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How Does Skippy Do IT?

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mopickled

Thread Starter
Senior Member
Joined
Dec 6, 2007
Professional Status
Certified Residential Appraiser
State
North Carolina
My skippys work it by willfulling omitting data or just plain making stuff up. They use superior comps that sold with acreage - detached buildings etc and then omit these facts on the grid. It gets through underwriting because the REPORT LOOKS GREAT and only gets caught on legit reviews by LOCAL appraisers who KNOW the market. I have reported this type of stuff for years only to be told it's OK to make "mistakes". ALL appraisers do it EVERYDAY!!! It's not this guys fault this is his 12th complaint -he's just unlucky to get caught so many times. :new_all_coholic:

The review I did last week on a guy that was actually recently disciplined for using inappropriate comps (no suspension if he takes a few hours of CE) - uses one legit comp that sold with 4 acres - his report says 1 acre and still doesn't support the value found. 2 other comps are in executive s/d's on the far side of the county - subject is a proposed modular ranch - rural - and will be surrounded by double and single wide homes worth less than 1/2 of his appraised value. But I bet his FEE AND TURN TIME WERE GREAT!!! :rof:

These are the guys doing the AMC work and how they will always beat that system - are you listening Cuomo!!! AVM's will be manipulated the same way and reviewed by cubicle dwellers from India who might as well be reading Egyptian - GEOGRAPHIC COMPETENCY IS IMPORTANT!!! SO ARE ETHICS AND A SHERIFF WHO IS NOT AFRAID TO PULL HIS PISTOL. (IVPI)

This is fraudulent work that amounts to app $40-50,000 on this one deal - and I have been reporting stuff like this for YEARS!!! Only to see the same guys getting more and more of my business while KILLING the PUBLIC TRUST, STEALING FROM THE LENDER/INVESTOR and putting fraudulent comps into our market that are then used over and over again for the next round of inflated values.

I have about 20 reviews in my files of similar work and my board is aware of all of them - no significant action has ever been taken and skippy has yet to miss a day of fraud.

If I have this much data without even looking for it - how much do you forumites have?

How do they work it in your area?
Why can't or don't the State Appraisal Boards take action??
Why not the FBI???
Why aren't these guys sued by lenders and homeowners when caught????
 

c w d

Senior Member
Joined
Oct 2, 2006
Professional Status
General Public
State
Florida
How do they work it in your area?
Why can't or don't the State Appraisal Boards take action??
Why not the FBI???
Why aren't these guys sued by lenders and homeowners when caught????


1) From what I've seen, they never leave the office.
2) Because they are subject to retribution from politicians who are bought by the lenders in your 4th question.
3) See #2.
4) Because the financial industry has loads of money to throw around. And since politicians are more concerned about how much money they can raise during campaign season, which is now every day of their terms, they're not interested in busting their favorite donors. The lenders NEED the fraudulent appraisals to facilitate their business. Think how ho-hum this real estate market would have been if they actually required REAL, THOROUGHLY developed opinions of value. It's not difficult to trace the path of corruption in this business and to determine why regulators don't regulate and organizations such as the FBI don't go after anyone but the most egregious and blatant offenders. It's not even difficult to understand why the occasional honest mistake maker is used as an example from time to time in the "fight against corruption". It's to keep everyone in line and not to report the constant indications of corruption. Afterall, why would someone report a fraudulent appraisal when their own may be reviewed and used against them. That only leaves you, the few, who actually do. And since you guys are the same few guys that over and over report this stuff...well....you must either be over-reacting or conspiracy theory nutcases since there aren't MORE people reporting fraudulent reports. Or, at least, that's what they'll tell anyone questioning why you aren't being listened to. I don't believe you guys are over-reacting or conspiracy theorists. I'm just approaching this explanation from "their" point of view because that is, in a generalization, how the system works. m2:
 

Roy Courtney

Senior Member
Joined
Dec 8, 2006
Professional Status
Certified General Appraiser
State
Texas
Come on now! You have to get a sense of humor about all of this. How many times have we heard that the FBI is investigating mortgage lending? This could not be possible. For this to be true the FBI would not be able to track an elephant in the snow or find sand on the beach. I see this fraud every damn day. I bet you do too! They DO NOT CARE! Let me say that again THEY DO NOT CARE! Is there anyone who cares? If so, what is their phone number? If their phone is busy, what is their address?
 

OSU Beavers

Elite Member
Joined
Jan 10, 2007
Professional Status
Licensed Appraiser
State
Oregon
How do they work it in your area?

Cherry pick the three highest comps arround the target value and make no adjustments. Use all MLS photos. Lie about distance to comps. Inflate subject GLA by 10%.

Why can't or don't the State Appraisal Boards take action??

The State fined him $4500 for three bad reports and have him 45 days off in January. It should have been three strikes and your out!!! The [email protected] went to Hawaii for a month in winter, woo hoo.

Why not the FBI???

I called the FBI who told me that they were not interested in anything under one million.

Why aren't these guys sued by lenders and homeowners when caught????

He is on BoAs do not use list, but that is about it.

Oh and he charges $500 per rubberstamped report!
 

