Appraisers that played with investor clubs

[KinIL]

Steven, you read my mind. As I sit here reading all the recession news I am waiting for the lawsuits...'You appraised my home last year for 200K and Now the realtor tells me it is only worth 170K - it is ALL YOUR FAULT!' yeah.. you and the lender who MADE me get not one but TWO loans on the property..both adjustable and totalling 205K... It is all your fault..

I hear you there. I had the unfortunate experience of having to appraise a property in November that I had appraised 12 months prior. Value difference was rather distinct... when doing historical research I was happy to have the confidence that my valuation held to be reliable for a reasonable amount of time afterwards (until consumer worries shook that particular marketplace), but still, it's uncomfortable witnessing it first hand.

 

[Karl]

What Steven Santora describes and what the OP describes are two very different situations.

I don't work for/with investment clubs for the same reasons I didn't accept assignments from Ameriquest and don't accept FHA assignments from one time Charlie MBs/LOs. Great report or not, if you're involved with a dirt bag when the lawsuits fly you'll get caught up in the mess.

Your going to tell me you know where every Appraisal you ever did finally ended up?? OH thats right the Intended User defense!! First your going to have to PAY to have that defense presented, & worse 2nd; We can't get our Appraisal Boards to grasp that & you actually think The 12 Home Owner Jury is going to protect you??

 

[Non Sequitur]

Your going to tell me you know where every Appraisal you ever did finally ended up?? OH thats right the Intended User defense!! First your going to have to PAY to have that defense presented, & worse 2nd; We can't get our Appraisal Boards to grasp that & you actually think The 12 Home Owner Jury is going to protect you??

No, but in the case of a scheme similar to the OP my name won't come up multiple times in a pattern thus making the defense much easier.

 

[Karl]

No, but in the case of a scheme similar to the OP my name won't come up multiple times in a pattern thus making the defense much easier.

Good point!! I know a copule C.A's here in AZ that thier name is almost a constant. But one of them Tore up his license, so the Board can't do anything to him. YES!! That is what the board says!!

 

[Elliott]

The big CA investor club guy came through my area,
bought 4 properties, his whole thing was 1% kickbacks
here, 2% kickbacks there. Realtors quickly figured out
they weren't making anything. Big talker.

He held the properties for about a year, put them on the
market, and 'viola' they still sit there. So much for making
more, more, more money in real estate.

Oh, as a PS--got a request from a forensic appraisal
company wanting a year old valuation. Hot shot MB,
"I make $600K a year in SC" buys a dump and doesn't do
anything with the property, and just gives it back to
Countrywide. Go figure, I think the market was such that
MBs had figured out if they could buy properties with a
high appraisal and collect their 5% fees, they could just
walk away. Maybe CW was really that dumb.