Oakland appraisal dispute settlement

[shrubberyvaluation]

Maybe just bad appraisers, guilty for the wrong reason.

Normally I'd say that the lower one doesn't mean its bad, but the fact that it sold so much higher less than a year later is some indication that bad appraiser could be the case, banging them out for an AMC.

 

[shrubberyvaluation]

Controversial thread a few months back to this very issue...... to go or not to go to certain areas and risk financial ruin.

You can blast me if you want, but I avoided refis in certain areas where it looked like it might appraise significantly less than it was purchased for within the past year. Too easy for them to say you appraised it for $zzz,zzz less than they bought it for so you are the bad bias appraiser.

 

[jay trotta]

So when the market goes down, will anyone hit the Target Value ??

Market Value died 2010

 

[Walter Kirk]

Matbe, just maybe, it was the AMC's appraisal guidelines and not the appraisers bias that caused the improper valuation

 

[DTB]

For those who only carry E&O as protection...you've been warned before, by yours truly, that you REALLY need to up your asset protection game.

 

[Non Sequitur]

And then there’s this (posted to FB):

 

[Fernando]

It's good that some lenders are getting rid of bias appraisers from their panel.

 

[Elliott]

Dear loanDepot,
Please be advised that I have some biases. I've never liked tri-level homes or side splits. And I'm not fond of daylite basements. I try not to have it influence my value estimate. Oh, and I don't like finished basement areas. Its probably because of the high water table in Oregon and I think the market reflects the same biases.

 

[jay trotta]

And then there’s this (posted to FB):


View attachment 99122

USPAP (Unified Standard of Professional Appraisal) has a Nondiscrimination section that prohibits appraisers from acting in a manner that violates federal, state, or local antidiscrimination laws or regulations. The section references relevant federal laws focused on antidiscrimination, including the Fair Housing Act, the Equal Credit Opportunity Act, and the Civil Rights Act of 1866

IMO- we already signature that in our appraisal report(s), in the Ethics section.

 

[Zoe]

WRT the Marin City example that neighborhood apparently STILL hasn't returned a sale that supports the 2nd value in 2020.

I still think view had a ton to do with Marin City. I don't know CA period. I have never visited but you do.

Whoever did the appraisal before the last had to use comps somewhere. Do I believe the owners over improved the property? Possibly.

The owners were not my client.

The owners had to borrow money most likely to get the home improvement loan.

H&B use is in the equation.

Both owners seemed like they made really good money. Idk George.