Lloyd Bonafide

Senior Member
Joined
Jan 15, 2006
Professional Status
Certified Residential Appraiser
State
California
My skippys work it by willfulling omitting data or just plain making stuff up. They use superior comps that sold with acreage - detached buildings etc and then omit these facts on the grid. It gets through underwriting because the REPORT LOOKS GREAT and only gets caught on legit reviews by LOCAL appraisers who KNOW the market.

The way things used to work, before AMCs became prevalent, even before licensing, in the 1980's and early 1990's, is that this appraiser would be out of business.

There were maybe 8 or 10 main wholesale lenders, and they did often use local appraisers, either in-house or fee, to do the reviews. These appraisal reviewers did know the market, and if somebody turned in one really horrible report, or 2 or 3 bad reports, they would be on that particular lenders' Do Not Use List. If you were on a couple of lenders blacklists, you were effectively out of business.

Now, we sometimes have independent Skippies doing these reviews for AMCs.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
If there's little or no risk, why not lie? Willie Sutton used to rob banks "because that's where the money was". However, he had a big risk and went to jail. Skippy facilitates the loan, and doesn't actually steal the money. That's the borrower, seller, MB. They're much more apt to go to jail as the $ are much larger on their side. All a matter of risk/reward.
 

RitaB

Member
Joined
Aug 25, 2005
Professional Status
General Public
State
California
Our country is screwed.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
...Why can't or don't the State Appraisal Boards take action??
...

Some do.

Some do not.

Let me know if you come across one of those appraisals...and appraisers...located in Illinois.
 

mopickled

Thread Starter
Senior Member
Joined
Dec 6, 2007
Professional Status
Certified Residential Appraiser
State
North Carolina
If there's little or no risk, why not lie? Willie Sutton used to rob banks "because that's where the money was". However, he had a big risk and went to jail. Skippy facilitates the loan, and doesn't actually steal the money. That's the borrower, seller, MB. They're much more apt to go to jail as the $ are much larger on their side. All a matter of risk/reward.

Speaking of little to no risk!!
Regarding recent complaints on a Skippy with 23 complaints total to date:

from Mitch Weiss AP article:
The "Appraisal" board dismissed two of the 11 recent complaints outright, while two others were dismissed with warnings to be more careful. Six were dismissed on the condition that Skippy complete appraiser education classes, and he was reprimanded for one complaint.

I guess that 6 CE classes on "Comp Selection" and "Appraiser Ethics" have set him straight after 20 years in the business. New tricks for the old dog??

“There is no habitual felon law for appraisers,” said the board attorney, defending the agency’s inaction. “Why should he get super-zapped for doing a lot of little things that a lot of other appraisers are doing every day but haven’t had complaints turned in on them."

Does it make ya'll a little angry that this quote implies that we ALL do this stuff everyday so that makes it OK?? And this is from the Sherriff - Hello - the gun is still smoking - AND it's still in his hand - grab it....... didn't you hear the BANG?? That's smell, site, touch, heard - 4 out of 5 senses say GUILTY - HEEELLLLOOOOOO

It's all about the "Little Things"
Like - wrong sales price for comps (oops - should've caught that) - use dealer sales and info for MFG after already being reprimanded for this just a few months ago - say comps are 12 miles when they are 50 - forget that there are 1500 hogs between the house and the road - hmmmmm - and that's only a few of the "little things" on 2 of the reports.

Does this quote tell me that I have MUCH more to risk from saying NO to a client - than I do from my regulator?? I think it does and is a big reason I'm driving a 5 year old car and Skippy is driving a new HumVee with $4 gas and a beach house!!!

After this guys record why would I EVER say no again and risk losing yet ANOTHER client who tells me to get the value or I'll find someone who will. I just go ahead and give them Skippys phone # these days. Pretty soon I won't be able to afford my cell phone anyway. m2:

I know it's old news - I just think we need to keep the rust on that squeaky wheel - ANYBODY LISTENING OUT THERE???:new_multi: Hey Skippy
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
.......The lenders NEED the fraudulent appraisals to facilitate their business. Think how ho-hum this real estate market would have been if they actually required REAL, THOROUGHLY developed opinions of value. It's not difficult to trace the path of corruption in this business and to determine why regulators don't regulate and organizations such as the FBI don't go after anyone but the most egregious and blatant offenders. It's not even difficult to understand why the occasional honest mistake maker is used as an example from time to time in the "fight against corruption". It's to keep everyone in line and not to report the constant indications of corruption. Afterall, why would someone report a fraudulent appraisal when their own may be reviewed and used against them. That only leaves you, the few, who actually do. And since you guys are the same few guys that over and over report this stuff...well....you must either be over-reacting or conspiracy theory nutcases since there aren't MORE people reporting fraudulent reports. Or, at least, that's what they'll tell anyone questioning why you aren't being listened to..............
Given that you're right, and, I believe you are right,
why do we bother venting on this forum?
SKIPPY:
He has a license,
He's fast,
He does what you tell him to do, 5 acres in a checkerboard pattern - why not?
He's never seen a number he couldn't duplicate.
-AND-
He's Cheap.
You don't pay him Bennies, 'cause he's not an employee.
When you don't neeed him anymore, no layoffs.
The appraiser the customers love and appreciate: Skippy & Co.
All others need not apply.
 
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