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HOME APPRAISER GONE WILD

Allegations are surfacing about what seems to HSK like a predatory and vindictive individual has been causing havoc for home owners in Los Angeles especially on the Westside where high-end real estate is the norm.

Appraiser Kevin Masterson who is employed by J. Conrad and Associates is often accused of performing assembly line appraisals often using only computer driven models of comparables. This might not have been so problematic had the models not been grossly OUT-DATED. Rather than utilizing updated methods, and accounting for upgrades, replacement cost and the like which have been standard operating procedures in real estate appraisals for years.

For example in two appraisals completed by Kevin Masterson he showed the wrong square footage reported by public records and used comparables that were out-dated. In fact, he used a foreclosed property which was low when there were more favorable sales comparables. Both appraisals done by him came in lower by $400,000. – $500,000. Masterson never took responsibility for low balling these appraisals.

Rhonda Ramirez of Oak Mortgage Corporation had this to say when she was interviewed by HSK for the story. “Mr. Masterson wanted Citibank’s borrower to contribute fees to his company because he was complaining that he was only being paid $200.00 per appraisal and could not spend a great deal of time on these appraisals. This hurts the borrower in the long run because computer driven figures don’t account for recent sales or pocket sales. I also told Mr. Masterson that I could not recommend to the borrowers that they subsidize his fees as he was the bank’s appraiser.”

You might ask, why is this such a big deal? The truth is, California is in a financial mess and while families are dealing with the current economic situation many are specifically troubled by the financing of their homes. Families are trying to secure reasonable financing or refinancing of their properties to bring into line with the NEW value of their property which is sometimes dramatically different from purchase price. An unwarranted lowball appraisal will have direct effect on one being approved or not for new more appropriate lending terms from the bank. Best case scenario-lowest rates and best terms offered would not apply-as the low “appraisal” on the home will not allow the buyer to be any better off than with their over-inflated balloon type mortgages. This allows the bank to continue gouging owners of homes who have already lost as much as 50% value of their properties. With a lowball appraisal, it requires the seller to take an even further slashing/ or request the buyer to put more cash down….and who is going to be led into paying MORE than the property’s “appraised” value?

Now, wouldn’t you agree, Mr. Masterson’s request to have the “borrower” subsidize his fees be exactly the same as “buying” an appraisal…how unscrupulous, Kevin! It just gets dirtier and dirtier….with everyone having their hand out.

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