ASA fired off quite the letter

[ucbruin]

I noticed a little bump, barely noticeable, in a hallway of a house with good river view, so I asked the realtor about it, and was assured it was just a minor foundation problem and it had been corrected. Fast forward two years and I'm in a deposition that also required I revisit the house and its whole foundation was jacked up and in a sea of mud because of springs under the house. The hearing where I testified for 5-minutes had 20 lawyers and staff. The realtor and the owner got sued and paid low six figures for misleading about the 'bump' in the hallway.

Good luck AI with those 'little' things.

I don't get it....
Humans noticed the "bump" and did nothing about it....
Why should AI be held to a higher standard....

 

[George Hatch]

I noticed a little bump, barely noticeable, in a hallway of a house with good river view, so I asked the realtor about it, and was assured it was just a minor foundation problem and it had been corrected. Fast forward two years and I'm in a deposition that also required I revisit the house and its whole foundation was jacked up and in a sea of mud because of springs under the house. The hearing where I testified for 5-minutes had 20 lawyers and staff. The realtor and the owner got sued and paid low six figures for misleading about the 'bump' in the hallway.

Good luck AI with those 'little' things.

You proceeded under the assumptions that the information you were provided was accurate and/or that the condition didn't appear to be a problem , which all or almost all of us would have done the same under the circumstances.

Inasmuch as that assumption later proved to be incorrect did it lead to you being included among the people who got sued in this situation?

 

[Elliott]

You proceeded under the assumptions that the information you were provided was accurate and/or that the condition didn't appear to be a problem , which all or almost all of us would have done the same under the circumstances.

Inasmuch as that assumption later proved to be incorrect did it lead to you being included among the people who got sued in this situation?

My report included a statement about the hallway bump and the realtors response, so they only wanted me to 'testify' what was observed and said at the time of the sale. I subsequently learned the owners had lied and hidden the presence of springs under the house. The 'hearing' was a pre-trial civil situation (arbitration clause) which was why there were so many lawyers at the hearing. They didn't all introduce themselves but I'm sure they represented HO insurance and EO insurance companies.

 

[Tiffany Gibbons]

The most influential members (MAIs) of the A.I. are getting what they want. That's why he's there and marching to the beat of the members who put him there. If the media was full of bias stories about commercial appraisals and if PAREA was aimed at the certified general side, the A.I. would be digging trenches and defending the front to the last man.

Lots of MAIs seem to be heading up AMCs as well. They also seem to be trying to create Commercial AMCs in multiple states.

 

[George Hatch]

My report included a statement about the hallway bump and the realtors response, so they only wanted me to 'testify' what was observed and said at the time of the sale. I subsequently learned the owners had lied and hidden the presence of springs under the house. The 'hearing' was a pre-trial civil situation (arbitration clause) which was why there were so many lawyers at the hearing. They didn't all introduce themselves but I'm sure they represented HO insurance and EO insurance companies.

As I read it.....

You disclosed in your report what you did/didn't do and what your source told you during the course of your assignment. When that info did turn out to be incorrect the responsibility for the effects of those inaccuracies weren't attributed to you on the unconditional basis but were attributed to the actual source of that information.

 

[gotnoworrys]

Couldn't they get all that from a home inspection?

Even if they get the information from the home inspector there is no one to put the breaks on the loan.

 

[ucbruin]

This "bump" example is not an endorsement for humans only appraisal products....

 

[Meandering]

You proceeded under the assumptions that the information you were provided was accurate and/or that the condition didn't appear to be a problem , which all or almost all of us would have done the same under the circumstances.

Inasmuch as that assumption later proved to be incorrect did it lead to you being included among the people who got sued in this situation?

Do AMCs still have "hold harmless" agreements with appraisers?

When doing a desktop, there is no way to ask the "inspector" but the appraiser has to certify to the information provided as "correct"???


Just wondering where all the liability would fall, if the appraiser was not the one doing the inspection.


.

 

[djd09]

Do AMCs still have "hold harmless" agreements with appraisers?

When doing a desktop, there is no way to ask the "inspector" but the appraiser has to certify to the information provided as "correct"???


Just wondering where all the liability would fall, if the appraiser was not the one doing the inspection.


.

he still thinks the appraiser can scope away misleading...

 

[George Hatch]

he still thinks the appraiser can scope away misleading...

You cannot hold someone responsible for something they didn't do. Elliott didn't mislead anyone.