Appraisal Fraud: A Need To Sort Out The Victims From The Perps?

re: Appraisal Fraud: A Need To Sort Out The Victims From The Perps?

Curtis Harris — Mon, 16 Nov 2009 01:45:49 GMT

Appraisal Adjustments, Curtis-Rosenthal, MAI, Appraisal Institute: http://www.harriscompanyrec.com/files/Curtis_Rosenthal.pdf

re: Appraisal Fraud: A Need To Sort Out The Victims From The Perps?

Andrew Levine — Sun, 15 Nov 2009 00:24:02 GMT

I was wondering what happened with John's situation where he was being blacklisted because someone with the same name was involved in a fraud.

re: Appraisal Fraud: A Need To Sort Out The Victims From The Perps?

Thomas Sty — Sun, 19 Apr 2009 17:01:01 GMT

My question to any appraisers out there would be, Is it customary for he lender to put the sale amount of the property to be appraised on your work order for the appraisal ? And if so ,explain how you can really do a unbiased appraisal. Thanks , Waiting for a reply. TCS

re: Appraisal Fraud: A Need To Sort Out The Victims From The Perps?

B W — Thu, 05 Feb 2009 03:12:59 GMT

What about appraisers that low ball you; ie work with mortgage broker so you end up having to pay more money to close (ie loan to value ration). Ours was 60% with first appraisal in which we were going to close but cancelled to go with M&T bank. THey promised us one thing but sent out their appraiser who low balled our home (lower than tax value). We have added $60K in improvements. Their appraiser Foxco came out and spend less than 25 minutes in a 3900 sq ft, two acre, golf course community home. Lender said we were penalized because we had a custom home and that could not find comps in our neighborhood since of 133 homes their, only two were on the market. Our ratio went from 60% to 67%. Kion of M&T bank said their appraiser penalized us because of having a custom home, that their appraiser was not capable of doing an appraisal from scratch. But, he did say she had been doing this for ten years so this should make it all right. This is very upsetting M&T bank told us we would close at one rate, called a few weeks later and said our appraisal came in at $850K and we could close anytime and then realized he sent us the wrong appraisl and sent ours to someone else. The said he had bad news for us that we would have to pay another half point. We have excellent credit, have lived in our home for 10 years, can afford to pay it off but want to stay diversified and this is how we are treated. what recourse do we have? This is just the tip of the iceberg as it has been a comedy of errors. Greedy lenders in bed with lazy appraisers. Is this common?

RE:Appraisal Fraud: A Need To Sort Out The Victims From The Perps?

Patricia Warmhold — Fri, 01 Aug 2008 11:00:00 GMT

THIS IS EXACTLY WHAT HAPPENED TO ME ALSO- the broker put pressure on the appraiser to give him a boggus appraisal almost $150,000.- too high- the house is in reality not worth at all the amount of money the appraiser told the broker - it was a boggus, fake appraisal to blow up inflate the value so that the broker could make his huge profit at the end- in the meantime they ended up giving me a loan 100 times more than I could afford to payback knowing perfectly well that I would eventually end up in foreclosure- with the help of OOUNTRYWIDE - THE BROKER IS M***** ***** - please look into this urgent matter too many minority senior disabled citizens are suffering because the manipulation, the schemes, the fraud, the lies of brokers like Z****** and COUNTRYWIDE - thank you

RE:Appraisal Fraud: A Need To Sort Out The Victims From The Perps?

Check the code — Tue, 08 Jul 2008 11:00:00 GMT

I am a loan officer, and I do get comp checks before I order a report, with my client's MONEY. Why are there such wide values from appriaser to appraiser? Laziness? Corruption? Or maybe appraisers need competition just like any other business. Why do appraisers say a value is reasonable, then the report is grossly high/low? But the appraiser still has $400 for the unusable report. And why don't appraisers stop doing reports for companies that pressure them? That would stop the pressure. Above Posted By: Anonymous | Tue, 25 Apr 2006 15:49:02 ES Anoynymouse: Please check USPAP, FHA Guidelines, and the new code of conduct. 4) conditioning the ordering of an appraisal report or the payment of an appraisal fee or salary or bonus on the opinion, conclusion, or valuation to be reached, or on a preliminary estimate requested from an appraiser, 5) requesting that an appraiser provide an estimated, predetermined, or desired valuation in an appraisal report, or provide estimated values or comparable sales at any time prior to the appraiserâ€™s completion of an appraisal report, So, if you require comp checks from your appraisers it appears you are part of the problem doesnt it? Also, could you please provide us with a list of all the days you showed up for work and didn't get paid for it? Asking an appraiser to provide comps first is not just illegal it is also a slap in their face. Appraisers have cost.....MLS and other data base dues which cost them money to have access to.....and we have families to support also. How much of your personal money do you spend to do your job that you don't turn in a receipt for reimbursment? Why don't you get a real estate license so you can join the board of realtors and MLS and pay the dues?....then you can do all the comp checks you want............

RE:Appraisal Fraud: A Need To Sort Out The Victims From The Perps?

disgusted — Sat, 26 Apr 2008 11:00:00 GMT

20 years of this .. appraisal business. How did I get connected with such a fraudulant business. I actually realize now this is standard operating procedure to getting money in this scam bus. This is 2X I am forced out of business in past 10 years. I opted out last time cause only the most fraudulant survive. Yesterday, I was in a brokers office when he talked to the appraiser on speaker phone, and asked for a third time value increase and the guy says send it over again to look at. And he got the appraisal the first time for being the highest. For these appraisers it's back to survival time again. Anything goes out there. After all, these guys figure if I can't make any money with the license might as well not have it right.

