Comments on: Promoting False “Racist Appraiser” Narrative

By: Baggins

Baggins — Wed, 23 Mar 2022 19:11:20 +0000

Updated FNMA information claims that separating the appraiser from the inspection will relieve unconscious bias. Also, undervaluation in a sales situation is good, but not providing enough value in a refinance transaction is bad. They’ll be checking your results against avm conclusions to measure your competency. However, they have never to date demanded any analytical or modeling data from avm providers to see if there may be racial components in their analysis methods. They don’t have jurisdiction over avm’s which are presumed highly reliable so a perceived bias must be attributable to an appraiser. If ANSI causes material misrepresentation in relation to comparables, appraisers shall not let this influence value, but likewise can not use the exception code for these scenarios. Clown world.

https://www.fanniemae.com/media/42541/display

By: JDGarth

JDGarth — Tue, 22 Mar 2022 17:04:48 +0000

WHY do these NOT get publicized in “ANY” Main News Streams?
Thanks for your time.

By: Eric Kennedy

Eric Kennedy — Fri, 18 Mar 2022 21:09:56 +0000

Agreed!! And the Fed will be the cause of the coming cliff dive. Housing prices are exploding due to the Fed keeping rates at historic lows for far too long and then being 2 years too late to start raising them has set us up again on the edge of a monsterous cliff. I’m not sure we will survive the next fall, if we do it’s going to hurt worse than 2008. But that’s just my opinion, I could be wrong.

By: Pat Turner

Pat Turner — Fri, 18 Mar 2022 16:33:30 +0000

Thanks for the in-depth review of this false narrative

By: Kimberly Pugh DeFilippis on Facebook

Kimberly Pugh DeFilippis on Facebook — Fri, 18 Mar 2022 15:51:49 +0000

Excellent article rebutting appraiser racism

By: CJK

CJK — Fri, 18 Mar 2022 15:43:10 +0000

In reply to koma.

Because it would expose the bogus narrative that they are trying to advance. I find it very interesting that it is the appraisers who can see this for what it is. It could be because of our years of experience and training. That is why they want to get rid of us. If they can remove the safeguard, they will be able to run wild. In the end it is the taxpayers who will pay for it. No one really cares anymore.

By: koma

koma — Fri, 18 Mar 2022 15:28:52 +0000

Hey, How come no one (public/government) is discussing what happened to Zillow’s iBuying program? Did that not run off of their AVM system? What did they pay too much for a house (7,000) and went to flip it and lost money….SHOCKING….not!

By: CJK

CJK — Fri, 18 Mar 2022 15:01:39 +0000

In my market we have a very good Public Record system. However, some of the information is dated. If the property has a new addition without a permit the assessor would not know. If the basement was finished without a permit or if major updating was completed the assessor would not know. So, the AVM’s are using incorrect information. Does the AVM know if the subject is located next to an adult book store, or if the subject in within a flood area, or if the subject was built over old abounded coal mines?

If a person insists that the property is worth $400,000 because his brother in another city sold his property for that much, but the AVM comes in at $340,000, would the AVM be considered racists? Would the 22 year old who is not licenses, not insured nor regulated by the state with a criminal background check, but is generating the AVM be considered the racists? Or would it be the owner of the company? Who would the racists be with no appraiser to complain about.

If the AVMs are using dated information from the Public Record, is this not a case of “bad information in, bad information out”. I have had a few satiations when the client wanted me to consider some “comps” just to find out that the “comps” were nothing more than higher end sales (they were just looking for a higher #) that looked nothing like the subject. They cannot seem to comprehend that a ranch on a slab is not comparable to a two story with a finished basement. It is becoming more and more difficult for me to work with people who have no idea what the hell they are taking about (I just tolerate these buffoons) all they want to do is close loans and get the check. 3 more years and I am done with all of this the nonsense. If the market crashes again who will the new scape goat be?