Newz: Top 3 Appraiser Mistakes, Bias Lawsuit Dismissed, ADUs
July 25, 2025
What’s in This Newsletter (In Order, Scroll Down)
- LIA ad: Why Do Claims Get Settled?
- Top 3 Mistakes Appraisers Make in Their Appraisal Reports By Bryan Reynolds
- Founding Father John Hancock’s Boston Home Is on the Market for First Time in Half a Century — More Than 250 Years After It Was Built
- Appraiser Vindicated: Lanham Discrimination Lawsuit Dismissed in Maryland
- A Complete Guide to Geocodes
- Bipartisan legislation would make it easier to finance accessory dwelling units
- Mortgage applications increased 0.8 percent from one week earlier
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Top 3 Mistakes Appraisers Make in Their Appraisal Reports
By Bryan Reynolds
Excerpts: After doing more than 2,000 appraisal reviews over the years, Bryan and his team have seen these same errors crop up again and again. Know them and avoid them.
I was an investigator for the state of Tennessee for many years. These days, I primarily help appraisers who find themselves in trouble. Sometimes we’re successful in resolving the issue entirely, or at least reducing the impact. Other times, it becomes a learning moment — we recognize mistakes, take responsibility, and strive to do better.
Mistake #1: Omitting a key statement about an extraordinary assumption or hypothetical condition
Appraisers can gain some leeway with the right scope of work, and by properly using extraordinary assumptions and hypothetical conditions. But you must meet minimum reporting requirements.
Mistake #2: Not summarizing the results of your analysis of the subject property’s prior sales
Saying “the subject sold last year for $150,000” is not analysis. That’s just a statement of fact. What USPAP requires is a summary of your analysis. You’ve got to explain what that sale means in the context of your current appraisal, not just list the data point.
Mistake #3: Including comps that aren’t really comparable
The 1004 form, or the Uniform Residential Appraisal Report form, is what most appraisers use. This is a form many of you are very familiar with. At the top of page two, it says:
“There are ___ comparable properties currently offered for sale in the subject’s neighborhood, ranging from ___ to ___.”
“There are ___ comparable sales in the subject’s neighborhood within the past 12 months, ranging from ___ to ___.”
Now, if you truly are in an area where all the listings and sales in a neighborhood are in a competitive state for the same properties, then I guess you’d fill that in accordingly. But how often does that happen? I mean, are the two-bedroom homes competing for the same buyers as the four-bedroom homes?
To read more, Click Here
My comments: Definitely worth reading! I would have never thought these 3 were the most common mistakes.
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Founding Father John Hancock’s Boston Home Is on the Market for First Time in Half a Century — More Than 250 Years After It Was Built
Excerpts: Used as offices now, 7,622 sq.ft., 2,178 sq.ft. lot, Originally built in 1660s
The iconic dwelling, which is known as the Ebenezer Hancock House in honor of John’s younger brother who used it while serving as the deputy paymaster of the Continental Army, is thought to have been built in 1767.
According to the listing, which is held by Dave Killen of LandVest, the building is the “last extant property associated with the founding father in Boston” and stands as a living time capsule, having been meticulously maintained by its current owners over the last five decades.
An asking price for the property has not been released, but the structure was most recently valued at $1.65 million by city officials. Given its historical significance, the building could well sell for much more.
The original structure dates to the 1660’s, when the site was owned and occupied by William Courser, Boston’s first Town Crier. In 1737, the property was owned by James Davenport, the brother-in-law of Benjamin Franklin.
To read more and see many interesting photos, Click Here
My comments: Our country’s 250th anniversary is coming. This is a look into when we started.
