Posted: Wed Jan 21, 2015 10:55 am Post subject: Think- Before you PUNISH a VALUER !
Margin of Error !
When a SeasonedVALUERdoing valuation and Appraisals for almost one and a half or two decades is reported toIBAin Caution list for a single mistake, Don't you think it is equivalent to
(1) Suggesting aDoctor(Surgeon) to close his practice " If a patient dies on operation Table "
(2) Telling alawyerto wind up his practice and surrender his license " If he looses a Case " or "If one of his client is imprisoned "
(3) BEST of ALL- Telling abankerto put us his resignation and sitting at his home "If one of the loan he has done , goes BAD"
I am sure that u will say NO this does not happen, If the above do not happen, Why aVALUERis said to follow such a path, Can anyone be 100% correct all the time, Is there any acceptable margin of error or not ?
I have met Valuers who have done momentous work in last two decades, Over 1,00,000-00 reports, If we look at the entire carrier just 80 to 100 reports have been challenged (Ever in court by bankers, in Police, In frauds) that is about .1% , Can any Banker, IBA official, Persons responsible for depanelling our fellow members claim such accuracy in their WORK ?????
IF peoplePUNISHINGtheVALUERShave less accuracy/ Consistency, How they are competent to punish theVALUERS?
In my opinion the Intention of VALUER should also be taken into account , There is a huge difference in aMala fiedintention or aBona fiedintention, We are not here to defend the culprets or stand by any intentional mistake committed by any one, But at the same time we shall not be mere spectators to exploitation,Arm twisting andHumiliating tactics of Banker's. We shall not allow any of our fellow professional to be made SCAPEGOAT to showcase that he is the prime reason for a NPA ! We shall stand united and shall fight as a single unit Till we get justice !
Secretary- Institution Of Valuer-Ludhiana Branch
Vice President- Practising Valuers Association of Ludhiana.
Posted: Wed Jan 21, 2015 3:25 pm Post subject: Re: Think- Before you PUNISH a VALUER !
You are correct. To be precise unintentional error that benefits either client or bank must be condoned for at least first three occassions. But valuer may be cautioned on each occassion to do a perfect job.
In fact keeping in view bank interest we refuse to value some doubtful properties or put lesser value on certain items and client can also complain to banks for punishing a valuer.Then how will they handle?
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