Appraisal Buzz Finally Publishes Something Worth Reading

[Steve Owen]

Article on appraisal fraud. My favorite quote:

The Appraisal Institute worked closely with Rep. Jan Schakowsky’s
(D-Ill.) office to modify language found in her soon-to-be-reintroduced bill, the “Save Our Homes Act.” The bill would make it illegal for lenders, brokers or real estate agents to coerce or intimidate appraisers with respect to the value of the home they are appraising.

 

[Restrain]

We have that in Texas. The only effect is that you are off their list if you don't make their value. It still continues, just in other ways than overt threats.

Roger

 

[bobburnitt]

Roger,

The first time I read the law you are referring to, I laughed out loud.

The way it is written, it doesn't become a crime until they pay the appraiser. In fact, that's exactly how it begins; Blah, blah...........it is unlawful in the state or Texas to PAY an appraiser for a......blah, blah, yada, yada,.......phony appraisal.........yada, yada.

Browbeating, threatening, boycotting, and the like are still O.K.

The law is a bunch of Bat *hit.

BB