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Please consider these comps

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LACKLAND27

Thread Starter
Senior Member
Joined
Mar 6, 2008
Professional Status
Certified Residential Appraiser
State
New York
Tues I shipped out an appraisal for a Ranch @ $260K. I get a stip from the AMC that an appraisal was done in Sept for $340K and to please check out 2 sales used in the other appraisal. My sales were all ranches from 8/08 to 9/08. Theirs were 4/08 and 5/08 stating stable market in Freeport and no time adjustments. This is what I sent them back.

PLEASE NOTE: THE CURRENT MARKET IS DECLINING @ 15% PER ANNUM AS NOTED ON PAGE #1 AND IS NOT STABLE. THE AREA HAS A HIGH LEVEL OF REO PROPERTIES, FORECLOSURES AND SHORT SALES. PLEASE SEE THE COMPS PROVIDED TO THE APPRAISER FROM A PRIOR APPRAISAL.

1- zzz ELM STREET, IS IN ROOSEVELT NY ZIP 11575 AND IS NOT IN FREEPORT. AS IS NOTED IN THE NASSAU PROPERTY REPORT THERE ARE 2 SALES IN APRIL OF 2008 ONE ON 4/10/08 FOR $380,000 AND ONE ON 4/18/08 FOR $242,000. THESE ARE NOT DEEMED TO BE ARMS LENGTH TRANSACTIONS.

2- zzz FOREST AVE, FREEPORT NY 11520 SOLD 5/13/08 FOR $362,000 BOTH THE BUYER AND SELLER HAVE THE SAME NAME. THIS IS ALSO NOT DEEMED TO BE AN ARMS LENGTH TRANSACTION. ADDITIONALLY SEE ATTACHED CURRENT MLS LISTING FOR THIS PROPERTY @ $319,000.

THE PRIOR APPRAISAL PROVIDED TO THE APPRAISER IS NOT A RELIABLE INDICATOR OF VALUE AND APPEARS TO BE EXTREMELY DECEPTIVE. THE SALES PROVIDED ARE NOT SIMILAR STYLES FROM DIFFERENT MARKET AREAS AND ARE NOT ARMS LENGTH TRANSACTIONS. IT IS RECOMMEND THAT THIS APPRAISAL BE SUBMITTED TO THE NEW YORK DEPARTMENT OF STATE FOR REVIEW AND POSSIBLE INVESTIGATION.”

I wonder if I'll get any more orders???? :rof: Thankfully I have a real job now!
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Here ! Here! Good Job. (would have offered to do a formal S3 review for a fee - then forwarded it to the state along with an itemized USPAP violations laundry list) .
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
If you have a copy of the appraisal, cite the violations and send it upstate.
 

Roger Hudson

Sophomore Member
Joined
Jan 21, 2005
Professional Status
Certified Residential Appraiser
State
New York
What was the name of the AMC? I just got an email from LSI requiring absurdly long breakdowns justfying all grid adjustments in all future appraisals for WAMU. It was a three page document! They can forget about me from now on unless they double their fees.
 

Claude From NY

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
New York
Remarkable!

Lackland, you're flying the right aircraft. Bombs away on this fraud fuggazy report. Jmho of course :mellow:

What was the name of the AMC? I just got an email from LSI requiring absurdly long breakdowns justifying all grid adjustments in all future appraisals for WAMU. It was a three page document! They can forget about me from now on unless they double their fees.
What difference does it make Roger? They are all pulling the same sh*t. I have an acquaintance that works for three of these, LSI, PVC Murcor and LandAm. Their directives and requirements are astounding considering that they are supposedly engaging the appraiser for a summary appraisal report. One of them threatened to withhold payment of fee because the appraiser, although having reconciled the comparables refused to put a weighted percentage on each one.

The reason for this continued pressure is to of course cover their arses and answer to their clients. The AMCs make big promises of quality and speed to attract new bank clients but then find out they can't deliver.
 

Roger Hudson

Sophomore Member
Joined
Jan 21, 2005
Professional Status
Certified Residential Appraiser
State
New York
Naming names helps. Sounds to me like you still want to stay on their good side.
 

LACKLAND27

Thread Starter
Senior Member
Joined
Mar 6, 2008
Professional Status
Certified Residential Appraiser
State
New York
They were actually very good about it and seemed to be on my side (like they had a choice!). Buts lets see if I get any more orders. Out of 3 I received only one actually panned out anyway. Their client is a real dirt bag lender, who I have run into before. The name is really not important.

:peace:
 

LACKLAND27

Thread Starter
Senior Member
Joined
Mar 6, 2008
Professional Status
Certified Residential Appraiser
State
New York
Lackland, you're flying the right aircraft. Bombs away on this fraud fuggazy report. Jmho of course :mellow:


What difference does it make Roger? They are all pulling the same sh*t. I have an acquaintance that works for three of these, LSI, PVC Murcor and LandAm. Their directives and requirements are astounding considering that they are supposedly engaging the appraiser for a summary appraisal report. One of them threatened to withhold payment of fee because the appraiser, although having reconciled the comparables refused to put a weighted percentage on each one.

The reason for this continued pressure is to of course cover their arses and answer to their clients. The AMCs make big promises of quality and speed to attract new bank clients but then find out they can't deliver.


I used to work on B-52's in the USAF, climbing around greasy aircraft working around nuclear weapons was nothing compared to how dirty I feel doing this job somedays.

I know I'll start a new AMC, that's the ticket.

NATIONAL APPRAISALS "R" US OF THE USA INC

That's right you get 3 full appraisals for $99 within 24 hrs. The appraisal will include 6 closed sales with sale dates within 10 days, 3 listings, 3 pendings, absortion analysis, list to sale price ratio and a full market demographic study.

CALL NOW! The 1st 50 callers will receive a free golden pen. :new_shocked:
 
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