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Home » Our Blog » TYPICAL MISTAKES BY APPRAISERS

TYPICAL MISTAKES BY APPRAISERS

By Kent Berk on October 26th, 2009 in BLOG, REAL ESTATE LAW

According to the FDIC, below is a list of some of the common errors by appraisers. These errors may be the basis for a lawsuit by the lender or borrower that relied on the appraisal, administrative action by the licensing authority and/or criminal charges.

  • Conceals that the original client was the loan applicant
  • Accepts a fee contingent on the appraisal obtaining a predetermined value
  • Inaccurately describes improvements-overstates square footage and number of rooms
  • Misrepresents the condition of property
  • Fails to disclose extraordinary assumptions and hypothetical conditions (e.g. does not disclose that the estimated value depends on obtaining a change in zoning)
  • Presents faulty analysis (e.g. uses appraisal methodology applicable for higher valued owner-occupied condos when the property is rental apartment units)
  • Omits relevant information
  • Includes misleading information
  • Includes a series of material technical errors that will affect the credibility of the valuation
  • Conceals that the original client was the loan applicant
  • Fails to follow the Uniform Standards for Professional Appraisal Practice

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