patrick.net

Hey what's that sucking sound?

It is a sucker game still. Conflict of interest was always to appraise as high as possible for bigger commissions and pay outs.

Higher appraisal value, higher risk, higher rates.

Had the appraisl been lower, so would the risk and rates.

You do have a case.

Unsold house as comps?; it’s considered as fraud. Appraiser can lose license.

Well, I took a closer look at the appraisal report, and for the section marked "Sales or Financing Concessions" for the unsold houses, it says "Active." I assume that means they are active listings.

It also goes on to say in the comments section "Please note: There were a total of 5 sales in the subject's neighborhood between $510,000 and $920,000 sale price in the rolling 1 year period from the effective date of this appraisal that are considered comparable by the appraiser. There are currently 3 active comparable listings in the Subject neighborhood. It would take approximately six months to liquidate the
current inventory of comparable homes. This indicates a market in balance."

"There are currently 3 active listings in the subject's market area. None were found to be REO/foreclosure listings. Thus, REO/foreclosure activity is a factor in this market but does not appear to be putting additional downward pressure on sale prices."

"Comp. 2 and Comp. 3 are active listings. Both their ages vary from the Subject by more than 30%. Comp. 2 has a similar
effective age and no age adjustments were made. Comp. 3 has been more recently updated and reflects a lower effective age
and superior overall condition difference compared to the Subject. An effective age adjustment was made."

Real estate appraisal is a total farce. Read: "The Truth About Real Estate Appraisal" by Stephen G. Bishop. Not only do appraisers cherry pick comps to get the highest value, there are no standards for values to use for adjustments, so one appraiser may use a thousand dollars per square foot to adjust for lost size when another appraiser may use five thousand.

Believe me, I was an appraiser. You can come up with any value you want, and it's virtually impossible to lose your license.

Hi Steven, feel free to include a link here to "The Truth About Real Estate Appraisal".

SFace says

look at the comps carefully to see if is adjusted for. They adjust the comps for size, condition, location, timing and 10 other condition, it's probably discounted under one of the many criteria's

HousingWatcher says

It would take approximately six months to liquidate the
current inventory of comparable homes. This indicates a market in balance."

"There are currently 3 active listings in the subject's market area. None were found to be REO/foreclosure listings. Thus, REO/foreclosure activity is a factor in this market but does not appear to be putting additional downward pressure on sale prices."

"Comp. 2 and Comp. 3 are active listings. Both their ages vary from the Subject by more than 30%. Comp. 2 has a similar
effective age and no age adjustments were made. Comp. 3 has been more recently updated and reflects a lower effective age
and superior overall condition difference compared to the Subject. An effective age adjustment was made."

In other words, "blah blah blah blah, blah blah". So there.

APOCALYPSEFUCK is Tony Manero says

I think this is called fraud and the appraisers should be decertified, tried and convicted of fraud and be sentenced to death by being thrown out of a helicopter from 12,000 feet.

AF why are you so KIND? I like the French toy THE GULLOTINE....They work better and faster with a SHARP blade....and a greased slide. What we need to do is economize for more and use a RUSTY DULL BLADE...NO grease....on the slide....and a loud slow creaky kerchunk before the CHOMP whoosh ....squirt into the commode waiting for the bloody severed head below...AH YES...paraphrases from Robert Duvall from the movie Apocalypse Now" "...I love the smell of guillotines in the morning...its so refreshing...the sounds of VICTORY. ....

Let's all keep the ponzi scheme going. Bankers shall be your master.

So I'm trying to understand why the poster has a beef with the appraiser. Did the appraisal result in a value you wanted to see or a value you didn't want to see?

Ponzi - I get tired of playing post office.

An appraiser would be concerned with this because he is under reviews and restrictions

Anyway doesn't really matter to much if appraisals are inflated. It's really to the usury peoples best interests. I'll show you why:

The usury people are very, very concious of a few things. The number one thing being this: People don't buy then sell. Just not done, people move in they don't move out. So in all of this the values went up and up and up. People did no profit taking at all in all of the increased valuation.

It was the number on sales gimmic in the land. Buy a house lookie all these people are buying going into debt AND YET. They are getting 6% increase in home VALUE per YEAR! Sometimes a whole lot more. SO WHEN YOU BUY YOU ACTUALLY MAKE OUT BETTER.

