Listen while you drive to and from appraisal inspections as Dustin Harris, The Appraiser Coach, gives you helpful tips, tricks, ideas, and principles which will make you a better appraisal business owner. Dustin has been a successful real estate appraiser for many years. As the Appraiser Coach, he has made it his life's mission to teach other appraisers across the country to also succeed and thrive as real estate appraisal business owners. Join Dustin each week as he keeps you informed with the latest in the appraisal profession, interviews movers and shakers, talks to your peers about what is important to them, and shares with you his secrets to incredible success.
Dustin, I was hired by an E&O Company to represent an appraiser who was sued in Small Claims Court because the borrower was unable to refinance the house as a result of the appraisal being too low. The property owner's claim was that the appraisal was defective because the appraiser's reconciliation indicated that he gave equal consideration to all of the comparable sales. The property owner was an engineer and if the appraiser would have averaged (Equal Consideration) the adjusted sales the value would have been hire than the indicated value. Had the appraisal been several thousand dollars higher he could have got the loan through. I testified in behalf of the appraiser and the court denied the owner's claim.
The take away is that be careful what say in the report and be precise with the wording so that it conveys what you actually what you actually did.
Canned comments that did not precisely reflect what the appraiser did cost him thousands of dollars and a good deal of aggravation.