Complaint Against Fellow Appraiser.

[Pilgrum]

A few weeks ago I performed a Review Appraisal on an appraisal that was written in March of 2007. The short version is that the comparable sales used were out of the market area, dissimilar to the subject and/or adjusted to push value. My analyses said the appraisal was high by + / - $300,000. The entire report was bogus below the neighborhood description.
After my consience worked me over for a week and my anger had subsided some, I filed a complaint with the State against the appraiser.
However. I just can't seem to get the damn thing out of my head. I think because there were so many "Real Estate Proffessionals" envolved in the transaction. Even the purchaser is in the biz.
I am now coming to believe that I should, maybe, take it a step further and see if any other State Agencies may want to take a look to see if there is fraud.
What say you?

 

[Mike Kennedy]

Welcome to the Club.


also see .......

www.mortgagefraudwatchlist.org

 

[Common Sense]

Go get Em. Score 1 for the Good Guys

:new_2gunsfiring_v1::new_2gunsfiring_v1::new_2gunsfiring_v1:

 

[Metamorphic]

A few weeks ago I performed a Review Appraisal on an appraisal that was written in March of 2007. The short version is that the comparable sales used were out of the market area, dissimilar to the subject and/or adjusted to push value. My analyses said the appraisal was high by + / - $300,000. The entire report was bogus below the neighborhood description.
After my consience worked me over for a week and my anger had subsided some, I filed a complaint with the State against the appraiser.
However. I just can't seem to get the damn thing out of my head. I think because there were so many "Real Estate Proffessionals" envolved in the transaction. Even the purchaser is in the biz.
I am now coming to believe that I should, maybe, take it a step further and see if any other State Agencies may want to take a look to see if there is fraud.
What say you?

I had a similar review like that. I told my supervisor, "we need to turn this guy in". He said "you're right, but I hate to turn in a fellow appraiser". I reminded him that this guy was "NOT a fellow appraiser, he's a leach, poaching appraisals out of his area in our area, and doing a very bad job of it, attempting to defraud a lender, and giving us a bad name. This guy doesnt deserve to make a living as an appraiser." He turned it in to the State. We haven't heard anything from the State, but its only been a month.

My only question is can I count any time I spend working with the state on this against my 2000 hours?

I wouldent feel bad for a second about turning in as many people as you think deserve to be run off.

 

[Summer]

I think we should start publishing the names of appraisers who are taking low fees. I just came across one today working for HSBC doing jobs for $200. If we published appraiser's names maybe they will stop taking the low fees and kill the business.

 

[George W Dodd]

I think we should start publishing the names of appraisers who are taking low fees. I just came across one today working for HSBC doing jobs for $200. If we published appraiser's names maybe they will stop taking the low fees and kill the business.

Summer,

I understand the frustration of having to compete against low fees, but a list would be inappropriate. The effort really needs to be about quality. The fees will adjust to higher levels once quality becomes the norm.

 

[Socrates]

Good Afternoon All -

Pilgrum, please do not beat yourself up about turning in a poor appraiser. Afterall, we are not a 'good 'ol boys' club. I had the unfortunate task of reviewing an appraisal for a repurchase request for an investor lender whom lost $1m on the loan. The report was peppered with inconsistencies, misreporting of fact and blatent omissions about the property. The appraiser co-signing the report represented himself as certified appraiser when he was only licensed and the second appraiser represented himself as a licensed appraiser when he was a trainee. They reported the property to be a 1-4 family when it was a violation-riddled 11-room boarding house!

The file was reported to the State of NY in January of this year. They have interviewed the lender, originating lending, and appraiser and are to report their findings at the end of the month. I have no problems with the fact that I reported their actions to the state. If these types of 'appraisers' are reported, fined and/or stripped of their license, the better the profession will be for all of us.

 

[Terrel L. Shields]

Don't fret yourself. For that one, there are a million more

 

[Bama Bayou]

I think we should start publishing the names of appraisers who are taking low fees. I just came across one today working for HSBC doing jobs for $200. If we published appraiser's names maybe they will stop taking the low fees and kill the business.

Publish the names of low fee appraisers? All that would do is get them more work.

 

[PropertyEconomics]

I hate to say this but you NEVER turn in an appraiser. That is where everyone makes their mistake. This isnt personal and its not about the APPRAISER .. its about their WORK. You report a bad APPRAISAL.
While it may be a product of the appraisers efforts .. its the report that is turned in.

Ask yourself this question, if you had no idea who the appraiser was (and I personally believe you shouldnt) and you had a horrible report in front of you, would you turn it in? If the answer to that question is yes ... then you are turning in the report not the author.