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I never thought I would do this.

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incognito

Thread Starter
Senior Member
Joined
Jul 14, 2005
Professional Status
Certified General Appraiser
State
Florida
I have seen many bad appraisals. I just let it go, I have better things to worry about. However, today I was asked to appraise a home, and was given a recent appraisal which was completed for a purchase which never was completed. I am doing the appraisal for a new lender and buyer. The old appraisal (7/2008) is done by the Regional Manager of the Orlando Branch of a nationwide Appraisal Company that calls itself "one of the largest independent STAFF residential real estate appraisal companies in the country".

This appraisal stinks so highly of fraud that it makes me sick. Contract amount $199,000, value $200,000. Was currently listed in MLS at $189,900. Appraiser checks the "yes" box for is the subject listed, but DOES NOT mention that it is listed $10K below the sale price and appraised value (or anything else about the listing). There is no mention of recorded past transfer in 2008! And a WHOLE litany of other errors.

So, how do I turn some one in to the state? Thanks!
 

Joyce Potts

Elite Member
Supporting Member
Joined
Feb 6, 2005
Professional Status
Certified Residential Appraiser
State
Florida
If we don't start turning those kinds of appraisals in, we can't sit around and complain about the lack of regulation. Be sure to not make it about a value issue - phrase the complaint in such a way that's its a violation of the applicable standard and a misleading report.

Let me know if I can help. My stack of appraisal horrors has become overwhelming.
 

paragonrea

Sophomore Member
Joined
Sep 5, 2007
Professional Status
Certified Residential Appraiser
State
Florida
Good luck with that. I have sent in several reports with similar errors and fraud with supporting documentation and gotten the response that there were no errors found. I did actually speak to one of the "reviewers" for the state and behold he did not even have an appraisal license, muc less understand how to do an appraisal. His response was that 95% of the complaints were for Realtor/sales related issues and they did not give much credence to following up on the appraisal related issues. Now I see what my $55 renewal fee pays for.m2: It seems to make much more sense to me to increase this fee and get a credible staff to handle there matters. This was absolutely ridiculous and is supportive of the Skippy mentality. Rant done. Thank you for listening.
 

WMOORES

Junior Member
Joined
Sep 8, 2007
Professional Status
Certified Residential Appraiser
State
Florida
I think I might be able to top that one! I just reviewed an appraisal where all 6 comps were 8-14 months old (plenty under 4 months) and no adjustment for time. The appraiser also adjusted $16 K for a dettached storage unit. Yes the same ones you can buy at the box stores, have delivered and set up for $3 K. Did I mention that he made the adjustment on the grid under finished below grade? No not a trainee, the appraiser was certified in 92.
 

Couch Potato

Elite Member
Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
I think I might be able to top that one! I just reviewed an appraisal where all 6 comps were 8-14 months old (plenty under 4 months) and no adjustment for time. The appraiser also adjusted $16 K for a dettached storage unit. Yes the same ones you can buy at the box stores, have delivered and set up for $3 K. Did I mention that he made the adjustment on the grid under finished below grade? No not a trainee, the appraiser was certified in 92.
While not a good appraisal, the errors you describe are judgment errors. Florida (unlike NC) does not discipline for simple bad judgment. They might be able to stretch some of it to SOW violations, but incognito has specific violations such as the failure to report a prior sale in the report he has found.


Always keep in mind it is not a violation of FL rules and laws to do a bad appraisal. It is only a violation to use bad procedures.
 

Tom Woolford

Elite Member
Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
I think I might be able to top that one! I just reviewed an appraisal where all 6 comps were 8-14 months old (plenty under 4 months) and no adjustment for time. The appraiser also adjusted $16 K for a dettached storage unit. Yes the same ones you can buy at the box stores, have delivered and set up for $3 K. Did I mention that he made the adjustment on the grid under finished below grade? No not a trainee, the appraiser was certified in 92.

When I hear about ones like that, I have to wonder about possible identity theft. I cant imagine even skippy giving 16K to a shed.
 

444nutman

Senior Member
Joined
Jun 20, 2007
Professional Status
Certified Residential Appraiser
State
Florida
I had a guy appraise a home off of Chickasaw Trail for 1.8 million, I turned into state and not a darn thing happened. The funny thing is that hack was in my continuing education class. He was the one reading the newspaper during the USPAP class. If he wasn't so much older than me I would have went up and punched him.
I hate to say this but our appraisal board is worthless.
 

Couch Potato

Elite Member
Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
I had a guy appraise a home off of Chickasaw Trail for 1.8 million, I turned into state and not a darn thing happened. The funny thing is that hack was in my continuing education class. He was the one reading the newspaper during the USPAP class. If he wasn't so much older than me I would have went up and punched him.
I hate to say this but our appraisal board is worthless.
So what were the violations of rules you saw in the report?
 

444nutman

Senior Member
Joined
Jun 20, 2007
Professional Status
Certified Residential Appraiser
State
Florida
So what were the violations of rules you saw in the report?
Standards 1-1 every single one of those.
Standard 1-4: a & b definitely section i
2 other people from this board saw the appraisal and one even drove by the house. It still makes me angry that nothing happened to this appraiser.
2 comps from downtown winter park and he hit them on site size even though those smaller lots are worth a lot more than his acre lot and his 3rd comp was on the conway chain. I actually appraised both of the winter park comps when I worked with my old super. We inspected those and he always took me to bigger houses to measure and I went for the education. The upgrades were what you find in a house located in Winter Park. The subject was nice when it was built but no updating had been done since being built.
The site value was supposedly based on vacant land sales on the cost approach but the 4 vacant land sales I found seemed to be half of his land value.
I know an appraisal is an opinion and it is difficult to prosecute based on a faulty opinons but based on this appraiser number and the alphabet after his name he knew better.
 
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