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Honored Advisor
Posts: 11,091
Registered: ‎05-13-2010
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Re: Do guys go broke anymore

Appraising has gotten a lot more institutionalized since this conversation, which was fifteen years ago this summer.  I think the fraud in appraising has gotten a lot more sophisticated, too. 

I have a friend who is nationally certified to appraise residential and commerical property.  He agreed with a point on a news show a couple of years ago...that appraisers that would not fudge on property values for lenders to be able to write the loan they wanted, simply did not get work.  Once you have enough comps, however falsly inflated, the monster is a self-perpetuating problem. 

BTW, the loan officer I basically got fired had also gotten a false appraisal on this farm, too.  She never showed it to us in the process, but I learned what was in it when I talked with her boss that day. 

we were just told it was "fine," and I was too naive to question further at that time.  We live and learn.  He and I put two and two together on several accounts of her actions that day. 

The next thing I heard, her butt was gone, and another girl in that branch had been fired for letting her back in, supposedly to use the fax machine.  I suspect it was the shredder instead.   

I would know better now, but as you said, do not need to borrow anymore.