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Ummm...gee....bad loan idea?

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Kathy in FL

Thread Starter
Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Florida
Save this one for the next S&L scandal:

A guy I've done a lot of work for (commercial and residential) stiffed me on the fee for doing his house last time around. He was upset because the value hadn't increased since the last time I did it (1 year ago!)...so he didn't pay me. Fine. He found somebody else that hit the value he wanted. Eight months later...

His bank called me and wanted to know what I'd charge to do an update on his commercial property (a convenience store)...when I told them he'd have to pay me for the old appraisal before I'd do any more work for him, the bank said, no problem, we'll pay for that, too, if we order the appraisal. I said, OK, quoted a price...and waited for the order that never came.

I called back to find out what happened, and she said, "We're just going to use your old appraisal from 18 months ago. It'll be fine." OK, I said, seeing my hopes of getting paid hit the concrete. "It hasn't changed since the last time you did it," she said, "besides, he's closed the store."

OK....even a two year old could see a BAD pattern here. Guy not paying his bills...closes his business...is leveraging every property he owns to the max...HELLO? Is there anyone out there? They're going to loan him MORE money??

And they'll try to pin this one on a bad appraisal no doubt...

Kathy
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Oh Gees, :roll: No favors for anyone! That has become my moto. :evil: Gotta love the gumption of brainless lenders. 8O
 

jtrotta

Senior Member
Joined
Jan 16, 2002
Lucky for you the order didn't come thru :) or you would have never found out he closed the bus. 8O ; now they can hang it on someone else :lol:
 
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