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But, But, But I Have A Contract Price!

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residentialguy

Elite Member
Joined
Mar 24, 2009
Professional Status
Certified Residential Appraiser
State
Minnesota
What's your point? He got what he deserved.
 

Pittsburgh Pete

Elite Member
Joined
May 6, 2008
Professional Status
Certified General Appraiser
State
Pennsylvania
Thinking it has something to do with his perseveration on the "bulls-eye." Don't see any mention of appraisals or appraisers anywhere in the article but ya never know.
 

djd09

Elite Member
Joined
May 20, 2009
Professional Status
Licensed Appraiser
State
Ohio
So the sales contract is market evidence. Minus the inflation.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
What's your point? He got what he deserved.

"altered purchase contracts to the banks that greatly inflated the purported purchase price. The banks, which competed for Alizadeh’s business, were unaware that the purchase prices were inflated"
 

PL1957

Senior Member
Joined
Jul 19, 2004
Professional Status
Certified General Appraiser
State
Illinois
The best thing for an appraiser to do is to appraise it for what it's worth and not be unduly influenced by a contract price, which is often manipulated in the real estate development industry.
Vern, how do you think adoption of block-chain will affect this?
 

Vernon Martin

Senior Member
Joined
Jun 8, 2005
Professional Status
Certified General Appraiser
State
California
Vern, how do you think adoption of block-chain will affect this?

A real estate purchase in bitcoins? It would only make lenders and appraisers take a purchase contract less seriously as an indicator of value. But then, a cryptocurrency purchase of real estate is probably not meant to be financed by federally regulated institutions.
 

Confident Rabbit

Senior Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Washington
Where's the appraiser in all of this? Or did the bank obtain a "waiver"?
 
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