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Bold And Brazen Flip

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Atlanta CG

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Now I've seen it all. Review of a list in the mid $600's. Sale at $1.3 Million, some comps same buyer as subject & same mortgage broker. How dumb must an appraiser be? We'll find out, as now I'm reporting my first to the authorities. Turns out this deal is under investigation by the FBI as well, so more than the appraiser & mortgage broker may go down. Have reviewed appraisals over $100k more than the asking price, but 1.5 times the asking???? Obviously not a cheap neighborhood. The scams are no longer limited to buying fixer-uppers & reselling at twice the amount days later.
John from Atlanta
I'm shocked, shocked!
 

Greg Hyland

Sophomore Member
Joined
Mar 30, 2003
Professional Status
Licensed Appraiser
State
Wisconsin
WOW !

That is nuts. So crazy, it it almost seems like a joke.

I don't know what some people are thinking. (or lack of thinking)
 

MARKETVALUE

Sophomore Member
Joined
Feb 11, 2002
Professional Status
Certified Residential Appraiser
State
Georgia
John-

If you feel like it, email or post the listing #. Am curious to see which one of the usual suspects you are dealing with.

MRM
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Reviewed an apartment project where property was sold at $zzz. There was an appraisal prior to the sale for a 2nd sale at over 2X $zzz and the subject sold for that the next day. Obvious flip, appraisal nowhere supported the value. There's always someone out there willing to do the deal.

As long as the current system remains in place, this will continue to happen.

Fannie/Freddie is not very concerned as long as the default rate is within their overall UW paremeters.

Roger
 
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