Inflated Appraisals Put Homeowners, Lenders At Risk

This story from the Sunday, March 12, 2006 The Grand Rapids Press (Full Story): Not a week goes by that appraiser John Meyer does not get a request to "hit the number" on a home's value to ensure a loan goes through. "I had a guy from New Jersey last night call, and he wanted me to do the appraisal if I can assure him I would hit $800,000," Meyer said recently. "I told him I couldn't do that." Walker appraiser Fred Vander Wal has similar stories. "I had two last week screaming at me about what they wanted me to do," Vander Wal said. "It was a 7-year-old home, and it was just trashed -- holes in the walls, carpeting all ruined. They said, 'They're not going to loan on this if that's the real condition. Can't you tone it down a little bit?'" That would be appraisal fraud, and Meyer said it's "one of the primary problems out there." Read more . . .