Restoration Value Magicians!
And just like that, real estate appraisers from across the country have now added a new line item to their résumés, websites and marketing material: RESTORATION VALUE MAGICIAN. Oh wait, haven’t some AMCs and others already claimed to be such magicians when it comes to this topic? The pandering and save face attitudes of some of these organizations is concerning.
Instead of looking at the big picture of infrastructures, the neighborhoods, the cities and more, to determine what sort of things can help areas identified as “Black neighborhoods”, they want to blame the appraisers.
Here is a thought. How about we investigate where those tax dollars are going and what’s being done to make areas identified as “Black neighborhoods” better compared to the so-called “white neighborhoods”? Maybe investigate and do a study on the effects of past redlining initiatives by the government, states, lenders, and how their actions in the past have have caused this issue today. How about we investigate and do a study on why homes in “Black neighborhoods” are of lesser value than in an area further away? Oh my bad. That would be too much hassle and expose the real truths that may go against the political narrative.
What a shame that National appraiser organizations are more focused on reputation than actually explaining the facts and educating others. What’s next? Are these organizations going to sell more courses on restoration value? Maybe a new USPAP section on how to be compliant in restoration value? Fannie Mae gets in on it and creates a new restoration value section?
I can see the AMC BIDS NOW: “We need an as-is, as repaired, and a restoration value, for $350.”
How about this? How about RESTORING the appraisal profession back to what it was prior to the crash and allow appraisers to do what they do best without more laws, regulations and 3rd parties. And, instead of talking to National appraiser organizations that only care about themselves and saving face, how about we start including the boots on the ground independent appraisers serving these areas on a daily basis, in the discussion?