Sales comparison and listing price!

[Stephen J. Vertin MAI]

I understand what you are saying. There are lags on the forum. I posted this information the morning of October 30, 2008. There has been a lot written since.

 

[PropertyEconomics]

MrsBee:

The truth is you have no legal recourse towards the appraiser. You were not his/her client and the contract to purchase the property had been signed before he/she was involved. In other words the appraisers actions did not entice you to buy and even if it had you are what is called a third party user. With that said, you most likely have administrative recourse against the appraiser, if indeed they have done what you have said.

Where are you in Michigan? I am a General Certified in the state and work many areas there. Depending on your area I could recommend someone who may be able to help.

Mr Vertin .. I will disagree with you from this stand point. If the appraiser assisted in fraud with the lender and the realtor, the borrower certainly has legal recourse in my opinion. No matter who the client was or who the appraisal was prepared for ... an appraiser committing fraud or helping commit fraud would certainly be subject to legal action and I think a jury would find on behalf of the borrwer.
While I fully understand what the "form" says about who is the intended user of the report, there is sufficient language on the "form" that I believe a good attorney could show cause for harm on behalf of the borrower and in fact may show that the borrower was in fact an intended user of the appraisal report.
This is not a settled matter yet in my mind and in the coming months and years courts may well find that the appraiser is liable for shoddy work and certainly so if fraud is found to be present.

I would guess, upon a negative finding by a review appraiser, MrsBee may well have a claim against the appraisers E&O Insurance which may pay quite handsomely to make this little matter go away. Such is the world we live in.

 

[AnonApprsr]

I have to ask: When will people take personal responsibility for their actions? I mean...you negotiate your sale...the BANK needs an appraisal for lending purposes (you don't apparently think you need your own)...and you want to go back to the seller and say they took advantage of you because you didn't do your own due diligence? If anything i'd be going after the agent that should have been watching out for you.

My bold. You weren't the appraisers client. I'm not saying that in regards to the quality of the appraisal, I am simply saying that the appraiser was not your advocate. I'm sorry you feel ripped off, MrsBee, but 10,000 more or less isn't that horrible. One could say that you simply didn't negotiate as well, or perhaps better to say, your agent did not negotiate well.

Are you not able to make your loan payments right now? Is there a problem paying your debts to the lender?

 

[Stephen J. Vertin MAI]

PE: There is no proof of fraud. Unless I am missing some key component. By the borrowers own admission information was gleamed from MLS. The "F" word (fraud) is thrown around this form so much its lost its meaning.

 

[murray stroupe]

Re; Sales are Not Listings

Mr Vertin .. I will disagree with you from this stand point. If the appraiser assisted in fraud with the lender and the realtor, the borrower certainly has legal recourse in my opinion. No matter who the client was or who the appraisal was prepared for ... an appraiser committing fraud or helping commit fraud would certainly be subject to legal action and I think a jury would find on behalf of the borrwer.
While I fully understand what the "form" says about who is the intended user of the report, there is sufficient language on the "form" that I believe a good attorney could show cause for harm on behalf of the borrower and in fact may show that the borrower was in fact an intended user of the appraisal report.
This is not a settled matter yet in my mind and in the coming months and years courts may well find that the appraiser is liable for shoddy work and certainly so if fraud is found to be present.

I would guess, upon a negative finding by a review appraiser, MrsBee may well have a claim against the appraisers E&O Insurance which may pay quite handsomely to make this little matter go away. Such is the world we live in.

=======================
I like the PE advice , make friends[coffee, snacks with neighbors];
show them yor HUD statement, & you see thiers.

Sounds like that appraiser is a sloppy worker, or meant to decieve using listings,more so than sales ;
especially considering the written language of that appraiser.Assume it was quoted correctly.However since the appraiser told MRS Bee info she wasnt really entitled to, may want to show her [appraiser]mercy.

I like what David the moderator said;
listing prices tell you what it is NOTworth. Never saw a listing price used as part of 3 comps;
but i never bought a condo.Learned here a listing maybe used as 4 or 5th comp

Also around here ''WEBeFun '' Mortgage Bank is typical owned by a ''real bank''.Mrs BEE, i would find out the adress of FED regional regulator of Banks .Here its in Dallas TX, probably differs there.
And try to settle this out of court,[certified letters.....] with the bank/Bank boss/regulators -Easier to get money out of a bank, than insurance co lawyer ,LOL

Also once you have your appraisal review;
ask the bank to make it right, or politely tell them [certified letter]you are writing certified letters to bank boss/FED regulator.

 

[Terrel L. Shields]

the appraiser used listing prices from when comps were listed fro sale, and there were actual sales for same exact townhomes available, but those sales are 1,000, 4,000, and 12,000 less than what they were listed.

Closed sales prices are to be used. Period. Turn the appraiser into the state board. Seek damages from the bank.