Real Estate Appraisal Bias- Want the Truth? Shocking information!

By
Real Estate Appraiser with Lanier Appraisal Service CR004373

https://t.co/Unyjk08lzD  read the whole story here. 

APPRAISAL BIAS, THE REAL TRUTH. THIS ONE NEEDS TO BE ON THE FRONT PAGE OF ACTIVE RAIN. FOR THOSE OF YOU WHO HAVE THE POWER TO MAKE THAT HAPPEN.....PLEASE DO SO!

I suggest all of you read this in its entirety then share. It is long but you need to know what is really going on in our profession and the proposed changes by HUD, Fannie, Freddie, POTUS, VP and others which will shock you. 

I have over 30 years in this profession and I have never felt more strongly about a topic than this one for obvious reasons. 

Realtors you would be smart to support us on this issue, because you are also in the cross-hairs of the bias discussion. 

Thank you for your time in reading and please feel free to share.

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Comments (6)

Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

Great information.   Thanks for sharing and make it a wonderful day!

Nov 13, 2022 07:18 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Mary and thank you for great information to share with us here in the Rain.  Make it a great Sunday!

Nov 13, 2022 07:44 AM
Leanne Smith
Dirt Road Real Estate - Golden Valley, AZ
Relocation to NW AZ with elbow room & more freedom

I understand that much of the presumed bias is not with the appraiser. The list is very concise.

However, I do have concerns when one appraiser actually measures rooms and another is there for less than 15 minutes.  I have seen measurements for square footage way off which affect appraised value. Yes I have challenged these because I have measure the rooms before listing.

VA appraisers must follow the directions from the US VA dept. This is an important piece of knowledge for real estate agents. 

Desk top appraisals are now becoming more popular and there are concerns there for real estate agents.

Nov 13, 2022 09:43 AM
Mary Thompson

Measurements are very important and that is why Desk Tops are a real concern for this and many other reasons, like lack of inspection by the Appraiser. As for that Appraiser who was there 15 minutes, they may have been working off a prior apprasial with measurements already in hand. But they are supposed to double check those measurements if they came from a different Appraiser.  Thanks for your comments.

Nov 14, 2022 05:26 AM
Gwen Fowler-864-710-4518 SC * Mountain* Lake*Home
Gwen Fowler Real Estate, Inc - Walhalla, SC
Gwen Fowler Real Estate, Inc.

Great Info!! appraisers take the blame for so many issues that come up.

Nov 13, 2022 09:48 AM
Mary Thompson

They sure do, when values are high, when values are low, we get the blame as we report the results of the market....we do not dictate or determine values. 

Nov 14, 2022 05:28 AM
Eileen Burns
Trans State Commercial RE Ft. Lauderdale/Miami/Palm Beach - Fort Lauderdale, FL
FLorida Real Estate Connector

Makes you want to consider retiring Mary Thompson !  We as Realtors were not permitted to red lining so this is new lipstick on the same pig perhaps.  It is appalling what the government and the media perpetuate in this day and age.  Reparations?  are you kidding me!   Like agents, appraisers come in all flavors.  There is a big difference from a local appraiser versus and assigned appraiser from outside the area.

Since when do you go outside your one-mile radius and/or subdivision to determine value...when there are no recent sales.  

Outrageous indeed

Nov 13, 2022 12:54 PM
Mary Thompson

I am close to retirement and things like this make me want to speed that up! 😒 What I do know is I will NEVER provide lenders with Reparation Values. This is unlawful and fraudulent in my opinion. 

Nov 14, 2022 05:30 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Mary Thompson I will read the article in the morning, and I am looking forward to your ActiveRain ZOOM Meeting presentation on this on December 27th.

Nov 16, 2022 03:57 PM