True there is some crazy fraud involved in some sectors. However the shitload they make out on is way more worth it to them than you know.

INCREASE SELLS IT'S VERY SIMPLE.

So they let the appraisers get away with it without really calling them on it.

Number two. Increased value means more valuation for the usuror. See. So if a home increases and the comps in the neighborhood go up. So does what is lent to the homebuyer. Leading to much larger loans. OOOOOOhhhh Now we's really makin out good.

So such are things that they are very concious of. However I do consider usuor's fairly stupid as an overall group. Slick at making debt slaves for sure. However as God says: better to be a good boy now than cook on an open barbeque pit for a really long time.

I was an appraiser for 30 years. There is no more useless and dishonist game on earth. Appraisers simply do what they are told or they stop getting work. I know, I had it happen to me. Now I do something else, somthing honest. The banks control the appraisal process in every respect and they control the outcomes. Every appraiser knows what's expected and they do it. It's all by inference and suggestion, not by directive. The know what the the banks, or any other client wants. Appraisal isan immensely subjective business. The very nature of real estate data allows the appraiseert to manufacture almost any value he wants, and they do.

Very true most appraisers want to operate on the up and up they have licencing restrictions. They kind of understand the crazy way the lenders operate. However they don't mess with things. A humongous flip may confuse them a little after all they don't question a lot of the appraisals. That they do with inflated values they pass on them.

Get into certain neighborhoods. Then all kinds of flags are raised. Whats all this crazy shit the appraiser thinks to himself. Ok to inflate over there but not here and well don't do that.

When it comes right down to it the lenders were all for inflated values as they look back. It sold houses. It increased the amount of loan they were making to the new buyers. So they made out good and drilled themselves in the end. It's so good for them.

So to avoid complete destruction. What needs to be done is for America to create its own way of trade. This is basically a debt slave nation of individual people. Of course the way things are the bonded servitude of the people that think they run things add to that their own debt slavery they have them call this a "debtor nation". "debtor nation" is way off. What they need to recognize is they let the usuors in to make individual debt slaves of their people by lending on houses, cars, credit cards, college, food, hard goods. Recognize that the usuor's basically own everything from the mall's to whats in them. Not to mention all the so-called commercial buildings and much of the homes etc. Do your people a GD favor and get rid of the bloodsuckers, throw the usuor's out.

Clearly defined. Mosaic law defines something someone has to work off as a debt. It is God enforced as a debt to another. Could be for many reasons. God instills fear in the person owing the debt.

Enter the Usuor. What they do is purposfully try to get someone into debt. The above example does not purposfully try to get someone into debt. It take place for a multitude of reasons. The usuor takes advantage of the principles of being in debt by putting someone in debt. He does one more thing he increases what is to be paid back on the debt. Making it much, much more difficult for that person to get out of the debt. Thereby creating a debt slave that will work, produce for the usuror. The usuror (a very cruel group of people) will keep that individual in debt for a lifetime to them with very little conscience about it.

HousingWatcher says

Right now I am currently in the process of re-financing...

While you may not agree with the method the appraiser came up with the value of your house, a higher valued house in a re-finance situation is beneficial so I wouldn't complain too much.

While it may hurt the bank in the short run because in reality there is less equity in the property and a greater risk of default, they may be turning a blind eye to the process. If the neighbors all believe there house in worth more, when in reality is isn't they might be less likely to walk away from a losing asset, so in the long run banks could suffer less losses overall.

Now if you want to pull some money out of the house in the form of a home equity loan, instead of just refinance at a lower rate, they may take a whole different view of the appraisal value.

Housewatcher, How silly, he needs an appraisal that is correct not over or under. Who cares about the bank in the end. Just another example of fraud in the system.

BANKS INFLATING VALUE ? Why would they do that ? BANKS FRAUDULENTLY SIGNING OWNERSHIP DOCUMENTS ? Why would they do that ? BANKS ACCEPTING TRILLIONS OF TAXPAYER DOLLARS ? Why would they do that ? CONGRESS TRADING VISAS FOR $500,000 HOME PURCHASES ? WTF ?

