Lawyers suing realtors

[UtahDan]

Originally Posted by MikeWaters

Welcome to my world, suckers.

I'm really hoping that malpractice BY LAWYERS becomes a much bigger growth industry.

Here is the last guy I sued:

http://www.dhp.virginia.gov/Notices/...er03172005.pdf

I wonder if people like him have anything to do with your high premiums?

[Runner Coug]

Originally Posted by UtahDan

Lets be honest though, there are appraisers out there who will say whatever someone wants them to. I'm not saying you, but they exist. Hell, I use appraisers as expert witnesses and I know who to go to if I want conservative or not conservative.

Oh yeah, I definitely agree with you. I think that the great majority want to do an honest job, but there are some whose main concern is getting whatever value is needed. The State has weeded out a lot of the most egregious ones, but there are a few around.

The irony for me in all of this is that appraising has actually gotten easier the past few months. Most purchases are below market value and the lenders doing all the REO's are forbidden by corporate policy to have any contact with the appraiser at all.

I suspect that one result of this meltdown will be even tighter regulation on the appraisal industry. That should help even more with getting rid of the morons.

[MikeWaters]

Originally Posted by UtahDan

Here is the last guy I sued:

http://www.dhp.virginia.gov/Notices/...er03172005.pdf

I wonder if people like him have anything to do with your high premiums?

I don't have time to go through all that obviously, but my point remains the same: appraisers, welcome to my world, where doctors are always looking over their shoulders, practicing defensively, and preparing to be sued not only for honest mistakes, but for poor outcomes despite no mistakes.

[Runner Coug]

Originally Posted by MikeWaters

I don't have time to go through all that obviously, but my point remains the same: appraisers, welcome to my world, where doctors are always looking over their shoulders, practicing defensively, and preparing to be sued not only for honest mistakes, but for poor outcomes despite no mistakes.

Well, it's not like the fear of getting sued is new to me. Anytime a property is foreclosed, the appraisal is the first thing the lender will review. Any discrepancy at all, regardless of whether it would have affected the estimate of value, will be hit on to try and lay the blame at the foot of the appraiser. Despite my best efforts, I'm sure I have a few reports floating around out there that have a contradiction or a transposed number. With the relaxed underwriting the last few years, I don't know if anyone was really even reading appraisals. Some of the reports that I reviewed for lenders had the types of grammatical and reasoning errors you would expect from a 7th grader. I was constantly amazed at the garbage that was getting through underwriting.

There's a reason I carry $1M in E&O insurance.

[UtahDan]

Originally Posted by MikeWaters

I don't have time to go through all that obviously, but my point remains the same: appraisers, welcome to my world, where doctors are always looking over their shoulders, practicing defensively, and preparing to be sued not only for honest mistakes, but for poor outcomes despite no mistakes.

Guess what Mike? That is what all professionals do.

[Archaea]

Originally Posted by UtahDan

Guess what Mike? That is what all professionals do.

Exactly.

Remember all the cases against leading CPA firms, banks for commitment letters, appraisers now, financial advisers, insurance companies, engineers, architects, etc.

Physicians have a little man's persecution complex because they are unaware of the litigious nature of society at large and the professions generally.

[MikeWaters]

Originally Posted by Archaea

Exactly.

Remember all the cases against leading CPA firms, banks for commitment letters, appraisers now, financial advisers, insurance companies, engineers, architects, etc.

Physicians have a little man's persecution complex because they are unaware of the litigious nature of society at large and the professions generally.

don't be silly. the malpractice thing is a well-oiled huge industry. those are other things are a drop in the bucket.

[Archaea]

Originally Posted by MikeWaters

don't be silly. the malpractice thing is a well-oiled huge industry. those are other things are a drop in the bucket.

No, some of them, such as the assault upon the cpa firms were before your time. Many of the great securities cases were much earlier than your professional awareness.