Sounds like MN is joining the Dirty Board List

[kerrylanger]

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?????

 

[Pamela Crowley (Florida)]

I am, but we all need to help.

 

[Terrel L. Shields]

I still find it incredible that states have rules allowing Appraisal board overrule special judge or court findings.

 

[kerrylanger]

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??

 

[Vegan702]

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]

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]

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]

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]

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]

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!!