If a bank appraiser told you he would guarantee that the house you were trying to purchase would appraise for your (very) lowball offer if you slipped him $1000 under the table what would you do?
2007-08-28 14:48:27 · 4 answers · asked by wendysorangeblossoms 5 in Business & Finance ➔ Renting & Real Estate
Alert the bank immediately. First, on a purchase transaction a lender will only lend based on the appraised value or the purchase price WHICHEVER is lower. The fact that the bank appraiser is saying he will make your appraisal lower to fit the sales contract - makes no difference.
The fact he wants a kick back of 1000 - is absolutely ILLEGAL. He needs to lose his job!!!!!!
He is placing the bank, the appraiser community and lending community in a compromise. Unethical individuals have NO PLACE in this business ro ANY OTHER.
He needs to lose his license as well. It is a good bet you are NOT the first person he has approached. What is frightening, what about the individuals that purchased homes for a higher value than what they 'should' have appraised at. In your case, you would not have been hurt. In the latter, the borrower and the lender would be 'upside' down as a result of this One individual's actions.
Please consider 'others' when you decide what to do. I know as a society we like to believe in the good of folks, and in general we are always right. Treat this individual as he has treated society.
Good Luck
2007-08-28 15:00:37 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Isn't the property seller doing his own appraisal to figure out the selling price??? Now if the house was worth much less and you had to pay him $1000 to "bump up" the price that's a different story.
If I'm selling my house for $350K and you get an appraiser to say it's only worth $300K, what difference would it make to me?? I wouldn't take your offer. Now if the seller is an idiot and told you he'd sell the house at whatever it appraised for (and you are ordering the appraisal) then he gets what's coming to him/her.
2007-08-28 16:21:21 · answer #2 · answered by Richard S. 3 · 0⤊ 0⤋
I'd probably report him. I definitely would not give him the $1000.
2007-08-28 15:22:30 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Forget it. It's illegal, and you will get caught.
2007-08-28 14:55:18 · answer #4 · answered by fotoguy 4 · 0⤊ 0⤋