Ethics Question

[CaliforniaSD]

AMCs would do such a thing, shocking, I tell you! I would file a complaint with the state, but I doubt they will do anything. Your state board is infected with cronyism. In the last newsletter, they sanctioned a bunch of appraisers, not one AMC. Best of luck!

I am not going to file anything, as I don't know what this person is capable of with all my personal information. I will avoid his calls like the plague, I literally saved his number in my phone as "avoid like the plague" and I will make sure everything is in writing from now on. I will do a 1004D, if requested and then I am cutting all ties with this person. I am so pissed that AMCs get away with this type of behavior and take a large cut for essentially doing nothing. This industry needs to be restructured somehow. AMCs are just an extension of the lender, Dodd Frank has failed miserably. Also, every appraisal should show the lender on a specially designated page, like an invoice, how much the appraiser is being compensated,. I know a couple reputable lenders that I work for make us do that. The lender should know how much the AMC is pocketing, for most time, essentially nothing.

 

[ucbruin]

Why are you pissed at AMCs....
Just be pissed at this AMC....

 

[CaliforniaSD]

Why are you pissed at AMCs....
Just be pissed at this AMC

I was talking about the ones that behave this way. Sorry, if I did not make that clear. Not all AMCs are bad, I am work with several that are amazing, but I have also have worked with many that care more about a low bid then quality work. I don't produce garbage, so I shouldn't be paid less then minimum wage for my hard work.

 

[JeffSH]

You killed an "important" deal. The transaction probably involves the AMC owner's daughter or something. Usually you get flack from the lender, not the AMC though. That's what's weird about this situation.

 

[CaliforniaSD]

You killed an "important" deal. The transaction probably involves the AMC owner's daughter or something. Usually you get flack from the lender, not the AMC though. That's what's weird about this situation.

That is absolutely hilarious!

 

[JeffSH]

Do be careful about how many reports you come in low on. I know it shouldn't be this way, but AMCs do keep track. The bank I worked for did. Supposedly it's in order to make sure nobody goes off the deep end and just starts squashing deals. Some people do get a reputation for coming in low.

On the flip-side though, people who overvalue are also flagged. We knew who was going to hit sale price no matter what.

I had one appraiser who would value the properties to the exact dollar. If the new construction contract was $567,412, then that's what his market value was. Every time.

 

[CaliforniaSD]

The property received 3 offers over 120 days ranging from 650,000 to the 720,000 price that was then increased to 740,000 with a counter offer by the seller. My job is to appraise the value of the property, not make a deal go through. They can easily renegotiate and move forward or order another valuation. Not my problem. The fact that coming in low is an issue and can get you blacklisted by an AMC is disturbing. I don’t want to deal with those types of AMCs anyways.

Yeah, I personally know an appraiser that always meets the exact contract price or a little over. I don’t like him. His logic is that if someone is willing to pay, that is what it’s worth. What is the point of appraisals with this type of logic?

 

[Mejappz]

This industry needs to be restructured somehow. AMCs are just an extension of the lender, Dodd Frank has failed miserably

And yet you have forum members stating this is the current system is the best thing since sliced bread. Go figure.

 

[Mejappz]

I know it shouldn't be this way, but AMCs do keep track.

Of course, they keep track, and if you don't hit the target, they cut off the spigot.

 

[Tiffany Gibbons]

You are 100% correct. I should have turned down the assignment right away, and in retrospect, I wish I did, but I didn't, but I sure as hell did not violate any laws or ethics rules that I am aware of. Throughout the course of are phone calls, he kept telling me that he doesn't want me to think that he is unethical. I am not going to bother reporting this person because I don't know what he is capable of with my personal information and like you said they will try to take me with them. Even if it is anonymous, the details of the complaint would make him aware that it was me that filed the complaint, unless I just call a while from now and keep the complaint very broad, even then he would probably deduce that it was me, unless this is how he acts with all of his appraisers, which honestly would not surprise me.

The sad part is he probably does this all the time and all the scared little appraisers do exactly what he demands. I would keep track of everything he said.