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[Commentary] Appraisers Are Sheep

This article reminded me how the appraisal industry is self-destructively meek – a bunch of sheep (aka scapegoats). Three plead guility in $8 million real estate ‘flipping’ scheme involving Decatur, Springfield [HR] [1].

An appraiser was part of a 3-way flipping scheme involving 150 properties and about $8M yet…

While Ciota and Knox got profits from the transactions, Wiese received only his standard appraisal fees

The scheme would not have been possible without the appraiser yet he did not see the value of his crime. That means one of two things:

I’m banking on B.

With the daily reports of mortgage fraud, I don’t think I have ever seen an appraiser who got a piece of the action or an inflated fee in one of these mortgage fraud scams. Isn’t that amazing?

This seems to correlate with past patterns of meekness in the appraisal industry. I am not suggesting anything criminal, just the fact that the whole world walks over us and its mainly our own fault.

These are the real crimes here…