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Bad Appraisal

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lraetoo Guest	Posted: Sat Aug 28, 2010 4:21 pm    Post subject: Bad Appraisal Like 0 Dislike 0 Many mention getting proof. How do you go about getting proof? Is the appraisers number publicized for others to use? Thanks! Lisa _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jameshogg Joined: 20 Dec 2005 Posts: 10443 Location: Nevada 984.98 Dollars($)	Posted: Sun Aug 29, 2010 10:13 pm    Post subject: Like 0 Dislike 0 Hi lraetoo, Your query is not clear to me. I did not understand what proof you're speaking about. Can you give some details? It will help me and other members to give our suggestions to your query. Thanks
apexoffice Moderator Joined: 09 Jul 2008 Posts: 193 Location: Atlanta, GA 56.04 Dollars($)	Posted: Mon Aug 30, 2010 5:19 am    Post subject: Like 0 Dislike 0 I assume you are referring to the proof needed to sue an appraiser. You will need to prove not only that the material information in the appraisal is incorrect but that the appraiser either intentionally lied in the appraisal to mislead the lender/client or lacked competence. The hard part is trying to distinguish between a legitimate error and intent to mislead. If you notice, I am not referring to the value. The estimate of value is strictly an opinion. While there are some rules and appropriate methods to follow in arriving at a value conclusion, it is not uncommon to have three appraisers with three very different opinions. What you need to check is the factual information in the report. If you lack the access to data sources to verify this information, you may need to rely on another appraiser or realtor for help. A great example is an appraisal I reviewed recently where the appraiser selected lake front comparable sales as supports for value against a property over a block away from the lake. Not only were these properties used as comparables but the appraiser failed to mention in the report their location on the lake. This was either intent to mislead or the appraiser lacked the competence in this market to know that lakefront properties were selling about $50,000-70,000 higher. If the appraiser had used these properties for comparison, noted their location on the lake, and made the appropriate adjustments, he would not have been in the trouble he faces now. My point is that you need more than just a disagreement with the value. I hope this helps. Good Luck! _________________ Benjamin Smith Atlanta Area Appraiser

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