Category: Appraisers News

Appraisal news and appraisal tips for real estate appraisers – Your source for appraisal industry news, appraisers’ opinions, and discussions of appraisal issues

Property Selection for analysis & Statistics in Appraisals - Appraisers Blogs 7

Property Selection for Analysis & Statistics

The importance of proper property selection and ‘statistics’ in appraisals… Appraisers, I would like to direct you to info written by Mr. George Dell in his latest blog post circulated on July 3, 2019. This is one of the best explanations I’ve seen him write on this topic, of how to select and analyze properties when doing appraisals, and why correct ‘statistics’ presented in reports is important. I first became aware of the importance of proper property selection and ‘statistics’ when I attended an appraiser’s training class in 2008 in Las Vegas. The primary speakers were Mr. David Braun and Mr. Patrick...

Should Appraisers Study Statistics? - Beyond the Old Inferential Statistics 11

Should Appraisers Study Statistics?

Yet what was (and still is) presented in appraiser education is the old inferential statistics. Difficult statistics. Convoluted statistics. Statistics for appraisers started to become a hot topic some 15+ years ago. I was more involved with the Appraisal Institute then, and often argued that with the changes in data sources — appraisers would have to learn to apply statistics. Around 2003, the AQB (Appraiser Qualifications Board) revised qualifying education to include the requirement for Finance, Statistics, and Valuation Modeling class. Although I was not solicited to write this class, I was put on the development team, which reviewed and suggested edits and improvements. The...

Where is the Invoice? AMCs Hiding Fees from Consumers & Appraisers 26

Where Is the Invoice?

Typically when you sell a service, you include an invoice to the buyer or consumer for the services you provided. This invoice lays out the products sold, the quantities, and services provided as well as the price or fee charged. The invoice is a vital part of any business. It is an official document that businesses use to show the terms of the agreement, it specifies the buyer of the product or services, and it documents the terms of payment. An invoice allows businesses to keep track of payments made or outstanding payments due. Some business will even tack on...

Bill Requires AMC to Disclose their Fee and Fee Paid to the Appraiser 12

Full Transparency in Fee Disclosure

Requirement to disclose appraisal fees: Uniform Settlement Statement SHALL include the AMC fee AND fee paid directly paid to the appraiser by the AMC… HB 3619 has been referred to the House Financial Services Committee. VaCAP has learned over the weekend that HB 3619 has been introduced in the US House of Representatives. HB 3619, short titled “Appraisal Reform Act of 2019” amends the Financial Institutions Reform, Recovery and Enforcement Act. The main change to  FIRREA deals with appraisal management company and appraiser trainee registries and the addition of a member of the Veterans Affairs on the Appraisal Subcommittee. The bill also modifies Section 2603,...

North Dakota Appraisal Waiver Granted 6

North Dakota Appraisal Waiver Granted

News ‘hit the fan’ a few days ago that the Appraisal Subcommittee (ASC) granted the requested waiver to North Dakota, but only for ONE YEAR, not the FIVE that was requested. What does this mean? A. It does not apply to ‘all’ appraisals. B. It applies to portfolio (in-house) loans granted by lenders, NOT to loans which eventually will be re-sold to the GSE’s or other agencies – which will require a fully compliant appraisal signed by a licensed appraiser. C. The ND ‘waiver’ appraisals still must comply with USPAP, but the appraisal does not need to be signed by...

More Bankruptcies, AMC Bounced Checks, & Appraisal Waiver Granted... 5

Bounced Checks, Bankruptcies & Waivers

VaCAP has learned that another AMC might be having financial difficulties. There are conversations currently taking place in two appraiser groups on Facebook. The discussions revolve around bounced checks from an appraisal management company. The comments are varied and some are stating they are having no issues with this particular appraisal management company when it comes to payment. Others are stating invoices are past due from April and late payments have been the norm with this amc recently. One commenter stated their bank has issued a hold on checks from this amc. Then there is the original post from an...

Coester Risen from Ashes? - Homeowners to Provide Data for Evaluation 25

Coester Risen from Ashes?

Has Coester risen from the ashes? Apparently, per a message on Twitter on July 9, 2019, Mr. Brian Coester is now in the real estate sales biz. The photo image used on the big T is the same one he used to use on his defunct AMC website. More information here and here for re-posts of articles not written by him. Meanwhile, there appears to be a new twist in Evaluation appraisals. This is the first I’ve seen about an AMC or any other company using ‘the homeowner’ to supply interior photos which will be used in a bank evaluation....

Didja Know... Zillow is Better than Eyes! - Discern Quality Using Photos 32

Didja Know… Zillow is Better than Eyes!

How in the heck is Zillow supposed to discern QUALITY of these homes, and then magically produce a presumed value, when there is no actual data upon which to base a decision? Maybe it’s done with smoke and mirrors, rather than eyes? Appraisers, I was busy churning out reports, and didn’t have time to send out this bit of news about Zillow earlier: Zillow is watching: New algorithm uses photos of your home to check quality and curb appeal. Zillow is now claiming “it” can discern QUALITY of a home, just by looking at various photos they obtain from various sources! They...

Review Appraiser Flawed Review... Phony Complaint Against Appraiser 14

Phony Complaint Against Appraiser

…a laundry list of ‘pile on’ purported USPAP “violations” were fabricated deriving for the above oversights ‘confirmed’ by the out of area review appraiser… In fighting or appealing a false complaint filed against you as an appraiser, truth, factual evidence and professional competency is no longer enough! More important than all these things, is conformity to the detailed technical rules of a state’s administrative law procedures. In short, in many if not most cases, appraisers MUST HIRE AN ATTORNEY to represent them before any administrative board. Anything less, is playing with fire and your professional career. Worse, E&O won’t cover...

Many Appraisers Will Not Work for Appraisal Management Companies 6

Devastating Impact of a Blanket Waiver

Appraisal management companies do not understand the nuances of the appraisal profession, nor do they understand the challenges many rural properties bring. The Virginia Coalition of Appraiser Professionals has submitted an official comment to the ASC opposing the State wide appraisal waiver request in North Dakota. VaCAP has submitted a public comment expressing concerns over the much larger consequences in allowing such a request. A blanket waiver of appraisals up to $500,000 for a 5 year period will have a devastating impact on housing, not only in North Dakota, but across the country. We envision a snowball effect with other...

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