My Personal Protest

[Jeff Horton]

This is probably useless but it sure makes me feel better. I have just adopted a new logo and added it to my web site. I will be adding it to my buisiness card and letter head soon!!

Right under my logo I now have the the words

When Honesty and Integrity Matter

I have been thinking on this for a long time. Then this week I was going through some older Appraiser Data Bank books and saw where the local number hitter had done an appriasal on the same house I had. I didnt have to look at the dates to know that when I didn't make the number they had him go in behind me and make it.

:evil: Fuming in Alabama :twisted:

 

[Terrel L. Shields]

When I can identify a client and a property which I know will require an inflated appraisal to "make the numbers" I turn it down. I just turned one down 20 min. ago. I don't want to fight that fight when I can avoid it even when it is slow times and I need work. Too bad it is not always easy to tell when the value is going to be too low for the client.

I like your attitude though. A few years ago, a farmer approached me about his son's farm. He had talked to a local banker and asked who to call about appraising it. The farmer told me the banker told him, "if you want to borrow money, call zzz; but if you really need to know what it is going to sell for call T. Shields."

I could take that as flattering, but it is sad that old zzz is getting the most work and best pay for inflating appraisals. Meanwhile, I have to defend my appraisals when I follow zzz with an appraisal that comes in below what he did 2 years ago or more. Last one I remember? zzz = $86,000; two years later, I appraised at $82,000, client throws fit, they call old zzz back, he appraises for $90,000. Borrower is using as collatral on new property. Puts property on market. 400+ days later sells for $78,000. 1 year later borrower files bankruptcy.

Had they stayed with my appraisal, not made the loan, the bank would not have lost money, nor the borrower become bankrupt. zzz hurt a lot of people, no matter they were all willing to fall on their own sword.

Ter

 

[Jeff Horton]

I hear it all the time Terrel. We have our own Mr. zzz here. Recently there was a sale in the MLS that was just way high it seemed. I needed it as a comp but it just through everthing out of line. I called my Bud and good Appraiser in that city and asked what gives. Her answer was comical but sad. Her exact words were "Mr. zzz appraised it". She didn't have to say anymore. The picture was crystal clear. Buyers were out of state and used to high prices. Found a nice upscale home that appeared to be bargain to them and Mr. zzz just appraised it for what it took to make the deal work.

I was at my Insurance Agents office one day and he was asking me about a home that he was insuring. Felt the stated value was to high. He was asking me if I would appriase if needed I believe. Anyway I made the smart remark that I know someone that would appraise it for at least that much amd probably more if he wanted. He looked me square in the eye's and said you mean Mr.zzz. Seems lots of people know what he is doing too outside the lending tree.

One of these days I will go behind him and have a chance to turn him in. From what I understand just about every honest appraiser around is waiting on their turn too!

 

[jtrotta]

Jeff

you don't Need to add that to your logo - of the many years I've been in business, everyone knows how to reach me; my first add ever was done right here via Wayne. Also, you'll be here long after your friend leaves the bus. - just be sure your not getting tagged as Mr. Lowball 8O

8)

 

[Terrel L. Shields]

" Mr. Lowball "

I attended a meeting of about 100 appraisers recently at a FSA seminar. While on break I overheard 2 discussing farm sales. One appraiser made the incredible remark behind my back, "I never ever appraise a place for more than the offer!" Isn't that insane!! Properties sell for less than market all the time, especially farms where estates must be settled in a timely fashion, death or long term illness in the family, etc. An appraiser like that will get the reputation of being Mr. Lowball, and further, does the reputation of the profession no less damage than the number hitters. You can hurt a lot of people under appraising as well as over appraising property.

ter

 

[Doug in NC]

"When honesty and integrity matter" - Be sure to use your other business card when you go to calling on mortgage brokers for business. :lol:

 

[Terry Russell]

Jeff,

So how long are you going to fume? How long are you going to let mr zzz
take your honest livelihood away.

BEFORE EVERYONE STARTS HOOTING AND HOLLERING ABOUT you just
don't understand. You do not have say it. I will state it, I DO NOT UNDERSTAND WHY YOU DON'T TAKE SOME ACTION TO BRING OUT THE TRUTH ABOUT WHAT mr zzz is doing RIGHT NOW.

It is seemingly obvious that the situation is bothering you, probably much more than I realize.

I mean really, if you do not do something, you know in your heart of hearts, things will never change and mr. zzz will pick your pocket for as long as he wants to.

Now give one reason you can not stop mr. zzz.

I want hard cold answers, none of this "not ethical to report another appraiser" or "he might sue me" or "I might get in trouble" that does not fit in with honest and

integrity as part of your logo.

I am sorry if I seem somewhat confrontational, but I just can not understand why. terry

 

[Jeff Horton]

Simple. I have not gotten my hands on one of his reports yet. I have to have something to turn into the board other than I have heard.

 

[Terry Russell]

Ok, so some good hard data is obviously necessary.
Obviously I was a bit riled up yesterday, my apologies. Good Luck!
terry

 

[graindart]

The other reason a lot of appraisers don't waste their time turning fellow appraisers into the state board is that some state boards are extremely slow or backed up. I don't know about his state, but I do know that the Montana state board still has complaints on their plate that they haven't dealt with yet, that are from before 1996. At the last board meeting they tallied about 80+ outstanding serious complaints, and asked their 1 inspector how long it would take to zoom through them......her answer was that with her other duties, she could probably get to 2 or 3 initial investigations per quarter. That's about 10 investigations per year; and the investigation is only the first step. At that rate, with absolutely no new complaints, they could get to a newly submitted complaint in about 7-8 years; and most appraisers either get rid of their workfiles right at 5 years or at least say that they did, so that they can use that as an excuse for getting out of an old complaint. Also, after a few years, how much of an investigation can the investigator do......people have moved, memories have faded, data is unattainable, etc.