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Testimonials
MI
Daily I am asked to do comp searches. Occassionally I waste my time doing them, knowing the end result: a Borrower taken by a previous lender and appraiser who owes 20% more than their home is worth. And when I tell a Lender that they just call the next appraiser and see if they can find an appraiser hungry enough to commit fraud. Which inevitably they will find.
MI
There is a MI state rep. who is trying to get a bill through the legislature (HB 6267). The Bill would make it a felony to do mortgage fraud in MI and also would make it a felony for Appraisers to commit fraud. Further it would be nice to see these Bills with even more teeth, such as: NO lenders request to an appraiser can have an estimated value (Kansas is already doing this). Comp searches should be banned with a 10,000 fine for first offense.
MN
I own a one-person appraisal firm and stay busy with a diverse client list. I have lost many a client over the years by not "meeting the number" they send. The whole loan industry is screwed up by always working backwards on a number that just gets the 80% of 90% or whatever. Then, the appaiser is expected to make it happen and if not........ see ya, in many cases. The appraisal should be first, then figure out how to structure the loan to best help the homeowner with their financial needs.
LA
I constantly have to defend my appraisals to lenders and clients because of over valuation. Our state has a problem with it's trainee program in that it allows an appraiser to sponsor a trainee that may be in a city 300 miles away. To me this is a violation of the competency provision of USPAP as there is no way for the supervising appraiser to have sufficient knowledge of the market and trends that affect value.
PA
We are a large appraisal firm in central PA. Over the past year we have lost clients to appraisers who will make values using comps outside neighborhood to make what ever value the lender needs. We see this every time a review is preformed. Many new appraisers feel the only way the can get new buisness is by cutting price and doing what ever the lender requires with no consern about libility or honesty. Appraisal fraud today is the worst in 25 years,there must be regulations placed on Lenders.
TX
In a recent conversation with a real estate agent, I explained that the comparable sales in the neighborhood topped out at about $155,000 during the previous six months. Her response was, "Well, it will be worth $165,000 someday--there's a new mall going in--and I know I can find an appraiser to appraise it that high." Sadly, she likely can.
KY
I recently completed an appraisal for which I was "payed at the door". I typically do not take these assignments, but I did in this case. I completed the report and a day later received a voice mail from the owner complaining about my incompetency. He had had the property appraised 2 years ago for 40K more. I had 4 sales within close proximity and felt very confident in my analysis. He stopped payment on the check before it cleared. I am looking at it as an expensive lesson. NEVER AGAIN!
MD
I am a REALTOR and Appraiser for over 20 yrs and 10 yrs respectively. I constantly have to deal with rip off artists called loan officers. I just got aligned by a homeowner for "Not appraising the property high enough." I have had LA shop for another appraiser because I will not falsify reports. It is not an isolated incident, it happens everyday 3 times. I constantly have to deal with the first appraisal came in too low what is the value????
Honest Appraiser in MD
AZ
I joined this organization in HOPES that something will get done about the sorry state of affairs that the Appraisal profession is it. Due to the sorry state of affairs the Mortgage Brokers are in. Due to the sorry state of affairs the Realtors Association is in.
AZ not only leads the country in ID Theft but I'm betting if not first, it is very close to number 1 in Real Estate Fraud.
MI
I am having a problem getting refinancing on my home. 1 year ago my house was appraised for $80,000 and now it appraises at 60,000. I don't see how it could loose 20,000 in one year. I have been trying to refinance it and have been getting turned down because they say I owe more than it is worth. I have tried at various company's and I get the same answer at every one. Now my credit score is affected by all the inquiries and that adds to the problem of getting refinanced.
AZ
In Arizona, the appraisal board refuses to investigate cases of obvious appraisal fraud. Instead, they spend their time pumping up charges against honest appraisers. Recently, the Arizona Board of Appraisals refused to investigate a case where the appraiser claimed that a property had all utilities and was 10 acres. The property was only 2.5 acres and the nearest utilities were two miles away. The appraiser claimed he did not sign the appraisal.However, he did cash the appraisal check.
