- Jun 20, 2007
- Professional Status
- Certified Residential Appraiser
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.