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Another bad one in my hands

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Pamela Crowley (Florida)

Thread Starter
Elite Member
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Received a fax of a 2055 that was completed this past July by a trainee that is now certified and out of a real 'make whatever you want' appraiser sweat shop. This one I'll do freebie as it was not sent as a potential review assignment, just to show me what was recently done. The certified supervisory appraiser was not on their approved list and this is my really honest best client. I won't get into any value issue right now as I don't know where it's going to end up. I declined to do a new appraisal on this after I explained the neighborhood to the processor and what the comps used in that older report really were. I will say that the rare legitimate sales in this area are between $50 - $65 and this appraisal came in at $77,500. Most activity here are repos and flips, over and over again on some of them.

Dates of sale across the line was N/A. Could have been an error that they forgot to go back and fix. All were newer sales. Only 1 of these comps showed the previous sale. All comps are investor flips with a history of flips. Some GLAs were adjusted and one was not. Subject has 1 bath and comps with 2 baths were adjusted by -500. Wells Fargo Financial (B-C branch) did a nice big 2nd using this appraisal.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Just a suggesstion: As they didn't directly ask you to do a review, I would be very carful, dotting i's and crossing t's. You might really stir up a hornet's nest here.

Other than that, have fun!

Have a good weekend. Roger
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Pam, I have been known to do the same on a volunteer basis. Just helping with a little house cleaning. 8) As for the hornets nest, I think you can hold your own. :twisted: Disagreement of opinons, no problem.... as long as the data is factual and the report is supported. But fradulent, I'd be all over it like white on rice. :p I have turned 'em in before and will again. :wink:
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
I think many appraisers are gonna be surprised to learn that MANY Mortgage Co's are turning BAD Appraisals into the State Boards. YES that's bad APPRAISALS
 
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