Real Property Valuation Forum: Who is Doing My Appraisal? How Remote Valuation Could Affect Your Transactions.
REALTORS® LEGISLATIVE MEETINGS & TRADE EXPO MAY 13-18, 2019 WASHINGTON, DC
Who is doing my appraisal?! How remote valuation could affect your transactions.
Desktop or hybrid appraisals are gaining more and more attention in today’s real estate market. But who is the appraiser behind the computer? Do they know your market intimately or are they only relying data from automated valuations products and public records? Find out what the increasing usage of hybrid appraisals means for buyers, sellers, agents and appraisers.
Speakers on the panel include:
Timothy O’Brien, Clear Capital’s Appraisal Management Company
Michelle Czekalski Bradley, Czekalski Real Estate, Inc.
John Torvi, Vice President of Marketing & Sales, Landy Insurance Agency
Peter Phelan.Deputy Assistant Secretary for Capital Markets , U.S. Department of the Treasury
This meeting is free for NAR Members!
To see the meeting and more details,register etc, visit NAR’s website.
Every Appraiser and Agent should attend this meeting Forum.
If there is a lower quality form of “appraisal” that any NAR Member could ever have foisted off on them, it would be hard to find. Here is a link to an article about two Clear Capital “Clear Val” hybrids for property located in Georgia. The work was performed by an appraiser in Indiana. http://appraisersblogs.com/clearval-value-hybrid-appraisal
The specific investor that bought these properties with the intention of flipping them was unable to sell them for loan pay off amounts, let alone anticipated profits. These were egregiously defective appraisals. The state of Indiana Deputy Assistant State AG was interested but their nature is such that they slip through an administrative-legal loophole and Indiana had no authority to discipline the appraiser. The State of Georgia acknowledged receipt of the complaint but does not report status beyond that.
Potential lawsuit targets in this could be (1) real estate agents that sold the property; (2) loan officer that arranged the loans, (3) The lender or AMC that failed to assure competent appraisals.
A great question for Mr. O’brien is why anyone should take his company’s product seriously, given these two examples?
The American Guild of Appraisers has a standing challenge to the promoters of such products. Produce just ONE USPAP compliant, accurate bifurcated appraisal report for public/peer review. To date, NO ONE has been able to accept that challenge successfully…or even been willing to try.
As a Member of NAR, that also happens to be an appraiser I sincerely hope NAR does not get suckered by these products.