Hidden home appraisal middlemen have cost homebuyers $12 billion

[Joyce Potts]

Write more articles, show some case studies and shotgun them out to various news outlets. They're all laying off their own writers so I'm sure some of them would be eager to get some free content. Once published, some of them might get picked up by the bigger news outlets. We see local bylines all the time in the MSN feeds. Probably similar on Facebook and Meta and whatever other low-effort news outlets are out there.

The caveat is that you don't want to get caught playing games with the facts. You want to write articles that people can take seriously.

One person's fact is another person's interpretation.

 

[Joyce Potts]

For God's sake, people. Stop with the petitions, the articles, the complaints to regulators, etc. The definition of insanity is doing the same thing over again with no results.

The only thing that hasn't been done is to get appraisers on board and finding an attorney who will look at filing a class action against the AI. Does the AI control AMC's or fees DIRECTLY? No. But that's where this mess started--FNC, data mining and AMC's. That would probably generate more interest by the DOJ than anything else.

 

[Dublin ohio]

. The slop and animal waste goes into the field and rivers and the big ag players are not made to clean it up, WE pay for the cleanup and effects o their pollution.

Yep never been on a pig farm

 

[J Grant]

For God's sake, people. Stop with the petitions, the articles, the complaints to regulators, etc. The definition of insanity is doing the same thing over again with no results.

The only thing that hasn't been done is to get appraisers on board and finding an attorney who will look at filing a class action against the AI. Does the AI control AMC's or fees DIRECTLY? No. But that's where this mess started--FNC, data mining and AMC's. That would probably generate more interest by the DOJ than anything else.

Do it all, get a class action attorney ( I would chip in what I can), AND write an effective letter sent to NAR for agent signatures and or to the consumers as well -I agree an appraiser's petition did not work last time and won;t work this time. Trying for regulatory relief - we are too small, and the regulations have proven themselves corrupt, and this admin wants to dismantle regulations anyway.

 

[George Hatch]

Ya know, George—Phil Crawford put an idea out there, and you tore into it on the basis of merit. But I can just about guarantee Phil didn’t expect or seek out a safe space.


Really? Google Katie Couric CBS evening news A Home Numbers Game. I’ve been at this a long time. Going public never made a dent.

I didn't tear into the idea. I "tore into" the facts of the sales he was using in this particular analysis, by which I mean that I added a few more (factual) details to those transactions so people could more clearly see what he was talking about.

And I criticized his reliance on an unadjusted price/sf which is not how appraisers analyze price/sf when we use that as a unit of comparison. Especially not for a market conditions adjustment discussion that he was presenting.

If his analysis had been credible to begin with the addition of details would have only added more support to that credibility. As opposed to his interpretation that more information amounted to a personal smear on him as an individual and to "discredit" his show. Which is an illogical conclusion to be drawing from this situation to begin with.

The question remains untouched: How can you or anyone else allege that a credible analysis can be undermined in any way by the addition of some additional details about the transactions in the analysis? That isn't a trick gotcha question nor does involve a play on words. "Credible" is a pretty simple concept.

I've said it a dozen times in these threads, two things can be true at once: the overarching talking point he's been making all along could be true AND at the same time this particular example could be a weak one to be using to demonstrate that conclusion.

Lastly, there is no reason for me or anyone else on this forum to treat this situation differently than any other controversy we discuss. The unexamined and unquestioned virtue of the cause notwithstanding.

 

[J Grant]

WRT the tile, and Idk where they got their figure or over what period of time, but if the middlemen have cost homebuyers 12 billion, that means the appraiser lost that 12 billion or perhaps far more from loss of income due to AMC fee splits taking a big chunk , on order after order, week after week, year after year.

 

[jay trotta]

IMO-politicians claim "transparency", yet deceive the Public at large by co-mingling fees in the HUD-1. Deception is an art form not in the public interest.

As for.....letters, lobbyists Etc., the time to complete that type of work would take 20 years. In regard to the petition (IE Pam Crowley) which lead to Cuomo pushing y'all's business out the window, that in and of itself was the opportunity to kill this business. And how many years has it been since that all happened.........hmmm

 

[Terrel L. Shields]

many articles differ

reality doesn't. Use your head for something besides a hat rack. Cruelty in your mind is applying human traits to animals who want comfort, food, and nothing painful. No farmer will starve a profit out of a dead pig or abused animal.

 

[Dublin ohio]

WRT the tile, and Idk where they got their figure or over what period of time, but if the middlemen have cost homebuyers 12 billion, that means the appraiser lost that 12 billion or perhaps far more from loss of income due to AMC fee splits taking a big chunk , on order after order, week after week, year after year.

Right from the op

Data on the industry is scarce, but an analysis of public filings from one of the country's largest AMCs suggests these companies charged consumers about $12 billion in a recent five-year span.

Makes me very skeptical about their figures especially since there is no point of reference. Who was the AMC, what could be in their public filing that could provide the information necessary to support their conclusion. You are an appraiser and deal with stats on a regular basis. Just consider the information it would require to support their conclusion. I doubt that detailed information would be in a public filing

 

[Joyce Potts]

Right from the op

Data on the industry is scarce, but an analysis of public filings from one of the country's largest AMCs suggests these companies charged consumers about $12 billion in a recent five-year span.

Makes me very skeptical about their figures especially since there is no point of reference. Who was the AMC, what could be in their public filing that could provide the information necessary to support their conclusion. You are an appraiser and deal with stats on a regular basis. Just consider the information it would require to support their conclusion. I doubt that detailed information would be in a public filing

Sounds like a research job for George Hatch.