Errors & Omissions In Report - Appraiser Refuses To Fix

[Dan Padsio]

Of course some of the sections marked "None" would not make up the difference but the amount of things missing start to add up. The biggest hits were from the comps used (home is a split, appraiser used all cape cods and another split level that was literally a gut renovation home, while the home being appraised was a top to bottom full renovation). Let alone using not similar comps, the errors within those comps were ridiculous - wrong land sizes (verified by tax records along with a simple google earth area measurement), saying basements were finished when clearly not, wrong number of bedrooms, etc. Who knows what sources were used, but cleary this guy is incompetent. Maybe he was jealous of the homeowner, has an ego, who knows? Fact is things were incorrect and not opinion items (fair vs avg condition for example).

Our rep was told by the bank the appraiser refused to respond to the concerns. So according to whatever law changed in recent years, who should be taking the hit here to make sure it doesn't happen again? Bank has to use an outside company that hires these guys so there is no conflicts of interest. Ok so who gets it then, the AMC, since they are the ones who picked this guy?

 

[glenn walker]

Sounds like qualified opinion vs opinion. Not sure what sections you are citing as marked "None" but if we are talking appliances, fireplaces, woodstoves, then you are going to be hard pressed to see that $50k difference accounted for. Did you verify the acreage of the comps outside of what the assessment used? If so, where does the discrepancy originate? MLS, Deed, Assessment, Survey? Or are you claiming the appraiser used an arbitrary number? If you have more similar comps then dispute the comps utilized with the lender, if you filed a dispute then what was the response? Seems pretty cut and dry. Who is telling you that the appraiser is refusing to fix the items? Could be the bank passing the buck not wanting to ruffle the borrower's feathers

YOU- I wish yoy good luck because

Absolutely wrong, I am on the seller side of the subject property. The property was appraised TOO LOW for the buyers bank/mortgage, not too high. The appraisal, IF IT HAD THE CORRECT FACTS, would come in right at the number the buyer wants to pay for the property. I have no clue what you are talking about, desk reviews, etc.., but this is simply a case of the appraiser not including the correct information on his report regarding the home for sale and comps. Facts, not his opinion of the property. The E&O & lawsuit discussion was brought up as option, simply because this guy valued a $500k property at $450k and killed a deal.

So too LOW ? His or Her Low Value killed a deal ? Let me bring in my associates ? Real Estate and Business Attorneys !!! You say too low and it killed a deal ? You my friend and your lender just lost the case? Thank you so much for giving us a UN-Biased review ! No offense but you are not qualified to do or complete reviews other than basic QC--- And some lender or AMC may be using you to be the fall-Guy or Gal- ? I understand but run and do not walk ! If you complete a desk review it's done--- YOU are not part of trying to get the original appraiser to make his or her-report fit your lenders wants or need's.

 

[Elliott]

Dan said, Our rep was told by the bank the appraiser refused to respond to the concerns.

Any normal appraiser is not intimidated by a request for review. Anytime you express your opinion on a property that comes in less than contract, we all know there is going to be a request for review. Its just the subtle intimidation that came out of the Fair Credit Act. So if someone says that someone says that the appraiser "refused" to respond I really have a hard time believing that is credible. Why don't you just call the appraiser? Prove me wrong.

 

[Dan Padsio]

YOU- I wish yoy good luck because

So too LOW ? His or Her Low Value killed a deal ? Let me bring in my associates ? Real Estate and Business Attorneys !!! You say too low and it killed a deal ? You my friend and your lender just lost the case? Thank you so much for giving us a UN-Biased review ! No offense but you are not qualified to do or complete reviews other than basic QC--- And some lender or AMC may be using you to be the fall-Guy or Gal- ? I understand but run and do not walk ! If you complete a desk review it's done--- YOU are not part of trying to get the original appraiser to make his or her-report fit your lenders wants or need's.

Read the thread. No clue what you are talking about. I am or do not represent the appraiser, the lender, the AMC, the reviewer, the real estate agent, the attorney or the buyer. I am involved the sale of the home as stated earlier.

 

[Dan Padsio]

Dan said, Our rep was told by the bank the appraiser refused to respond to the concerns.

Any normal appraiser is not intimidated by a request for review. Anytime you express your opinion on a property that comes in less than contract, we all know there is going to be a request for review. Its just the subtle intimidation that came out of the Fair Credit Act. So if someone says that someone says that the appraiser "refused" to respond I really have a hard time believing that is credible. Why don't you just call the appraiser? Prove me wrong.

Would love to get in touch with this guy to figure out whats going on but all I have is a name and license #. Its also not my job, it should be the realtors or attorneys involved in this deal. Was told they tried to contact him multiple times but he won't answer. Probably because he has no accountability to the bank doing the lending. If he was an in-house appraiser, which they supposedly don't allow anymore, of course he would have to answer and correct everything. Adding in the middleman AMC company these guys know they can put out garbage and get away with it.

 

[friendlyeddie]

Probably because he has no accountability to the bank doing the lending. If he was an in-house appraiser, which they supposedly don't allow anymore, of course he would have to answer and correct everything. Adding in the middleman AMC company these guys know they can put out garbage and get away with it.

You're pretty far off base here and with your other comments, not sure where you are getting your information? If I were to not respond to a request from a client, they would not use me for a long time if ever again. The appraiser is not likely to alienate a client for what sounds like items which are easy to confirm or refute. AMC's are not letting you slide on "corrections" or dispute responses, they are more demanding than a typical direct lender and would be hounding you day in and day out for a response. To think the appraiser would be jealous of this particular house and purposely lower the value is pretty wild.

As you are the seller or some party to the seller, how do you know your information is more reliable than the appraiser or that what you are being told by the buyer's agent/bank is even the truth? If you have the report, the appraiser's phone number & email is right there, might as well ask the person.

 

[Joe Flacco]

Upload the appraisal report as a attachment.

 

[Terrel L. Shields]

Should he be reported to the state licensing board, AMC, etc??

Do one or the other. But the board will not act if you sue. And what is your loss? A $400 fee? Let the board sort it out.

 

[riggs590]

So you’re the seller? The report is not meant for you. The report is for the lender and the lender is responsible for the reliability of the appraiser and the report. You sent your concerns to the lender. They have chosen how and what they will do with the information and they probably won’t discuss what they’ve done with you, since you aren’t their client.

 

[Dan Padsio]

So you’re the seller? The report is not meant for you. The report is for the lender and the lender is responsible for the reliability of the appraiser and the report. You sent your concerns to the lender. They have chosen how and what they will do with the information and they probably won’t discuss what they’ve done with you, since you aren’t their client.

That is fine, yes the buyers lender does have the final say and it cost me a lot of money, so I am involved in this as much as anyone else. Yes I am involved on the seller side and stand to gain from the sale, so when I am out a portion of $50,000, I am concerned about what can be done. The issue is why an appraiser can send in a report full of errors & omissions and get away with it?

So you guys, who do this for a living, can submit a report full of inaccuracies, get called out on it, refuse to change it (yes its been confirmed he will not change his mistakes and will not respond to me), and not expect any consequence? I don't know, I am in a very similar field involving the insurance industry and if I submitted something like this, which I have in my earlier days, I would immediately have to fix it and deal with the fallout. Again these are NOT opinion items, these are incorrect and missing facts.