Another complaint against fellow appraiser

[Timothy Fierek]

I have a certified appraiser that handles several counties for us. Very thorough, does an excellent job.
Received an order a few weeks ago. Upon him calling the customer, the customer indicated that another appraisal had been performed last year by another appraiser in the area. That appraisal came in at ~ 150k. Customer said he called that appraiser a week ago and was told that based on 1 current active listing in the neighborhood, value went up a little bit to ~ 154k.
My guy went and appraised the place, and it came in ~ 70k lower.
Low and behold, the other appraiser gets the field review assignment, slams my appraiser, and comes in at 154k on his review.
Now the client wants my appraiser to explain the differences between the review and his appraisal.
I told the client that is not our job, and that the review they supplied would be turned into the state regulators.
These types of appraisers stay on the approved lists because lenders always need a go to guy. They are not going to turn them in, so we have to.
Don't feel bad. What goes around comes around.
We stopped taking mortgage broker work, will not do comp checks, and will not do work for bogus fees. We are having one of our best years ever.

 

[Bama Bayou]

I have a certified appraiser that handles several counties for us. Very thorough, does an excellent job.
Received an order a few weeks ago. Upon him calling the customer, the customer indicated that another appraisal had been performed last year by another appraiser in the area. That appraisal came in at ~ 150k. Customer said he called that appraiser a week ago and was told that based on 1 current active listing in the neighborhood, value went up a little bit to ~ 154k.
My guy went and appraised the place, and it came in ~ 70k lower.
Low and behold, the other appraiser gets the field review assignment, slams my appraiser, and comes in at 154k on his review.
Now the client wants my appraiser to explain the differences between the review and his appraisal.I told the client that is not our job, and that the review they supplied would be turned into the state regulators.
These types of appraisers stay on the approved lists because lenders always need a go to guy. They are not going to turn them in, so we have to.
Don't feel bad. What goes around comes around.
We stopped taking mortgage broker work, will not do comp checks, and will not do work for bogus fees. We are having one of our best years ever.

My bold. I love these and I always have the same "explanation".

"We differ in our opinions, and the other appraiser has the wrong one".

They never call back, thank God.

 

[Mike Kennedy]

Dear Client, send over an order to Review that "Review" - I'd be glad to assist you. my fee is $$$. Have a nice day.

 

[Carnivore]

Dear Lender,

I dont know why there is such a difference in our opinions. I have prepared at my expense a formal inquiry to the State Appraisal board. There investigations typically take 6 to 9 months and the results will likly be available sometime after January 2009. Upon receiving the results I will promptly forward them to you for further action.

In the public interest I have also forwarded a copy of the official complaint to the State Banking commission.

Thank you for your business. I look forward to serving any future needs you may have.

Sincerely

Mr Inur Face
RE Appraiser
Anywhere, USA

 

[ghrousseau]

Just to play the Devil's advocate, did you ever consider the possibility that you were wrong? You didn't provide much detail so on this board it just looks like a ****ing match between your opinion and his opinion. Your appraiser is coming in at 53% of the reviewer's appraised value. What's the reason? You said he slammed you in the review.....................what did he cite?

 

[Don Clark]

Just to play the Devil's advocate, did you ever consider the possibility that you were wrong? You didn't provide much detail so on this board it just looks like a ****ing match between your opinion and his opinion. Your appraiser is coming in at 53% of the reviewer's appraised value. What's the reason? You said he slammed you in the review.....................what did he cite?

I agree with George. And, how do you know what the other(review) appraiser told the client about only 1 comp,etc? If the review appraiser reviewed the appraiser, and not the appraisal, then you have a cause for a complaint. But, if the review appraiser can support his/her opinion in the review, then you may be asked to support your opinion as well.

 

[Mike Kennedy]

OP can't address posts 5 & 6 until doing post 3.

 

[Carnivore]

OP can't address posts 5 & 6 until doing post 3.

Thats what I was thinking, thus I suggested using a disinterested and impartial party. It takes nuts to do this, but I am always confident with my work. So the other person is wrong by default.

 

[PropertyEconomics]

Thats what I was thinking, thus I suggested using a disinterested and impartial party. It takes nuts to do this, but I am always confident with my work. So the other person is wrong by default.

I know this is tongue in cheek, but sadly thats how many in our business actually feel.
Im like the others and I would ask to have a copy of the review. Perhaps the reviewer had data not available to the original appraiser, perhaps not, but until one knows what has been said and why, there really isnt another step to be taken.
We are never always right and others always wrong and the reverse is true. Cooperation on a professional level is required by all involved.

 

[Timothy Fierek]

Have provided the appraisal and review to one of the most knowledgeable appraisers in the market, who holds a master degree in real estate appraisal. A complaint is being submitted to the state as numerous errors and inconsistencies were found in the review. None have been found with the original appraisal.
Mind you, the appraiser we are having review our appraisal and the review, formerly filed a complaint against my company several years ago, so there is no hanky panky going on at our end.