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This made me laugh

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Tony O\'Regan

Thread Starter
Freshman Member
Joined
Feb 28, 2002
A request for a review came over the fax machine today. I was flippin' through the appraisal and noticed it was performed by an appraiser that I'm not to fond of, then I look at his comps, and I noticed he used MY house as one of his sales....I bought my house 6 years ago!!


Oh this is gonna be fun :twisted:
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
A GIFT!!!

:lol: :lol:

However... before you rip him to shreds over THAT part make sure he didn't have a simple (it could -tho shouldn't- happen to anyone) typo... and really meant your neighbor's house... or the one on the next block over...

I am sure you are going to do a VERY competent 'Jus the facts ma'am' Professional Standard 3 review... but it's a GREAT opening line for section 6, and fun to deal with in 7,8,9, and the all important 12 (assuming you use form FNMA 2000)

Do enjoy it... 8)
 

Joe Sloan

Sophomore Member
Joined
Feb 17, 2002
Professional Status
Certified Residential Appraiser
State
Texas
In your review, be sure you disclose if you are sleeping with the seller/buyer of any of his comps.

Good luck,

Joe
 

BarbaraNJ

Junior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
New Jersey
Should have made you "cry" or "scream" or "cuss"

First, he got the initial job, not you and now its' quite obvious that while he may be incompetent, he is the one getting the order(s).

Second, I would not have laughed. But I will admit I would have probably broken a leg RUNNING to the copy machine to make copies to send to the State Board.
 

Tony O\'Regan

Thread Starter
Freshman Member
Joined
Feb 28, 2002
Lee Ann,

I'm sure its not a mistake, my closest neighbor is 3/4 mile down the road, and the address is mine as well as the picture he took.

Barbara, I'm not worried about this guy getting orders, I've given up on mortgage companies, most of my work comes through two banks I'm very happy with, and estate work. The outfit sending him orders is a fly by night mortgage broker.

I will be fair, as well as very thourough :wink:
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I'd be laughing too! :lol:
Let us know how this one turns out.
 

Doug in NC

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
You might ask the appraiser why he didn't use the house next door. It didn't sell recently of course, but why would that stop him.

Let him have it! This is the worst kind of blatant appraisal fraud in my opinion. The guy deserves to lose his license for a minimum of 6 months. Maybe it will make him think about another career during his time off ... maybe he has a career waiting for him in used cars, or a politician, or something like that.
 

Tony O\'Regan

Thread Starter
Freshman Member
Joined
Feb 28, 2002
Update:

All four comps that were used were fraudulent. I was able to locate all of the pictures he took, and none of those homes sold when he said they did or for the amount he stated. Also, the sold price and sold date he used did not match up with ANY home in the county. 8O

Conclusion: He drove around the subject area and found homes that were similar to the subject, and made up all the data for them, sales price, sales date, sq footage, etc.. The appraiser even included the deed book and page on all the sales, when I researched those, I found the following. The first book and page was a contract for deed for a small house in a town 6-8 miles south of the subject, the second book and page was a quit claim deed, and the last book and page was the signature page of a mortgage. :roll:

As kooky as all this is, the part that surprised me was he undershot the value by $8,000! :!: :?:

I see fraudulent appraisals every now and then, and I suspect, its an appraiser who can't reach a value, so he/she makes up comps to hit the number, this is the first time I have ever come across this kind of thing.


Tony
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Whoa! If that appraiser actually did that report - (s)he needs to have that license revoked immediately!!! Is this one of your local known 'meet the value wanted' appraisers? If not, I think I would call him/her and find out if they actually did that report. It's just beyond my imagination that any appraiser would do such a thing.

Amazing :? :roll: :twisted:
 

Red Blumenstock

Sophomore Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Florida
Pamela,

That is not necessarily unusual. Last summer, a case was heard in PA in which the appraiser did exactly the same thing. She made up street addresses and data and the whole appraisal was reported by the Investigators and Reviewers as "phony".

This one got a laugh from the gallery when the Board announced its decision. Thery announced that they lacked jurisdiction. Why? The appraiser had died during the month between the hearing and the announcemnent of the decision.
 
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