Riick
Elite Member
- Joined
- Aug 14, 2007
- Professional Status
- Certified Residential Appraiser
- State
- Delaware
I've just gotten a revision request to:
The only reference to to income in the neighborhood description section is the following:
I could understand this (maybe) if I'd said it was a middle CLASS neighborhood, but middle income?
Have I been wrong for some 30 years in noting the income level in the area?
Last time I looked, income level was not a racial, ethnic, age, or sex characteristic.
QUESTION: Would you remove the phrase "middle income area" from your report?
FNMA notes:
- ".....remove all reference to property owner income in the neighborhood description section....."
The only reference to to income in the neighborhood description section is the following:
- "Subject property is located in a stable middle income area..."
I could understand this (maybe) if I'd said it was a middle CLASS neighborhood, but middle income?
Have I been wrong for some 30 years in noting the income level in the area?
Last time I looked, income level was not a racial, ethnic, age, or sex characteristic.
QUESTION: Would you remove the phrase "middle income area" from your report?
FNMA notes:
- Certain other factors that are not appraisal factors, such as the racial or ethnic composition of a neighborhood or the age or sex of the individuals who live in a particular neighborhood, must not be considered in the valuation process.
- The appraiser must determine, analyze, and consider factors in the valuation process based on his or her identification of all forces or factors that have the potential to influence the value of the property.
- The appraiser must report neighborhood conditions in factual, specific terms and be impartial and specific in describing favorable or unfavorable factors in a neighborhood.
- The appraiser must not make unsupported assumptions or interject personal opinion or perceptions about market forces or other factors that may or may not affect the use and value of a property.
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