Values change for all kinds of reasons. Bulk purchases happen all the time: both higher priced and lower priced. Seller Incentives also influence the seller: prepaying the interest rate, the buyers’ expenses, who paid for the new carpet?

Late Fall markets are scary when buying into an unknown Spring with rapidly rising mortgage rates

Great remark Baggins!

The reason Jussie Smollett had to fake his race hoax in Chicago was that there were no real-world examples of whites roaming the streets with nooses and bleach looking for black men to abuse. That this was so obviously a hoax yet immediately accepted as “truth”, then publicized and promoted as an example “of where we are in America today” by nearly every media personality and politician in the country (local, state, national and international) with no due diligence, much less an open-minded inquiry seeking the real truth. The most damning aspect of this farce is that even after the irrefutable evidence of fraud was finally, begrudgingly, exposed for public consumption by a few media outlets, the mainstream/legacy media, politicians, and other promoters of this race hoax ignored it instead of apologizing to the public and informing them of the truth in the matter, much less revising their racist worldviews where all whites are irredeemable racists who oppress minorities everywhere all the time.

Finally, it has become fashionable of late to condemn the ideal of being “colorblind”, that is judging individuals based on their character and not the color of their skin, as a “racist” concept. The undermining of this ideal will have disastrous social consequences. It is time to have an honest, real conversation that recognizes the importance of maintaining and seeking to realize the universal ideal of judging individuals based on the color of skin is wrong, no matter what that color may be. The path that we are currently on (emphasizing group identity over individual merit) leads to white people being forced into a corner where they do the same thing as a coping mechanism for defensive purposes, which will set us back 100 years in race relations. And nobody should want that.

The only way to make race a non-issue is to stop making it an issue.

With such rapid price rises we’re now seeing realty agents price and offer based on projection and forecasting, not bonafide sales data. The mechanism for legitimate market rises comes from cash over contributions. Value follows bonafide closed sales price data.

Especially in heated market conditions, buyers may be eager to push the purchase price up to their prequalified amounts. If there is limited elbow room, they may also take a step down in housing price, operating under the assumption their prequalification amount is their maximum offer thresh hold for any given property. By stepping down they perceive themselves as having better purchasing power and the ability to beat market competition for the buy.

What they fail to understand is that the lending amount is limited to the real property, not their qualified purchase limits. “But I am the market, I am prequalified, and I offered more than the other guy!” Sorry, the appraisal process defines the limit of reasonable collateral valuation worth, and does not take into account purchasing power based on borrower prequalification from the lender. You’ll need to bring cash over the appraised amount, to prove your idea of higher housing worth. aka an appraisal gap clause.

The appraisal valuation system is working as intended, defining reasonable lending thresh holds based on existing data. Price is for the seller, they walk with the stack of cash. Monthly payment affordability is the primary buyer concern, not price. Buying cost is relative to the cost of money, aka the lending rate. These are difficult concepts for people to grasp.

They’re burying QE in real estate but it can’t stay there forever. It’s time to raise the rate and decrease the purchasing power, dampen this spiraling inflation. That can’t happen as long as the printing press continues to run day and night. Economic planners have backed themselves into a corner. ‘The market’.

One plausible agenda theory; Brookings institute wants to distribute reparations under color coded policies, and in doing so mirror JP Morgans EBT card program, raking approx 15% off the top.
https://www.thedailybeast.com/jp-morgans-food-stamp-empire

The notion that appraisers are to blame for the cumulative failure of many decades of government polices through the entire programs spectrum range, defies logic. There is no problem with the appraisal industry at large, neither the forms nor the policies need restructured. Audit and dissolve the Fed for real solutions for all Americans.

They are most certainly forming committees. One ponders why, given the abhorrent track record of government systems management, that individuals would rather wait for and rely on government, rather than just ask for second opinions from the free market for immediate results. What exactly is wrong with lower pricing anyways? Many are adopting this notion that the entirety of our wealth should be tied up in real property. From bureaucrats perspective this is preferable, one may find themselves incapable of escaping an ever rising tax basis. This rising pricing narrative is already being exploited, have you heard of the tech giants such as amazon and google buying up thousands of properties to hold them as rentals later, year after year? Want to talk about restricting opportunity for American citizens? The narrative needs shifted to the power players and bureaucrats whom serve them, appraisers have nothing to do with wealth acquisition.

How interesting Don, sorry that happened to you. Older properties provide unique challenges. There is higher probability of subjective value influence based on comparison selection criteria. Especially in old town, location may be of significant influence. Effective age considerations may be more important than anything else, best expressed in narrative. Costs to refurbish older housing can jump exponentially and provide for expanded EA adjustment wiggle room. History of working with minority banks should not even be considered, and if it was, there was bias on part of the investigators if they took that into consideration. Good defensive stance on the reduced sale price of the listing, which is why I try and avoid them, only using under contract units or will be willing to adjust an active down on speculation it’s over priced (often justified by considerations such as not getting traction, longer dom times, price chops, etc.)

The independent valuation market is working properly, we make well informed decisions regardless of interested party influence. Per the appraisal copy, that’s proprietary information which should have been validated before being considered. One should know if the lender accepted that appraisal, ran field reviews on it, or may have had conflicting internal avm indicators before giving any credit. For all you know, it could have been entirely fictitious or if it was legitimate, the board may have broken it’s own rules by accepting that as ‘evidence’ without further jurisprudence and validation of the documents using the boards own jurisdictional authority.

Interesting factoid; many boards may only investigate those complained against, and may ignore incompetent performance of evidentiary examples (unless someone files additional complaints based on the discovery later.) Sounds like the first borrower is now possibly $50k-$60k underwater. Counter complaints can be legitimate defense positions.

Don’t waste another second on those comminists.

I have an idea. Have appraisers, or do it on our own, put a statement in every appraisal in which it pertains (mostly purchases) “I attest that I have not been made aware of the race of the borrowers for whom is the client for which this appraisal is being performed.”