Tagged: DU

False Claims of Racism Against Appraiser 41

False Claims of Racism Against Appraiser

…my career, business, and health at risk due to false claims made by a homeowner.  As a professional real estate appraiser with many years of experience, I have seen my fair share of disputes between homeowners and appraisers. However, the situation I am about to share with you is one that has left me shocked and appalled. It is a story of false claims, intentional infliction of emotional distress, and the damaging effects of a homeowner’s actions on an appraiser’s career, business, and health. It all started when I appraised a veteran’s home for a potential refinance. From the very...

Appraisal / Appraisal News / Appraisers News / HUD / The US Department of Housing and Urban Development / The US Department of Veterans Affairs

HUD Mulls Use of Convicted Felons to Ramp Up 'Discrimination Testing' 29

HUD’s Use of Convicted Felons to Ramp Up ‘Discrimination Testing’

It wants to bootstrap released felons by allowing them to work as so-called “fair-housing testers” for the many nonprofits HUD provides grants to… If the rule is changed, the HUD-subsidized nonprofits could hire felons to ramp up sting operations against real estate brokers, leasing agents, mortgage loan officers, escrow officers, title officers, appraisers, property managers and others.  Few would argue that society doesn’t benefit when convicted felons are rehabilitated and re-integrated. But according to a frequently cited study by the Bureau of Justice Statistics, about two-thirds of released prisoners are arrested for a new crime within 3 years, and three-quarters...

Appraisal / Appraisal News / Appraisers News / HUD / The US Department of Housing and Urban Development / Trending

McKissock Ditches PAREA 31

McKissock Ditches PAREA

On January 1, 2024, McKissock announced that they were pulling the plug on their PAREA project. The primary factor contributing to this cancellation was the substantial resource cost, which exceeded initial estimates and resulted in a higher-end price for customers. This decision was made with the recognition that a higher cost would create a new barrier to entry into the appraisal profession, potentially hindering individuals from pursuing a career due to financial constraints. Happy New Year to you and yours. We hope this letter finds you well. With a strong commitment to responsibility and transparency, we want to inform you...

Appraisal / Appraisal News / Appraisers News / Trending

Foreclosures in Black Communities Due to Overvaluation 13

Foreclosures in Black Communities Due to Overvaluation

What were the results? Most had foreclosures. They bought a house worth much less than they paid for it and never planned or budgeted to make a mortgage payment in the first place.  About 2 years before the crash of ‘08, I ran across a company out of DC called “Metro Grapevine” and “Metro Dream Homes.” It was a Ponzi scheme marketed by a black to blacks only. It was by invitation only. They promised if you bought your home through their program, they’d pay it off in seven years and you never had to make a payment. The requirement...

Appraisal / Appraisal News / Appraisers News

Biden's Remark on Home Values Sparks Backlash 41

Biden’s Remark on Home Values Sparks Backlash

President Biden’s recent comment about the discrepancy in home values between Black and white families has sparked backlash on social media, with many accusing him of being a “divider”. During a campaign speech at Charleston Church in South Carolina, Biden stated that homes owned by Black families are often valued at less than those owned by white families, even if they are built by the same builder. “Today, a home owned by a Black family on one side of a highway, built by the same builder on the other side of the highway & a white guy living in it,...

Appraisal / Appraisal News / Appraisers News / Political Action / Trending

Limitations for Damages Against Appraisers 0

Limitations for Damages Against Appraisers

Why would any damages against an appraiser be more than the actual fee paid to the appraiser?  House Bill 53 has been introduced into the 2024 Virginia General Assembly, directly impacting Virginia Real Estate Appraisers. The legislation introduced by R. Lee Ware places a statute of limitations for damages against appraisers and appraisal management companies at 5 years. SUMMARY AS INTRODUCED: Actions against real estate appraisers or appraisal management companies; statute of limitations. Provides that no action for damages or other relief alleging that a certified general real estate appraiser, a certified residential real estate appraiser, a licensed residential real...

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

Is the Iceberg Turning? 19

Is the Iceberg Turning?

Appraisers, it seems this past year has been like furiously paddling against a giant iceberg containing frozen lending assignments in the North Atlantic ocean while in a rowboat with one paddle! The entire 2023 has been one chilling episode in terms of mortgage lending appraisal assignments for appraisers. While it’s too soon to tell for sure, a giant sea-going tug boat with high horsepower diesel engines powering twin propellers mounted on azipods has arrived on the scene to help direct and push that iceberg into warmer waters, releasing a flood of more assignments! I read lots of ‘stuff’ relating to...

Appraisal / Appraisal News / Appraisers News / Trending

Reindeer Standards As Unenforceable As Appraisal Code 8

Reindeer Standards As Unenforceable As Appraisal Code

There’s a lot to like about the bylaws of the Association of World Reindeer Herders. The code defines how herders promote professional, commercial and cultural contact in all matters related to reindeer herding. The document sets the gold standard for disseminating information world over about reindeer husbandry. The bylaws were approved at the first Congress of World Reindeer Herders on March 2, 1997. If you don’t like the 1997 version of the bylaws, there’s a 2001 version, a 2009 version and a 2013 version. Are the group’s bylaws enforceable in the United States? No. As commendable and insightful as they...

Appraisal / Appraisal News / Appraisers News / HUD / The US Department of Housing and Urban Development / Uniform Standards of Professional Appraisal Practice

The Elephant In the Room: Fannie's Modernization Program 35

The Elephant In the Room: Fannie’s Modernization Program

The Elephant I refer to is simply this: Fannie Mae’s modernization program is going to put a lot of appraisers out of business. It’s all “lender centric”. It’s all about better, faster, cheaper, appraisals (with lots more data) for lenders. As an appraiser, all I see are sticks… no carrots. Nobody wants to talk about the Elephant in The Room. Post COVID 19, business was excellent; fees were high and we profited. High interest rates killed the market and most all of us now are not profiting. Losing money is not sustainable for any business and waiting for the next...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

New Jersey Draconian Penalties on Appraisers 40

New Jersey Draconian Penalties on Appraisers

“Well, I guess no one will be doing appraisals in New Jersey… or maybe the standard fee is going to be $10,000?” said one appraiser. The bill proposed by New Jersey Senate lawmakers to create steep penalties for real estate appraisers who undervalue homes because of the owner or buyer’s protected characteristics has been met with both praise and criticism. Supporters of the bill are lauding its potential to combat discrimination in housing transactions, while critics worry that it could lead to unintended consequences due to its disregard for appraisers’ motives. Violators would pay $10,000 on a first offense, $25,000...

Appraisal / Appraisal News / Appraisers News / Trending

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