Posted by RichV(FL) on July 17, 2003 at 08:44:27:
IB,
Thats what I would do. At least the bank will take him off of their “apraiser” list and find someone that knows how to do their job correctly.
Regards,
RichV(FL)
Racist Appraiser-Long Vent - Posted by Tim
Posted by Tim on July 16, 2003 at 18:41:46:
I am selling a house, bank financing is involved, the bank requires an appraisal, appraiser must be on their approved list. The bank picked the appraiser, but I wasn’t concerned because I’ve been investing for several years & knew the value of the house. The house I am selling is IDENTICAL to a house that sold within the last year for $60,000, the appraisal came in at $43,000. Did I mention that the identical house is on the same street, has the same floor plan & was built at the same time by the same builder?
I made a few phone calls to other investors, the word on this guy is that if he sees someone who is not lily white in the neighborhood he devalues the property. One guy I talked to was refinancing a house that appraised 3 years ago for 40,000, & has had over 6,000 worth of upgrades, this clown appraised for 31,000. Of course this guy doesn’t come right out & say why he under valued the property, he just says in his opinion thats what the house is worth.
Other than refusing to ever do business with this guy or the bank that uses him I don’t know what to do. I am getting a new appraisal from a non-racist, & am confident it will appraise higher, so its kind of a minor glitch. On the other hand, I would really like to go to this guys house & open up a can of whoop ass. I’m too old to do time, so I guess I’ll have to settle for letting all my investor buddies know to look out for this idiot.
Re: Racist Appraiser-Long Vent - Posted by Paul Ness, MAI
Posted by Paul Ness, MAI on July 17, 2003 at 06:08:16:
I think all the suggestions presented should be done. Follow up and send a complaint to the Appraisal Institute if he/she is a member. Send a complaint to the state board of cert. real estate appraisers, and send a copy to the lender, as they can’t afford to be using discriminatory appraisers.
Now, playing devil’s advocate as an appraiser, one sale does not make a market. Did the appraiser use that sale? If not, you should ask him/her why not. There may be four other sales in the neighborhood that support the appraiser’s number. What were the other sales used? The similar sale you mentioned may have had unique circumstances. The seller may have paid all closing costs and built it into the price, or they may have financed at below market rates, etc. The other guy you mentioned may have also had a bad taste in his mouth from having a low appraisal. Appraisers get bad-mouthed all the time when appraisals come in lower than anticipated, even if the appraisal is technically ok.
Re: Racist Appraiser-Long Vent - Posted by Nate(DC)
Posted by Nate(DC) on July 16, 2003 at 21:20:19:
Tim,
You don’t say what state you’re in, but in most states, appraisers must be licensed to perform appraisals in the state. You should complain to the agency that licenses appraisers. Even one complaint like this, if substantiated, and the guy will lose his license.
NT
Re: Racist Appraiser-Long Vent - Posted by Junior
Posted by Junior on July 16, 2003 at 21:02:55:
Tim,
What you might do is to write a letter to your congressman explaining just as you did here the injustice that was perpertrated against you. Further, you could lodge a complaint with your state’s Banking Dept consumer division.In addition, you could cc. a copy of this complaint to the bank. This will definitely wake them up as most banks are loath to deal with potential bad publicity, gov’t investigations as well as a potential lawsuit down the road.Follow it up and don’t let these people get away with this without consequence!!
Re: Racist Appraiser-Long Vent - Posted by GL - ON
Posted by GL - ON on July 16, 2003 at 20:11:28:
An appraisal is not anybody’s “opinion”. It has to be backed up with facts and figures, and comparable properties that have sold within the last year.
If he is doing improper appraisals, either too high or too low, I’m sure the bank would like to know so they can drop him from their “approved” list.
There are also laws against discrimination. There isn’t a bank in the country that would stick up for a jerk like that in the face of a discrimination suit.
Follow this up and the next time you see this guy at work it will be behind the counter at a convenience store.
Re: Racist Appraiser-Long Vent - Posted by IB (NJ)
Posted by IB (NJ) on July 16, 2003 at 19:42:56:
Why not lodge a formal compalint with the bank on this guy? Obviously he’s not being held accountable because most people don’t know what to do. But I would think something in writing to the bank and maybe a formal complaint submitted to whatever board monitors these guys might do some damage. At least so the next guy (who may not have the experience and connections you have) doesn’t get screwed.
Re: Racist Appraiser-Long Vent - Posted by Paul Ness, MAI
Posted by Paul Ness, MAI on July 17, 2003 at 05:57:52:
All states require certification and a certified appraiser must complete the appraisal if the appraisal is for financing. Check with your state board of certified real estate appraiser and see if the guy has had other complaints filed against him.