Appraisers Pressured to Inflate Values Based on Race
The real estate appraisal industry has long been subject to pressure from various sources, such as lenders, borrowers, and agents. In the past, this pressure often came in the form of withholding business if appraisers refused to inflate values, or ignore property deficiencies. Nowadays, it appears that government efforts, aimed at curbing discrimination, are actually leading to increased pressure on appraisers to inflate values.
This is a troubling development for honest appraisers who may be feeling more pressured than ever before by those looking for higher numbers than what an accurate appraisal would yield. Unfortunately, some have taken this opportunity to spread lies about systemically racist and biased practices among appraisers, in order make appraisers feel afraid of speaking out against these pressures – something which ultimately only further denigrates the profession through slander and defamation.
It’s important that we recognize these tactics for what they are: attempts by certain parties with vested interests in inflated valuations seeking compliance from everyone involved regardless of accuracy or integrity considerations. Real estate appraisers should not allow themselves be bullied into making decisions based on fear rather than facts; instead they must stand firm against any attempt at coercion, so as to protect their reputations while ensuring fair and accurate appraisals across all properties regardless of race or other factors.
- Appraisers Pressured to Inflate Values Based on Race - August 16, 2023
- Foregoing Contingencies! But What About Fiduciary Duty? - June 27, 2023
- NAR Concerns & Survey on Property Data Collectors - June 5, 2023