RE:Appraisal Fraud: A Need To Sort Out The Victims From The Perps?

william — Tue, 11 Mar 2008 11:00:00 GMT

40 year real estate broker and appraiser write: blame our government, for alowing bad financing, fact, americans live on plastic, builders need to sell homes, high demand, high prices,=overbuild, in order to boost economy, decrease qualifying standards, put out sub-standard loans=sub standard mortgages, real estate is booming on a false economy created by the lending institutions and the stupid homebuyers who will buy anything if it's nothing down. 1. R.E. sales agent informs buyer how to skirt liabilities. 2 the loan officer lies on the the appication, Every-one is on commission except the appraiser. some are pressured into falsifying appraisals. loans are packaged and sold, more bad loans than good. in Va. 86% of the foreclousres are "arm" mortgages less than 2 years old. Yet mortgage co.'s continue to make them. qualifying the buyer on the lower payment instead of the jumbo payment to come. People don't get a 5-600 per month raise in a 2-3 year period. Why should our tax $ help bail these crooks out? C-span senate hearing on large mortgage co.s More lies were told during that session than at a liars club meeting. Minority-claiming no minority loans made in some county in Ga. LIE! our government has so many sub-prime loan available to qualify low income people. Low income families scream because there are no below prime give away mortgages. I have done foreclosure appraisals on 400m+ homes with 2 new cars in the driveway, $15,000+ entertainment centers and their combined take home income is less than $60,000 the 3 kids rooms had nothing but a mattress on the floor. Home equity being used a debit card. houses refinanced every 2 years in 6 years a 300,000 home has to appraise for $550,000 to cover pay off penalties and closing costs which amount to approx. $45,000+ on the 3 refinances. 45,000 paid out to mortgage co.s for penalties and closing costs.VA buyers move in a new $300,000 home -0- down seller pays closing costs 2 years later the houselooks like its 15 years old owner moves out. lost nothing Tax payers pick up his tab.

RE:Appraisal Fraud: A Need To Sort Out The Victims From The Perps?

lynn — Fri, 09 Nov 2007 13:00:00 GMT

If value is not an issue why order an appraisal. Appraisals are meant to safe guard the lender from making a bad loan. It is a added benifit to the buyer. Over inflated real estate hurts everyone. There is to much influence about who does the appraisal. It should be ordered by someone who does not benifit from the outcome.

RE:Appraisal Fraud: A Need To Sort Out The Victims From The Perps?

Laura — Tue, 23 Oct 2007 11:00:00 GMT

My husband and I believe we have been victims of appraisal fraud. We have recently inquired into selling our home and discovered that it was appraised several thousand dollars over the homes that have sold in our subdivision in the last 5 years. The appraisal came in at at exactly what we needed to refinance, and we are stuck in an interest-only loan for 18 more months. Even after that, I don't see how we can sell and pay off the loan. Do we have any recourse?

RE:Appraisal Fraud: A Need To Sort Out The Victims From The Perps?

Jessica — Tue, 16 Oct 2007 11:00:00 GMT

After reading this article, can anyone tell me how it is that in October of 2004 my home appraised for 94000, then ten, yes, ten months later it appraised for 104000. Sound like manipulation to anyone else???? angry in ohio

RE:Appraisal Fraud: A Need To Sort Out The Victims From The Perps?

Reality Check — Tue, 16 Oct 2007 11:00:00 GMT

Let's look at the truth of it all. Some of us refuse to "hit the mark" and we are starving for work we're "hard to work with." Many of us make less than minimum wage while those the loan originators love are living high. Follow the rules and you can starve, hit the mark and fraud pays. Hitting the mark is fraud against the buyer, the lender, and the government backed mortgage buyers. Yet hitting the mark is what the L.O. below and others want us to do, I refuse to commit fraud.

RE:Appraisal Fraud: A Need To Sort Out The Victims From The Perps?

valueman — Tue, 18 Sep 2007 11:00:00 GMT

Re: suffering. You could have a forensic appraisal done, review the original to determine accuracy. then, proceed. As for "catoutofthebag", there is a long distinguished history to the business. Licensing un-did many of the safe guards it was supposed to instill. Until lenders take a more active an informed approach to dealing with appraisals, there will be problems. think of this, certified appraisers in florida with only 2-3 years experience! YOWZA! and lenders still call these idiots! S&Lx2

RE:Appraisal Fraud: A Need To Sort Out The Victims From The Perps?

Jose — Mon, 17 Sep 2007 11:00:00 GMT

On May 7, 2005, a reader named Roberto made a comment indicating that perhaps the laws governing appraiser should be repealed because no one follows them. The fact is the government in all levels has failed to implement a regulatory agency to enforce the laws and prosecute those who engaged in fraudulent practices involving real estate agents, loan officers and appraisers.

RE:Appraisal Fraud: A Need To Sort Out The Victims From The Perps?

Anonymous — Mon, 17 Sep 2007 11:00:00 GMT

An ethical question: I live in a small town in Texas. Here, one of the local appraisers is married to a realtor, and is the brother of a local builder. Many sellers who have attempted a "for sale by owner" have been appraised significantly lower than others selling a comparable house next door with a selling agent. Who should we bring up our concerns to?