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Ep. 067 - The Appraiser is Unbiased Until the Dog Bites Him
Episode 067 – The Appraiser is Unbiased, Until the Dog Bites Him
Bias in the appraisal world is a hot topic right now. In this episode, Brian talks about where a legal form of bias might come into the appraisal process and how you can handle it.
SHOW NOTES
- 00:55 – This episode is not about illegal bias and a future episode will include racial bias with a group of people.
- 03:00 – Bias does come into the appraisal process even outside of fair housing issue.
- 03:22 – USPAP states the appraiser must be unbiased as we are not an advocate for any transaction or a party in the transaction.
- 04:32 – By law cannot be biased based up Fair Housing concerns.
- 05:12 – There is some bias that is inherent in the appraisal process. Bias exists everywhere in our world in all things.
- 06:05 – Conscious bias. Value range sets up bias. We have to estimate the value of the property within the adjusted value range.
- 07:09 – Unconscious bias. Comp selection. What draws the appraiser to choose the comparables they ultimately select for their report.
- 08:36 – Adjustments have unconscious bias.
- 09:40 – Humans have bias in general and prone to persuasion.
- 12:30 – Dog bites tend to leave the appraiser with a bad taste in their mouth about the property.
- 14:10 – Comparable selection will likely be different between appraisers. Based upon objective criteria, but still looking at details that help us make a final decision on the comparables we select.
- 15:10 – Appraisal must conform to underwriting guidelines. Comparables are selected to “sell” the appraisal report to the lender’s underwriter.
- 16:35 – Adjustments are hard to substantiate. There is not a book on the adjustment. Are there things that make the property weird?
SHOW LINKS
- USPAP - https://www.appraisalfoundation.org/imis/taf/standards/q_as/taf/qas.aspx
- Conscious vs. Unconscious Bias - https://unleashpotential.ie/conscious-and-unconscious-bias/
BETWEEN THE LINES LINKS
Web
brianclee.com
https://www.facebook.com/groups/realestatebetweenthelines/
https://www.facebook.com/Brian-C-Lee-111822417027919/?
YouTube
https://www.youtube.com/channel/UCcv4dHU39-b5_QVVCIhbcBA?
View all episodes
By Brian C. Lee, Christian Kemp
4.5
1818 ratings
Episode 067 – The Appraiser is Unbiased, Until the Dog Bites Him
Bias in the appraisal world is a hot topic right now. In this episode, Brian talks about where a legal form of bias might come into the appraisal process and how you can handle it.
SHOW NOTES
- 00:55 – This episode is not about illegal bias and a future episode will include racial bias with a group of people.
- 03:00 – Bias does come into the appraisal process even outside of fair housing issue.
- 03:22 – USPAP states the appraiser must be unbiased as we are not an advocate for any transaction or a party in the transaction.
- 04:32 – By law cannot be biased based up Fair Housing concerns.
- 05:12 – There is some bias that is inherent in the appraisal process. Bias exists everywhere in our world in all things.
- 06:05 – Conscious bias. Value range sets up bias. We have to estimate the value of the property within the adjusted value range.
- 07:09 – Unconscious bias. Comp selection. What draws the appraiser to choose the comparables they ultimately select for their report.
- 08:36 – Adjustments have unconscious bias.
- 09:40 – Humans have bias in general and prone to persuasion.
- 12:30 – Dog bites tend to leave the appraiser with a bad taste in their mouth about the property.
- 14:10 – Comparable selection will likely be different between appraisers. Based upon objective criteria, but still looking at details that help us make a final decision on the comparables we select.
- 15:10 – Appraisal must conform to underwriting guidelines. Comparables are selected to “sell” the appraisal report to the lender’s underwriter.
- 16:35 – Adjustments are hard to substantiate. There is not a book on the adjustment. Are there things that make the property weird?
SHOW LINKS
- USPAP - https://www.appraisalfoundation.org/imis/taf/standards/q_as/taf/qas.aspx
- Conscious vs. Unconscious Bias - https://unleashpotential.ie/conscious-and-unconscious-bias/
BETWEEN THE LINES LINKS
Web
brianclee.com
https://www.facebook.com/groups/realestatebetweenthelines/
https://www.facebook.com/Brian-C-Lee-111822417027919/?
YouTube
https://www.youtube.com/channel/UCcv4dHU39-b5_QVVCIhbcBA?