Bifurcated Appraisals, a Controversial Topic
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- Bias in Automated Valuation Models - February 28, 2022
As most of you know, hybrid or bifurcated appraisals are a very controversial topic currently. Virginia statutes and regulations have language which gives many of us pause on the compliance of hybrid appraisals as they are being presented in the industry. The Board has published a proposed guidance document in the hopes to clarify the language in our laws. Unfortunately, the proposed guidance document falls short of providing any meaningful guidance or clarification.
Per Virginia statute, the document has been published on Virginia Legislative Town Hall for public comments. At the end of the comment period, it is our understanding the Virginia Real Estate Appraisal Board will have an opportunity to revise the document prior to it being adopted by the Board for publication.
VaCAP has posted the comments below as an organization, however, we encourages each of you to add your own comments about the proposed hybrid guidance document as well. Take the time to really analyze the statutes and regulations that are impacted and make sure any doubt of compliance is addressed in your comments.
Public trust is at the forefront and consumer input is imperative. Please have a conversation with your friends and neighbors about hybrid or bifurcated appraisals. Ask them to comment. Not one consumer we are aware of has thought a hybrid of bifurcated appraisal was a good idea!
The comments are limited to 3,000 characters and the comment period ends on June 26, 2019. You can access the Proposed Guidance Document and comment here.
…Appraisers have already heard stories from agents that the person coming to observe the property identities themselves as the appraiser. Allowing unlicensed, uninsured, unregulated individuals into a consumer’s home; walking through each and every room, poses a risk of safety to the consumer. What recourse does a consumer have if something goes awry?