Fight The Power

[Steve Metz]

After being blackballed by local lenders and AMC's here in my area for accurate valuations I have been doing some thinking. Next week I am going to pay a visit to some of the local ministers in the distressed area's of my region. I will offer them free review of appraisals of thier members of thier congregation that are facing forclosure. I know in these area's Countrywide and Ameriquest and other scummbag lenders relied on a crew of bad appraisers to fluff values of properties. I am then going to bundle these forclosures into class action lawsuites and single civil lawsuites working with a local attorney. Then take a cut of part of the settlements with the attorney.

Could be a real money maker but the pay out will take about 3 years. Any thoughts on this business plan?

 

[stompor]

Great idea. Turning them in to the State Board might also help to rid the area of bad appraisers.

 

[Workbox]

Steve, do it for the right reasons, not for the money. We are all disgusted, and I know exactly what you mean, you are just sick an fed up and want to make a difference and adhering to USPAP in protecting and promoting the trust of the public. Money is not the motivator, it is just away to get their attention and hopeful in making changes and exposing the truth.

 

[Terrel L. Shields]

do it for the money- that's how the banks are doing it

 

[Esox]

It sounds okay, but I would expect to have your credibility as a reviewer repeatedly and brutally questioned when you take the stand as an expert witness. You will certainly be asked if you are to be compensated in any way from money granted in a judgement against the defendants in the lawsuits resulting from your reviews.

Seems like when you answer yes, the opposing attorneys will seriously question your motivation. I would hazard a guess they will bring up the USPAP and insist you developed your opinions as you did in order to assure your compensation.

But who knows? I could be way off on that. I'm not a lawyer. Or a USPAP guru for that matter.

Kevin

 

[Tim The Enchanter]

Interesting maybe. If you're good enough and smart enough and have thick enough skin. Real thick skin.

If the payout is 3 years and a lotta work away, it better have a real good $$$$ potential, imho.

 

[Non Sequitur]

Could be a real money maker but the pay out will take about 3 years. Any thoughts on this business plan?

Ameriquest is history and IIRC they settled this with several AGs. As far as CW is concerned, they're all but history. Even if the sale to the big snake goes through, BofA is on record as not wanting anything to do with the loans and will not touch them. If BofA backs out, CW will go BK.

 

[Elliott]

Steve,
Let us know how the ministers respond to the offer from Batman
to avenge their paritioners economic plight.

 

[JENIFFERW]

Conflict of interest

It sounds okay, but I would expect to have your credibility as a reviewer repeatedly and brutally questioned when you take the stand as an expert witness. You will certainly be asked if you are to be compensated in any way from money granted in a judgement against the defendants in the lawsuits resulting from your reviews.

Seems like when you answer yes, the opposing attorneys will seriously question your motivation. I would hazard a guess they will bring up the USPAP and insist you developed your opinions as you did in order to assure your compensation.

But who knows? I could be way off on that. I'm not a lawyer. Or a USPAP guru for that matter.

Kevin

I agree with this point, and Workbox. I've been in court situations as a witness many times (former cop), and believe me they crucify you over everything, even when you did everything right. I wasn't the one that had committed the crime, but they treat you like you were the one on trial. Most of the time, the one who actually did commit the crime doesn't even take the stand. I can only imagine as an appraiser witness, it would be 10 times worse because it can be a lot more subjective and complicated. They will just throw things out of nowhere at you, trying to confuse or intimidate you to make you look bad and less credible. I am actually preparing for an appraisal related court situation myself.

First of all, I suspect you better know USPAP like the back of your hand, and I suspect they will still kill you over it anyway. Then, in your situation I suspect they will certainly attack that your review was bias, because you did have a financial interest in the outcome of the assignment. Sounds like a great idea to do for free, or for a SET FEE as a reviewer/expert witness, but a bad idea to do for a percentage based on the outcome. I'm not a USPAP expert (yet, but I think it might even be a violation for you to do this on a percentage. You better be completely objective about any reviews that you do, not have any predetermined conclusions, and be mentally ready for the attacks they WILL come after you with. I would suggest taking a class and getting some experience in expert witness testimony for appraisers before you take this on (assuming you haven't already). Just my two cents to try and help you be successful.

 

[Pamela Crowley (Florida)]

Advocate. Good idea, but not a good idea. Think of another way for you to get paid. Maybe the pastor's could get a separate collection system set up to pay you?