Category: Appraisal
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Fair Appraisals Matter—To the White House, and to Us
Have you heard about PAVE? Most people haven’t. It stands for Property Appraisal and Valuation Equity. When it comes to homeownership, fair appraisals are not just a matter of numbers—they’re a cornerstone of equity and financial prosperity. Enter PAVE. This initiative, championed by the White House, is more than just an acronym; it’s a pivotal…
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“Unlicensed Appraisal” and Other Stories: How Scam Artists Chase Disaster Victims
After Tropical Storm Hilary blasted the Baja and San Diego regions in mid-August, the Federal Trade Commission urged people to watch for a surge in rip-offs. Opportunists may say they’re performing appraisals, but unless they are licensed appraisers, they lack professional accountability. If they’re improperly doing the work of adjusters, they might be violating state…
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Hybrid Appraisals Are New to Real Estate. Are They Good or Bad?
The hybrid appraisal is now allowed for real estate transactions and financing. It’s a form of real estate appraisal that’s completed from the appraiser’s desk, using information from the home that came remotely, from a data collector. This is also known as the “bifurcation” of the appraisal work. Both Fannie Mae and Freddie Mac consider…
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How to Get a Fair Home Appraisal
Your financial leverage hinges on your home’s appraised value. Whether you’re buying, selling, borrowing against your home equity, or refinancing, the lender may call on a licensed appraiser to determine how much credit to extend to you. When you’re counting on a good appraisal, is there anything you can do to make sure your home…
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California Targets Unfair Appraisals
2021 Fair Housing Law Roundup Diversity, inclusion and fairness are key goals for today’s real estate industry. Biased appraisals thwart these goals. To help remediate the problem, California enacted Assembly Bill 948 on Sep. 28, 2021. Under the new law, bias in appraisals is against the appraisers’ licensing law as well as state’s Fair Employment…
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The Biden Administration Confronts Racial Bias in Appraisals
Black-owned homes are regularly low-balled in appraisals. It’s been happening for generations. Now, the Biden administration is confronting the issue. On June 1, 2021, the president said a new task force will deal with race-associated disparities in home appraisals. Housing and Urban Development (HUD) Secretary Marcia Fudge will lead the team as it embarks on…
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Navigating the Home Appraisal: A Buyer’s Guide
You’ve put in your bid for the home you want. Now you await the appraiser’s report. What’s going on behind the scenes? How the Appraisal Works in Most Cases The typical home appraisal relies mainly on local sales comparisons, or comps. What will other buyers pay now for a house like the one you’re buying?…