Appraisal Fraud up 46% in Q3 '09 versus '08

By
Real Estate Broker/Owner with Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107 Tx Broker 0304050

From Think Big, Work Small comes this interesting tidbit?

Well, well, well... So HVCC starts in Q209, and yet in Q309 inflated value appraisal fraud is up 46% compared to a year ago in Q308. Well, it isn't brokers... they can't even order an appraisal. So who could it be? Hawaiian reverse lender is in the frying pan. Dan Kennedy teaches us that, someone might just have to go in order for you to make it.

Think Big Work Small

 

Take a hint from these guys.  They know how to do blog video, in a BIG way.  If you want to get a following, this is the way to do it! 

 

Posted by

Mick Michaud,

Managing broker,

United Country Distinctly Texas Lifestyle Properties, LLC
Texas license # 0304050

The Lifestyle you want, the place to live it.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Groups:
Blogging & SEO
Out Of The Box!
ActiveSEO
Bright Ideas
Just Ask Mike
Tags:
appraisal fraud

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
223,173
Brian Brumpton
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate

Mike,

You're right, that's a quality video blog.  I'd be interested to find out if the report is confirmed. 

Nov 02, 2009 04:16 AM #1
Rainer
227,789
Mick Michaud
Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107 - Granbury, TX
Your Texas Lifestyle is Here!

Brian, in the opening part of the video they identify the source as The National Mortgage News Online and Interthinx.

They have a blog underneath the video that has a lot of comments from appraisers and mortgage officers realtive to the HVCC problem and the AMC's directing values.

The more the government gets its fingers into this, the worse the problem becomes.  They are institutionalizing fraud on a grand scale.  In an effort to get rid of the small-time, local scammers, they've enabled the big guys to play the game with the rules to weed out the professionals that really know their markets.

Get a rope.

 

Nov 02, 2009 05:32 AM #2
Rainmaker
221,010
Jirius Isaac
Isaac Real Estate &TriStar Mortgage - Kenmore, WA
Real Estate & loans in Kenmore, WA

More evidence of the problems with bank appraisals.  We need to get rid of HVCC yesterday.

Nov 03, 2009 04:47 PM #3
Rainer
321,367
Russel Ray, San Diego Business & Marketing Consultant & Photographer
Russel Ray - San Diego State University, CA

I'd be willing to bet that if we could really dig down deep, we'd find that appraisal fraud isn't up, only the prosecution of appraisal fraud. Probably 90% of the appraisals done from 2001-2005 were fraudulent but were not prosecuted because real estate was booming.

Nov 05, 2009 01:21 PM #4
Rainer
227,789
Mick Michaud
Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107 - Granbury, TX
Your Texas Lifestyle is Here!

Jirius: It should have never been enacted in the first place.

Russell:  You think that 90% of appraisals were knowingly fraudulently inflated?  I find that very hard to believe.  My personal experience during that time wouldn't support that figure, but then I wasn't in California either.

Thanks for the opinions.

 

Nov 05, 2009 01:42 PM #5
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
227,789

Mick Michaud

Your Texas Lifestyle is Here!
Ask me a question
*
*
*
*
Spam prevention

Additional Information