Appraisal Fraud involves the appraiser of a house or commercial real estate, the broker, loan officer and sometimes the lender. This is when the numbers are fixed so the real estate looks as if it is worth more than it truly is. This is usually done so the broker or loan officer can close on a larger loan and make a bigger commission. Other reasons this is done is to get a lower price on a foreclosed home or to get a lender to decrease the amount owed in a loan modification.
Any way you look at it this practice is wrong and illegal. Most appraisers, lenders, brokers, and loan officers are honest people.
For more information or to set up an appointment call Nesbitt Realty at
(703)765-0300.
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