June 23rd, 2011 11:10 PM by Eric Fang
One borrower called me today and he got the phone call from California Office of Real Estate Appraisers sayinghis complaints against the appraiser was received andthey will get the appraiser a warning.
For a long long time, we could not win a caseafter we filed a complaint to the AMC when we had a verylow purchase or refinance value, and I think wecan give that appraiser some "color see see"(a lessonin Chinese).
For our case, the borrower's home was appraised770k 5 months ago, and appraisered again at 630k.The main problem is that the comps used was not right.This subject property is custom built property,could not just use the truck homes as the comps.
And when the borrower called the appraiser, he agreedto review and adjusted, but he did not do anything.
Hopefully he can learn a lesson. He does not have toget the value the borrower needed, but at leasthe should investigate.
In case if anyone is interested, the office website:http://www.orea.ca.gov, and the forms are:http://www.orea.ca.gov/forms/REA_4001.pdf