Friday, October 15, 2010

State disciplines appraiser with Kern ties

State disciplines appraiser with Kern ties

BY COURTENAY EDELHART, Californian staff writer Wednesday, Oct 06 2010 05:07 PM Last Updated Thursday, Oct 07 2010 10:05 AM

The state has disciplined a Ventura County real estate appraiser with ties to Bakersfield, saying she filed multiple "misleading and inaccurate" appraisal reports.
Janet Vasquez of VIP Appraisals in Santa Paula previously worked for Dwight Reynolds of Bakersfield, who surrendered his license last year after the state took issue with a report Vasquez prepared that he signed off on.

The California Office of Real Estate Appraisers, which licenses and regulates appraisers in the state, issued a stipulated settlement and disciplinary order on Sept. 29 that suspends Vasquez's license for 60 days and places her on probation for three years, during which her work will be subject to review by the state.

She also was ordered to pay $2,500 to reimburse the state for its investigation and prosecution costs, and must undergo at least 45 hours of additional training.

Vasquez was found to have violated the Uniform Standards of Professional Appraisal Practice, a set of mandatory rules that govern the appraisal industry.

Violations included filing "multiple misleading and inaccurate appraisal reports; failure to analyze the prior sale of the subject properties, failure to analyze the listing history of the subject property, failure to accurately report and analyze the pertinent physical characteristics of the comparable sales; failure to analyze more relevant comparable sales; significant overvaluation" and "failing to disclose that significant portions of the appraisal report were taken from an appraisal prepared by another appraiser."

Vasquez did not return a telephone call seeking comment.

The complaint against Reynolds said that in December 2007, he co-signed as supervising appraiser for a report on a 22,476-square-foot, three-story, 49-room Bakersfield hotel that was riddled with "errors and omissions" in violation of the Uniform Standards of Professional Appraisal Practice.

Reynolds denied any wrongdoing at the time, saying he had planned to retire anyway and allowing his license to expire was cheaper than fighting the charges. He hinted that another appraiser was responsible for the problems with the report. Those problems included conflicting information on the cost of renovating the hotel and its revenue potential, according to state documents.

Vasquez was the report's co-signer.

The state also said problems were found with Vasquez's appraisal of a single-family home at 12713 Crown Crest Drive in Bakersfield and a property at 818 E. 88th St. in Los Angeles. Vasquez described the Los Angeles property as a single-family residence with a two-car garage, when in fact, it was two attached rental units with a four-car carport.

She valued the Bakersfield house at $925,000, but a review appraiser's value of the same home as of the same date was $750,000.

The Bakersfield house has ties to Crisp, Cole and Associates, a now defunct real estate company whose principals, David Crisp and Carl Cole, are under federal investigation for alleged mortgage fraud.

Vasquez appraised the house for Lime Financial Services Ltd., in support of a mortgage loan to Staci Martinez.

Martinez bought the house in May 2006 with a $925,000 loan that later defaulted, sending the house to foreclosure. In March 2006, just two months prior to Martinez' purchase, the home had been sold for $774,950 to Yennhi Nguyen.

Nguyen is related to Robinson Nguyen, a former agent with Crisp and Cole.


Post a Comment

Subscribe to Post Comments [Atom]

<< Home