banking commission
135) Fraudulent Appraisal
10/25/07
Dear Henry,
I recently submitted an appraisal to the MREAC that I had reviewed so that they might put the appraiser out of business.
The appraiser had increased the sales prices of ALL 3 MLS comps by $20,000 each. Subject property was appraised @ $73,000. The MREAC "voted to take no further action" against the appraiser.
I now have a new mission in life but need some guidance. What would you do at this point to right this wrong?
Respectfully,
John L. King, SRA john@kingappraisalgroup.com
Dear John,
Most courts do not like to overturn the ruling of an administrative body unless it was unreasonable.
If you think this was done to defraud a lender, you can go to the FBI or the Banking Commission and ask that they investigate further.
Unless you were personally injured by this appraisal, I would walk away. There are only so many battles one can fight, and perhaps this is not one you want to spend a lot of time and energy on.
H2
I recently submitted an appraisal to the MREAC that I had reviewed so that they might put the appraiser out of business.
The appraiser had increased the sales prices of ALL 3 MLS comps by $20,000 each. Subject property was appraised @ $73,000. The MREAC "voted to take no further action" against the appraiser.
I now have a new mission in life but need some guidance. What would you do at this point to right this wrong?
Respectfully,
John L. King, SRA john@kingappraisalgroup.com
Dear John,
Most courts do not like to overturn the ruling of an administrative body unless it was unreasonable.
If you think this was done to defraud a lender, you can go to the FBI or the Banking Commission and ask that they investigate further.
Unless you were personally injured by this appraisal, I would walk away. There are only so many battles one can fight, and perhaps this is not one you want to spend a lot of time and energy on.
H2