Category: Appraisal News

First Known Racial Bias Court Case Against Appraiser 22

First Known Racial Bias Court Case Against Appraiser

It may mean that this will turn out to be the bellwether test case for other similar lawsuits against appraisers… Folks, a San Francisco, CA US District Court Judge has ruled that the bias suit against an appraiser can proceed. This link has the story: Judge finds plausible race discrimination in Black couple’s lawsuit over lowball appraisal | Courthouse News Service Appraiser Janette Miller with Miller and Perotti Real Estate Appraisers was hired by appraisal services company AMC Links to do the inspection in January 2020. The Austins’ lawsuit, filed this past December, claims Miller valued their home at $995,500...

Scope Creep & the Imploding of Rules Have Little to Do With Appraising 24

Scope Creep & the Imploding of Rules

…the imploding rules then implemented, and the scope creep that evolved because the cart was leading the horse, has severely lessened the reliability of ALL appraisals in my opinion. ANSI, while certainly worthy of discussion and taking a position on, will not solve the real “appraisal problem” that we all have. It really isn’t an effective tool anyway, but what the heck do I know. Being one of those AG certified from the very beginning, too early to get trained by anyone above me, since 1992, and licensed in real estate since 1971, and a broker since 1991, in a...

Dystopian Future for Occupational Licensees; Appraisers Take Heed 70

Appraisers Take Heed

Her plight is an attack on occupational licensees everywhere. The nation’s long-suffering real estate appraisers, under attack by Congress in an election year, should pay close attention to what has happened in Nashville… Nurse’s Plight Signals Dystopian Future for Occupational Licensees; Appraisers Take Heed To err is human, but not if you’re a licensed nurse in the Regulatory Republic of Tennessee, where “dog eat dog” has become the state’s unofficial motto. In a first of its kind, a medical accident has resulted in both a license revocation and a criminal prosecution as a nurse was both stripped of her license...

Is This Room a Bedroom? 1

Is This Room a Bedroom?

I often see discussions on various forums about “is this room a bedroom”, or similar comments. In case you’ve never seen the IBC requirements, I found this on a set of building plans for a new house: IN EVERY SLEEPING ROOM, PROVIDE AN EMERGENCY EXIT WINDOW WITH MIN. HT. OF 24″ AND MIN. WIDTH OF 20″ AND NOT LESS THAN 5.7 SQ.FT. OF OPENABLE AREA AND NOT MORE THAN 44″ FROM FLR. TO SILL So to decipher: A BEDROOM egress window sill must be no more than 44” above the floor. The opening height of the window must be no...

PAVE May Pave Over Appraisers. The Blame Game Against Appraisers 19

PAVE May Pave Over Appraisers

The blame game against appraisers is continuing the fast and furious start, evidenced by the PAVE report. A synopsis is in the link: PAVE task force delivers plan on appraisal bias – Lexology Key info from the PAVE report. “Relevant agencies have also committed to addressing potential bias in the use of technology-based valuation tools through a rulemaking related to automated valuation models (AVMs), including the addition of a nondiscrimination quality control standard in the proposed rule.”  And, “In the coming months, the Task Force will assess: (i) the “expanded use of alternatives to traditional appraisals as a means of reducing...

AEI Research Critique of Freddie Mac's Misleading Appraisal Gap Report 3

AEI Research Critique of Freddie Mac’s Misleading Appraisal Gap Report

More great research from AEI. This is an analysis of Freddie Mac’s misleading and basically defamatory paper on Appraisal Gap. When government related entities release misleading information like this they are attacking and defaming real estate appraisers. The hate real estate appraisers have received because of this paper and Andre Perry’s paper is relentless. Another problem with releasing misleading data and conclusions is that it actually hurts the people they are trying to help. Facts show that the real cause of the wealth gap between blacks, whites and Latinos is the income gap. It has nothing to do with appraisals...

Sketch or Floor Plan? 13

Sketch or Floor Plan?

The FLOOR PLAN has all the elements of a SKETCH… Appraisers, I was given some ‘inside info’ about DESKTOP assignment reports being submitted to the GSE’s – incorrectly. The FLOOR PLAN exhibit in these DESKTOP reports, in some cases, is not being done correctly. Let’s examine what is actually required as a diagram showing the dwelling: First, when the appraiser certified that they, or their trainee, have/has made an on-site personal visit to the property and has measured the dwelling, only a SKETCH is required – unless interior design problems are noted, in which case the SKETCH must be upgraded to...

Dear ASC: Details... Why They Matter. 14

Dear ASC: Details… Why They Matter

DETAILS… NO MATTER HOW SMALL OR BIG NEED TO BE PRESENTED. If not, you failed. ASC, today you failed us all. Over the past several days, the Real Estate Appraisal Industry has been the subject of scrutiny with the release of the PAVE Report that the Interagency Task Force developed on Property Appraisal And Valuation Equity set forth by the Biden Administration. On March 23, 2022, there was a public meeting to unveil the Pave Task Force report on Racial Bias in the Real Estate Appraisal Profession. You can watch the press conference below as well as read the entire...

VA Unofficially Says NOPE to ANSI Measuring Protocol 15

VA Unofficially Says NOPE to ANSI

The other agencies, Freddie Mac, HUD/FHA, USDA, ONAP, VA have NOT (yet) adopted this ANSI measuring protocol. Appraisers, an appraiser I know sent an email to the VA asking if VA was going to require appraisers to adhere to the ANSI Z765-2021 Measuring Standard as of April 1, 2022. The appraiser received an ‘unofficial’ response back from a person within the VA connected to processing appraisals, which said: “The short answer is, no.” I say this is ‘unofficial’ because to-date, I have seen nothing “official” from VA about this topic. Only officials from within VA know whether or not they...

Promoting the False Racist Appraiser Narrative 8

Promoting False “Racist Appraiser” Narrative

Some Lenders promoting false “racist appraiser” narrative to optimize profits via AVMs Like most businesses lenders want to optimize their profits. One way to make more money besides charging more is to pay less in costs and fees. One way for the lender to do that is to pay the appraiser less or just get rid of them and use a free or very inexpensive Automated Valuation Method (AVM). I personally don’t care if a lender or borrower wants to use an AVM. There is enough business out there for appraisers because not all appraisals are for loans and not...

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