BUYERS make value. Are those buyers living under a rock ? Someone needs to educate the buyers. Are BANKSTERS required to advise prospective buyers of the recent decline in value and the shadow inventory. Is the lender required to tell buyers " THE BRIDGE IS OUT !

P.S. If the BUYER PAYS the appraiser, the price will be lower !!! The number one question in an appraisal is WHY is the property being appraised.

Next step: Appraiser fees are a percentage of the appraised value :)

incorporating Listings and Pending sales is a
MANDATORY REQUIREMENT for appraisals
in declining markets

NOT THE CHOICE OF THE BANK OR THE APPRAISER

THANK ANDREW CUOMO, THANK DODD FRANK

STOP BASHING AN INDUSTRY THAT YOU KNOW ABSOLUTELY NOTHING ABOUT

BLAME THE BRAIN DEAD REALTOR DOWN THE STREET WHO LISTED THAT COMPETITIVE LISTING TOO LOW!!!!!!!!!!

Including active or pending listings is common and often required. Theory of substitution means that a buyer would not pay more for a house if a similar one were available at a lower price. Listings act as an upper limit of value. Take a look at ALL the ADJUSTED prices for each comparable, and then compare those to the reconciled estimate of value. It is likely that those adjusted listings are above the estimate of value. Also doubtful that the bank "inflated the appraisal" since the loan officer has absolutely no influence over the appraisal order or appraiser anymore.

APOCALYPSEFUCK is Tony Manero says

I think this is called fraud and the appraisers should be decertified, tried and convicted of fraud and be sentenced to death by being thrown out of a helicopter from 12,000 feet.

AF:
Helicopters generally fly at less than 8,000ft - and usually they stay between 500 & 2500 AGL (above ground). Helicopters have landed on Mt. Everest, but that's not a common experience. 12,000 feet AGL is wayyyyyyyyyy too high for a helicopter to fly... You would want to throw them out of a plane with a non-working parachute, that way they get to enjoy the rush of jumping along with the terror of not having a way out.

You're welcome.

You've got your entire analysis wrong!! Ive been appraising and reviewing for 28+ years, i hate to admit especially since this industry has gone down hill in so many ways. Appraisers generally use 3-4 closed sales and 1 or 2 active listings that need to be adjusted down for 'typical negotiation allowances between buyer and seller'. Active-listings (not closed) are necessary to use, and used so that the lenders can observe trends in the market...either stable, inclining or declining. Many appraisers are very lax and dont use the most comparable active listings or dont reflect the most recent listing price and/or dont adjust properly downward, and therefore it is possible that they may have inflated a value. BUT....we generally put most weight on the
"Closed Sales". As far as 'inflating value'?? The opposite. Appraisers are so fearful of getting sued that most end up getting ultra conservative and coming in lower than what the property is worth. Dont blame the banks for that. Since The HVCC and Frank Dodd bills came out (ill spare you on this government interference) it has taken out many excellent appraisers who quit the industry. It is now left with many inexperienced fearful appraisers who are undervaluing property. I review over 2,000 appraisals per year, and have seen the trends. If you are a homeowner, dont worry about an 'inflated' appraisal. Concern over a value to low is much more applicable in this latest real estate cycle.

ANGRY APPRAISER says

incorporating Listings and Pending sales is a
MANDATORY REQUIREMENT for appraisals
in declining markets

NOT THE CHOICE OF THE BANK OR THE APPRAISER

THANK ANDREW CUOMO, THANK DODD FRANK

STOP BASHING AN INDUSTRY THAT YOU KNOW ABSOLUTELY NOTHING ABOUT

BLAME THE BRAIN DEAD REALTOR DOWN THE STREET WHO LISTED THAT COMPETITIVE LISTING TOO LOW!!!!!!!!!!

Why didn't you Professional APPRAISERS advise us this crash was coming and when will values hit bottom ?
Will a drain downtown New Orleans retain Property Value.

I get why banks want inflated appraisals,but why there are so many people willing to catch the bait? Yeah,rates are at historical low,get in while they are low.
:)

Reading about the occupy. I started thinking about the people on the financial and news for some reason. The news people that are bonded servants of their masters that own the usury soaked tele programs.

