Appraisal News and Appraisal Tips For Real Estate Appraisers - Your source for appraisal industry news, appraisers' opinions, and discussions of appraisal issues

Lesson learned or Lessons Lost 7

Haven’t We Learned Our Lesson?

Lesson Learned or Lessons Lost? Many have heard me say that we should expect a large market correction around 2019-2020. Some agree, some think it will be sooner, and I am sure there are some that don’t think it will happen again because we learned our lesson. There are a ton of factors that drive it so it’s not an easy thing to predict. The good news is most agree that there will be one, we just don’t know when. We have not learned our lesson and the lesson will be repeated. I’ll share my 2 cents on this and...

VREAB board meeting - VaCAP Call to Action 21

Call to Action

Board meeting about AMCs hiring staff appraisers, email blasting, non C&R fees, & background checks. VaCAP understands you are busy with lots of orders, but it is important for you to attend the VREAB Board Meeting on Tuesday April 26th. There will be a public comment period during the meeting. Every independent fee appraiser needs to voice concerns about AMCs hiring staff appraisers to complete appraisals, email blasting, the continuation of non customary and reasonable fees, and background checks. The public is not protected with any of these practices. The Virginia Real Estate Appraisers Board Meeting April 26th,@ 10:00 AM...

Review appraiser - adjustments 8

Observations of a Review Appraiser

Adjustments appeared to come from some List or Automated… Recently I had the opportunity to work on a Class Action case. The case settled, and there are confidentiality agreements for both sides, so I cannot reveal any details. I will summarize the allegations and findings, as well as the scope of work performed. I should say also that before being hired, I was interviewed, and vetted. Every reference provided, was contacted, as well as a records check and background check. What they were looking for was a combination of a clean reputation for being unbiased, as well as depth of...

USPAP permitted assignments 1

Can You Do a Particular Assignment per USPAP??

Yes, I can Accept That Assignment! Types of assignments… Folks, The Appraisal Foundation, via John Brenan, has released the following, showing which portions of USPAP apply to particular assignments. This involves the applicable Standards and Rules. You may want to print the PDF posted below and keep it under your pillow, or at least with your copy of USPAP! Yes, I can Accept That Assignment! USPAP Flexibility at a Glance Some appraisers may not be aware of the inherent flexibility built into the Uniform Standards of Professional Appraisal Practice (USPAP). Because USPAP is a set of standards that is built...

VA recruiting appraisers 10

VA Appraiser Shortage

VA recruiting appraisers in the Western US Appraisers in the Western US, A person I know on the ‘inside’ of VA asked that I distribute this message. They are looking for appraisers in the following states and counties. DO NOT CONTACT ME! READ THE INSTRUCTIONS. If anyone wants to apply for the VA panel, they can send a request to 39/va262@va.gov and ask for the application package. For more information regarding the recruiting process and to download the application, visit Fee or Roster Personnel Designation Application. A credit bureau report will be pulled on all applicants. The credit bureaus used are...

Appraisal Fees Do Not Tell The Whole Story 13

Appraisal Fees Do Not Tell The Whole Story

Is it possible that the company with the lowest bid will also do the worst job? If you are on social media platforms where appraisers hang out for any length of time, you are bound to see a version of the following, on a regular basis: “I was just offered $275 to do a full appraisal in my hometown. Before I had time to email the AMC and tell them how ridiculous a fee like that is here, some other appraiser accepted it! Can you believe that? What kind of low-life appraiser does a full 1004 for $275?” This kind...

BPOs, Drones, Oil War & Appraising 3

BPOs, Drones, Oil War & Appraising

Appraisers doing $300,000 a year in BPOs There has been a lot of chatter about BPOs again. Maybe we should consider changing the law in Virginia from being a mandatory USPAP state to a state like Tennessee. Appraisers can do BPOs in Tennessee and they do not have to worry about USPAP. Now, mortgage work still falls under USPAP. But I hear of appraisers doing $300,000 a year in BPOs. Food for thought. It won’t affect your business in a negative sense. Because those who want BPOs are getting them already. Just ask any agent. It will just let us...

Real Estate Driven by Psychology 8

Real Estate ‘Driven by Psychology’

What’s that? Real estate/home prices are driven by psychology? In an article in the National Mortgage Professional Magazine e-newsletter posted March 30, 2016, professor Robert Shiller, the co-founder of the S&P/Case-Shiller Home Price Index, tells us what we appraisers have known for years and years and even decades… or longer! Excerpt: The co-founder of the S&P/Case-Shiller Home Price Index has studied the latest round of home price increases and has concluded the upward activity is being fueled by emotional impulses rather than economic reality. “These markets, I think, are substantially driven by psychology,” said Robert Shiller, a Yale economics professor,...

AMC staff appraiser positions and the lack of public protection and trust 1

Virginia Appraisers in the Spotlight Again

AMC staff appraisers are not independent If you have not already done so, please listen to the Voice of Appraisal with Phil Crawford. Once again, Phil has brought Virginia into the spot light. This is the third show Phil has talked about AMC staff appraiser positions and the lack of public protection and trust. Thank You Phil and Kevin! Listen to the show at the bottom of this article. Please attend and speak against AMCs hiring staff appraisers to complete the appraisal reports. By definition, an AMC and an appraiser have two very different functions. Even the National Association of...

The 1004D for Disaster Inspections 3

The 1004D for Disaster Inspections – Advice

When Disaster Happens… Appraisers, The phrase “disasters happen” is, unfortunately, all too common. Fires, floods, vehicle accidents, wind storms, hurricanes, tornadoes are all factors that can affect real property. When a local disaster happens, and is officially declared, lenders often ask appraisers to observe the current condition of their mortgaged properties. The assignment date may be days, weeks or months after the declared disaster. The hiccups, hang-ups and head scratching occurs when the lender or AMC asks for a ‘Disaster Inspection Condition Report’ to be done on the wonderful 1004D form. Something it is not designed to do. And this...

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