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coerce or intimidate appraisers

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Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
http://www.inman.com/InmanNews.asp?ID=34317

"The Appraisal Institute worked closely with Rep. Jan Schakowsky's (D-Ill.) office to modify language found in her soon-to-be-reintroduced bill, the "Save Our Homes Act." The bill would make it illegal for lenders, brokers or real estate agents to coerce or intimidate appraisers with respect to the value of the home they are appraising."
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Good article Pamela. Let's face it.....The Realtor stands to gain from a high value.....The Lender stands to gain from a high value......The seller stands to gain from a high value.

This means that there are three entities putting pressure on a lone appraiser. Two of these entities have the power to severely limit income to the appraiser. The other one may or may not file a complaint against the appraiser.

It's a wonder there aren't more inflated values in my opinon........
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Let's hope that bill does see the light of day. While we may revel in the words it says, and the great intentions it portrays.....it's the enforcement side of such a bill that stands to face a greater test. Will "they" accept our say-so if we produce a written order or memo with incriminating wording on it ? Must we now have the spoken words-of-guilt on tape before we will be believed ? What possible action could be taken to actually put a halt on the continuation of these incessant and wide-spread practices against the innocent ? Who will be the lucky defendant in Test-Case #1 if this does become a serious and meaningful piece of legistlation ? Will its passage automatically translate into allowing all 50 states the same enforcement power ? I really want to trust that Congress does care about this problem.....but until that is shown......we are our only front line of defense. As it all unfolds, the "players" will be fed with adulation and continued new business.....while the "non-players" will be assailed and left only the moldy crusts. Sure glad I grow a bountiful garden each summer, and I do know how to fish, so the hunger side is no issue for me. Now, if I could just win a small Powerball drawing to carry me through these trying times.
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Wish you all could hear the message off my voice mail today. Got a call from a lender that just flat out right told me: If I do not refund Mr. Millers (no relation) $350 for the appraisal he paid me COD. Because I did not bring it at the value he needed. I did not furnish him a good product that he could use. Both they and Mr. Miller are going to file a complaint with the state, I will loose my license.

Little do they know that I just attented a class today for USPAP and will be doing more CE tomorrow.

One of the speakers at the lunch break was the "Big Bad Wolf, that investages complaints against appraisers. Learn a little from him. I was just thinking that he might be interested in this company, as well as the barrower. Dog gone it, I just hate to start acting like I did in my old profession. I was looking for a nice quite peacefull business, where everything was honey and sugar cane.

Kick the old bear one too many times and you just might find out that he will reach out and take a swipe at you.

Little do they know that I can pull the tape out of the answering machine. Which I have done. Now what do you think I should do with that tape????

This company ordered a total of 9 appraisals from me, I came in at what they consider good on three of the nine. Then after I had completed them all and sent the appraisals to them, they, called and cancled the other six. Told me I would need to refund the money to the owners of the six that did not fly. This is the company that I posted about caning me last week.

Now they are up to threating me! For shame, for shame.
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
I am done past the hope point. I even have the rope out.

What I am really hoping is the lender gets their license pulled.

What would really be nice if the Dept of Reg and Lic. would take a hard look at all the appraisals they have had done in the past six months.

Was talking with Presenter today and several other appraisers also made the statements to him. That if they did not go along with the stuff that was just a little out of bounds for the lender. They would soon be out of business.

I just hate to hear stuff like this. Makes this new guy ask, why even have appraisers if the industry acts like this.

Don't very many of the appraiser has a back bone. To me, if you start running scared, you just keep running. If you don't run, then the lenders have got to change. Right??
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Ray, ..... You darn well better keep that tape on the voice-mail /recorder ! Such messages are the gems which may one day defend your position if the issue comes to a head. A definite shame to hear your portrayal of a client who lacks the decorum and responsibility to handle the day-to-day business. The threat of non-payment and complaint filing should be shared directly with your state's banking commission, or the equivalent ! Yes, they have a right to complain, and in doing so gum up the works for you to waste valuable time with retort and commentary. If the written and faxed orders you received have wild estimates of value on them, and other phrasing that instructs you to communicate early results, or stop if you feel that their value can not be reached as projected, then these are also evidence you need to show state officials, if that be your decision. You could and should make repeated remarks to such officials, with emphasis, that this client has the usual handful of data and pre-valuation options to scrutinize, and from which can be certain what their next step will be......all before they engage you for the more-formal analysis.

You might want to once again acquaint yourself with the State Investigator person who was speaker at the class you attended. Your real issue is with the lender/client, and no need to get entangled with the homeowner who just happened to pay you directly. C.O.D.'s are being misinterpreted by this client, on behalf of the h/o, to thicken the stew of anger against the reported values they do not like. The h/o would have paid him in advance, or paid you at the door. I'll bet you're now glad for that latter option. I do not object to c.o.d's, ever, as they really do minimize client hassles as your fee becomes something they can withhold from you. No wonder this dude is frustrated. He has nothing "on" you. In time, your gut will tell you when invoicing is appropriate as you learn which clients exude a better sense of trust. Till then, hang in with c.o.d. It may be worth your while to NOT get into any long-winded phone "battles" with irate clients. Simply excuse yourself from a hot call, and request they express their concerns IN WRITING and fax them to you. They will truly struggle to justify venting their wrath on-paper....as this once again becomes your evidence when ludicrous threats are made for unjustifiable reasons. Hang tough, Ray.
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
Ray ~

Make a copy of the tape and send it to Rep. Jan Schakowsky's (D-Ill.) office.

They love to get stuff in the mail.

AND, write a very careful, succinct cover letter.

You never know, you might end being our hero at a Congressional Hearing. That's how Ken Ley became famous!

I'll keep an eye out on FauxNews for you.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
O.K., so they won't coerce you. They'll just cut you off for not making value. Same effect but legal. We have that in Texas already, and it's a toothless tiger. They just can't say "we have to have $zzz for the value". Unless we can get appraisal ordering out from under the loan officer or get the loan officer from making a commission on the loan, nothing will change. And the odds of that happening is about the same as the Texas Rangers winning the World Series.

Roger
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
Things are changing (albeit slowly).

I receive unsolicited calls on a regular basis (almost daily) from lenders looking for an appraiser. I don't adverstise (or haven't in some 4 years), and am not in the yellow pages...so for them to contact me must take a lot of research on their part. I've noticed these calls increasing in frequency--I turned away seven (7) appraisal request yesterday alone!

I keep hearing the same thing lately--they're having a hard time finding appraisers who'll accept new clients. Combine this with the ever increasing number of appraisers losing their license and it's not hard to see why lenders feel the need to pick up the phone to find an appraiser.

-Mike
 
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