education into what appraising is all about.

 

[TJSum]

Great story !!!!!!!!!! The question is, who was the real THIEF in it all, of course the initial LO. I sure would be tempted to call him and let him know just why you are highly recommended But, he most likely would not get the point to the story anyway...

 

[robert higgins]

Good to hear that an appraisal can be used for a good use and not just to line someones pocket.

 

[Howard]

First time that happened to me, the lender argued a bit...."will lose the loan"....blah, blah, blah....., I stand firm and he goes back to the borrower with the news.

Borrower gets the news and calls me directly..... we talk..... he thanks me profusely. Seller was his father in law. His exact quote....

" I thought I was getting screwed!"

 

[Lawrence R.]

To heck with TAF and AQB, that is how you instill a high level of public trust in this profession.

Kudos to you!!

 

[Don Clark]

make sure you call the other, thief MB and tell him the rest of the story. Might give him a little education into what appraising is all about.

Actually, that might be a violation of the Ethics Rule. Be careful out there.

Don't turn a great story into being charged with an ethics violation. Just feel good for what you have done.

 

[Marcia Langley]

What a great story, 44!

An unbiased opinion well serves all the parties to the transaction.

 

[Michael Tipton]

I'd be curious how Florida's Office of Financial Regulation would respond to a complaint filed against the MB by the purchaser and/or yourself regarding MB pressure against an appraiser.

The following is from an earlier post in the Florida forum.

The following was copied from the Chair's Comments, page 8, FREAB Board meeting minutes from October.

o The meeting with Mr. Bob Rosenau and Mr. Bob Tedcastle of the Office of Financial Regulation (OFR) was the result of an 18-month effort. They were very receptive to what was said. There are 82,000 mortgage brokers, but approximately 75% of the lenders that the public deals with are federally regulated and therefore exempt from state regulation.

o The OFR staff said they could not help with collecting outstanding debts, but did make commitments as follows:

♦ If there is a written request to alter an appraisal report, omit information, remove photographs, these are chargeable offenses. They will prosecute these things.

♦ They agreed to publish an article by the Chair in their newsletter

♦ They agreed to meet again

o They asked the Chair to speak at their annual meeting which will be attended by members of the financial regulation agency.


http://www.myflorida.com/dbpr/re/doc...ctober2007.pdf