Tagged: DU

Do Appraisers Have the Right to Refuse to Provide Service to AMCs? 18

I Reserve the Right Not to Serve You Anymore

Dude, I Reserve the Right Not to Serve You Anymore! OK, let’s face it: real estate appraisers are in the service business. We provide a service – real estate appraisals. We provide those services to anybody willing to pay for them. That’s what service providers do. To which you say, “Dustin, you have a deep grasp of the obvious.” Well, let’s go a little deeper. Part of what I do is stay in touch with local real estate brokers and appraisers. Some of us have a local restaurant we frequent. At the front door is a sign letting all patrons...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News

Media Creating a False Picture. What was Said at the Save America Rally?

Media Creating a False Picture

…the media and others have twisted what was said to hope you will believe that it was an “incitement of violence”… Folks, I’ve been “mulling this over” for a few days, trying to totally understand what has really been happening over the past months and years up to January 6, and after. What I’ve learned is you, me and everyone else have basically been lied to, and as such, what I’m about to write is going to “p@#s off” a few of you, but others will understand. By the way, I should say that I have tried not to mix...

Appraisal / Appraisal News / Appraisers News / Trending

Can an AMC Tell Appraisers How to Dress? 25

Can an AMC Tell Appraisers How to Dress?

I recently saw a Facebook post where an appraiser was quite upset and offended that an AMC asked him to dress professionally for an appraisal walkthrough. Now, this was a request that was made up front as one of the conditions for accepting the order. Reading the post, it sounded like this appraiser was upset for two reasons. One, he was offended that the AMC was implying that he does not take his job seriously enough or dress professionally enough. Two, he felt like the AMC did not have a right to tell him how to do his job (i.e....

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Trending

How Does the Presence of Sex Offenders Affect Appraised Value? 11

Sex Offenders & Appraised Value

“You know there is a half-way house for sex offenders in the neighborhood, don’t you? It’s about two blocks away from the subject”.. OK. You’re well and truly involved with your research on a job that’s already late. You think you’ve got all your due diligence-bases covered. But you call the broker to confirm on last detail and she asks you, “You know there is a half-way house for sex offenders in the neighborhood, don’t you? It’s about two blocks away from the subject”. Needless to say, you are taken aback! No, you had no clue there was such a facility two blocks away from...

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

Biden Calls Out Racial Bias Among Appraisers 56

Biden Calls Out Racial Bias Among Appraisers

To counteract low appraisals in minority neighborhoods, Biden says he’ll push for training to address racial bias among appraisers… Appraisers, you might want to “take a gander” at this article in the link below, because it indicates possible/probable changes coming. I especially like the ‘extra training for appraisers’ to avoid discrimination/racial bias. Not. In other words, appraisers are at fault for lower values in certain neighborhoods which are not as highly valued as others, and so we must be indoctrinated to be more sensitive. Buckle up folks, as it’s going to be an interesting ride. Excerpt from Biden Admin and...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / NAR / National Association of Realtors

Why is Only One Side of the Racism Claim Appraisal Story Being Told? 261

Why is Only One Side of This Story Being Told?

There are always two sides to every story; however, understanding is a three-edged sword: your side, their side, and the truth in the middle. Recently there has been a wave of news stories about racism in the appraisal profession brought on by a couple in Jacksonville, Florida. That couple, Abena Horton, a black woman, and her husband Alex Horton, a white male, made claims that an appraiser who first appraised their home came in low on the appraisal due to her race. You can read one of the numerous stories here. Before anyone here accuses me of being racist etc.,...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Pictures in Private Neighborhoods Can be Tricky 11

Photos in Gated Communities Can be Tricky

Let’s talk about assignments in private neighborhoods, gated communities, or secure communities. Rich folks buy, sell, and refinance their homes, too, so they need appraisals. You have an assignment in a security community. There is security at the entrances, you must be on security’s authorized visitor list to get in, and your permission to enter this private community extends solely to visit your subject. So, here is the question: while inside this gated, secure community, do you also drive around and take photos of the comps? Now, even though you are reading this, I can see you looking at me...

Appraisal / Appraisal News / Appraisers News

FNMA Accessory Dwelling Units (ADU) Policy Updated 10

Fannie Mae’s ADU Policy Updated

On September 2, 2020, FNMA updated their policy allowing for Accessory Dwelling Units (ADU) on Single Family Residential (SFR) properties to be a Manufactured Home. This is in their Selling Guide Announcement SEL-2020-05, linked below. Key points: An accessory dwelling unit (ADU) is an additional living area that is independent of the primary property and has basic bathroom, cooking, and sleeping facilities. With this update, we clarified ADU property eligibility and comparable sales requirements in the appraisal as follows: expanded the current definition of an ADU to improve proper classification of ADUs; expanded property eligibility by allowing multi-width manufactured homes...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Zestimate vs Appraiser... Will Zestimates Put Appraisers Out of Business? 21

Will Big Data Put Appraisers Out of Business?

Part of the boom in the availability of data has led to companies such as Trulia and Zillow who claim they can “Zestimate” a home’s value instantaneously. But can your potential customers trust such value? In the old days, if a homeowner really wanted to find out how much their property was worth in the current market, they called an appraiser. Our customers understood that a licenced and qualified appraiser is trained, experienced, knowledgeable, and unbiased in his or her own marketplace. In the past few years, the Information Age has flooded us with data; lots of data. Big data...

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

Appraisal Report Corrections Protocol 27

Appraisal Report Corrections Protocol

For some time, appraisers have written or called me, asking about how to do report corrections, or respond to client requests – after an original report has been sent in. I decided to distribute these suggestions to encourage a uniform procedure across the appraiser universe. I don’t recall ever seeing anything published about this topic. Disclose, don’t bury – modifications, corrections or responses to the original report, or even subsequent changes. I have seen too many reports where the appraiser hides changes within the body of the report as if those were part of the original, when in fact they...

Appraisal / Appraisal News / Appraisers News

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