Category: Appraisal

Proposal to Eliminate the VA Fee Panel 26

Proposal to Eliminate the VA Fee Panel

VA Fee Panel – The Appraisal Institute does not believe that a move to a lender select program, such as those found in the conventional or FHA mortgage markets, would  improve timeliness, nor would it be in the best interests of veterans. On May 18, the Subcommittee on Economic Opportunity held a legislative hearing on the Discussion Draft of H.R. 7735, Improving Access to the VA Home Loan Act of 2022. The bill is sponsored by Representative Mike Bost, R-Illinois, the ranking member of the House Veterans Affairs Committee, and Senator Dan Sullivan, R-Alaska, a member of the Senate Veterans...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

Biased Appraiser? Judging an Entire Profession by Anecdotal Evidence 28

Biased Appraisers? I Don’t Think So

To judge an entire profession by anecdotal evidence is equally both stupid and harmful… The entire emphasis was on “anecdotal evidence” which is not documented or supported. Story after story was told about how appraisers had produced a “biased” report. No documentation and no evidence to support their claims was presented. Folks, after discussing this topic with and learning more about the appraiser who wrote this following essay, I have decided to distribute the essay below as a way to further support what we appraisers do in our work, and to expose the fallacies that have been presented to date...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

How to Destroy the Appraisal Profession: Government 101 45

How to Destroy the Appraisal Profession

Anytime the government gets involved in an issue, it tends to have more adverse effects than positive ones. It makes things worse when they only have their plan in mind and NOT the FACTS from the people they are about to hurt. This is especially true in the Real Estate Appraisal profession and the newly introduced H.R. Bill entitled: Fair Appraisal and Inequity Reform Act of 2022. It’s essential to bring some information that not one person in the government or the people they are getting information from is talking about. First let’s step into my time machine and go...

AGA / AI / AMC / American Society of Appraisers / Appraisal / Appraisal Institute

Occupational Licensing Used to Intimidate and Shut Down Discourse 40

Occupational Licensing Used to Intimidate

It provides no better illustration of how occupational licensing promotes groupthink and intolerance to differing viewpoints… CALIFORNIA: WHERE RIGOROUS INQUIRY GOES TO DIE It smothers innovation and silences debate. These have been principal criticisms of occupational licensing over the years, and nowhere is innovation and debate under greater attack than in California. Last year, lawmakers there passed a bill tasking the state’s regulator of real estate appraisers to apply lopsided scrutiny to valuations that come in “low” (a friction point with the state’s powerful Realtors, lenders and homebuilders). California lawmakers now want to use the state’s medical board to intimidate...

Appraisal / Appraisal News / Appraisers News / Trending

Appraisers Getting Death Threats for Defending the Appraisal Profession 125

Appraisers Getting Death Threats

Several appraisers have informed us that they have received death threats simply because they have been outspoken online refuting the racial bias narrative and the allegations of racial discrimination in the appraisal profession that is being utilized to remove appraisers from the lending equation. Since we have no organized voice and no one to defend us, some among us have taken the task to educate the public about the appraisal process and what we do. And by doing so, they have been attacked, labeled as racist and their safety threatened. One appraiser wrote (we redacted any identifiable information): I already...

Appraisal / Appraisal News / Appraisers News / Trending

Census Tract Info Used Against Appraisers 5

Census Tract Info Used Against Appraisers

“Census tract boundaries do not necessarily define the subject’s market…” Appraisers, of all the issues I’ve written about or questioned since 2006, this topic about your knowledge of, and concern about, Census Tracts has overwhelmingly been the largest response ever, several hundred within just a few hours of posting!  To refresh, the questions were these: Do you know where the Census Tracts boundaries are in the areas you work? When you research and select comparables for your reports, do you pay any attention to Census Tracts? Do you know the racial composition of Census Tracts in the areas you work?...

Appraisal / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice / USPAP

Sales Comparison Approach is Racist, as per Academics 26

Sales Comparison Approach is Racist

“…the modern appraisal industry perpetuates racial inequality through its continued use of the “sales comparison approach”… the sales comparison approach persists as the dominant method of assessing home value… the sales comparison approach — the most used method for contemporary residential appraisals — perpetuates inequities through maintaining historical hierarchies and current racialized definitions of comparability…” Appraisers, here’s a YouTube video that you MUST view. This person’s, Dr. Elizabeth Korver-Glenn, PhD, work is one of the key reasons why there is so much chatter about racist appraisers in the US. Her discussion of her book ‘Race Brokers‘ begins at the 8:30...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

Refuting the Negative Race Bated Accusations 12

Refuting the Negative Race Bated Accusations

We will sink under the weight of all the so-far unproved accusations. Appraisers, Tobias J. Peter, Assistant Director, AEI Housing Center Research Fellow, American Enterprise Institute (AEI), has weighed in on all the negative press and faulty ‘studies’ (by both GSE’s and others) that have been promulgated about how appraisers, as a whole, have systemic racism built-in when doing property inspections and appraisal reports. Faulty Evidence and Misdiagnosed Solutions Why centralizing appraisal standards and criteria under a new federal agency as proposed under the Fair Appraisal and Inequity Reform Act is not justified His well-written report, as testimony in a...

Appraisal / Appraisal News / Appraisers News

Appraisers Are Ultimately Liable for Data Collected by Third Parties 25

Appraisers Liable for Third Parties Data

Ultimately the appraiser is responsible and liable for data collected by third parties. There has been a lot of discussion and debate among appraisers around liability issues for data collected by third parties for hybrid and desktop appraisals. On April 22, 2022, the Maryland Commission of Real Estate Appraisers cautioned its appraisers that they are responsible for the data they rely upon. Hello Maryland Appraiser: It has come to the attention of the Maryland Commission of Real Estate Appraisers, Appraisal Management Companies, and Home Inspectors (“Commission”) that there may be confusion over where a supervising appraiser and trainee are supposed...

Appraisal / Appraisal News / Appraisers News / Trending / Uniform Standards of Professional Appraisal Practice / USPAP

Bias. Blame the Messenger. It's easier 17

Bias. It’s Easier to Blame the Messenger

No one wants to be the messenger… Appraisers are messengers. Why is their message so despicable? So biased? The messenger. Psychology research easily points out our tendency to dislike the bearer of bad news. It’s also intuitive. Bad news messengers do not smile when they bring the news. Sometimes they even look guilty. We humans can be really basic. We see a correlation between the bad news, the frown, and the messenger. Appraisers are messengers. Why is their message so despicable? So biased? In the entire real estate transaction, everyone wants to make a deal. Brokers want to make a...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM

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