I have had 3 appraisals done, for different mortgage companies. The first was very good. The second, I don't know much about, but after the company got it back they started to process our application, so it must have been ok, the third one had false statements on it and even a picture they said was of the inside of my house which showed a moldy wall to back up their claim that we need a new roof. That picture was not of the inside of my house, I do not have a leak, do not have a moldy wall, and have no idea where they got the picture. Was it incompetence or did they do it deliberately? I think so, I can't imagine why, but it lost us the refinance we were trying for. What should I do? I have talked to another appraiser who offered to look at my house for free, but that would be a 4th appraisal and what good would that do? These people are licensed and must have some standards to meet, must be required to file honest reports. Who should I call to report what I feel is fraud?
2006-08-22 05:14:32 · 4 answers · asked by Anonymous in Home & Garden ➔ Other - Home & Garden
It's hard to tell whether it's incompetence or a deliberate act without knowing the appraiser. Residential appraisers tend to juggle a number of appraisals at once...perhaps these details are from another home they were appraising at the same time.
You should point out the error to the mortgage company, who should then bring it to the attention of the appraiser. If the information and photo contained in the appraisal are untrue/incorrect, the appraiser has to remedy the errors in the appraisal.
For your information, appraisers are required by federal legislation to comply with a professional code of ethics known as the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP requires that all information contained in the report are factual to the best of the appraiser's knowledge. For additional information on USPAP, visit http://www.appraisalfoundation.com/
If the information in the report is incorrect and the appraiser refuses to remedy the report, you and/or the bank can report the appraiser to whichever department handles appraiser licensing in your state for violating USPAP.
2006-08-23 10:30:48 · answer #1 · answered by ? 3 · 0⤊ 0⤋
Educate yourself on points of appraisal, what aspects of a house are given what value. The more you know, the less likely you will be taken advantage of.
Go back to the other companies and find out why they said what they did.
Forget the third company, leave their dramas to themselves and move on. They will hang themselves, crooks and criminals always do. But, it is up to you to use your time and energy to help facilitate the legal processes deal them.
Always get another's opinion, it will confirm someone else's or your own opinions. Remember opinions on based on the individual's personal value system - how we all interpret life!
2006-08-22 05:31:59 · answer #2 · answered by Alysen C 3 · 0⤊ 0⤋
1) Contact the mortgage company and tell them what happened. Talk to the underwriter on your loan.
2) Contact the state attorney general's office and ask them what to do. The OMBUDSPERSON may be able to help.
3) Get copies of all 3 appraisals, you paid for them, they are yours.
2006-08-22 05:27:53 · answer #3 · answered by anirbas 4 · 0⤊ 0⤋
Take the first 2 to the mortgage co. and show them the proof. You can always go to another mortage co., there are plenty out there looking for loans and the market is getting soft. I would investigate the 3rd one and see if there have been any claims against him.
2006-08-22 05:27:50 · answer #4 · answered by poopsie 3 · 0⤊ 0⤋