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Sounds like MN is joining the Dirty Board List

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kerrylanger

Thread Starter
Member
Joined
Sep 6, 2005
Professional Status
Certified Residential Appraiser
State
Wisconsin
Just found out a friend is being fined $3K for these minor things:

1. Reporting type of financing as conventional when MLS stated conventional and for some reason they say it was cash.

2. Failed to make an adjustment for one comp not having a basement when a $36K adjustment was made.

There were a couple other minor issues but my friend does not want to tip off any lurkers from the state.

The letter received does not give this appraiser a chance to negotiate the fine down and said it is the minimum punishment that they will accept.

They also dangle the chance for an AL hearing, but end it up saying the fines will increase to $10K per offense they find, and they reserve the right to overrule the decision.

Once again they are letting the crap appraisers go and are punishing the good ones.

Is anyone out there getting mad enough to do something about this?????
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
I still find it incredible that states have rules allowing Appraisal board overrule special judge or court findings.
 

kerrylanger

Thread Starter
Member
Joined
Sep 6, 2005
Professional Status
Certified Residential Appraiser
State
Wisconsin
I am so glad I quit appraising. It leaves me with the extra time to roll my sleeves up and do something. I think a letter to the Governer's office is in order. If we had everyone on this forum who is sick and tired of this abuse, send in a letter, someone might take notice. Any wordsmiths out there willing to help compose one??
 
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Vegan702

Senior Member
Joined
Feb 24, 2005
Professional Status
Certified Residential Appraiser
State
Nevada
He was wrong, correct? So I don't see where the board was wrong for fining him/her. Obviously someone turned in the appraisal to the state for review, complaint, etc. and they found errors. A $36k adjustment could be significant depending on the situation.
 

kerrylanger

Thread Starter
Member
Joined
Sep 6, 2005
Professional Status
Certified Residential Appraiser
State
Wisconsin
He was wrong, correct? So I don't see where the board was wrong for fining him/her. Obviously someone turned in the appraisal to the state for review, complaint, etc. and they found errors. A $36k adjustment could be significant depending on the situation.

Nope, incorrect. The appraiser used the information from the MLS for the financing type and they are accusing the appraiser of not making the basement adjustment. They are wrong, and don't you think $3K is pretty steep even if they are right?
 

CCAAMO

Senior Member
Joined
Sep 17, 2007
Professional Status
Certified General Appraiser
State
California
Nope, incorrect. The appraiser used the information from the MLS for the financing type and they are accusing the appraiser of not making the basement adjustment. They are wrong, and don't you think $3K is pretty steep even if they are right?

MLS said Conventional financing, but what did the appraiser's secondary source indicate? If there was no mortgage recorded with the sale that should have been a clue it was a cash sale.
 

Doug Meyer

Senior Member
Joined
Sep 13, 2003
Professional Status
Certified Residential Appraiser
State
Indiana
I know here in Indiana not all records are on line like California and the recorders/assessors office will not give up that information.
 

CCAAMO

Senior Member
Joined
Sep 17, 2007
Professional Status
Certified General Appraiser
State
California
I know here in Indiana not all records are on line like California and the recorders/assessors office will not give up that information.

O.K but you still have to use a secondary source. In Indiana, other than the MLS, what do you use to verify sales price, financing etc?
 

Doug Meyer

Senior Member
Joined
Sep 13, 2003
Professional Status
Certified Residential Appraiser
State
Indiana
O.K but you still have to use a secondary source. In Indiana, other than the MLS, what do you use to verify sales price, financing etc?

Realtors, when they want to disclose. Many will not. Disclosure papers are to be filed with the auditors office, but a copy of the HUD 1 does not. Basically anyone can put any sales price or any other information in the disclosures at this time. Pain in the rump!!
 
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