Real estate orgs call for appraisals to be deemed essential

The coalition pointed to Illinois Gov. J.B. Pritzker’s inclusion of property appraisals as an example

TRD NATIONAL /
Mar.March 26, 2020 03:00 PM
Clockwise from top left: California Gov. Gavin Newsom, Illinois Gov. J. B. Pritzker, New York Gov. Andrew Cuomo and Florida Gov. Ron DeSantis (Credit, in order: Justin Sullivan/Getty Images, Joshua Lott/Getty Images, Bennett Raglin/Getty Images, Joe Raedle/Getty Images) 
Clockwise from top left: California Gov. Gavin Newsom, Illinois Gov. J. B. Pritzker, New York Gov. Andrew Cuomo and Florida Gov. Ron DeSantis (Credit, in order: Justin Sullivan/Getty Images, Joshua Lott/Getty Images, Bennett Raglin/Getty Images, Joe Raedle/Getty Images)

A coalition of five real estate and professional appraisals organizations are appealing to local and state governments to declare property appraisals as essential business.

Executive orders compelling non-essential businesses to stop reporting to work have been put in place in many states, cities and counties throughout the country amid the pandemic. But only seven states so far have declared appraisals for real estate-related services as exempt from those restrictions, the group asserts.

In a letter sent Wednesday to state and local government organizations, the coalition asked that “state and local governments minimize the potential interruptions to the real estate markets, and more specifically interruptions to the provision of appraisal services, by declaring real estate services as ‘essential services’ under any emergency powers declaration.”

The authors include the National Association of Realtors and the American Society of Appraisers, the largest professional association of appraisers. They argue that adding real estate appraisals to services that are allowed to continue will help the economy by facilitating new mortgages and refinancing of mortgage loans, and could allow businesses or individuals to tap into lines of credit as needed.

“We’re losing a lot of activity,” said John Russell, ASA’s head of government relations.

The letter was sent to the National Governors Association, the National Association of Counties, the U.S. Conference of Mayors and the National League of Cities.

The coalition also said in the letter that real estate appraisers will “minimize physical interactions” and that many have temporarily begun to allow “exterior-only or drive-by” appraisals because of the coronavirus pandemic.

The letter also specifically points to Illinois Gov. J.B. Pritzker’s executive order as an example of one that actively asserts that “real estate services (including appraisal and title services)” are essential.

Russell noted that many of the stay-at-home orders are silent on whether appraisals for real estate services are essential, which leads to confusion and differing interpretations, although in Dallas, appraisals were specifically deemed non-essential.

The seven states that have included property appraisals as essential are Delaware, Hawaii, Illinois, Indiana, Massachusetts, Ohio and Wisconsin, according to the group.

Write to Erin Hudson at [email protected]


Related Articles

arrow_forward_ios
Garcetti bans residential rent increases on rent-controlled units in LA
(Credit:iStockphoto)

Garcetti bans rent hikes for rent-stabilized units

Los Angeles Mayor Eric Garcetti (Credit: Scott Varley/MediaNews Group/Torrance Daily Breeze via Getty Images and Kevin Rutherford/Wikipedia)

LA County seeks hundred of hotel rooms for coronavirus patients

John Zhao and a rendering of Oceanwide Center (Credit: Foster + Partners via Dezeen, and Nora Tam/South China Morning Post via Getty Images)

San Francisco’s Oceanwide Center has a new buyer

California Gov. Gavin Newsom (Credit: Justin Sullivan/Getty Images)

Newsom partly suspends CA residential evictions

Andre Balazs and the Chateau Marmont (Credit: David M. Benett/Dave Benett/Getty Images for Michael Kors)

Luxury hotels are laying off workers and providing them few benefits

Rick Caruso (Credit: Tiffany Rose/Getty Images for Caruso Affiliated)

Some retailers and malls won’t survive the coronavirus shutdown

California Gov. Gavin Newsom (Credit: Justin Sullivan/Getty Images)

Newsom and the banks strike residential mortgage relief deal

Los Angeles Mayor Eric Garcetti is looking for large spaces to house COVID-19 patients (Credit: Emily Shur/Wikipedia and Raymond Boyd/Getty Images)

Garcetti: LA will use hotels, theaters and sports venues to house COVID-19 patients

arrow_forward_ios
Loading...