Sunday, January 20, 2013

How does Fidelity National Title Insurance Company chose it's Appraisers???

The third Claims Counsel, Robert Q. Kelly, asked me for the names of local appraisers.  But then I was told that Jim Gibson of PGP Valuation from Boise Idaho was hired as he was on their list of "approved appraisers."  There was communication between Owen Girard of Fidelity National Title and Jim Gibson:

It is apparent from this email that Jim Gibson has done many Diminution in Value appraisals for Fidelity National Title and that these appraisals are all over the western United States.  From this I think that perhaps the reason that he has repeatedly been hired by Fidelity National Title to perform these kind of appraisals is that he performs appraisals that are to Fidelity's advantage.

I do know from my experience that he did not spend enough time studying the area and driving around looking at all of the comparable properties so that he could make a fair and accurate appraisal.  In my case I wrote almost 17 pages pointing out the discrepancies, misinformation and indeed what I felt was false information.  And although he made general statements that he had performed commercial appraisals in California - but he never provided actual data on those appraisals.

I still question what qualifies an appraiser to be on the Fidelity National Title's list of "approved appraisers" and why they do not use local appraisers who are familiar with the area and the comparable properties.