Tagged: value

Being Liberal with Values Hurts the Homeowner 7

Being Liberal with Values Hurts Homeowners

Why can’t it just be accurate instead of “conservative” or “liberal?” Just be precise in the way you do your job… Some people might say a public forum isn’t the place to air this dirty laundry, but this is not really a public forum. Of my thousands of readers, very few of them are not in real estate appraisal. Right now, I’m talking to the bad apples. Maybe you’re in a situation where you want a lot of volume and want to be the go-to person for the local mortgage company or local bank, and you want to keep them...

Appraisal / Appraisal News / Appraisers News

Independent Fee Appraisers Under Attack 57

Independent Fee Appraisers Under Attack

Appraisers, I have reached my boiling point about the negative press ‘we’ Independent Fee Appraisers have been receiving for many months – concerning supposed ‘systemic racial bias.’ It’s been done on purpose by a particular group of individuals whose main strategic objective is to keep many citizens teetering on their toes, always on the defensive, while the perpetrators claim they’ve been oppressed. It’s part of a new ‘culture’ of divisiveness promulgated by negative promoting people hell bent on disrupting society. There is no ‘unity’ in what they are doing. Only attacks. These stories make it seem like ‘we’ Independent Fee...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Automated Valuation Models / AVM

Is Buying Property Near a Casino a Good Bet? 4

Is Buying Property Near a Casino a Good Bet?

Should you gamble on a home near a casino?… A house is probably the biggest single financial commitment that most people make in their lifetimes. So, when they do commit to a property, there are many questions that they need to ask themselves. The first is whether the price is fair for the property and, more to the point, whether the appraiser is going to agree with the market price that the sellers and buyers have agreed upon. This is especially important if the buyer is using a mortgage. If the appraiser’s valuation comes in lower, they’re going to have...

Appraisal / Appraisal News / Appraisers News

What If the Appraisal Comes in too Low? - Contesting a Low Appraisal... 17

What If the Appraisal Comes in too Low?

…how to prevent a low appraisal in the first place… As real estate brokers in New York City, many buyers ask us what options exist if the appraised value comes below the contract’s purchase price. We explain how the appraisal rebuttal process works and how to prevent a low appraisal in the first place. Here are the most frequent questions buyers ask us. For this reason, we will draft this article like a Q&A. What happens when the appraisal is below the purchase price? What to do when the appraisal comes too low? How to contest a low appraisal? Can...

Appraisal / Appraisal News / Appraisers News

Train Us and Trust Us - AVM Use Formula Based on Inaccurate SF Data 9

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...

AMC / American National Standards Institute / ANSI / Appraisal / Appraisal Management Companies / Appraisal News

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

Our Job Is to Observe & Report... Not to Commit Mortgage Fraud 25

Our Job Is to Observe & Report

Our job is to observe and report. For an appraiser to arbitrarily go into another area to get “comps” merely because it would result in a higher value is an act of fraud… Dear President Biden, Sir, I welcome your incoming administration, and my sincerest hopes and well wishes are extended to you in terms of healing in this nation. Additionally, as an appraiser, I welcome the desire for equality in housing opportunity in the United States, and if there is any bias in my profession, I support efforts to correct this. However, in watching your party’s position on race...

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

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