Give me a break

[Zoe]

Okay, tell me how the intended use or user should matter from the FNMA defintion of "market value" should matter on ultimate opinion of value?

The "market value" definition is very unique within the SOW. I can see assignment conditions coming into play. I don't see intended use and user having an impact on MV opinion. Read the definition of MV. Or post your own.

 

[djd09]

Black CA couple lowballed by $500K in home appraisal, believe race was a factor​

"I read the appraisal, I looked at the number I was like, 'This is unbelievable'," said Tate Austin.

The family tells ABC7 that their appraiser was an older white woman.

Black California couple lowballed by $500K in home appraisal, believe race was a factor

The Austin family sunk $400,000 into renovating their home, but were stunned when they barely gained any value during the appraisal process. When they had a white woman pose as the homeowner, that all changed.

abc7.com

appraisers have no clue. new thread

 

[Mejappz]

Black CA couple lowballed by $500K in home appraisal, believe race was a factor​

"I read the appraisal, I looked at the number I was like, 'This is unbelievable'," said Tate Austin.

The family tells ABC7 that their appraiser was an older white woman.

Black California couple lowballed by $500K in home appraisal, believe race was a factor

The Austin family sunk $400,000 into renovating their home, but were stunned when they barely gained any value during the appraisal process. When they had a white woman pose as the homeowner, that all changed.

abc7.com

appraisers have no clue. new thread

Well, it is an older white woman than, of course, it's racism. Anyone see a trend here? Like the changing of photos, it looks like someone has been taking cues from Abena. Not to worry though Freddie’s Magic man elixir AVM is on its way.

 

[Mejappz]

There will be lawsuits coming from multiple angles. Many are asking for them. They will get them.

This is what baffles me. The corruption on the AMC/Lender/GSE level is off the charts. You would think a massive law-suit would have been filed by now.

 

[George Hatch]

Okay, tell me how the intended use or user should matter from the FNMA defintion of "market value" should matter on ultimate opinion of value?

The "market value" definition is very unique within the SOW. I can see assignment conditions coming into play. I don't see intended use and user having an impact on MV opinion. Read the definition of MV. Or post your own.

One of the "meaningful and not misleading" to intended users elements is using the definition of value they're required to use. If you were doing an assignment for the IRS you'd be using a different definition of value.

The assignment element follows the users' needs. The users' needs don't follow the assignment element.

 

[djd09]

Not to worry though Freddie’s Magic man elixir AVM is on its way.

LandSafe Offers 'Super' Automated Valuation Model Through Combined Appraisal Products​

November 22, 2002

PLANO, Texas, /PRNewswire/ -- LandSafe, Inc., a premier national provider of real estate information and closing services, today announced a more complete and cost-effective automated valuation model (AVM) for mortgage lenders and brokers.

LandSafe Appraisal Services is providing a more comprehensive AVM by combining its ValueFinder(SM) and Frauditor(SM) products into a single report available for the same cost as one of the products previously ordered individually.

"In addition to returning the valuation and risk found by ValueFinder -- value, uncertainty factor and public record information on the property and comparable properties -- the new 'super' product includes Frauditor red flags for such potential problems as inflated value, property type mismatch or seller mismatch," said Greg Dennis, president and chief operating officer of LandSafe Appraisal Services, Inc.

LandSafe customers may order the enhanced AVM through http://www.landsafe.com -- the company's Internet portal for unified ordering -- or via direct XML integration with loan origination software. "As AVMs become increasingly important to the lending community for pre- qualifying, HELOCS, second mortgages and portfolio valuation, LandSafe is keeping pace with the demand for more complete information delivered at the highest possible speed," said Michael Faine, managing director, president and chief operating officer of LandSafe, Inc.

LandSafe Offers 'Super' Automated Valuation Model Through Combined Appraisal Products

The American Land Title Association, founded in 1907, is the national trade association and voice of the abstract and title insurance industry. ALTA® members search, review and insure land titles to protect home buyers and mortgage lenders who invest in real estate. ALTA® is headquartered in...

www.alta.org

what could go wrong?

 

[OSU Beavers]

What was the purchase price and how did it compare to the first appraisal?

Older white woman = experienced appraiser who recognized the subject as an over-improvement for the neighborhood.

Second appraiser = hand picked skippy.

 

[George Hatch]

Well, it is an older white woman than, of course, it's racism. Anyone see a trend here? Like the changing of photos, it looks like someone has been taking cues from Abena. Not to worry though Freddie’s Magic man elixir AVM is on its way.

I have a pretty good idea what happened. The subject neighborhood has a sales history which shows the purchase appraisal shouldn't have come anywhere close to $700k in 2016, much less $1m. It also shows this immediate neighborhood will not support a $1.5 value for a 2200sf home. The new appraisal had to go outside the neighborhood in order to support that conclusion.


The prior sale is shown on this list, along with the sales which occurred before and since then. Just in case anyone is interested.

 

[George Hatch]

If you look at the pics for those addresses you'll see what I mean. As of 2019 the subject still had a carport.

 

[OSU Beavers]

The original sales price of the subject was $550,000 on 12/18/2016.

20 Pacheco St, Sausalito, CA 94965 | Zillow

20 Pacheco St, Sausalito CA, is a Single Family home that contains 1720 sq ft and was built in 1963.It contains 4 bedrooms and 2 bathrooms.This home last sold for $550,000 in December 2016. The Zestimate for this Single Family is $1,500,600, which has increased by $8,571 in the last 30...

www.zillow.com

The appraisal prior to adding a basement under the house, decks around the exterior and interior renovations was $889,000 in 2019 according to the borrower. Does that increase seem high over the original sales price to anyone else?

Did the old white woman's post addition appraisal occur during or just after the first "Two weeks" to stop the spread when the stock market was tumbling and people were cancelling their listings and pending contracts for fear of COVID? Was the second appraisal far enough into the low interest environment of 2020 that the weekly appreciation of sales prices was skyrocketing?