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Old 02-21-2012, 07:56 PM
 
Location: Bolton Hill
805 posts, read 1,237,301 times
Reputation: 238

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Quote:
Originally Posted by Goodpasture View Post
Maybe something like federal and state laws saying it is?
Nope.

Check this site:
http://realestate.aol.com/blog/2010/...praisal-rules/

It says that "two different appraisals came in $200,000 apart." Did the appraiser say, "Oops was the house supposed to be included". The more I research appraisals, the funnier they are.

Last edited by mrboltonman; 02-21-2012 at 08:05 PM..
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Old 02-22-2012, 09:48 AM
 
2,861 posts, read 4,013,962 times
Reputation: 2801
Quote:
Originally Posted by mrboltonman View Post
Nope.

Check this site:
10 Things You Should Know About the New Appraisal Rules | AOL Real Estate

It says that "two different appraisals came in $200,000 apart." Did the appraiser say, "Oops was the house supposed to be included". The more I research appraisals, the funnier they are.
I must have missed the part in that link that states that it's perfectly legal for the borrower to only pay for the appraisal after he has verified that it's "accurate".

The more I read your posts, the funnier they are.
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Old 02-22-2012, 09:57 AM
 
Location: Bolton Hill
805 posts, read 1,237,301 times
Reputation: 238
I didn't say the link proved it. what is the heck wrong with some of you. argue, insult, argue ...

Post a link to a site proving it's illegal and I'll shutup or you shutup.

Anyways, I found my original appraisal when I got my house and the square footage is right around what I figure. I got "professional proof" I guess. It should help my appeal nevertheless.
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Old 02-22-2012, 10:18 AM
 
3,353 posts, read 7,492,981 times
Reputation: 1406
Quote:
Originally Posted by mrboltonman View Post
I didn't say the link proved it. what is the heck wrong with some of you. argue, insult, argue ...

Post a link to a site proving it's illegal and I'll shutup or you shutup.

Anyways, I found my original appraisal when I got my house and the square footage is right around what I figure. I got "professional proof" I guess. It should help my appeal nevertheless.
How much is the square footage discrepency?

What condition code did the appraiser come up with (i.e. C2 or C3 or C4)?

What was wrong with the comps chosen?
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Old 02-22-2012, 11:24 AM
 
Location: Bolton Hill
805 posts, read 1,237,301 times
Reputation: 238
Quote:
Originally Posted by TimtheGuy View Post
How much is the square footage discrepency?

What condition code did the appraiser come up with (i.e. C2 or C3 or C4)?

What was wrong with the comps chosen?
The 2 appraisals differ like 600 sq ft.

I didn't see a code but the 1st - ave/good and 2nd ave.

comps - one is in a different neighborhood (I live in Baltimore and some neighborhoods are bad.). Another was a foreclosure which I'm not sure about the condition. It was put down a fair tho.

There is more stuff wrong but there is no point getting into that here.

Let the hate comments start but I'm done.
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Old 02-22-2012, 09:15 PM
 
Location: Pawnee Nation
7,234 posts, read 10,012,860 times
Reputation: 6529
Quote:
Originally Posted by mrboltonman View Post
Post a link to a site proving it's illegal and I'll shutup..........
Quote:
Originally Posted by Uniform Standards of Professional Appraisal Practice
An appraiser must not accept an assignment, or have a compensation arrangement for an assignment, that is contingent on any of the following:
1. the reporting of a predetermined result (e.g., opinion of value);
2. a direction in assignment results that favors the cause of the client;
3. the amount of a value opinion;
4. the attainment of a stipulated result (e.g., th at the loan closes, or taxes are reduced); or
5. the occurrence of a subsequent event directly related to the appraiser’s opinions and specific to the assignment’s purpose.
this is the law according to FIRREA. It is the law according to the Dodd Frank Act. It is the law according to the Truth in Lending Act. Now shut up.
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Old 02-22-2012, 10:18 PM
 
Location: MID ATLANTIC
4,032 posts, read 8,732,468 times
Reputation: 3042
Will the Federal Register qualify as legal evidence? (Hint: yes) Page 8, last paragraph on the left hand side.....the paragraph that addresses withholding payment for a value

http://edocket.access.gpo.gov/2010/pdf/2010-26671.pdf
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Old 02-23-2012, 08:18 AM
 
Location: Richardson, TX
6,627 posts, read 10,278,580 times
Reputation: 13307
Quote:
Originally Posted by Goodpasture View Post
this is the law according to FIRREA. It is the law according to the Dodd Frank Act. It is the law according to the Truth in Lending Act. Now shut up.
Quote:
Originally Posted by SmartMoney View Post
Will the Federal Register qualify as legal evidence? (Hint: yes) Page 8, last paragraph on the left hand side.....the paragraph that addresses withholding payment for a value

http://edocket.access.gpo.gov/2010/pdf/2010-26671.pdf
Y'all are warming the cockles of my compliancey little heart.
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Old 02-23-2012, 02:16 PM
 
Location: OK
2,523 posts, read 4,218,893 times
Reputation: 1485
[quote=mrboltonman;23080308]



Quote:
You can click the multi quote button so you don't have to make multiple posts
Well, aren't you the clever one?

Quote:
In my case it doesn't seem like their was any accountability of the appraisal when it was submitted. The appraiser wrote it then sent it to the bank and then I get it. I don't see how anyone checked the results to make sure the info is accurate but I'm stuck being out the money and time finding a lender.
How do you know what goes on between the time the appraisal was submitted to the appraiser's client and the time you received it? I would have gone through Quality Control, Underwriting and possibly even a desk review.

Quote:
I didn't see an option to file a review of the appraisal on the board's site but only a complaint so that's what I did. If a review option was available then I would done that.
So you expect the Board to do a review for you free of charge?


Quote:
Also, this a poor comparison of professions. I hope you're not comparing comps like this
The proper way to put that would be: "I hope you are not comparing SALES like this." Not every sale is a Comparable Sale, even it is the house next door.


Quote:
Well, I did tell the lender to appeal it but was told it would most likely not change.
Because, most likely, they had it reviewed and the review agreed with the appraisal.
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Old 02-23-2012, 02:20 PM
 
Location: OK
2,523 posts, read 4,218,893 times
Reputation: 1485
What a jackwagon.
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