Appraiser Sentenced for Inflating Home Values

Allison Tussey —  April 3, 2013 — 4 Comments

Michael Saad, 49, an Iowa resident, was sentenced to six months’ imprisonment, followed by six months’ home confinement, for willfully overvaluing property for the purpose of influencing a federally insured credit union.

Saad was sentenced on On April 1, 2013.  United States District Judge Stephanie M. Rose also sentenced Saad to two years’ supervised release and ordered him to pay $131,575.06 in restitution to Deere Harvester Credit Union.

Beginning in April 2007 and continuing until December 2007, Saad knowingly inflated the values of properties that he appraised in an effort to justify higher mortgage loans for borrowers. Saad misrepresented the square footage, age, number of bedrooms, number of bathrooms, and other information associated with the subject properties and the comparable properties listed in his appraisals.

United States Attorney Nicholas A. Klinefeldt announced the sentence.

This case was investigated by the Federal Bureau of Investigation and was prosecuted by the United States Attorney’s Office for the Southern District of Iowa.

Allison Tussey

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4 responses to Appraiser Sentenced for Inflating Home Values

  1. If Congress really wants to cut government wasteful spending, they need to run off those FBI agents and US Attorneys that don’t want to do their jobs. I turned over evidence that an appraiser used the city cemetery with no house on it as a comp to a 7.5 acre farm in order to falsify an appraisal for multimillion dollar real estate theft. The FBI agents response from the US Attorney, “they don’t prosecute appraisers” in a recorded conversation.

  2. Gary Crabtree April 3, 2013 at 7:45 pm

    This guy does’nt hold a candle one local appraiser who falsified values on over 300 appraisals and collected $1,000 per appraisal under the table. What happened? He lost his license and the FBI refused to indite him because appraised values “are subjective”.

  3. Oklahoma Cert Res Appraiser April 3, 2013 at 3:56 pm

    The fake bed count issue is just one reason I’ve included interior walls in my sketch for 29 years; and feel it should be a requirement.

  4. And this is a surprise, how?

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