The housing crisis meltdown continues with the rogue appraisers scandal that amounts to downright appraisal fraud.
Conclusion? The last market heyday was not a good time to be a appraiser.
Now it’s being revealed significant numbers of appraisers felt pressure to come up with the magic numbers some banks wanted.
Those number crunches would help inflate a home’s value and send the price skyward.
Results were some appraisers felt the temptation; a strong temptation to become dishonest.
And the honest ones were sometimes threatened with loss of business if they didn’t ‘cooperate’.
Take a look at home appraiser Dick Parker who also talks about the crisis from his point of view as an appraiser.
Carefully note a warning he throws in about foreclosures and how some of them are damaged. He specifically mentions concrete being poured into toilets.
Last but not least we have an article about the Petone family and how they were duped into believing their home was worth more.
Follow their painful journey of discovery as they find out the truth as their $114,500 house is honestly appraised at only $98,000.
How widespread is the rogue appraisers scandal and appraisal fraud?
Many more shocking facts may be forthcoming in the next few months.
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