Although Zillow claims that the Zestimate is not an appraisal it appears that the majority of the public considers them as such. In my conversations with local real estate agents I hear countless stories about how home sellers believe in the Zestimate, and because of this, they pressure the agent to list the home for the value given, especially if it is higher than what the agent believes they can sell it for. Zestimate vs. Appraisal Because so many people do see the Zestimate as an appraisal I thought I would take a look at how the two compare when...

Appraiserville – FTC and Corelogic characterize the appraisal industry not as it actually is. Apparently, we learned that big data can tell you what the best color of paint is for maximum value of your bathroom – even if you believe that, it cannot tell you that the house was occupied by 200 cats. I was taken aback by the self-serving press release from Corelogic that basically said appraisals are questionable and automated valuations are better. That makes sense coming from a data firm with their own AVMs. The article lists a series of data that question the credibility of comp selection...

The Antitrust moment that we have been worried about has finally come to the Appraisal Profession. Phil Crawford breaks down the news and information from the FTC investigation and complaint filed against the Louisiana Real Estate Appraisers Board. Everything will change now… We do not believe the FTC investigation in Louisiana will be an “isolated incident.” This complaint will have a profound effect on all appraiser coalitions, organizations, conferences and state boards. Let’s make sure we are all prepared!!!

Learn how to use Restricted Appraisal Reports as an alternative to evaluations. Restricted Appraisal Reports: Are a USPAP-compliant alternative to evaluations Permit state licensed and certified appraisers to comply with state laws  Allow clients to receive abbreviated reports Maggie Hambleton, Chair of the ASB and John Brenan, Director of Appraisal Issues, discuss the use of Restricted Appraisal Reports (Residential and Non-Residential). Click here to download the PDF presentation.

Look, I’m not a complainer and I am a total optimist, but this is not okay on so many levels. I had a bad experience with an AMC recently and I want to share it. This is not because I’m wanting to rant or be negative, but only to highlight some of the ugliness that happens behind closed doors when it comes to appraisal fees during loans… I was asked to appraise something challenging, so I quoted a fee that was higher than a standard fee in Sacramento but still reasonable for the job because the house was funky. Anyway,...

Have you ever wondered how accurate the Zillow “Zestimate” really is? In this video, Tom Horn explains how to determine the accuracy of Zillow in an area. Zillow has gone back in time to compare their historic Zestimate with what the property actually sold for. They claim that their “estimated market value” is not an appraisal, but in reality an estimate of market value is an appraisal, but it’s one that cannot be used by a bank and one that you may want to think twice about before using to determine a sales price for your home. They provide a...