Yes, as we all know banks and credit unions would never break the law or scam people would they? Bankers are all super smart and of the highest ethics, just ask Bernie Madoff and his friends.
I mean just a few years ago banks were giving out loans to anyone with a pulse. How did that work out? I mean besides wrecking the whole US economy?
Is your contractor that much better than the other contractor? Or was the seller going to give you more than what you were going to pay your contractor?
Legal advice is best suited to IMHO.
Colibri
General Questions Moderator
Well I know a good contractor, have no idea who they picked. I was not going to make a profit as far as I know.
BTW, why do people say I was covering this problem up?
It was fully disclosed to the seller in the inspection report. The credit union never asked for that report, if they had I would give it to them. I broke no laws or rules. My agent would not let me break laws or rules or it could be a big problem for her. She could lose her license.
Appraisers don’t make great money, around here in the high $30s / low $40k per year. Now, some owners of appraisal companies who have multiple appraisers working for them might make significantly more (most of these people are also real estate brokers themselves as well.)
An appraiser is supposed to use norms of their profession to evaluate the value of a home. As long as they follow the codes and guidelines that regulate how they determine this value it’s highly unlikely they did anything that could get them in trouble. You’re just wasting your time in a petulant, and frankly childish, temper tantrum in trying to get the appraiser in trouble. There is no objective way to determine a home valuation, some appraisers will even describe an appraisal as essentially guess work (at least the ones being honest.)
An appraiser is also not a building inspector, so while they aren’t being thorough if they don’t look up in the attic, they do not have the same responsibilities of a building inspector so while that would indicate the appraiser you dealt with in the past was lazy it doesn’t really mean he wasn’t doing his job.
Anyway, from the bank’s perspective it’s irrelevant that the seller was going to let you take care of this and give you a lower selling price in exchange for the work. The bank has a right to know about something like this, and has no reason whatsoever to finance the deal with necessary repairs pending. They’d basically be going on your word that you’d fix it after the sale, and there is really no reason for them to do that. If you don’t like that state of affairs I recommend you come up with your own financing and do not avail yourself of the bank’s services.
Your screed about the misdeeds of the banks is also irrelevant, that’s like me saying I should embezzle a bunch of money because some CEO of a Fortune 500 company embezzled a bunch of money.
You also don’t really know how the appraiser came about his information. Appraisers, while not building inspectors, do carry around equipment with them at times that could detect things like a floor not being level. They sometimes make multiple trips as well, so you’re making a lot of assumptions. The biggest assumption is that there’s anything at all wrong with an appraiser overhearing a conversation between people, especially when you’re not one of those people. An appraiser does not have an obligation to you to make sure you get the best deal, when hired by the financer they have obligation to make sure the bank has an appropriate understanding of the value of what they’re financing. A repair job pending definitely affects the value of the home, as it would make the home less valuable until the repair was completed.
It’s also entirely possible the appraiser has that inspection report. How do you know they didn’t request it? I actually find it questionable the credit union wouldn’t ask for the results of a building inspection, if they didn’t ask you after knowing you had one done it’d make me suspect they may have been in direct conversation with the building inspector and/or they may have done their own inspection.
At $30k a year they are still overpaid . Guess if they had some real skill they could get a better paying job. Like maybe picking up trash.
Since I paid for the inspection report I get to say who gets it. And I did not say the credit union or appraiser should get a copy.
What does this have to do with anything? Or are you saying you have a right to scam banks since they screwed up. Guess what, the appraisals are one of the things they use to make sure they don’t give out those bad loans anymore.
It seems to me now you are just complaining for the sake of complaining. Let me ask you this, would you be so mad if the appraiser just found this out on his own? What if he did it before the inspection ever took place?
Either way, the appraiser has no legal obligation to keep secrets about the condition of the home just because they didn’t find out about it with their own observations. What makes you think they have such an obligation? You’ve not really articulated what the appraiser did that you think is improper, they reported something they just overheard? They’re allowed to do that. An appraiser is on the valuation side of things, they are not required to do a full home inspection like a building inspector would.
Many times when banks are dealing in foreclosed homes or working with short sales they’ll just stipulate based on a “superficial visual inspection” which sometimes might include random information the previous homeowner gives to them verbally. You seem to think there are rules about what information an appraiser can share with the entity that hired them about the condition of the property, to my knowledge there is nothing that would prevent them telling their customer whatever they want about the property, including something overheard.
Not to be too nitpicky, but Bernie Madoff was a stockbroker/financial advisor. He bears no resemblance to the actual bankers you are working with.
The bank scams of 4 years ago directly impact me on this problem. Because the banks have gone overboard now with all kinds of extra hoops they make me jump through because they were morons back then. My real estate agent says they have gone way too far in the other direction these days and it’s a big waste of time and money.
If the appraiser did nothing wrong then he has nothing to worry about right? We’ll see when I file my complaint on the guy.
I think it’s BS to file frivolous complaints on people who haven’t done anything wrong.
And you are on the NC board of appraisers so you know he is 100% correct?
What could he possibly have done wrong? He used information that he had to appraise a piece of property. I don’t understand what you think is going to get him in trouble.
I doubt he is, but the North Carolina Appraisal Board (NCAB) explains on their website their complaint procedure. The first thing that happens when they receive a complaint is it is turned over to the NCAB’s attorney, who makes a determination if the complaint is even under their jurisdiction or if it is a valid complaint. If your complaint, if true, isn’t even a valid concern then they have nothing to investigate. If they decide it is a valid complaint they’ll have to investigate its veracity. If that ends up being the case, they will notify the licensee that a complaint has been made and typically request the appraisal file and determine from that if they need to go any further.
Since your complaint appears to be “he did an appraisal based on information I don’t think he should have used, and it pissed me off” I suspect there is a high likelihood it never gets past the stage where the NCAB attorney reviews the complaint. They’ll find that your complaint has nothing to do with their rules or guidelines and that there is no action for them to take and the process will stop there.
Most likely your juvenile temper tantrum will result in nothing happening to this appraiser other than them receiving a letter from NCAB notifying them someone opened a complaint against them that the NCAB attorney decided not to pursue because it wasn’t proper grounds for a complaint.
He did not follow up at all on a conversation he overheard. Never asked anyone for details about the issue, just put it in his report the next day. Did not talk to engineer or read the engineers report. Had no idea if it was really a problem without talking to licensed engineer.
Where is it written that he must talk to an engineer?
In dollars, what did this end up costing you? If the quality of the repair is sub-par, then cancel the deal or renegotiate the price.
Well if you are going to make a good report don’t you think it’s useful to talk to an expert first? Rather than make an assumption that’s way beyond your expertise?
Dollars doesn’t matter , the law/rules should be followed.
How do you know that the only source of his information is overhearing the conversation? Is that what he wrote in his report?