Tagged: market value

ASC Blaming Appraisers For Low Home Values in Communities of Color 64

ASC Blaming Appraisers

The Appraisal Subcommittee, because they were directed to do so, has produced a report, which frankly and explicitly lays the blame for low market values of homes in ‘communities of color’ directly at the feet of independent appraisers involved with mortgage lending. You will start seeing accusatory slanted media reports about this report. ABC news already has distributed it. A TV station in San Francisco has aired a story already. Yes, the report casually mentions actual facts that GOVERNMENT policies and procedures promulgated segregated and extraordinarily unfair housing issues in the US, from the 1930’s into the early 1960’s. The...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News / ASC

Suspicion of a Discriminatory Appraisal... New Suspicious Law in CA 18

New Suspicious Law in CA

…any suspicion of a discriminatory appraisal by the holder of a real estate appraiser license… Folks in the Golden State, here’s something you’d better keep a very keen eyeball on: Appraiser Discrimination – AB 948 (Holden) Signed by Gov. Newsom This law requires a purchase agreement in a real estate transaction to inform a seller and buyer of the opportunity to report, through the Department of Consumer Affairs’ internet website or telephone number, any suspicion of a discriminatory appraisal by the holder of a real estate appraiser license. Furthermore, it would require such a notice to be provided by a...

Appraisal / Appraisal News / Appraisers News / Trending / Video

4 Uncontrollable Factors that Can Affect Home Appraisals 22

4 Uncontrollable Factors that Can Affect Home Appraisals

…some uncontrollable factors that come into play when determining the value of residential property… This article contains a range of false and misleading information. You can find a rebuttal here. There are many factors that can affect the valuation of a residential property. Some of these factors, such as the level of care and maintenance work that the homeowners carried out, can be controlled. There are also factors, such as racial biases, that may unknowingly appear in the picture. In recent years, some homeowners have reported that they received significantly higher valuations for their residential property once they eliminated traces...

Appraisal / Appraisal News / Appraisers News

REDFIN How Dare You! Reckless Dishonesty, Deception, & Misinformation 11

REDFIN How Dare You!

The following Redfin article is exceptionally offensive to everyone in the real estate business and related sectors, who actually know what they are talking about, to people that are not racists, and who are offended at being falsely called racists directly or by inference. Redfin Study: Homes in Black Neighborhoods Are Undervalued by an Average of $46,000 | Redfin Press Center REDFIN executives ought to know better than to permit their name to be associated with such levels of reckless dishonesty, deception, and misinformation. Hopefully, the marketplace will ‘reward’ them appropriately. Pay attention to the statements “after adjusting” for all...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Automated Valuation Models

Our Job Is to Observe & Report... Not to Commit Mortgage Fraud 25

Our Job Is to Observe & Report

Our job is to observe and report. For an appraiser to arbitrarily go into another area to get “comps” merely because it would result in a higher value is an act of fraud… Dear President Biden, Sir, I welcome your incoming administration, and my sincerest hopes and well wishes are extended to you in terms of healing in this nation. Additionally, as an appraiser, I welcome the desire for equality in housing opportunity in the United States, and if there is any bias in my profession, I support efforts to correct this. However, in watching your party’s position on race...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Political Action / Trending

How Does the Presence of Sex Offenders Affect Appraised Value? 11

Sex Offenders & Appraised Value

“You know there is a half-way house for sex offenders in the neighborhood, don’t you? It’s about two blocks away from the subject”.. OK. You’re well and truly involved with your research on a job that’s already late. You think you’ve got all your due diligence-bases covered. But you call the broker to confirm on last detail and she asks you, “You know there is a half-way house for sex offenders in the neighborhood, don’t you? It’s about two blocks away from the subject”. Needless to say, you are taken aback! No, you had no clue there was such a facility two blocks away from...

Appraisal / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice / USPAP

A 'Low' Appraisal is Now a 'Bad' Appraisal? We Do Not Massage the Data 30

A Low Appraisal is Now a Bad Appraisal

A low appraisal is now a bad appraisal. Well, that’s according to the headline. The article does not stress ‘bad.’ See the article, “A Wild Market Means More Home Appraisals are Coming in Low. Here’s What to do if a Bad Appraisal Threatens Your Deal”, in Money.com. “We” appraisers are now experiencing the same level of buyer goofiness and panic we encountered in 2006-2008, before everything melted down. Inventories are low, and buyer interest is intense. In my immediate neighborhood less than a month ago, an older vacant home came up for sale, listed in the MLS. I looked at...

Appraisal / Appraisal News / Appraisers News / Trending

Is That an Arm’s-Length Transaction? The Necessary Analysis 14

Is That an Arm’s-Length Transaction?

USPAP does not define the term arm’s-length transaction. Fannie Mae also lacks such a definition. Yet, both of them call for the appraiser to use only arm’s-length transactions as comparable sales… How often do we appraisers get into the mode where we think we know it all? Occasionally, do we need to step back and look at the way we do things, just to make sure we are not missing something? Is what we know to be true and correct really true and correct? I raise this issue relative to the concept of what an arm’s-length transaction is. Are we...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Uniform Standards of Professional Appraisal Practice / USPAP

Game Over ServiceLink - AMCs Appraisal Schedule Fees Made Public! 60

Game Over ServiceLink

Now that ServiceLink fee schedule, indicating fees paid to appraisers and fees charged to the lenders, has been released to the public, there is absolutely no reason for in camera review… We are sure you have heard the old saying what goes around comes around, right. Well, here we are again; The FTC vs Louisiana Real Estate Appraisal Board case has been brought back into the spot-light. As you may recall, the LREAB filed a civil case against the FTC in attempt to stop the case against them. That case was denied due to lack of jurisdiction. Then the LREAB...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Language Barrier... What We Got Here is … Failure to Communicate 9

Failure to Communicate

Realtor’s language is “local” whereas an appraiser’s language is universal… What we got here is … failure to communicate. It’s a line from Cool Hand Luke … a great old movie with Paul Newman. Newman played a prisoner in a jail in the Deep South. The story was all about Luke Jackson, played by Newman, who was sentenced to two years in a Florida prison farm. Well, Luke was a free spirit who didn’t play by the rules and this angered the prison’s sadistic warden. In one memorable scene, the warden said, “What we’ve got here is … failure to communicate“. That line was...

Appraisal / Appraisal News / Appraisers News

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