Tagged: Realtor

Appraisers Should Closely Watch Probe of Departed Brookings Boss 48

Appraisers Should Closely Watch Probe of Departed Brookings Boss

The chief of the Brookings Institution, a retired four-star general, resigned last month under investigation of lobbying on behalf of a foreign government and then covering it up. If the allegations are true, it means the think tank, under the general’s watch, was secretly taking illicit cash from at least one outside interest group at a time it was engaged in research that irreparably damaged the reputation of the nation’s real estate appraisers. Astute appraisers wondered whether Brookings might have also been influenced by any well-placed donations from other groups, such as the powerful lobbies of the Realtors, home builders,...

Occupational Licensing Used to Intimidate and Shut Down Discourse 40

Occupational Licensing Used to Intimidate

It provides no better illustration of how occupational licensing promotes groupthink and intolerance to differing viewpoints… CALIFORNIA: WHERE RIGOROUS INQUIRY GOES TO DIE It smothers innovation and silences debate. These have been principal criticisms of occupational licensing over the years, and nowhere is innovation and debate under greater attack than in California. Last year, lawmakers there passed a bill tasking the state’s regulator of real estate appraisers to apply lopsided scrutiny to valuations that come in “low” (a friction point with the state’s powerful Realtors, lenders and homebuilders). California lawmakers now want to use the state’s medical board to intimidate...

Desktop Appraisals: Has The Devil Infiltrated The Public Trust? 56

Desktop Appraisals: Has The Devil Infiltrated The Public Trust?

Are desktop appraisals with third-party inspectors protecting the public, or are these products about to destroy the very profession I love so much. The Uniform Standards Professional of Appraisal Practice (USPAP) are the key to maintaining public trust in real estate transactions. USPAP is pretty much the equivalent to the Bible, but it MUST be followed for appraisers. Created by the Appraisal Foundation, USPAP set forth the guidelines for how appraisers should perform their work. By following these standards, appraisers ensure that they act in a professional and unbiased manner. To expand, even more, USPAP states, “While USPAP does not...

ANSI Measuring Standard Required by FNMA 804

ANSI Measuring Standard Required in 2022

On December 15, 2021, Fannie Mae announced that it will be adopting ANSI Measuring Standard in 2022. Appraisers will be required to use the Square Footage-Method for Calculating: ANSI® Z765-2021 (American National Standards Institute®) Measuring Standard for measuring, calculating, and reporting gross living area (GLA) and non-GLA areas of subject properties for appraisals requiring interior and exterior inspections with effective dates of April 1, 2022 or later for loans sold to Fannie Mae. For more information, watch this video and check out this fact sheet.   Here are some items for appraisers to consider when using the ANSI standard Measurements...

The Square Footage Problem - Is ANSI for Appraisers Really the Answer? 22

Is ANSI for Appraisers Really the Answer?

The real estate industry has a square footage credibility problem. ANSI has been out since 1996 with no new pages added and very few changes. In a constantly changing industry with new home styles and designs, change is a requirement. We have to remember that ANSI was originally created to be simple enough for a teenager to understand. It’s a great basic tool but falls well short of solving the real estate industry’s square footage problems. The first problem is that mandating ANSI for all appraisers may be a good first step, but fixing the whole problem requires two additional...

Vaccines Mandate for Realtors? 20

Vaccines Mandate for Realtors?

 Brian Stevens of NREP discusses vaccines mandates in a video blog and whether real estate companies have the right to mandate vaccinations for agents who see see themselves as independent contractors. The video got a fair amount of attention. A good deal of comments were unfavorable to the vaccines mandate. COVID, our current seven day average right now with COVID cases is 145,724 cases with 36,953 cases on September 12 alone. These numbers are about half of the COVID high back in January 9 which was 253,946 cases… Here is the thing, RedFin, Warburg Realty, Remax and Coldwell Banker Bain,...

Bringing Back the Lost Art of Relationship Building - AppraisersBlogs 13

Relationships… The Lost Art

Relationships. It’s a lost art of business when it comes to the appraiser profession… I have been an appraiser since 2003, when I started my career path. Since then, the appraiser profession has gone through many changes, none more impactful than creating the Home Valuation Code of Conduct or HVCC law that was put into effect after the crash. HVCC created the new normal for the profession where Appraisal Management Companies (AMCs) were installed as the firewall or third party between the appraiser and the lender. Overnight on May 1st, 2009, appraisers all over the country lost every relationship they...

Train Us and Trust Us - AVM Use Formula Based on Inaccurate SF Data 8

Train Us and Trust Us

The most weighted technique in most automated valuation programs comes down to one over-simplified formula, based on a guesstimation from an outside source that has no interest in the real estate system… Dear FHFA: Please accept the following comments in regard to Question A1.4. The response also includes comments on several additional questions. Thank you for taking the time to review these thoughts. Technology has made so many improvements in the last decade and we now have the chance to truly improve our home valuation system. With that being said, the last piece of the quality puzzle starts at the...

Are You Laying Bricks, Putting up a Wall, or Are You Building a Cathedral? 3

Are you Laying Bricks or Building a Cathedral?

…laying bricks today, putting up a wall, or are you building a cathedral?… If you have been doing appraising for any time at all, you have likely experienced some of the more irritating aspects of our profession: the AMCs, the call backs, or one of my personal favorites, a Realtor’s protest “the idiot appraiser doesn’t know it’s supply and demand! I have a buyer!” An old folk story helps me through days like these, and it goes like this: A traveler came upon three men working. He asked the first man what he was doing, and the man said he...

Another 'Pile on Appraisers' Diatribe? Appraisal Industry & Fair Housing... 8

Another ‘Pile on Appraisers’ Diatribe?

The National Association of Realtors held their “Virtual Appraisal Summit” on Aug. 5, 2020, focusing on ‘fair housing and the appraisal industry.’ We were fortunate to have Craig Morley, President of the National Association of Appraisers, represent us appraisers, but his presentation was only scheduled for 15 minutes. I’m hoping when he sees this message, he will provide more info about his presentation and the outcome of the “Summit.” Craig’s presentation had the title: Abilities and Limitations of Appraising Real Estate Under Today’s Rules Craig Morley, Managing Partner, Accurity Valuation/Morley & McConkie, LLC I’m just hoping that this Summit was...

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