The personal relationship between the appraiser and the purchaser gives the appearance of a conflict of interest which should raise professional ethics issues for the appraiser. I would ask the licensing board for appraisers if the appraiser has a conflict of interests. You'd be surprised how seriously licensing boards take inquiries about ethical issues that could discredit the profession.

2 Jump to Post ...

Report Post Jump to Post

Posted by NC_Tigah

Member since Sep 2003

125530 posts

Posted on 3/29/13 at 7:50 pm to Poodlebrain

quote:
You'd be surprised how seriously licensing boards take inquiries about ethical issues that could discredit the profession.

0 Jump to Post ...

Report Post Jump to Post

Posted by MoreOrLes

Member since Nov 2008

19472 posts

Posted on 3/30/13 at 5:31 pm to Poodlebrain

quote:
I would ask the licensing board for appraisers if the appraiser has a conflict of interests. You'd be surprised how seriously licensing boards take inquiries about ethical issues that could discredit the profession.

This, unfortunately, will have no baring on this sellers sale. The bank orders the appraisal not the buyer (unless its a cash sale with no mortgage). Furthermore, this buyer will be tainted.

Even if the seller screamed bloody murder and got the value changed.....the buyer will see it as just that further creating buyers remorse.

Its a flawed process but it is the one we have.

Again, if the seller is not please he can choose not to sell it for the appraised value. Only once in 10 years have i seen a buyer pay more than the appraised value. And that was 3k.

This post was edited on 3/30/13 at 5:34 pm

2 Jump to Post ...

Report Post Jump to Post

Money Talk - Replies to Post

Return To Board

Page 1

Return To Board