Winter 2024 Chicago REALTOR® Magazine

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What To Do If There Are Mistakes or Errors in the Appraisal If there is missing or inaccurate information in the appraisal once it’s complete, there are options to consider. A REALTOR ® can request, in writing, that the lender request a Reconsideration of Value (ROV) from the appraiser. An ROV can only be requested by the appraiser’s client, which is typically the lender. A ROV is warranted if you can provide the missing information that was not taken into consideration during the first appraisal. If an ROV is pursued, the correct information should be presented to the appraiser. Benefits of Being a Partner During the Appraisal Process By being a partner in the appraisal process, you demonstrate to your clients that you are the trusted advisor they need by their side during the transaction. And, by providing this information and having conversations with the appraiser, you are doing everything within your power to ensure that the appraisal goes as smoothly as possible and creates a credible appraisal. According the The Appraisal Foundation’s Guide to Understanding a Residential Appraisal, a credible appraisal includes an accurate description of the property, sales that are the most recent and comparable, comments that explain important issues in the appraisal and an opinion of value supported by the analysis of the comparable sales. Moreover, by doing your due diligence during the appraisal process, you will help ensure there is less of a chance of the transaction falling through and, hopefully, mitigate the chances of having a biased appraisal. Download Illinois REALTORS ® ’ sample appraiser’s package and review its appraisals FAQs. 28 Chicago REALTOR ® Magazine Continue Your Appraisal Education THE APPRAISAL PROCESS | 3 Hours Elective CE This interactive course will give you a behind the scenes look at the appraisal process, allow you to stay current on industry changes and construct competitive CMAs. Find an upcoming class date at ChicagoREALTOR.com/CE. Reporting Discrimination If I have evidence of negligence or discrimination, who should I contact? A: According to Illinois REALTORS ® , you should report it to the lender in writing. In addition, the Appraisal Subcommittee, which is a Unites States Federal Government Agency, operates the Appraisal Complaint National Hotline (refermyappraisalcomplaint.asc.gov) which can refer the matter to appropriate federal or state authorities to complete an investigation. In Illinois, the Illinois Department of Financial and Professional Regulation (idfpr.illinois.gov) is the regulatory agency for appraisers. Fair Housing violations can be reported to the United States Department of Housing and Urban Development (HUD.gov). In Illinois, suspected discrimination can be reported to the Illinois Human Rights Commission (312-814-6269).
The Social Media Content App Chicago REALTORS ® Love: Photofy Have you checked out Photofy yet? This platform allows you to demonstrate what you bring to the real estate transaction and beyond — in our Chicago neighborhoods and in understanding the local real estate market. This free member benefit allows you to customize and share professional graphics that underscore your value, straight to your social media channels. Why do your peers love this member benefit? “I absolutely love how I can leverage Photofy on all social media platforms to show our communities that we, as REALTORS ® , are experts in our market. The content offered is consistent, cohesive and an excellent tool to build your brand. It is marketing power at your fingertips and a vital tool to show your value to clients.” CHRISTOPHER ROBLES Fulton Grace Realty “The final product is always a professional marketing piece that I’m very proud to display. Photofy is another real estate tool that allows me to make clear and precise content with just a click of a button.” RODESSA JOINER Realty Services Consortium Check out our Fair Housing and Sustainability assets! Showcase your commitment to Fair Housing and Sustainability. These graphics demonstrate your commitment to your clients’ well-being through equal opportunities and health through sustainable lifestyles. Happy sharing! Get started for free today at ChicagoREALTOR.com/photofy. Scan with your smartphone camera! www.ChicagoREALTOR.com 29
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Page 8 and 9: EDITOR’S PICKS JESSICA KERN, rce
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Page 16 and 17: continued from page 15 MARKI LEMONS
Page 18 and 19: CHICAGO REALTORS ® LEADING THE WAY
Page 20 and 21: HALL OF FAME MARION VALLE Marion Va
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Winter 2024 Chicago REALTOR® Magazine

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