Comments on: An Inflated Appraisal Scheme With A Twist http://www.biggerpockets.com/renewsblog/2009/05/11/inflated-appraisal-scheme-twist/ Learn, Network, Invest Sat, 11 Feb 2012 23:51:37 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Kimhttp://www.biggerpockets.com/renewsblog/2009/05/11/inflated-appraisal-scheme-twist/#comment-97722 Kim Sun, 02 Oct 2011 13:16:52 +0000 http://www.biggerpockets.com/renewsblog/?p=5230#comment-97722 The Multiple Listing System HAS caused inflated appraisals and this country is in Round 2 of Inflated Appraisals. MLS covers itself against liability within its disclaimerMLS allows Realtors/Brokers to opine square footage, always increasing sf in deceptive advertisingTax Assessors show lower sf than what Realtors/Brokers opineHome sells decieiving the sf, larger homes, higher sales price, which goes on land records however the sf is never updated to the deceptive selling opined sfBecause buyers usually do not catch this deception once an appraisal is performed they are not aware that the home has substantially less sf that what has been advertised. Buyers need to obtain appraisals and really read/compare what is on the appraisal to what information is given in advertisingBecause that higher sales price goes on record yet the lower sf remains on land records......ta tah, INFLATED APPRAISALS, something this country can not go through again!MULTIPLE LISTING SYSTEM allows this, Realtors/Brokers take advantage of thisJust go to Craigslist under real estate for sale by Brokers..........98% percent of homes listed by Brokers have the supercase 2 next to square footage, meaning they think the house has more square footage than whats on land records.If the homes do have the inflated square footage then current/past homeowners should be required to pay deficiency of back taxes due to doing renovations that increased sf and not reporting this and/or in not obtaining proper permits to do renovations that increase square footage (which would make the City/Town assessor aware that square footage increased.Hope someone in power reads this.....I'm breaking nails typing out these comments and composing letters to governing officialsThe End The Multiple Listing System HAS caused inflated appraisals and this country is in Round 2 of Inflated Appraisals. MLS covers itself against liability within its disclaimer

MLS allows Realtors/Brokers to opine square footage, always increasing sf in deceptive advertising

Tax Assessors show lower sf than what Realtors/Brokers opine

Home sells decieiving the sf, larger homes, higher sales price, which goes on land records however the sf is never updated to the deceptive selling opined sf

Because buyers usually do not catch this deception once an appraisal is performed they are not aware that the home has substantially less sf that what has been advertised. Buyers need to obtain appraisals and really read/compare what is on the appraisal to what information is given in advertising

Because that higher sales price goes on record yet the lower sf remains on land records……ta tah, INFLATED APPRAISALS, something this country can not go through again!

MULTIPLE LISTING SYSTEM allows this, Realtors/Brokers take advantage of this

Just go to Craigslist under real estate for sale by Brokers……….98% percent of homes listed by Brokers have the supercase 2 next to square footage, meaning they think the house has more square footage than whats on land records.

If the homes do have the inflated square footage then current/past homeowners should be required to pay deficiency of back taxes due to doing renovations that increased sf and not reporting this and/or in not obtaining proper permits to do renovations that increase square footage (which would make the City/Town assessor aware that square footage increased.

Hope someone in power reads this…..I’m breaking nails typing out these comments and composing letters to governing officials

The End

]]> By: Keeganhttp://www.biggerpockets.com/renewsblog/2009/05/11/inflated-appraisal-scheme-twist/#comment-66407 Keegan Mon, 22 Jun 2009 17:20:00 +0000 http://www.biggerpockets.com/renewsblog/?p=5230#comment-66407 Its very sad that there is so much corruption going on. Real estate was something that didn't take much thought because it was hard to loose money on but now you have to really think about the returns. Its very sad that there is so much corruption going on. Real estate was something that didn’t take much thought because it was hard to loose money on but now you have to really think about the returns.

]]> By: Cindyhttp://www.biggerpockets.com/renewsblog/2009/05/11/inflated-appraisal-scheme-twist/#comment-65540 Cindy Mon, 11 May 2009 16:44:31 +0000 http://www.biggerpockets.com/renewsblog/?p=5230#comment-65540 Many consumer org's, economists, and others have seen this going on for years. It's a widespread problem, not at all an isolated incident. This industry was instrumental in creating an artificial housing bubble, and the resulting bust was not only predicted, but was ignored by govt and industry alike. Mainstream media has largely ignored the problem and is still talking of housing prices as if they need to be kept propped up. News shows still give air time to real estate shills who tell us it's a great time to buy a house. Prices are still way out of line with incomes, and now that the economic meltdown has resulted in predictable job losses, even fewer people will be buying, at any price. It's a shame that to find out what is/was really going on, a person has to be online, tuned into the internet, and alternative news sites, blogs, etc, and become a good researcher. They cannot rely on mainstream news becasue then they will feel incidents like this--if they even learn of them--are just flukes. They are not. Many consumer org’s, economists, and others have seen this going on for years. It’s a widespread problem, not at all an isolated incident. This industry was instrumental in creating an artificial housing bubble, and the resulting bust was not only predicted, but was ignored by govt and industry alike. Mainstream media has largely ignored the problem and is still talking of housing prices as if they need to be kept propped up. News shows still give air time to real estate shills who tell us it’s a great time to buy a house. Prices are still way out of line with incomes, and now that the economic meltdown has resulted in predictable job losses, even fewer people will be buying, at any price. It’s a shame that to find out what is/was really going on, a person has to be online, tuned into the internet, and alternative news sites, blogs, etc, and become a good researcher. They cannot rely on mainstream news becasue then they will feel incidents like this–if they even learn of them–are just flukes. They are not.

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