Posted by Nicole_NCali on 8/4/05 5:42pm
Msg #57006

Check this one out on overinflated appraisals

This article is really interesting. I always knew that some lenders are bottom feeders but this is getting ridiculous:

http://money.cnn.com/2005/07/18/real_estate/appraisers_0508/index.htm

Reply by TitleGalCA on 8/4/05 6:51pm
Msg #57018

You'd be surprised how many husband and wife teams there are out there...Wife is RE Agent, Hubbie is Appraiser - and on the same transactions. Guess you could say they were definitely in bed together....

Reply by newlysmomva on 8/5/05 8:11am
Msg #57097

Something happened like this in the 80's and caused a lot of problems with savings & loan assns as I recall. Contributed to the recession in late 80's.

Reply by Teasa/NY on 8/5/05 8:48am
Msg #57107

We did a 2nd in the late 80's and they did a "drive by" appraisal. Was appraised for about $100,000 more than worth. Bank didn't care. But interest rates were through the roof then.