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Judge Rules Appraiser/Lender Owe no duty of care

Fair Appraisals: New Jersey Passes Housing Discrimination Law​

A Black homeowner saw her property value rise $40,000 when she removed her family photos and didn't attend the appraisal, advocates say.​


NEW JERSEY — You’ve heard the story before, advocates say. A minority homeowner gets their property appraised and – suspecting it has been undervalued – has a white person stand in for another appraisal … who then gets a higher number.
According to the New Jersey Institute for Social Justice (NJISJ), this scenario is something that happened to Tomeka Thompson, a Black woman who says that she was present when her home was appraised for $475,000. After removing all family pictures and being absent from the second appraisal, her home’s value increased to $515,000.

Unfortunately, Thompson’s experience isn’t unique in the Garden State, the nonprofit says. And because homeownership is a direct driver of wealth, it’s throwing fuel on a much-deeper problem – a staggering $300,000 racial wealth divide in New Jersey. Read More: Race, Wealth And Homeownership: New Jersey Still Seeing Troubling Gaps



keep rolling over to the clients whims...eh, george? :rof: :rof: :rof:
 
djd09 said:

Fair Appraisals: New Jersey Passes Housing Discrimination Law​

A Black homeowner saw her property value rise $40,000 when she removed her family photos and didn't attend the appraisal, advocates say.​


NEW JERSEY — You’ve heard the story before, advocates say. A minority homeowner gets their property appraised and – suspecting it has been undervalued – has a white person stand in for another appraisal … who then gets a higher number.
According to the New Jersey Institute for Social Justice (NJISJ), this scenario is something that happened to Tomeka Thompson, a Black woman who says that she was present when her home was appraised for $475,000. After removing all family pictures and being absent from the second appraisal, her home’s value increased to $515,000.

Unfortunately, Thompson’s experience isn’t unique in the Garden State, the nonprofit says. And because homeownership is a direct driver of wealth, it’s throwing fuel on a much-deeper problem – a staggering $300,000 racial wealth divide in New Jersey. Read More: Race, Wealth And Homeownership: New Jersey Still Seeing Troubling Gaps



keep rolling over to the clients whims...eh, george? :rof: :rof: :rof:
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BIAS TRAINING – “Additionally, the new law requires a real estate appraiser to complete a fair housing and appraisal bias education course offered by the Appraisal Qualifications Board of the Appraisal Foundation to satisfy the appraiser’s continuing education requirements. The purpose of this course is to educate appraisers on how to avoid bias in their work.”

fricken snake oil salesmen...buy the book take the class :ROFLMAO:
 
Privity is a doctrine of contract law that says contracts are only binding on the parties to a contract and that no third party can enforce the contract or be sued under it.

from my reports

7.) This appraisal report was prepared exclusively for the client and stated intended users of the report. We are asserting the right of privity. Users or third parties not named are recommended to use an appraiser of their choice if evaluating the property.

8.) While this report has been proofed for typographical errors, mathematical inaccuracies, and other discrepancies, others may be discovered in subsequent reviews performed by the client or their designated agent. We reserve the right to correct any typographical errors, mathematical inaccuracies, or other discrepancies that may affect the estimate of value contained in the report. These corrections will be corrected promptly upon the written request of the client.
 
cert 23 makes everyone an user...modifying or deleting is not allowed :ROFLMAO:
 
djd09 said:
cert 23 makes everyone an user...modifying or deleting is not allowed :ROFLMAO:
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Yes, I am the homeowner and I paid for that appraisal with my own hard earned money! Give me my money back You did not hit the Bullseye.
 
Surf Cat said:
Wow.... I completely knee jerked that post.... I thought this was yet another appraiser complaining about the state of our industry.

It's the septic tank / well girl!

The one who signed a contract and has buyer's remorse and it's the Appraiser's fault.

I get her mentality though. With the government looking to pay off student loans, give undocumented immigrants healthcare, reparations for things that happened a hundred years ago....... how could she "not" want someone else to pay for it?
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I have become hyper aware because I do lots of rural properties. I also noticed that in my state, there is a line item in all the sales contracts used by our MLS, that instructs the purchaser that it is the Buyer's responsibility to determine that the current septic system meets State and Local requirements. The buyer may, for a fee, request an inspection letter from the Tennessee Department of Environment & Conservation, Division of Ground Water & Waste Disposal. I always put a copy of the current record in the report. They usually update the record with the new letter too. It's all online and free, though it takes some research on older properties. Maybe this is just a Texas issue.
 
I work 7 counties in the Texas panhandle, and none of them have that information on-line. I cover myself by making sure that I determine what I am responsible for, and don't misrepresent what I am capable of. Never had an issue like this come up in over 30 years, however I am paranoid about it.
 
George Hatch said:
He's using the consumer angle in furtherance of his real complaint which are the fees the appraisers are being paid. Pearl clutching for clout. This is essentially a labor rights struggle, not a consumer rights struggle.

Error-free or not, the lenders usage of those appraisals continues. How that trend evolves has zero to do with anyone fretting about the well being of the borrowers.
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Yet you literally replied to a colleague to colleague post on this situation

Mejappz

Thread 'CFPB Crackdown: Unfair Practices Hurting Consumers'

Bureau is currently investigating various fees associated with obtaining a loan, with the goal of identifying any that may be particularly burdensome or concerning for borrowers.


As we all know many AMCs are not paying Customary & Reasonable fee as required by TILA. They have consistently pushed down the pay of Appraisers while making undisclosed profit off consumers and prioritizing cheapest and fastest over quality and competency. The CFPB has been in communication with individuals behind the scenes and are concerned with what has been shown enough to include AMCs in their data...
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“The reason I read the comments was to see how many of the AMC-related comments were from consumers.

As it turns out, that number is zero. So far. But it's early yet, so maybe the consumers will chime in. Or, perhaps a couple of you could LARP as consumers so as to astroturf the consumer-protection angle of this discussion. I guess we'll see.”

I can quote the hypocrisy from every single appraiser on this site.
 
Surf Cat said:
Wow.... I completely knee jerked that post.... I thought this was yet another appraiser complaining about the state of our industry.

It's the septic tank / well girl!
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Thank you for confirming the hypocrisy in your reply when you thought you were replying to an appraiser.
 
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