Category: Appraisers News

Using SmartExchange? You May Have Violated State Law & USPAP 30

The Possibly Just Became Reality!

Using SmartExchange? You May Have Violated State Law & USPAP I will not drag this out. I will simply be direct and to the point. IF YOU OPTED IN TO ALAMODE’S SMART EXCHANGE, YOU MAY HAVE JUST VIOLATED STATE LAW AND USPAP ON EVERY APPRAISAL YOU HAVE EVER COMPLETED. Let me repeat that so it sinks in a bit… If you opted in to alamode’s Smart Exchange, you may have violated State Law and USPAP on every appraisal you have ever completed. Now that it has sunk in, let me explain. Each state statute may define an appraisal differently. Some...

When an Appraisal is Not Required - Appraisals & Evaluations Regs 4

Appraisals NOT Required

…is not required to obtain an appraisal under other law… The Federal Deposit Insurance Corporation (FDIC) issued a Financial Institution Letter to US banks on 10/16/18, which incorporates Appraisal and Evaluation regulations and guidelines. This consolidates previously issued regs and guidelines into one document: Letter  FIL-62-2018 Part 323 – Appraisals Appraisal and Evaluation Guidelines 2000 – Rules and Regulations PART 323—APPRAISALS § 323.3 Appraisals required; transactions requiring a state certified or licensed appraiser. (a) Appraisals required. An appraisal performed by a state certified or licensed appraiser is required for all real estate-related financial transactions except those in which: (1) The transaction value is $250,000 or less;...

A Real Estate Agent is Not an Appraiser - Who Are You Going to Call? 10

Who Are You Going to Call?

Is a real estate agent the right individual to state what adds value on a home appraisal? …Ghost Busters! (no, actually an appraiser) Social media can be rife with misinformation, even when the information presented is well intentioned, but of a national scope. National studies are not local studies, and blanket statements presented as fact are potentially misleading. Real estate agents are professionals who are involved in selling houses on a daily basis and know their markets — as well as what drives interest with the buyers and sellers they are working with. Their job is difficult; often rewarding, and...

Stolen Appraisals Class Action - Theft of Appraisers' Data 87

Theft of Appraisers’ Data

…they charge appraisers an upload fee for the privilege of having their data stolen… I would never allow my data to be used for or by a service that specifically uses to create, modify or enhance products designed to compete with my professional services to the detriment of my business and profession. THAT is something that the Fifth Circuit Court of Appeals identified when they found that CoreLogic’s subsidiary FNC STOLE appraisers data after promising them data security. FNC stole data. We now know FNMA also stole data. Alamode is delving into individuals own personal databases in order to even...

Deal Falls Through & Everyone Blames the Appraiser - AppraisersBlogs 12

Blaming Appraisers

…deal falls through and everyone involved is convinced the appraiser ruined everything… We hear all about low appraisals, but we never seem to hear about homes that are flat-out over priced, often by an agent who wants to prove they are smarter than everyone else and will take advantage of any unusual feature or circumstance to push the value beyond any other homes in the local market. For example: A buyer finds a house in need of some updating. Medium sized market and things are selling between 90-120 days on average. The neighborhood is good and the house has a...

Clarification for the Term assists Regarding Hybrid Appraisals 10

Who ‘assists’ in Hybrid Appraisals

the appraiser shall identify any person who "assists" in the appraisal process… NCREAA recently submitted a letter to the North Carolina Appraisal Board regarding hybrid / desktop appraisal products. As a result of this letter, which highlights concerns raised by NC Appraisers, NCAB is forming an ad hoc committee to clarify, define and provide guidance on these hybrid / desktop products with respect to current North Carolina Appraisal Laws. Read the letter below: The North Carolina Real Estate Appraiser Association (NCREAA) has recently received requests/inquiries from our members regarding guidance on assignments for “hybrid/interior desktop” appraisals requests they have recently...

Valuing Properties in 5 to 15 minutes Using Photos...Lightspeed Appraisals 22

Fast, Faster and Really Fast…

Appraiser must be comfortable valuing a property in 5-15 minutes using pictures… Fast, Faster and Really Fast… Take a look at the ad for an in-house appraiser in the Atlanta area. How many of your are good enough to apply for this job? Job description We are looking for Real Estate Appraisers (licensed in GA) to work remotely on an independent contractor basis.. Appraiser will primarily be responsible for valuing properties which are on foreclosure list. Appraiser must be comfortable valuing a property in 5-15 minutes using pictures from field report. The ideal candidate will have experience with valuing distressed...

Congratulations AppraisersBlogs - On Behalf of All the Crew at AGA! 7

Congratulations AppraisersBlogs

I just received a phone call that demonstrates AppraisersBlogs has international readership and influence. About an hour ago, I received a call from an Israeli appraisal software developer asking questions about features that appraisers like and dislike in appraisal software. Obviously, he got my views – though I tried to be reasonably objective and if he follows up with email as planned, we may all be able to offer input. My main point though, is to let the Administrators of AppraisersBlogs (AB) know just how far their influence travels. This caller follows AB because it is one of the very...

Appraiser Loft like Scam on Appraisers - AMC Owes Appraisers $750K 6

AMC Owes Appraisers $750K

Have Appraiser Loft executives screwed over appraisers again? VaCAP has been tipped off that the investors at Clarocity have uncovered some truly unbelievable facts within Clarocity Corporation. VaCAP was aware many of the Appraiser Loft Executives had landed at Clarocity and had previously shared this information with advise to be careful. According to comments on the Investor Bull Board, Clarocity has pulled off an Appraiser Loft like scam on appraisers and investors. Take a look for yourself here. By the way yesterday, Columbus Day 2018 was the 7 year anniversary of the Appraiser Loft heist! See the HousingWire article here. Clarocity is...

AMC Financial Trouble, The AMC Model Does Not Work 6

AMCs Financial Trouble

The AMC model does not work & these companies are in serious financial trouble… Stand Your Ground: A few weeks ago VaCAP reminded everyone to pay attention to the financial and economic side of your business. The article was titled “Stand Your Ground”. Since that time, we have learned of the following: A VaCAP member shared a retro desktop appraisal request in a rural area. The AMC was paying $75. An appraiser posted on AppraisersBlogs’ repost of our article about being owed thousands of dollars by the same company. See the comment here. Also take a look at the stock...

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