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And the Beat goes on!

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"had no knowledge of the terms of the sale."


But........had the contract price. Bullseye$$$
 
It would seem that it's time for for lots of people to share a jail cell.
 
Thank you for posting the article. I am going use it to open my next USPAP class. Will make for great discussion and then lead into ethics, competency, and Scope of Work.

Questions like....

Should foreclosures and short sales be considered when appraising a property?

Should an appraiser analyze the sales contract?

Should the appraiser review the sales history of the subject and the comparables?

What would you have done if you were the appraiser?
 
Ted Faravelli, managing director of the California Association of Real Estate Appraisers, said his profession is as much art as science. He said appraisers might not be accurate, but they need to be credible. And, given today's market, paying $625,000 for a home on Santa Ana's Camile Street sounds incredible.
"It doesn't pass the smell test," he said.
Click to expand...

When Mr F says it doesn't pass the smell test, he may be accurate, but that comes awfully close to performing a review or indicating a relative MV the way the current rules muzzle speech for fear of offering a non USPAP compliant opinion.

From what I read in the article, there are plenty of issues other than MV that smell. I bet some of the named parties are digging deep into this one or have already done the digging:unsure:
 
Did you notice that the Wells Fargo rep did NOT say that they base lending decisions on Appraisals? If the banks would return the Appraisal to the position that it used to have in the decision making process most of these overvaluation problems would not exist.
 
The rules of the game haven't changed. The fraud is just under a different shell.
 
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