This ‘new’ bias story really ticks me off. Click the link below to read it: When My Home Appraisal Came Back Low, I Realized We Need to Change the System (goodhousekeeping.com) It was written by a notable self-promoter, the so-called “America’s Favorite Financial Educator”, also known as “The Budgetnista,” — Tiffany Aliche. I used to be in marketing. Those are clever. Perhaps even memorable. I question the first one, though, as I’ve never heard of Ms. Aliche until seeing the story and researching her. But I’m not black, either, so I guess that’s my problem. Most of the story is...
“If you don’t have a seat at the table, you are on the menu…” Would it be misleading to disclose you performed a personal inspection of a property done with significant appraisal assistance in which you relied on supported demographics? Well maybe… The Appraisal Foundation has issued a discussion draft to answer this question and others similar to it and wants your opinion. Now we understand that some of you will comment about what’s the point and some will state they don’t have time to participate; others will simply ignore it all together. Someone once said “If you don’t have a seat...
In virtually every single case of alleged racism to hit the media recently, admitted staged events were in play. One could argue staging was necessary to identify if a valuation difference resulted from perceptions of what race the occupants are. Fair enough. Provided that the staging itself does not alter the value scenarios. Provided that the results are being honestly reported. I’m skeptical. I’ve researched each case as far as can reasonably be done from the information provided. The American Guild of Appraisers has also offered (repeatedly) to conduct thorough reviews of each and every appraisal involved in the reported...
Frank Garay with National Real Estate Post interviewed Mark Skapinetz on Monday May 17, 2021. They discussed racism, entry into the appraisal field, appraisal fees and appraisal waivers. Frank intends on having Mark back to discuss other issues at hand within the appraisal industry. Kudos to NREP for using their platform to allow boots on the ground appraisers explain the current state of affairs with regards to the appraisal profession. On racism and racial bias allegations, Mark explains What we don’t know is the other side of it. We don’t know the appraiser side of it. We haven’t seen any...
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...
…other states will also modify their appraisal license renewal CE class requirements to include some form of anti-bias training… Folks, I attended the ACTS Conference in Bay St. Louis, MS, sponsored by National Association of Appraisers, last week. While there, enjoying the interactions of ~150 attendees, a primary topic of conversations and presentations was the impending impact to appraisers regarding anti-bias training and bias attitudes. The onslaught of negative news articles, and legislation at state and federal venues was a direct result of the ‘hijacking’ of the Congressional Hearing in 2019 which was supposed to focus on “Appraisal Modernization.” Instead,...
What are racially restrictive covenants? Are racially restrictive covenants valid and enforceable?.. There has been considerable discussion about ‘bias’ applying to appraisals on forums, and elsewhere, since the Congressional hearing in 2019 where appraisers were blamed for racial bias by the rep from the Brookings Institute. That rep vilified appraisers as being the culprits in the lending process, which is mostly bogus. Unfortunately, now that the charge has been made, appraisers and appraisal organizations are now forced to play on the defensive side of the ball, rather than being proactive and disclosing what actually transpired, on offense. I sense appraisal...
FTC vs LREAB Update The Supreme Court has denied the Louisiana Real Estate Appraisers Board’s petition to intervene in the administrative case for price fixing by the FTC. The FTC trial is scheduled to proceed on April 20, 2021. VaCAP is closely following this case and will update you as it proceeds. To view all the activity for this case, go to the FTC’s webpage here. Working RE Appraisal Survey Let your voice be heard on what is customary and reasonable fees for your services. Working RE is conducting the annual fee survey. We have been asked to help distribute...
The Appraisal Foundation has issued an exposure draft for Advisory Opinion (AO) 16. Advisory Opinion 16 is Fair Housing Laws: Avoiding Bias in Real Property Appraisal and Appraisal Review Development and Reporting. Unlike other exposure drafts, the text of the AO opinion has been rewritten. The traditional strike through of word or phrase changes is nonexistent. The Appraisal Foundation acknowledges “the Advisory Opinion was extensively rewritten”. Comments on the changes are due to The Appraisal Foundation by March 31, 2021 via SurveyMonkey or email, asb@appraisalfoundation.org. Although an Advisory Opinion is not a standard of practice, it does express what is...
2020-21 USPAP Extension – Does this mean USPAP will be on a three-year cycle going forward? USPAP has been extended for one year, effective through December, 31, 2022. This is the Appraisal Foundation news release, issued on Feb. 19, 2021: Media Contact: Amy Timmerman (202) 624-3048 amy@appraisalfoundation.org BREAKING: 2020-21 USPAP Extended for One Year (Washington, DC) February 19, 2021 – The Appraisal Foundation’s Appraisal Standards Board (ASB) announced today that the current edition of the Uniform Standards of Professional Appraisal Practice (USPAP) will be extended by one year. The 2020-2021 USPAP will now be effective until December 31, 2022. “USPAP...
