Board Member of Fathers and Sons Youth Organization
Please accept this letter as an explanation of the sanction I received from the state of Pennsylvania in 2010. The subject property was a purchase transaction and the purpose of the appraisal was for the financing of that sale. I completed the appraisal and it was submitted under normal conditions. Soon after, I had knowledge from the parties involved that the sale was not going forward. As a result, I never put together my internal files properly. Soon after, the lender then asked for a correction to the appraisal. Since I had additional knowledge that the transfer of the property was not transpiring, the requested corrections were not address. The lender then turned my report into the state of Pennsylvania. Approximately one year passed before the state requested my files concerning this appraisal. The state concluded that my files were not sufficient and subsequently I was sanctioned for the total sum of $2,000, which including processing fees. I was also required to retake USPAP, on-line Sales Comparison Approach and on-line Income Approach. As a result of this experience, a number of steps have been taken to ensure that this scenario does not take place in the future.