Mortgage Blog

How do we "love" those appraisers?

July 19th, 2010 5:57 PM by Eric Fang

I tried to write a blog about those stupid errors an appraiser can have on the report. We don't want to mention the address was the wrong and the comps from another county about 50 miles away(yes, it did happen on one of my report).

And today I got another report, the appraiser cliamed that my borrower listed the property for sale of 1 million, even though the value of the appraisal report is only 600k. And the report did give the MLS
for the sale of the subject property, and the address was for different property; And it was closed in June, and the owner is not my borrower.

If the appraiser just used her common sense, she will never make those kind of mistakes. The 600k property listed for 1.15 Million; did she
check the MLS for the address or owner, etc?

And here is the letter I wrote to the lender:

I strong suggested this appraiser will be banned for any other future appraisals for your bank for the benefits of the clients and your bank.

And last time when I talked to the lender abou the similar cases, that appraiser was suspended forever from the bank.

Posted in:General
Posted by Eric Fang on July 19th, 2010 5:57 PM



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