What Do To With A Review Issue???

[hastalavista]

do you think that I should add the fact the appraiser told me he did not do the inspection and an assoicate did ? (im guessing yes)

That's a personal decision you have to make.

For me, given the significance of the issues you described, I would include that when I called the appraiser, this is what he/she told me (I think on OREA's compliant form it asks if the complainant spoke to the appraiser regarding the issue in question, does it not?) and sleep well at night.

Look, you are not trying to "screw" someone here ("kill a fellow appraiser"); from what you described before you talked to the appraiser, one of three possibilities existed:
1. Gross negligence/professional incompetent resulting in a significantly misleading appraisal.
2. Intentional fraud.
3. Identity theft.

Well, you've eliminated #3, because the appraiser acknowledges he is aware of the report, so you are left with Gross Negligence or Intentional Fraud. I wouldn't use those words in my complaint, but that's what has occurred. Given this, I see no need to question yourself on the potential "confidence/trust" you might feel you owe the other appraiser or he may feel you owe him.
By making the phone call, you now have important information that any investigator would want to be aware of.

Good luck in your decision.

 

[Murray Bloom]

I'm looking at another that I'll send to the state in time. 2-Unit building. 4 out of 5 comparables are 3-unit buildings.

Interesting that the unit # mismatch will get this one reported. I just appraised a 4-unit and all my comps were 3-units, albeit of similar G.L.A. I tried to find nearby, recent 4-unit comps but, in many respects they were less similar than the 3-units. The problem we have here is that multi-unit investment property sales are often not listed in MLS, so even though Baltimore is a fair sized city, the pickings can be kinda slim. Many sales of this type of building are private, I guess.

I reasoned that, since these were investment properties, the income approach would carry about as much weight as the sales comparison. This was apparently okay with the client although I did receive an addendum request - to provide an item-by-item breakdown of my reported deferred maintenance.

 

[jay trotta]

well I'm going against the grain here (like I never do) I say put the youngster on the "Hot Plate" - he already admitted to signing off for someone else, so let him do the "real" job and come up with a real value estimate.

now, once that has been completed and forwarded to you, you can provide it to the Lender or have the revised sent to you from the Lender and you will find one cooked goose "on da glass". Afta all there is No way out for him now and you will not have had to do a thing. It's all his work that he has to deal with.

Once the report is done and sent in, they Do Not provide a large enough erasor fer that type of mistake, uhh I think it's a number 14 pencil...no lead a tall........ROFL

You won't hav ta send anythin, it will now take it's own course of action...

I luv rainy, dark, drizzly nights - so much can be accomplished, on a whim

 

[Scott Radin]

Jay,

I never did a review or had any contact from the lender the appraisal was completed for. I recived the appraisal thru a 2nd lender that will make the loan for the purchase. I told the appraiser for his own good he should redo the appraisal and send it to his client. Just thought that might be a good idea.
I guess I could have him send it to me as well.

 

[Webbed Feet]

Interesting that the unit # mismatch will get this one reported. I just appraised a 4-unit and all my comps were 3-units, albeit of similar G.L.A. I tried to find nearby, recent 4-unit comps but, in many respects they were less similar than the 3-units. The problem we have here is that multi-unit investment property sales are often not listed in MLS, so even though Baltimore is a fair sized city, the pickings can be kinda slim. Many sales of this type of building are private, I guess.

I reasoned that, since these were investment properties, the income approach would carry about as much weight as the sales comparison. This was apparently okay with the client although I did receive an addendum request - to provide an item-by-item breakdown of my reported deferred maintenance.

Ms. Bloom,

Actually, not being able to obtain matching unit numbers tends to seriously skew your GRM's to the point it can badly weaken your income approach, not make it equal.

Barry Dayton

 

[hastalavista]

I guess I could have him send it to me as well.

Scott-

As much as many of us (especially me! :icon_twisted: ) would love to follow Jay's advice, I'd advise against it. Just make the complaint with what you have; there's enough there that, in 3 years, he'll have his day of reckoning!

 

[Mike Kennedy]

Scott: "I have a client who wanted me to do a land appraisal and gave me a prior report on the same property that was done by someone else. I was not asked to do a review" /

- Send it back to whomever sent it to you. As you indicated, you were NOT hired to review the prior appraisal. IN FACT, IMO the broker sending it to you.......MOST probably did so to INFLUENCE your appraisal without "saying so" (akin to verbal contingency). HOGWASH!. the broker and the prior appraiser deserve each other. Find a REAL CLIENT .....FAST.

Scott: " I called the appraiser to hear what he had to say. I though this was a very serious issue and he should be able to explain himself before I decided what to do. (why not give him a chance to defend himself, which he did not) I dont know of any issue that would not allow me to call him. (correct me if I am wrong). /

You may call anyone you wish - this is America - your call required that appraiser to violate his client's confidentiality. he should have declined to discuss it. end of story. Might recall that when someone NOT THE CLIENT and not authorized by the Client - contacts you and wants YOU to do the same thing.

Scott: "do you think that I should add the fact the appraiser told me he did not do the inspection and an assoicate did ? (im guessing yes)" /

I'm guessing ..........it's none of your business. I'll be the one of the First in-line to assist prosecute "skippy" .......when fraud is discovered as part of an Actual Assignment (i.e. review). To do anything, unless hired by the Client to do so, or in response to a subpoena .............is foolishness.

keep in mind.......in the improbable event your "complaint" ever gets acted on ........and his license is revoked......... it will most likely be purported by his attorney during slander/libel suit - NO ONE HIRED you in an official capacity to Review that report. That report would NEVER found its' way into your hands unless the MB wanted to influence YOUR OWN opinion of value. Suggest you focus your attention - THERE, where you CAN legally do something about it.

Based on what you posted you have no grounds to file an official complaint. IMO......get em next time! during an official assignment.

 

[Pamela Crowley (Florida)]

Send it to me to file the complaint!!!!!
pec514 @ yahoo. com (take out the spaces)

 

[Otis Key]

I told the appraiser for his own good he should redo the appraisal and send it to his client. Just thought that might be a good idea.
I guess I could have him send it to me as well.

Scott, I agree with Denis, again , but don't see any reason for you to be discussing this at all, or anymore, with the original appraiser. Follow the advice that you've received about filing the complaint. Sure, you're going to get calls (we all do) but it's not you going to be before the board or, even worse, before the judge. S/He did wrong so stop it in the path right now. Beyond that, follow Jay's advise (sure wish I could many times).

Also, forward it to Pam - she has some contacts that just might start getting some attention to some of this fraud stuff that so many of us have been seeing for so many years.

 

[Scott Radin]

Thanks Guys and Gals you all make great points

Pam I Will send It to you tomorrow..

Mike: The reason I brought this issue up in the first place was that I was not asked to do a review. So I welcome you points as they were my concerns as well. You are 100% right in that he should have not spoke ( i guess i dont qualify as a peer group??) to me but I guess I understand why.

I tend to disagree with you Mike that It is none of my business to file a complaint with orea. I could not find any place where it said as an appraiser that I had to be party to the transaction..(review, lender, homeowner) to file a complaint

As to you point that the lender was trying to influence me...normaly I would agree but they also knew how bad the report was and wanted me to see (sales price 90K appraised 356K).

Otis: I have ended my discussion with the appraiser.


Thanks for all the input guys...