Thanks for the post. I read a similar story in our local paper(Virginian Pilot) 2 weeks ago. Tried to respond with an article of my own but so far no luck getting it printed. I have a suggestion for Frank, the NAR, and HUD:
Contact all former AQAS FHA Field Review Appraisers and ask for their input on the problems they saw while HUD was using them(we are all former AQAS Review Appraisers now that the program was abandoned). I can give you just a hint as to what I saw, and I am sad to say, it was not just the novice appraisers that caused the following but a "high" number of designated appraisers from many supposed professional organizations: :evil:
1. Not properly identifying the boundaries of a neighborhood or market area.
2.Disregarding, and in some cases, making sure a high voltage transmission tower did not show up in the photos(within the fall distance).
3. Not identifying apparent flaking, peeling, lead based paint the size of dinner plates visible from the street.
4. No safety rails on a concrete ramp on a home built specifically for a handicapped person.
5. Swapping data for one comp for another(1 looked good in photo but data was wrong, so data mixed with comp that looked better).
6. Using 2 story comps in a market with an abundance of ranch style comps similar to subject but that would not support appraised value.
7. Multiple sanitary and safety violations.
8. In 7 months as review appraiser, all properties over valued by 16%, some as high as 50%, 1 was 100% over value.
9. Not calling for necessary and needed repairs.