Pennsylvania Gov. Tom Wolf signed HB 863, which allows the PA’s real estate brokers, associate brokers and salespeople to provide broker price opinions. The law defines a BPO as “an estimate … that details the probable selling price of a particular parcel of real property and provides a varying level of detail about the property’s
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US House Passes Private Property Rights Protection Act
By David Snyder on
Posted in Eminent Domain
The United States House of Representatives passed the Private Property Rights Protection Act by voice vote. It seeks to prohibit condemnations for economic development or over property that is used for economic development within seven years after that taking. It applies to state and local takings if that governmental entity receives federal economic development funds.…
Ill. Court: Tax Appeal Attorneys Not Engaged in Appraisal Practice
By David Snyder on
Posted in Appraisers
The Circuit Court of Cook County, Illinois (Chancery Division) ruled that attorneys who referenced comparable property valuations and market values based on an income approach as part of tax appeal proceedings were simply engaged in the traditional practice of law and not in appraisal practice. In Illinois State Bar Association vs. Illinois Department of Financial…
Borrower Not Entitled To Attorneys’ Fees Under PA Act 6 Based Solely On Affirmative Defense
By David Snyder on
Posted in Lenders
The Pennsylvania Supreme Court held that a Philadelphia homeowner was not entitled to attorneys’ fees under a PA consumer protection law because filing affirmative defenses doesn’t qualify as filing an “action” under the law. In Bayview Loan Servicing LLC v. Rodger Lindsay, 15 EAP 2017, in response to a foreclosure complaint, a borrower alleged…
Ohio Supreme Court Remands Lowe’s Tax Assessment Due To New Case Law
By David Snyder on
Posted in Appraisers, Assessments
The Ohio Supreme Court on Tuesday vacated an Ohio Board of Tax Appeals decision affirming a county appraiser’s $8.8 million valuation of a Lowe’s Inc. property. The Court found, in a 4-3 decision, that new case law required reconsideration. These new cases established that comparable properties used to determine a property’s market value generally must…
Cal. Court Finds Appraiser Cannot Be Sued By Borrower If Appraisal Prepared For Lender Only
By David Snyder on
Posted in Appraisers
The California Court of Appeal, Third Appellate District certified for publication its recent decision in Tindell v. Murphy. In that case, mortgage borrowers sued an appraiser saying they relied on his appraisal to purchase their home. The trial court had dismissed the suit because the borrowers were not intended users of the appraisal since…
Multiple States Considering Valuation Legislation
By David Snyder on
Posted in Appraisers, Valuation
The Appraisal Institute reported that 21 pieces of legislation affecting the valuation profession are pending in 14 states. A list can be found at https://www.appraisalinstitute.org/advocacy/washington-report/washington-report-state-news-current-issue/#15
House Committee Passes USPAP Exemption Bill
By David Snyder on
Posted in Appraisers, Valuation
The House Financial Services Committee recently passed legislation exempting appraisers from having to conduct evaluations in accordance with the Uniform Standards of Professional Appraisal Practice for loans under $250,000 that were held in a portfolio for three years. Appraisals are not required for loans of $250,000 or less, but federal bank regulatory policy requires lenders…
PA Court Allows Adverse Possession Claim Against Municipality
By David Snyder on
Posted in Eminent Domain, Valuation
The PA Commonwealth Court recently held that a claim of adverse possession could be brought against a municipality when the municipality’s only use of the property during the statutory period was to hold the property for possible future sale. In City of Philadelphia v. Galdo, the City of Philadelphia obtained title to a property…
Kelo Case Subject Of Movie
By David Snyder on
Posted in Eminent Domain
The US Supreme Court issued its Kelo eminent domain case in 2005. That case held that it is not necessarily unconstitutional to take private property for another private entity to use. Now the subject of that case is the subject of a new movie. In Little Pink House, the movie centers on Suzette Kelo –…