Classic Case

[Blue1]

Just finished an assignment for a purchase. I didn't "make" the purchase price. The listing Realtor got another appraiser and guess what? He "made" the sale price. I requested, and got, a copy of that report and saw that he used 2 sales over 2 miles away from the subject property and ignored sales closer and comparable.

P.S. the sale price was $20K above all the most recent comparable sales in the neighborhood. What a bunch of CR**!!!

 

[Mountain Man]

:roll:
There is a price for being honest. But when someone want to know the TRUTH, you will be the first they call.

 

[Warren Sumner]

Turn em in...no brainer

 

[Jeff Horton]

Amen!! Turn that one into the Board!!

 

[bobburnitt]

Just finished an assignment for a purchase. I didn't "make" the purchase price. The listing Realtor got another appraiser and guess what? He "made" the sale price. I requested, and got, a copy of that report and saw that he used 2 sales over 2 miles away from the subject property and ignored sales closer and comparable.

P.S. the sale price was $20K above all the most recent comparable sales in the neighborhood. What a bunch of CR**!!!

FILE A COMPLAINT!!!!!!!!!

BB in Texas

 

[Ross (CO)]

Blue1....why are you so blue ?....oh, never mind.....As for your post, been there, and done that, as have so many of us who cruise the Forum. I am curious though, how would someone willingly provide you with a copy of this other appraisal which hit the magic number that everyone needed to make the deal happen ? While I have been in that situation, I have never asked for the "other" report. It's water under the bridge to me. Added to the curiosity is wondering just how that conversation went down between the ordering client and the other appraiser they found. Does it get so pointed as saying "you'd better get us $xx.xx, or else do not take this assignment !" Do they get told that someone else (you !) could not make it happen ? Have always wondered how that transpires.

 

[Blue1]

Ross,

I completed a report for my client. My client related the value in that report to the listing (Seller's) realtor. The seller's realtor called me and told me if I couldn't "hit the number" that he'd have to hire his own appraiser. The realtor spent about 10 minutes trying to pressure me into changing the value on my report. I told him I could not discuss my report with him because it was confidential between me and my client, I told him that the report was complete and, if he was asking me to change it, I would be committing fraud. He said "thanks for your time" (kiss off) and proceeded to threaten my client with pulling his seller out of the deal unless another appraisal was done. My client agreed (not wanting to lose the deal) to send both mine and the other appraisal to the underwriter who promptly accepted the higher value. I got paid and my client is still sending me orders. This happens all the time in my area. I have stood up to other Realtors in the past and will continue to do so in the future. It has not hurt my business, in fact, I have more work than I can do in a timely manner right now. Which, is another story altogether.......

P.S. I love blues music, I'm a musician, write and sing (hobby). Hence the "Blue 1" moniker.

 

[Oregon Doug]

Blue - I understand you to be saying that you believe that the other appraiser overlooked more appropriate comparable sales in order to substantial an inflated value conclusion (in your opinion). Do you believe this is a 'substantial error of omission' (SR1-1(b)) or that it represents appraisal services rendered 'in a careless or negligent manner' (SR1-1&copy? If you believe that either/both of these apply, then so does SR2-1(a) and/or (b).

Pour a glass of good northern California wine (I like Ridge Zins myslf) and think about this: Conduct section, lines 269 - 271 "An appraiser must not...knowingly permit an...other person to communicate a misleading or fraudulent report."

If you permit your client to rely on that appraisal (that you believe is full of BS), are YOU in violation of the Conduct section? File the complaint and give those guys in Sacramento something to do. If we appraisers continue to fail in cleaning our own house, the Gov'ment gonna do it for (to) us. Want that?

Oregon Doug

 

[jtrotta]

Blue1
Perhaps for you and the others here, a quick view of the post regarding the Lender being caught for; excess fees; lying to elderly regarding T & L statment and points, and you should note the payout fee to each of the Borrowers- makes your complaint "trivial" in comparison.


8)

 

[Blue1]

C'mon now J, don't point that thing my way.......you're comparing apples and oranges here. My complaint may be "trivial" but it probably happens thousands of times a day. That atricle had to do with lenders duping borrowers by using a sophisticated con scheme. My post deals with direct pressure from Realtors on our profession and collusion by other unethical appraisers to "make the value." There is one common element however, either way, the buyer/borrower is at the losing end.