Interesting Story about a “Shady” Appraiser

By
Real Estate Broker/Owner with NoVa Brokers LLC 0225 094634 VA/ 643686 MD

A friend of mine, who is an Investor, buys homes at the foreclosure auctions (courthouse steps) and sells homes.  He called me to ask me if I had any Appraiser’s phone numbers I could give him that he could get a quick appointment with, because the one he normally uses is out of town and the Appraiser that his “friend” gave him was not going to work out.

I asked what the issue was with the Appraiser his friend gave him and he said to me . . .  

 
“I told him that I was looking for an appraisal around $280K for this property; do you think it is worth that?”  The Appraiser said to him “For a few thousand, I could appraise it for what ever you want me to appraise it for”. 

 
My investor friend, a great person and savvy investor, not a Real Estate Agent, calls me when he thinks something is “shady" or makes him uncomfortable.  I told him to give me the guy’s name and I will take care of it and I gave him the information he needed so he can get a “real appraisal”.

I have in my possession the guy’s card so I will be reporting him.

 

THE FRAUD CONTINUES. 

 

 

 

 

Posted by

FOR ALL YOUR REAL ESTATE NEEDS

 

STELLA BARBOUR

NoVa Brokers LLC

1483 Chain Bridge Road Suite 103

McLean, Virginia 22101

571-814-3002 OFFICE

703-999-6104 CELL

571-281-2866 FAX

www.novabrokersllc.com

stellabarbour@yahoo.com

Licensed in Virginia & Maryland

 http://www.novabrokersllc.com/

 

 

 

Comments (19)

Lane Bailey
Century 21 Results Realty - Suwanee, GA
Realtor & Car Guy
There are always appraisers that go that route.  I don't know if fraud is the intention of most (obviously if this guy wants a few grand, he knows he is committing fraud) or if it is laziness... "what do you think it is worth?"  "Ok."
Jan 29, 2008 03:13 PM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland
Lane - thanks for commenting. 
Jan 29, 2008 03:15 PM
Alan 'AJ' Nisen California Contra Costa Mortgage Officer
A Large Bank in America - Lafayette, CA

Stella,
Hopefully this end with an appropriate outcome.  Personally I have been ticked off at a lot of mortgage loan offices taking advantage of their clients.  There has been a lot of fraud chasing he almight dollar.  I hate seeing the aftermath.  Good Post. AJ

Jan 29, 2008 03:22 PM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland
AJ - Thanks for commenting.  I am tired of it also, because if my friend did that, then the buyer would probably not be able to afford the home, etc. you know the outcome.
Jan 29, 2008 03:24 PM
Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen
You know, the guy may have been speaking "tongue in cheek". Without providing a valuation I'm not sure he should be held accountable.
Jan 29, 2008 04:30 PM
Jan DeGiorgio
CENTURY 21 Southern Idaho Realty - Mountain Home, ID
Mountain Home Idaho Real Estate
You're reporting him based on hearsay only?  You're braver than I am.
Jan 29, 2008 05:29 PM
Tara Colquitt
Tara Colquitt, The Credit Woman, LLC - Philadelphia, PA
Credit Counselor

Have you ever had an appraiser sit at the settlement table?

Well, Stella, that happened in one settlement a few years ago. I am sure he got paid more than the normal rate because the appraisal came in $80,000 over the asking price. And we priced right in a high market! We didn't know what was going on until we were at the table. It is still the most surreal experience I have ever had in real estate.

Jan 29, 2008 05:34 PM
C M C D
Charlottesville, VA

WHAT! That is just really bad. I have not seen anything like that happen locally.

Your Friend in Charlottesville

Jan 29, 2008 10:33 PM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland

Vicki- You may be right but I think that if he does over evaluate for extra money I would not use him for anything I would do.

 

Jesse & Kathy - It could have been just talk.  Thanks for commenting.

Jan - I think if he was reported, they would set up a "dummy appraisal request" to see if he is doing business the right way.

Tara - No I have not had the appraiser sit at the table.  Wow.  That is unbelievable.

 

Charles - That is bad, he is an appraiser here in Loudoun.  I know times are tough but I wouldn't risk it. 

Jan 30, 2008 12:49 AM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher
Stella, I am so sad to hear this is still going on...and glad you had the courage to report him.
Jan 30, 2008 11:09 AM
Jeffrey Dolfinger
24/7 Realty Inc. - Poughkeepsie, NY
NRBA Member
The appraiser is going to blame your friend for asking for a value, be careful you may get your friend caught in the middle.
Jan 30, 2008 12:17 PM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland

Carole - thanks for commenting and thank you.

 

Jeff - Thanks for the warning.  I found out recently that he has charged up to 10K on these and is still going strong.  He shouldn't be able to do that.  Buyers are dealing directly with the sellers and no agents are involved in any of these transactions I am finding out so it means no one is protecting anyone. 

Jan 31, 2008 07:54 AM
James Graner
Residential Services: http://appraisalmo.com - Saint Charles, MO

Yes,

I am glad you filed the report. Such people are a disgrace to my professiona all people in any type of Real Estate.

How did it come out?

Jun 12, 2008 07:17 AM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland

James - He is working at Home Depot now as a cashier.

Jun 16, 2008 01:12 AM
Robert Monk
100% Realty, Inc. - Santa Rosa Beach, FL
Florida Real Estate

Bloated appraisals, and their acceptance by mortgage professionals who needed just long enough to close a deal, and resale the mortgage into another market, is probably what got us into this inflated and fictitious market we are currently experiencing...

Jun 18, 2008 03:44 PM
James Graner
Residential Services: http://appraisalmo.com - Saint Charles, MO

Robert,

You are not understand the whole picture. Underwriting guidelines and mortgage insurance had loosened the point that anybody was qualifying for mortgage loans, and other loans. We are not yet back to the strict underwriting guidelines that were in place 10-15 years ago.

Credit scores, DTI, LTV, APPRAISAL WAIVERS, stated income loans, and other factors were also in play during this time of living large. Only a small portion of appraisers were in on what you consider the death of Real Estate.

 

Jun 18, 2008 04:13 PM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland

Robert - I know. This is one reason we are in this mess.

 

Jun 19, 2008 12:32 AM
Anonymous
CCMan

Hey do you got that guy's number?

I need to roll some CC debt into my house and I'd like a good appraisal.

 

Thanks

Feb 11, 2009 05:27 AM
#18
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland

CCMan:

 

He is in jail

Feb 11, 2009 12:44 PM