Bad reports

[Pamela Crowley (Florida)]

Dean, thank you very much for all you have done and are doing!

 

[RSW]

Dean,

You know what needs to be done. The problem is, appraisers don't want to get involved. They think that it will fall back on them. Like, Fate! Just do what you know in your heart is the right thing to do.

Scott

 

[Thern Newbell]

What would the proceedure be for a situation where the original appraiser's information has been redacted? There was one client that I completed work for a few years back that would remove the appraiser's info.

Most of the reviews I have completed in the last year have been QC and not investigative reviews, so I don't see many really bad appraisals.

 

[TN Pro]

But, even quality control reviews, if you are seeing good ones, then thats a good sign.
For a while there, when the foreclosure fiasco started, i was hired to do a lot of reviews of appraisals that were a couple of years old. Not many good ones i have to say.
Thern, in the begining, the appraisers info was always redacted when i would review, them, i guess they just got tired of doing it, because i would always know the name.
Sometimes i would review work of appraisers whom i knew, people who i thought were producing better work. They were not fraudulent or overvalued, just very very sloppy.

Dean

 

[jeanwillick]

Have found that when a homeowner pulls out an old appraisal, they know it is too high and are trying to influence you to "hit their needed number". Just do your job correctly and don't add to the problem.

 

[realbiz]

I was doing reviews for a lender end of last year that had a lot of bad loans (their no longer around). They would always block the appraisers information, and I was told that was done in case it was a personal peer. I can tell you that this lender did turn many appraisers into the state, for faulty appraisals. Most where done using superior comps from different neighborhoods, and not using many similar comps from within. In several cases there where model match homes within two blocks that were not used. Sad thing is that this lender was doing these reviews after closings, if done prior they may still be in business.

 

[realbiz]

Have found that when a homeowner pulls out an old appraisal,

I have been running into the same thing. A couple of days ago while measuring a house the homeowner approached me with a copy of the building sketch to save me time. I did not accept, but he went on to tell me that the last appraiser measured his house at just over 6,000 square feet. I measured around 5,250 and three different data sources have the house at 5,212. I know it's coming, and I can't wait to hear from the lender that I did'nt measure the house correctlym2:

 

[TN Pro]

I have been running into the same thing. A couple of days ago while measuring a house the homeowner approached me with a copy of the building sketch to save me time. I did not accept, but he went on to tell me that the last appraiser measured his house at just over 6,000 square feet. I measured around 5,250 and three different data sources have the house at 5,212. I know it's coming, and I can't wait to hear from the lender that I did'nt measure the house correctlym2:

It would have made more sense to accept the sketch, but still measure the house. If you know "its" coming, its going to be your word against the other, but, if you had the sketch you could clearly show where the other sketch is wrong, while proving yours is right.

People, dont forget, in any walk of life, knowledge is power. Who cares what the motives are for people showing or giving you prior appraisals. If you are doing your job the way it should be done, ethically, competently and professionally, it wont affect you. However, if you are interested in helping to clean up the profession, you may well end up in possession of good evidence.

Dean

 

[RSW]

What would the proceedure be for a situation where the original appraiser's information has been redacted? There was one client that I completed work for a few years back that would remove the appraiser's info.

Most of the reviews I have completed in the last year have been QC and not investigative reviews, so I don't see many really bad appraisals.

I don't think there is anything you could do it the name of the appraiser is blacked out.

 

[TN Pro]

I don't think there is anything you could do it the name of the appraiser is blacked out.

I tell you what, many times i have been able to identify the appraiser even though their name has been redacted.
When you do a lot of reviews, you tend to recognize peoples work and their signature canned comments.

If they send you a pdf copy, and have used a pdf writer to erase the names, sometimes if you flick between pages fast enough, it will reveal what is under the erased section.