Appraisal Fraud

I recently met a prospective home buyer who was in a somewhat intriguing situation if it wasn’t so unfortunate. She was the process of buying a condo in Milpitas, Santa Clara County, Ca. and found to her shock and surprise, that the appraisal report was completely erroneous. Not only was the data wrong, but even the pictures of the home were incorrect. By strange coincidence however, the only accurate detail was the value of the condo which matched the sale price almost to a dollar. She contacted the builder/lender who apologized profusely and assured her the report was under correction. When nothing happened she called the appraiser who stated emphatically that he had received no such request for correction. Now she’s being strong-armed by the loan processors into signing an appraisal report delivery waiver form. She asked my advice.

‘Put it behind you and go to a reputed realtor’

That was the advice I gave her along with Dale Warfel’s telephone number. Dale Warfel, a California licensed realtor, has been in the real estate business for over 12 years and knows San Jose properties like the street on which he lives. Dale’s website at www.dalewarfel.com is a mine of useful information, including the tricky little legal bits. Dale has a feel for what his clients want and makes sure his recommendations are clear and above board. What’s more he stands shoulder to shoulder with his client till delivery of documents.

My home buyer took my advice and filled in the form on Dale’s webpage http://dalewarfel.com/Nav.aspx/Page=/RealEstateTips/HomeBuying/Default.aspx. She is now happily closing in on another condo, in the same area.