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#1 Jul 17, 2007
Kumbi Salim stabbed a man in the back ten times. This is licensed Nevada appraiser.
Until May 18, 2007, when Kumbi Salim (AKA Stanley Price) was convicted of second degree murder, this Henderson appraiser could have been in your house doing an appraisal for your purchase or sale. For 34 years after murdering Martin V. Brown, Salim got away with it. In fact, he even got a license to appraise houses in Nevada and produced possibly thousands of appraisals in Southern Nevada. Yes, you too can become a Nevada real estate appraiser!
I wonder if a man who would kill someone would stoop so low as to accept bribes for inflated appraised values. Nah! No Las Vegas real estate appraiser would ever do that. Or would he?
Maybe a few local Las Vegas lenders should pull some of their loan files and see what other criminal acts this murderous appraiser was up to.
Is Kumbi Salim the only corrupt appraiser in Las Vegas? No. See http://www.appraisersoflasvegas.com/BadApprai... about the appraiser who allegedly hired a hit man to whack his partner.
As the Las Vegas housing dives deeper into negative equity land, appraisers who are supposedly impartial are being pressured like never before by loan brokers and agents to manipulate their findings to ensure loans go through.
As Las Vegas housing values decline, fewer loans can be made by those homeowners who have been living off their equity. Only those who have been sitting on their big fat equity positions for several years can refinance. This results in far fewer appraisals in Las Vegas and the entire Southern Nevada region. Many Las Vegas appraisers are hurting for business. This is character testing time. Honesty and ethics may mean poor in this business climate.
Las Vegas Appraisers are feeling the heat like never before as loan officers and agents attempt to make appraisers manipulate and push their appraisals to ensure loans go through. In fact, 90% of the 1,200 appraisers polled in the 2007 National Appraisal Survey, released in December, said they reported feeling pressured to restate, adjust or change values. That is up from 55% in the first such survey in 2003.
The survey said 71% felt pressured by mortgage brokers to boost valuations, and 56% reported such pressure from real estate brokers and agents. Those who refused to bow to coercion paid a steep price: 68% reported losing a client, and 45% didn't get paid for their work.
The pressure on Las Vegas real estate appraisers to "make a deal” has been intense. If an appraiser fails to “hit the value” he’s accused of being called a “deal killer”. That label is the kiss of death for an appraisal business. By law, appraisers are required to render impartial judgments. But, as we have seen by these two convicted murderers, the law (or even lives) is of little concern to some Las Vegas Appraisers.
As if getting more business ‘back in the day’ was not tough enough, now in Las Vegas some appraisers will kill for it.
Don Foster Scoggins of Appraisers of Las Vegas.com says,“Not all Las Vegas appraisers are bad. Some are evil.” On a serious note, Scoggins, a Certified General Appraiser in Nevada and in Arizona with 21 years in the appraisal business says,“I know of some really nice Las Vegas appraisers who would loan a friend $5,000; but, God help you if you cross certain other ones”.
Appraisers of Las Vegas.com is ranked the number one appraisal firm in Las Vegas for seven straight years by InBusiness Las Vegas Magazine. Scoggins jokes,“We may modify our slogan to ‘We appraise houses to high-rises at the best rates but we don’t kill anyone for any amount. Better yet, I think we will just stick to ‘We Go the Extra Mile’”.
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