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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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  • About Us
  • Team BLG
    ▼
    • Kent Berk
    • Daphne Reaume
    • Dan Otsuki
    • Josianne Griffin
    • Steven Santoro
    • Bear, Dog
    • Baxter, Dog
    • Sammy, Dog
  • Reviews
    ▼
    • Reviews
    • Video Testimonials
  • Practice Areas
    ▼
    • Probate, Trust & Estate Contests, Disputes & Litigation Lawyers in Arizona
    • Guardianships and Conservatorships
    • Financial Exploitation of Vulnerable Adults
    • Abuse & Neglect of Vulnerable Adults
  • Videos
  • Resources
    ▼
    • FAQs
    • Blog
  • Contact us
    ▼
    • Location