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Sad but True, The Appraisal That Wasn't

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Claude From NY

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
New York
Fake comps, large and unsupported adjustments are some of the items of interest that I have come across as a reviewer this month. Sadly, you would not want to line the bottom of a bird cage with these "certified" rags.

The kicker of the month came from an unlicensed guy/gal who came over from an adjoining state (no license there either) and proceeded to appraise a property that was selling for $70,000 over a recent listing. In fact the "appraisal" came in at $115,000 more than the actual recorded closing price and a mortgage that was $50,000 higher than the sale price. Sales comparables used were significantly larger in GLA, younger in age, in different neighborhoods an at least one had a modified sales price to suite the analysis grid.

Hopefully someone will be going to jail on this.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Geeeeezz

You did send this in to at least the state appraisal board, I hope. I haven't checked, but would a fraud like this also go to the state attorney general? Add the names of the LOs involved, too!!!!!

What do you do with one like that??? Who do you report it to other than the state appraisal board?
 

airphoto

Senior Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Pennsylvania
Pam,

New York's not a mandatory state ..
 

airphoto

Senior Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Pennsylvania
Not like a driver's license .. anybody can do an appraisal in NY .. licensing/certification not required ..
 
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