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

Markets & Big Data Fool Proved Forecasting 10

I Got It Wrong…

“…after forty years of studying markets, I got it wrong…” As time goes on, the one thing that appears to be both a societal and financial markets constant, is our inability to learn from our past mistakes. Late, a couple of nights ago (10/23/17), while channel surfing, I happened on an economics program intended to explain the financial crisis of 2008. My apologies for referring to a programming without its name or network. Instead, I had to consider the person who was the primary focal point of the program: Hyman Minsky (see link to The Economist here). Before reading the...

Salary Range for Real Estate Appraisers in the US? 29

Average US Appraiser Salary

Are you curious about the salary range for appraisers in the United States? Click this link for info on salary ranges for Real Estate Appraisers. Rising fees across the country has fueled the growth in appraiser income. That’s a good thing! Why should we be the only ‘workers’ to have their income potential held down by lenders who don’t want to pass on true costs of doing complicated appraisals to their bank clients – the actual mortgage loan consumer – while EVERYTHING else has increased? Thankfully over the past two years that has changed, as most appraisers across the US...

Palm Beach AMC Solicitation Blast & Appraiser's Response 14

Appraiser’s Response to Palm Beach AMC

Palm Beach AMC, thank you for your blind/bulk solicitation. Just out of curiosity, why do you think I would share that kind of personal & confidential professional information with a firm I never heard of? I don’t even know what kind of fee schedule you are used to paying? You offer no references of any kind, yet you expect I will extend credit to you for thirty days? Without exception, THAT means that you will use MY fee to pay YOUR overhead for thirty days before you even consider sending MY fee to me. Firms that do not segregate appraiser...

Comps Sharing & Big Data By Appraisers For Appraisers 27

Big Data Assisting Appraisers

Big data comps sharing assisting appraisers… I admit to having a dog in the fight. Maybe even a pony, camel, or even a pure bred Clydesdale horse… On 10/09/2017, the owner of alamode software informed customers of a significant new change in how ‘comps’ can be added to a current report – which will be implemented sometime early next year. Read his message here. This is significant because the ability of ‘Big Data’ is being put to work ASSISTING appraisers, rather than being withheld from us as is done with the GSE’s highly touted Collateral Underwriter – even though ‘we’...

Community Bankers Voice Their Concern About Real Estate Appraisal 16

Bankers Concerned About Appraisals

Community bankers said appraisals are becoming a concern… A survey was distributed by state banking regulatory agencies in April and remained open through July. More than 600 community bankers from across the U.S. lent their voices to this year’s survey, and those views are captured in this volume. Responses are summarized and presented in following five major areas: Local market conditions; regulation and supervision; small business lending; management structure and succession planning; and technology. The responses provide context for the data gathered through the survey and highlight some of the dierent challenges faced by community banks in different states. The...

Driver for Appraisal Inspections? Do You Need an Appraiser Driver? 7

Do You Need an Appraiser Driver?

Using a Driver for Appraisal Inspections… Anyone who’s followed me for a while knows that I have three main aims. I want to help real estate appraisers make their business more efficient, more effective, and generate more money. People almost always assume that making more money relies only on cutting costs. This is completely inaccurate. If you become more efficient and more effective, and work smarter instead of working harder, then you’ll start boosting your income. In the past, one of the ways in which I’ve made my work more efficient, and in effect spent money to make more money,...

Properties Editing Tool of Collateral Underwriter 4.2 Misinterpreted 17

Misinterpreted CU Update Message

Where the EDITs are used, they are within the "model properties"… Folks, This is the message many appraisers have seen over the past week or so, which came from FNMA: “During the weekend of Dec. 9, we will implement Collateral Underwriter® (CU™) 4.2, (which includes) the ability to edit the subject and appraiser-provided comparable sales property characteristics. CU 4.2 will also provide mortgage insurers (MIs) with access to CU. Lenders will be able to give their MI risk partners access to appraisal-specific data by providing them the Doc File ID generated at the time of appraisal submission.” As so often happens...

Greedy Players Engaged in Illegal Activities, Lie-Ability & Tax Payers 25

Lie – Ability

Tax payers should not be LIE-ABLE for the actions of greedy bad players! Michael Simmons, Principal and founding Director of AXIS Appraisal Management Solutions, a national AMC had an article published in Appraisal Buzz titled  “What If?” on October 2, 2017. The article, which I believe was intended to spark interest and membership in the Collateral Risk Network (CRN), is an epic failure. Thank you Appraisal Buzz for shedding some light on the garbage being discussed at a CRN meeting! Of course no independent appraiser even remotely gives any credibility to this group. We all know who and what they are. First, let...

Hybrid Appraisals Survey Results 26

Hybrid Appraisals Survey Results

Appraisers, about 1.5 weeks ago, I asked Washington State appraisers to respond to a survey I designed, having to do with HYBRID appraisals. The tabulated results of that survey are displayed below in the embedded PDF, with ‘quick’ responses below. Of the surveys distributed to nearly 400 appraisers, the response was better than other types of market surveys, meaning the results are statistically acceptable… and could be transferred ‘by inference’ to the appraiser population across the US. A HYBRID appraisal is a ‘desktop assignment’ where the subject property inspection and photos is done by a non-appraiser, and that info/data is turned...

Reviewer Following AMC Instructions May Be Violating State Laws 42

Knowledge is Everything

Conversation with an AMC Reviewer The following was sent to VaCAP from a member. We thought it was important to share as it demonstrates how important it is for each appraiser to be knowledgeable of the statutes and regulations we all must follow. It may help make your interactions go a little more smoothly. “I completed an appraisal for a purchase transaction in a rural area and the opinion of value was below the contract price. The report included five comparable sales, three of which were within 2 miles and had equivalent gross living area. The other two sales were...

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