2 sentenced for real estate scheme

In this case, its sounds like the appraiser was duped, but it is a scary thought. It makes for a good argument to get the sales contract on your transactions (besides other obvious reasons, like understanding the terms of the sale). We match up the seller with public record.

I am amazed how many real estate brokers have said to us that we are the first firm to actually ask for a copy of the contract.

Its a USPAP standard as part of the appraisal licensing requirement [i-2e(iv)]

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One Response to “Selling a house they didn’t own”

  1. Ashish Shah says:

    Just like employees at investment banks have compliance issues when buying or selling stocks, and have to have an investment account at their respective banks, are there any restrictions for appraisers buying and selling real estate investments? There could certainly be a conflict of interest in many cases.