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Who's The Idiot Now?

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Liz South

Junior Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Virginia
Gotta rant -

Went out and inspected a house yesterday. Had plenty of comps in the immediate area, also have done numerous jobs recently in the immediate area so have a good data plant in house for the market etc.

Towards the end of the inspection homeowner said "I have previous appraisal from 7/02 where it came in at zzz. My immediate thought was thats about 35-50K high. Asked to see copy, couldn't produce it. H.O. called about 5 minutes after I left said they had found report. I asked them to fax copy to me.

Previous report is SOOOOOOO BOGUS that it is close to fraud. It is also just idiocy considering the way that it is written up. Comps from much higher priced areas, no location adjust, no adjust for new construct versus 10-15 year old homes, etc. Report shows that most of the dwelling is in the basement (it wasn't in the basement when I was there, it was first and second floors).

homeowner thinks house should have gone up by acceptable percentage based on previous appraisal.

Now who is the idiot? The original appraiser who did the fraudulent job, got his money and ran,
or poor lowly me who tries to do an accurate job, and then has to deal with irrate homeowner and reconsiderations of value.

I know I should send this other report in to the state, and just might since I've got to go to the board to renew license next week (want to get it in early so that clients won't be bugging me late in July).

Anyway just ranting early on the 13th.

Liz S.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Liz,

Run a copy of that appraisal.
Highlight areas that are not quite 'correct'.
Type out a list of what is 'wrong' with each item highlighted. Stick to just the facts.
Print out copies of tax records, etc for the subject.
Do the same for the comps used.
Do the same for comps that were better and available at that time.

Fill out the complaint form and send it in. You don't need to do a review or send in a copy of your report.
 

USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Each of us should know how the complaint process works in our own state. Each state will have some differences in the process. Get a copy of your appraisal board rules and guidlines for investigations, hearings etc.


In NC, there is no requirement that you do a REVIEW. However, if you have done your own report on the property (for which a complaint is filed) the NCAB will ask for a copy of it.

Good advice Pam. Stick to the FACTS. I make a copy of the report and use a highlighter to mark all problems, then run tax cards and MLS data sheets on the subject and comps. (if available) and the highlight the INCONSISTENCIES between the report and the tax cards/MLS sheets. If there are USPAP or board rule violations I will list them.

It is certainly not my job decide if disciplinary action is needed. The state board will investigate and decide if action is needed. I would never waste my time filing a complaint that was not significant and I always sign my complaints.
 

Austin

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Virginia
Liz: I see you are in Virginia. I had a friend report an illegal listing to the real estate commission about a week ago. Within a week the investigator was down here in southside investigaging. The appraisal board is in the same division so I assume they are Johnny on the spot too. I would be careful about talking about location adjustments based on his comparable sales unless you have data to support that and unless you are are willing to go to a lot of trouble and I suspect you don't, so I advise leave that charge alone. If it is as bad as you say, you don't need to pile on with things that can be easily questioned.
 

Travis McGee

Senior Member
Joined
Sep 18, 2004
Nowdays, if owner says they have prior appraisal, I say I perfer to start fresh and refuse to look at it or take it. Then I don't have to deal with a prior value, or be influenced by it one way or another. Our assignment is to appraise the house as the day we are there. If it helps, when your reprot is finished, you do not have to "deal" with the irate homeowner. If they call, simply state you cannot discuss the appraisal with him (her). If lender calls and asks you to talk to them, tell them the same. We complain that we are mistreated, but we let people do things like that to us.

I am tying to be more business like- we waste enormous amounts of unpaid time worrying about/ talking to people like homeowners. And, the fact is, we should NOT be talking them about value per regulations-they are not our client. It is not a matter of courtesy by not talking to them-we are not supposed to discuss the appraisal with them. Period, end of matter. If we stick to what we are permitted to do, our lives are so much easier.

Turning in a fraudulant appraisal is another matter- if you believe the prior appraisal was, that could be constructive thing to do. However, you were not hired to do a review of their appraisal, so may be a gray area....in any case, good luck.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Liz:

Don't you just love those things?

I got accused recently of taking an original copy from the homeowners residence. I HAD agreed that it might be nice to check that appraisers sketch against MY measurements of the complex upper story (all gables and pop-outs and such) but clearly stated that I would prefer NOT to see the value or work as I preferred to develop my own opinion.

The HO never found the appraisal while I was there: I mean I am goood if I whisked it past their noses without being shown it['s storage location :p .

My appraisal didn't 'make value' either. They had bought the house 9 months earlier.

Yuppie judge (and she was preggers) , and a fbier hubby if I had to bet. You think they were going to stand for some fool appraiser messing up their plans?!?!?

Thankfully this was an AMC order, so I referred the angry HO and the irate LO and the really really rude 'some other third party' who called to my client.

The HO threatened to sue. Feel free I said. My report stated quite clearly that they bought the house at the absolute 'top o the market' for the area, and that the appreciation in the local market simply could not justify their "wished for" estimate of value. I even used the subject as a 5th comp :rolleyes: AND adjusted for the nominal rise in value in the area.

I surely wish I HAD seen the report from the sale <_< before writing the report. It WAS sent over for dissection after the HO complained. Not ugly enough to send to the state, but skanky- real skanky. I refused to perform a review, and referred em to my original comments - seeing as how I WAS aware of the prior sale and had to comment on it in my report AND had considered sales going back nigh onto two years in developing MY opinion of value.

Some of our competitors really are our worst enemies.
 

Rich Hahn

Senior Member
Joined
May 2, 2003
Professional Status
General Public
State
Colorado
you have years to turn it in

stow it away for later

perhaps youll find more from this same firm and send the state a package
 
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