Damned If You Do and Damned If You Don’t
Damned if you do, damned if you don’t has become the new normal in the real estate appraisal profession.
The government and those that write the rules have made it illegal (a punishable violation) to refuse an appraisal assignment in an area which consists primarily of non-whites.
The government and those that write the rules also state the purpose of an appraisal is to determine the value of the home/property in its market setting, so an underwriter can make a lending decision. Back in the day, this protected the lender from lending more than the home/property is worth. It also protected the borrower from paying more than the home/property is worth.
Now, in the 21st century, the same government and those that write the rules are telling the public “if you don’t like the value, turn the appraiser into HUD!” And there are those out there that give less than a damn about the appraiser’s lively hood. It’s all about getting the loan. When the appraiser does their job as required by the government and those that write the rules, and the number falls short… the borrower “Plays that Race Card” just like Ms. Fudge and her PAVE cronies have preached for the last two+ years.
So, appraisers, as long as you remain in the profession, regardless of whether you’re appraising for lenders or doing non-lender work, the government and those that write the rules have planted the seed. In today’s world, every time you walk out the door for an assignment, you risk the excruciating pain of being called a racist and being turned in to HUD, VA, or whomever.
Yep, you’re damned if you do and damned if you don’t, and the government and those that write the rules could give less than a damn. And sadly, I don’t see a single appraisal organization out there standing up for the profession. It is indeed very sad times in the real estate appraisal profession.