CA
The appraiser that says this profession is a joke, comes from a lack of expereince and the WRONG mentor. The borrowers that think averaging is a method that we use is wrong. The income property value should probably be assigned based upon the GRM. (similar investments for a similar holding period with a similar risk) Appraisers are harrassed daily by everyone. Congress did not finish the job in 1989. USPAP and Title 11 only address half the problem. Without putting standards and ethics on the loan agents and giving appraisers protection against homeowners that threaten to sue or beat up the appraiser, we all lose. How can we effect change if those who stand to gain the most (borrowers and agents) don't have serious consequences for their actions. It's easier and safer than robbing a bank with a gun. SAME RESULTS.
NY
I used an appraiser from a lender. He came to the mixed-use property at about 7pm on a Sunday, stayed all of 5 mins, then included 5 comps in his report. 4 of them were no good. 1 was a legal 3-fam, 2 were currently for sale, 1 was a 3fam w/store. My property is a 2fam w/store. His "no good comps" avg 650k but he valued the property at 500k and in his report stated it was in avg condition.
we submitted 4 new comps to bank that avg 800k, all the same building class, all within 3/4 mile. We paid $1,900 for the appraisal.
CA
I too am sick of unethical Loan Officers and appraisers. I have worked and studied hard to become an appraiser. There is no loyalty in this business anymore. If the Federal Government had a department to turn in unethical loan officers and brokers, you could bet this value pushing would stop! The loan officers have nothing to lose by shopping value. There should definitely be a third party that orders appraisals. We have become a scape-goat for fraud.
AZ
I have been an apprentice for about 1 year. What a joke this business is. There has been almost no effort made to train me. For example, when it came time to do a Rent Schedule/Operating Income Statement, my mentor printed one up and said to "copy this". Great way to train someone. Also, instead of the appraiser telling the LO's/Homeowners what the value of the property is,the LO's/Homeowners tell the appraiser what it's "worth" and basically say "make it work". This industry is a joke.
MI
I refinanced my mortgage with a lender in Nov 2003. I have since found that they overestimated the price of my house by $20,000-$30,000 dollars. In 2003 their appraiser valued my house at $169,900. I have had three appraisers look at my house since June 2005 and each is coming up with a value somewhere between $147,000 and $149,000. My interst rate has adjust up 2% and probably will again in July 2006. I am upside down in my mortgage and can not refinance.
CO
As an ethical appraiser, I lost my major client because their top producing loan officer had me removed from their list because I was coming in too low on her deals. I was allowed to do review work until I wouldn't raise a value for the appraisal department manager. As a result, I was forced to look at another way to supplement my income and got my Real Estate License. I do a limited number of appraisals, but never my own deals-I am ethical. Don't judge all appraisers who hold both licenses!
OH
We built the home for $182,000 on 12/31/03. On 11/5/04 a lender located in Kansas approved a 2nd mortgage of $75,000. On 6/9/04 The lender came back with an appraisal of $375,464. We contacted the lender, and their representative admitted something went wrong with the appraisal, but "I cannot babysit 250 employees." We had an appraisal done and it came back at $200,000. No home in our surrounding area has sold over $210,000. We are unable to refinance due to an extreme high loan to value ratio.
AL
I have a problem that started back in the 2000-2001 timeframe. I bought a house that was appraised twice, once at $210K and then a year later at $225K.I had originally planned on staying there for the duration, but things change and I was offered a job in MN. So, a year after I purchased it, I had to sell. After going through 3 realtors and 2 auctioneers, it was pretty apparent that it wasn't going to sell and the reason being, it was $50,000-60,000 over appraised.
WI
Our story is not about inflated appraisals, but under valued appraisal. We have been in our home over 9 years and had two appraisals done in the past, the original and another one for refinancing. When we attempted to refinance again, our tri-level home with three full baths, four bedrooms and office came appraised at a two bedroom home with one bathroom!!!The man who did our appraisal was at the property no more than 5 minutes! We were totally livid at the discrepencies of the appraisals.
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