They are so convincing. Hey they are only swimming as hard as they can trying not to go under I thought. Many of them debt slaves. Television - the one place where you can really go and observe a debt slave in action. The fear. How they serve their usury masters. Coming up with endless new twists to please master. Throwing a shitball at the crowd. Yea that will scare them. He knows master will approve and yank on the leash of the viewers that are in debt to him. Send a little fear through the crowd. Yea that one worked the little news commentator subconcouisly meanders. I'm a big shot yea they got that up in his little dreamy spot to. Look at me he thinks (the politician to) Well I can even bark like master spreading fear. How does that work he wonders. I must be in charge after all. Oh mommy he wonders am I really a big shot? Look pal mommy says, he owns my SS and pension. I ain't goin down for you. Besides you know how to live in fear sonny. We all do. They pull your strings from all different kind of directions. With the people that serve them and the people they own. You know that Sonny. But mommy the fear of you being out on the street, only exsists in my dreamy spot. I've been really good boy, mommy doing what my owners want, I won't let you down. Yep mommy said we wouldn't want any well thought out fear to become reality thats for sure.

Mommy told him they can blow you up like a parade float making you the biggest scariest, smartest, wisest, thing in the world. Yep all the debt slaves nodded in agreement.

I don't understand why they don't throw those bastards out of the country instead of picking on things like mexicans, arabs and every other GD thing they can think of. They won't address any what is said by me here. Except in read between the line subconcious bullshit. Which is where a debt slave really operates out of. He has to because he can not conciously process all thats wanted out of him. A debt slave operates out of fear. Continually. That principle is used well. Because once again the fear is God instilled. Based on being in debt. The usuors fucking well understand that. They do everything they can to keep one in debt. You built a great empire for them. Be proud of that. Someday, maybe on the potty. You can be alone and ponder why you attack and divide. Maybe your not all that bad just stupid and trapped and owned. Get your own.

Reading reaction;

I cried, I laughed, I looked into the sky for 10 minutes working to catch my balance because I didn't know which direction was up.

1. Is this the guy they hire to write the compelling yet meaningless word clips tied to explaining windows process descriptions to scare you into purchasing some malicious malware solution?
2. Is this some amazing piece of literature that is so obscurely intellectual that I'm too inferior to comprehend?

In some strange undefinable way I like what I read. Nice work on taking a blender to my mind!

Yep. People wonder about what they do and why. On this earth. A normal, self contained, person just doesn't operate out of fear. When your in fear. There is something or someone doing that to you. Of course.

So if something is written or said counter. To the way you HAVE to behave and understand. Then fear enters. A simple way to test this is to start an independent trac. All sorts of situations AND people will start coming at you in some not so nice ways. Mostly these are people in the same contraints. Simple enough.

However in addition there are certain principles at work in all of this. Some people take advantage of the prinicples on the way certain things work.

I would never conciously lend and create a debt slave for myself. I find that very henious. However someone bent on using someone would find that easy. They themselves (that do as such) I feel are not very well adjusted, at all. Looking for someone else to do all the labor. Sit back and enjoy. However what is their end. Surely there comes a day. Even saying there comes a day is not enough to stop a person that is sociopathic in behavior.

Using principle. Tempting and throwing people under debt. You'll never get any satisfaction dealing or admonishing a sociopath. They just don't care.

THERE ARE people in the world who do not owe. Thats not a part of the general overall society in which YOU live. That society you live in is entirely comprised of borrowing and lending. Not some of it ALL OF IT.

They are people who have not one fear. Day in day out. The food grows. There home is warm. They have water sometimes livestock and plenty of food stored. They live in peace. Not wondering where the next meal is coming from if they fuck up or losing their jobbie. Thrown out of their house. Car taken. Having to camp out in a tent in some city in a park waiting for a sandwich because they can't think for themselves. I will also point out that just because they have defaulted on debt does not mean they don't still owe it (people in tents). The fear even increases at that point. In fact the usury people will not think for you at that point nor let you and leave you frozen in fear. Until you behave. It's horrible to do that to someone many would agree.

So to finish people that lend, Usury people are very sociopathic in behavior. No conscience at all.