FOX BUZ NEWS VIDEO "Appraisers hurting the housing market"

[Lisle]

Good golly Dolly! Your solution to the "lowballing problem" is that the appraiser should be required to use comparable sales to justify their opinion of value. Really? Did a high ranking broker with Prudential Douglas Eliman actually say this?

This is either a truly impressive level of ignorance or she is lying. I am guessing the latter must be the case for Dolly Lenz.

Real bad job by the interviewer too.

 

[Kevin Mc]

As far as under value, when was the last time a review appraisal came back with a higher value than the orignal appraisal?

I have 3X in as many months. I have discussed this several times on this forum. Many of the AMC drones are all about "hit and run" style inspections. Inspect the subject (be it an appraiser,trainee,runner,boyfriend,girlfriend etc....) and then run back to the office and rely solely on MLS comparables and photos. By working in this "guerrilla" style of appraising they often eliminate any public record sales (which are plentiful in many of my markets) from consideration..

 

[stangtime]

I think my blood pressure jumped 20 points just watching that clip. And as said above, gee, so we don't need to be including comps anymore? We can just decide what we think the value is and write it down? Bonehead statement.

Dan

 

[Lisle]

How about this? The selling agent tells the seller that the market is very bad and the appraisers are making things tough for everybody thereby convincing the seller to sell low. The agent collects a commission and the seller gets shorted. Of course they can alway run this clip as evidence.

 

[Pilgrum]

See my post #13 here http://appraisersforum.com/showthread.php?p=2065124#post2065124

Just wait till folks like her figure out that they "shall" file a complaint.......
You should all be afraid. Very afraid.

 

[General D]

The FOX guest was expressing her personnal experiences and are not the opinions of the Natinal Association of Realtors. She was ill-informed and does not understand all of the Appraisal requirements professional Appraisers must adhere to. Realtors would have a 90+ percent favorable closing success rate if they would performed a good Comparative Market Analysis of recent similar sales Before the listing and just Prior to accepting an offer to recheck the market conditions. This is especially true in a decling area. However, a large percentage of Realtors are too busy or lazy to perform an updated CMA on behalf of their clients to verify current Market conditions. It was unfortunate that there was not a reconized spokeperson representing the Appraiser's to share the other viewpoint.

 

[coolhandluke]

Crazy like a ?

Suggest Interested Readers of this thread make their opinions count:

email David@foxbusiness.com re "FOX BUZ NEWS VIDEO "Appraisers hurting the housing market"

Mike,
Fox News, sez it all. "We Repeat, You Divide"

 

[Elliott]

Hard to know where to start, there is so misinformation in that interview.

1. David from Fox was not adequately prepared.
2. HVCC was a result of AG Cuomo making Fannie make changes.
3. Lenders have to provide a copy of appraisals (only a AVM or BPO wouldn't have comps).
4. Dodd-Frank tries to improve appraisal independence.
5. If you getting crappy appraisals, blame the AMCs.

David does need to be fair and balance. I think David was more interested in trying
to get into Dolly's pants than doing a decent job of business reporting.

 

[KenAZ]

If you heard it on FOX, it must be true.

Don't get me wrong, I watch Fox news, but . . .

If you ever witness an accident, or are a victim, or have a certain profession that gets covered by a story, you are lucky if 50 percent of the story is true. I have NEVER seen an accurate report in the newspaper, TV, Cable news, Magazines, etc. They can't quote people correctly, they can't take accurate pictures, they can't get the facts straight, they can't jsut tell the story without exagerating, etc.

This runs across all news media. That is just the way they are, and always have been.

There have now been 5 times, when I have heard on the traffic news of a major accident at a certain intersection, as I am driving through that particular intersection. No accident, no backed up traffic, nothing but a green light.

The reason Fox news is so successful is because it is conservative. There is very little competition. That is it. It is not anymore accurate than any of the other networks, but then again, none of the other networks are more accurate than FOX.

This is very similar to one of the early Simpsons episodes where the local TV station gets the whole story wrong when he grabs a gummy bear off of a woman, and gets accused of sexual harrassment. When the TV station runs his interview, they edit it (And you can see the clock in the background changing during each edit) and make it look like he was confessing to the crime.

Homer watches this flawed contrived and edited interview and then says "I am guilty"

When he is asked why, he replies "Because I said it on TV"

 

[Lisle]

Hard to know where to start, there is so misinformation in that interview.

1. David from Fox was not adequately prepared.
2. HVCC was a result of AG Cuomo making Fannie make changes.
3. Lenders have to provide a copy of appraisals (only a AVM or BPO wouldn't have comps).
4. Dodd-Frank tries to improve appraisal independence.
5. If you getting crappy appraisals, blame the AMCs.

David does need to be fair and balance. I think David was more interested in trying
to get into Dolly's pants than doing a decent job of business reporting.

Elliot, you didn't mention the best part. It's when Dolly recommends, as a step in the right direction, that appraisers use comparable sales to support their opinion of value. As Dolly is considered to be a very accomplished high level broker, I believe she is being intentionally misleading.