Now, after you pick your jaw off the floor – GET EMPOWERED! If you are facing foreclosure…..FIGHT!
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forensic review: Another over inflated value
- 01/27/11 12:21 AM
I just finished reviewing a condominium appraisal in Davenport, Florida from October of 2005. Another appraiser who over inflated the value by $50,000! When you have to go 6+ miles for comps, and ignore 222 closed sales within a 5 mile radius…you are REALLY working hard to hit that sales price!
Appraisers are not supposed to ‘hit a number’ or ‘support a sales price’. They are to be auditors of the transaction.
Imagine if this buyer, who now has lost this unit to foreclosure and perhaps faces judgments and financial hardship as a result, could have been told, … (12 comments)
forensic review: Do Appraisers Help With Mortgage Fraud?
- 11/11/10 06:20 AM
Today's Florida Realtor News highlighted a story about a couple of mortgage brokers who were charged with fraud. http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=250105 On paragrpah stated "Although 16 named individuals took part in varying roles in the complex network - and all are charged in the indictment with conspiracy to defraud - the premise actually was simple, the government filing shows" So you know, appraisers had to be part of this in order for these loans to have gone through. I recently finished a forensic review of an appraisal, where the stated value was $118,000 above the sale price. The home was not listed in … (0 comments)
If you have ever wondered if big corporations are playing fair…..you SO have to watch this clip from CBS’ 60 Minutes.
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