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Public Trust
- Thread starter Eli
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Restrain
Elite Member
- Joined
- Jan 22, 2002
- Professional Status
- Certified General Appraiser
- State
- Florida
Define the term 'public trust'. Te trust that the public has in a specific individual or industry? The trust one should put in the general public? The trust in government in regards to its action towards the public?
There are all sorts of potential definitions and the specific definition affects the viewpoint.
There are all sorts of potential definitions and the specific definition affects the viewpoint.
Eli
Elite Member
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- May 12, 2007
- Professional Status
- Certified General Appraiser
- State
- Tennessee
No, that would be a no no.
Eli
Elite Member
- Joined
- May 12, 2007
- Professional Status
- Certified General Appraiser
- State
- Tennessee
I would rather have your viewpoint and others relative to the appraisal industry.
Terrel L. Shields
Elite Member
- Joined
- May 2, 2002
- Professional Status
- Certified General Appraiser
- State
- Arkansas
The public could not give a bigger rat about us... They "think" we belong to the banks, and they "trust" us not. How can someone say the industry as a whole is "trusted" by the public when we were blamed for the recession, and are proven wrong by a huge margin by the post-recession fire sales made by the banks...We are here now but the market is somewhere else tomorrow...that "Positive" economic model that is myopic and makes no assessment of the potential for a huge downturn... We are like falling off a tall building and saying, "So far so good."
I once was asked to do a private appraisal. I declined with the party said they needed to know what is was "really worth" and not that low value that he knew the banks made us tell everyone. How do you fix that? You can't. And Public Trust belongs with the Tooth Fairy, Santa Claus, and the Easter Bunny as the sort of self-delusional thinking a lot of us hope describes reality. Never mind the many instances of incompetence or arrogance that the "public" may encounter. My own niece had an appraiser try to appraise her home for what she gave for it, and that was to assume the loan of her folks house after her dad passed away. My sister in law didn't need two houses. The loan was for less than half the estate appraisal value. But with the knowledge that the sale price was not arm's length, and with the estate appraisal, the appraiser refused to look at a sale I provided which was built by the same builder on acreage and only 1 ½ miles away. A perfect comp as you'll find in rural property. The bank ended up taking him off their vendor list and didn't charge for the appraisal. He quit the business within a year. That kind of incompetence is unfortunately way too common...and the public knows it.
I once was asked to do a private appraisal. I declined with the party said they needed to know what is was "really worth" and not that low value that he knew the banks made us tell everyone. How do you fix that? You can't. And Public Trust belongs with the Tooth Fairy, Santa Claus, and the Easter Bunny as the sort of self-delusional thinking a lot of us hope describes reality. Never mind the many instances of incompetence or arrogance that the "public" may encounter. My own niece had an appraiser try to appraise her home for what she gave for it, and that was to assume the loan of her folks house after her dad passed away. My sister in law didn't need two houses. The loan was for less than half the estate appraisal value. But with the knowledge that the sale price was not arm's length, and with the estate appraisal, the appraiser refused to look at a sale I provided which was built by the same builder on acreage and only 1 ½ miles away. A perfect comp as you'll find in rural property. The bank ended up taking him off their vendor list and didn't charge for the appraisal. He quit the business within a year. That kind of incompetence is unfortunately way too common...and the public knows it.
glenn walker
Elite Member
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- Oct 11, 2006
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- Certified Residential Appraiser
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- California
Trust can only be earned- so this is nothing more than an- empty word used by politicians.
Eli
Elite Member
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- May 12, 2007
- Professional Status
- Certified General Appraiser
- State
- Tennessee
I understand but your comment resembles giving a pair of scissors
to a brain surgeon. Appraisers have all this experience and education and knowledge. It is an ethical problem. I am thinking intended use and user might solve some of it.
D
Deleted member 130081
Guest
USPAP - The standards that require we analyze the purchase contract, yet fall short of explaining for what. The FAQ, that says using the sales contract as relevant data is ok. I personally do not take issue with this practice if applied the right way, however I think it is the crux of many problems and certainly hurts the public trust. Its one of those cases where a small detail can ruin an otherwise very good thing.
Eli
Elite Member
- Joined
- May 12, 2007
- Professional Status
- Certified General Appraiser
- State
- Tennessee
The what is market data that must be analyzed. I have no problem there but Mike Kennedy would like to buy you a drink. Lol
I like you and Mike majorly.
For example, what if I have a contract on a house next door to my father or in a particular area where external factors motivated me to buy it? See?
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