Category: Appraisal News

Extraction Has No Traction 3

Extraction Has No Traction

“Land values were based upon the extraction method.” Look familiar? If I had a nickel for every phoned-in Cost Approach that had this sentence or one like it, I’d be Warren Buffet. The Dictionary of Real Estate Appraisal defines it as: A method of estimating land value in which the depreciated cost of the improvements on the improved property is estimated and deducted from the total sale price to arrive at an estimated sale price for the land; most effective when the improvements contribute little to the total sale price of the property. The underscored portion says it all. Usually...

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New management takes the helm at a la mode

January 05, 2012 – Oklahoma City, OK — a la mode announced today that its founder and sole shareholder, Dave Biggers, is retiring from the company’s day-to-day management, and that a new CEO and Executive Chairman team will be running the company. Scott Kinnaird, formerly the company’s CEO, has moved up to Chairman of the Executive Committee. Jay Shafer, the company’s previous CIO, has been promoted to the CEO position. Mr. Biggers will remain as the Chairman of the Board of Directors. “For the better part of the past decade, I’ve gradually removed myself from the day-to-day management of the...

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New Data Courier with XML File Upload via SmartBrowser

DataCourier is built into WinTOTAL and TOTAL to help appraisers securely deliver MISMO XML report files to their clients. The new DataCourier equipped with SmartBrowser now allows appraisers to securely transmit XML and PDF files to any client via secure e-mail or their web portal. It also lets save XML and PDF files directly to PC for delivery via portable storage or archive purposes. 3 ways to send XML and PDF report files: Send XML and PDF via secure e-mail Upload XML and PDF to a website Save XML and PDF to computer Watch this 3 minute video with step...

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2012 FHA Webinar and Seminar Training for Appraisers

The Federal Housing Administration (FHA) is offering appraisal webinar and seminar training in January and February 2012 for seasoned and new real estate appraisers: January 17, 2012 – Property Inspection Requirements for FHA Appraisers: Have you ever thought, “Am I in compliance with HUD requirements if I do not inspect the subject’s attic?” This FREE webinar training is geared towards the FHA Single Family Roster Appraiser and will cover property inspection requirements to include neighborhood influences, site analysis, and improvements. Appraisers new to the FHA Roster, as well as seasoned professionals wishing to refresh their knowledge, will

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USPAP Again?

This article was published in the January 2012 issue of the IllinoisAppraiser Newsletter. In March of 2011 an Administrative Rule seemed to slip by without so much as a whimper. A real estate appraiser must complete the 7-hour National USPAP Update Course or its equivalent within 6 months after the effective date of USPAP. Those real estate appraisers issued a license more than 6 months after the effective date of USPAP shall complete the 7-hour National USPAP Update Course within 6 months after licensure. Wait a minute. Didn’t you just take the 7-hour National USPAP Update a few scant months...

Flawed Appraisals Killing Sales 2

AI Response to NAHB on Appraisals Killing Home Sales

The Appraisal Foundation Responds to NAHB December 8 Press Release on ‘Flawed Appraisals Killing Home Sales’ December 13, 2011  – Paul Lopez – National Association of Home Builders (NAHB) Dear Mr. Lopez: We are contacting you in reference to the attached NAHB press release dated Thursday, December 8, 2011, entitled, Flawed Appraisals Killing Home Sales, Hampering Housing Recovery. As the Congressionally-authorized organization that establishes appraisal standards and appraiser qualifications in the United States, we feel compelled to address  aspects  of the press release we feel need clarification. The  press  release  quotes  NAHB  Chairman  Bob  Nielsen  as  stating,  “The  inappropriate  use ...

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New Appraisal Assignment?

An appraiser receives an assignment involving a purchase contract on a short sale. The short sale price is $150,000. The appraiser concludes an opinion of value at $180,000. A week later the lender wants the appraiser to amend the appraisal to reflect the renegotiated contract that pegs the property at $180,000. As an aside, the lender would not provide the new contract. First, is the lender’s request automatically a new appraisal assignment? AO-3 offers useful guidance: Regardless of the nomenclature used, when a client seeks a more current value or analysis of a property that was the subject of a...

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FDIC Publication Focuses on Real Estate Valuation Programs

Issues related to real estate appraisal and valuation programs are of critical interest to bankers and regulators. “Navigating the Real Estate Valuation Process,” which appears in the Winter 2011 issue of Supervisory Insights released on December 14, 2011, highlights certain aspects of the 2010 Interagency Appraisal and Evaluation Guidelines (Guidelines). This article also provides information for bankers regarding sound practices for banks’ real estate valuation processes in the areas of valuation review, independence, content standards, preparer selection, and monitoring. “Banks have implemented provisions of the Guidelines, but continue to seek feedback from their regulators on appraisal-related concerns,” said Sandra L. Thompson, Director, Division of...

FDIC case money 1

The FDIC Settles Claims Against WaMu’s Top Officers

The FDIC Settles Claims Against WaMu’s Top Officers. What’s the FDIC’s Case Against LSI Appraisal Worth? In March of this year, the FDIC sued Washington Mutual’s former CEO Kerry Killinger, its former chief operating officer Stephen Rotella and its former head of residential lending David Schneider for $900 million in alleged damages resulting from their “gross negligence” in running WaMu’s residential lending business. The FDIC claimed that their negligence caused what it is the biggest bank failure in U.S. history. It also alleged that two of them unlawfully transferred assets to their wives to protect the assets from potential collection efforts. Despite those...

Occupy Wall Street and the Appraiser 0

Occupy Wall Street and the Appraiser

“All Day…All Week…Occupy Wall Street” I only pay enough attention to the news to know that there are a whole lot of angry people on Wall Street (and scattered across the country) right now. “All Day…All Week…Occupy Wall Street,” is their chant. Okay, so it doesn’t technically rhyme, but I think we get the point. Or do we? Come to think of it…I am not really sure what their point is. Oh, I know they are upset at the “Big Banks”, but beyond that; Does anyone really know what is making them so angry…or more importantly, what they want to be changed? If anyone has...

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