Mortgage Blog

One borrower called me today and he got the phone call
from California Office of Real Estate Appraisers saying
his complaints against the appraiser was received and
they will get the appraiser a warning.

For a long long time, we could not win a case
after we filed a complaint to the AMC when we had a very
low purchase or refinance value, and I think we
can give that appraiser some "color see see"(a lesson
in Chinese).

For our case, the borrower's home was appraised
770k 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 agreed
to review and adjusted, but he did not do anything.

Hopefully he can learn a lesson. He does not have to
get the value the borrower needed, but at least
he 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