Inflated appraisals, in my opinion, played a huge part in the foreclosure crisis, and is one of the reasons why many people have lost their homes.
Many of you probably have in your possession an inflated appraisal, and/or a flat out fraudulent appraisal that has a lot of made up information in it.
I've seen many many bad/inflated/fraudulent appraisal reports.
The last one i saw was a doublewide manufactured home that had been stuccoed over and appraised as a site built home. This inflated the appraised value greatly.
Many appraisers were bribed and coerced by mortgage brokers to hit certain numbers. The reward was more work from them of they did, the punishment was being blacklisted if they didn't.
If you think you may be in reciept of a bad appraisal that was used to finance your home, have a local ethical appraiser do a review of the report. Its not free, but you may be suprised at what you find.
I am a State Licensed Private Investigator and a State Certified Appraiser
865 389 3261