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Gonna File a Complaint on a Bad Review.

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masmia

Thread Starter
Sophomore Member
Joined
Oct 16, 2007
Professional Status
Certified General Appraiser
State
Florida
Gonna File a Complaint on a Bad Review from Flagstar.

I received a complaint from Flagstar Bank regarding an appraisal of a multi-family I did four years ago. Reviewer agreed with the whole appraisal except for the value. In support of his estimate of value the reviewer used three comps that each had prior sales within 12 mos, his review only disclosed the priors for one of his comps. The two priors the reviewer failed to disclose were foreclosure sales, what a coincidence. I've learned from the forum that this is SOP for Flagstar Reviewers.

In the past I have shyed away from turning in bad reviews for fear that the board find something I missed in the appraisal and end up getting burnt myself. In this case, however, my appraisal is already at the state so I have nothing to lose by turning in the reviewer. I wish I could see the guys face when he receives the complaint.
 
Last edited:

Midwest Guy

Senior Member
Joined
Dec 12, 2006
Professional Status
Certified Residential Appraiser
State
Missouri
Usually the Flagstar Bank appraisal reviews have a blacked out signature line and other identifying marks of the indivisual appraiser. I hope that is not the case for you.
 

OSU Beavers

Elite Member
Joined
Jan 10, 2007
Professional Status
Licensed Appraiser
State
Oregon
How is your appraisal already at the state?
 

masmia

Thread Starter
Sophomore Member
Joined
Oct 16, 2007
Professional Status
Certified General Appraiser
State
Florida
I received a complaint from Flagstar Bank regarding an appraisal of a multi-family I did four years ago.

By this I mean from Flagstar to the State and from the State to me.

The reviewers name and signature are not blacked out.
 

Midwest Guy

Senior Member
Joined
Dec 12, 2006
Professional Status
Certified Residential Appraiser
State
Missouri
Wow,

Flagstar did not send you a nasty letter first. We have a new set of proceedures for them.
 
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