Author: Dustin Harris

HOA not equal to PUD 3

HOA Does Not Necessarily Equal PUD

HOA Fees but no PUD? It happened again this week. An appraisal was done, the report was turned into the AMC, and this was the revision request: “A preliminary review of your appraisal indicates that the HOA fee was filled out, but the PUD box and PUD section was left blank. Please fill out the PUD information and resend the report at your earliest convenience.” Ugh! I opened up the report and wrote a quick sentence or two in the Additional Comments section explaining that the subject has HOA fees for the private road maintenance, but it was not located...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News

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Appraiser and Client Trust Factor

We are professionals and should be treated with the same respect and trust that other professionals are afforded. Relationships are important. The bonds we form with a spouse, children, friends, or business associates can be powerful and a strength. When trust is broken, however, deep challenges emerge.  Divorce, separation, or permanent dissolution can be the end result when someone’s integrity is on the line. The trust factor between an appraiser and the client is essential if professionalism and continued business is to be amicable. Last month, I wrote an article about taking drive-by and comp pictures. The comment boards lit up. Most appraisers agreed...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice

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Drive By Comp Pictures and Appraisers Safety

Rethinking Drive By Comp Pictures I posted the following true (and scary) experience on Facebook a few days ago: “I just had to file a police report. I was taking a picture of a house from the street for a drive-by pre-foreclosure. The owner ran out of the home and stood in front of my car. He demanded to know what I was doing. He walked around to the driver’s window, and I calmly explained to him that I was taking a picture for the bank. He got very verbally abusive and demanded to know why. I told him it was...

Appraisal / Appraisal News / Appraisal Technology / Appraisers News

Why Most Purchase Appraisals SHOULD come in Just Above the Purchase Price 3

Why Most Purchase Appraisals SHOULD come in Just Above the Purchase Price

“…You come in just above the purchase price…” How many times have you had this comment from someone who knows relatively little about the appraisal process, “I am not so sure about you appraisers. Seems like every time there is a purchase transaction needing an appraisal, you come in just above the purchase price. If the house is selling for $200,000, you come in at $202,000. If it is selling for $450,000, you come in at $460,000. Seems a little rigged to me.” Ever had a client get really upset when you asked to see the purchase contract before you...

Appraisal / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice / USPAP

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Real Estate Appraiser Lifestyle

I cannot help but wonder why more appraisers do not jump ship and find another career if it is so bad out there. Now, I am not without compassion. I know it is not as easy as trading in your clipboard for a spatula. Changing jobs is a difficult process and does not happen without much consternation and heartache. However, I tend to think that so many of us are sticking it out because…

Appraisal / Appraisal News / Appraisers News / Dodd-Frank Act / C&R Fees / Home Valuation Code of Conduct / HVCC

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When is an Appraiser Not an Appraiser?

With an influx of alternative valuation products now being offered to appraisers, I am often asked which of these assignments can be done by appraisers and which should be avoided. I am not a USPAP instructor, a lawyer, or a specialist in your individual state’s law, but I will give you the answer as I understand it (I am not responsible for your individual compliance to USPAP, the law, and blah blah blah). First, an analogy is in order. Imagine you are a spectator at a sporting event. Sitting next to you is your buddy who asks you about a certain call the...

Appraisal / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice / USPAP / Valuation Technology

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Non-Lender vs. AMC Appraisal Work

One of the hottest topics right now in the appraisal world is that of non-lender work.  I am probably asked a question concerning non-lender appraisals a couple of times per week, at least.  “How do I do more work for attorneys?”  “How do I go about marketing to home owners?”  “I want to work with more real estate agents, but I am not sure how to garner their trust.”  Okay, so that last one was not a question, but you get the point. Financial appraisal work through AMCs or local banks has slowed a great deal over the past few...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Business Development

What Does the Missing Malaysian Jet have to do with Appraising 0

Malaysian 777 Disappearance and Appraising?

What Does the Missing Malaysian Jet have to do with Appraising? I find it fascinating that a jet full of passengers can just disappear.  As time passes, it is becoming more and more evident that this is not going to end well.  What is interesting to me, however, is the media coverage of the event.  Everyone seems to have a theory as to what happened (including one ‘reporter’ speculating that a black hole might have sucked them up).  The problem?  Most of these theories are based on no more than a hunch.  There is little to no evidence supporting most...

Appraisal / Appraisal News / Appraisers News

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URAR 1004s Are for Sissies

1004s are for sissies I remember the first time I ever saw a real appraisal report.  No, I am not talking about a 1004, 2055, or even a 1025.  I am not referring to a Fannie or Freddie form at all. I mean a real, living, breathing, monster of a report; the narrative!!! (insert collective gasp here) Early in my career, one of my insightful instructors brought one of his narrative reports to class.  As I perused that 76 page beast full of words (not boxes), descriptions (not canned comments), graphs (not pre-filled MC Addendums), and pictures (oh, how there were...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

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Value Range Rather than a Single Point

I have been giving a value range…for many years… By making the choice to do lender work, we also make the choice to accept some pretty ridiculous stipulations. “When you pick up one end of the stick, you also pick up the other,” my dad used to teach me. One of those requirements that have been around as long as I can remember is that an appraisal value must be reported as a single dollar amount. This, I believe, is a mistake. By definition, market value is “The most probable price which a property should bring in a competitive and...

Appraisal / Appraisal News / Appraisers News

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