Tagged: Appraisal Report

Reconciliation, Painting a Picture of the Problem & the Solution with Words 9

Paint a Picture with Words

The reconciliation is precisely the place we want to avoid any boilerplate… A common complaint among couples is a lack of communication. “He should have known I wanted that bracelet for my birthday” “She should have known I wanted to have sushi for dinner” “She should be more considerate of my feelings”, etc. How are we supposed to know these things? Are we mind-readers? It would be much easier if we would somehow communicate our wishes with our partners, without having to come right out and say something, but at the same time, it takes away from the spontaneity of...

A Rebuttal to Real Estate Agent's Article Slamming the Appraisal Industry 41

Slamming the Appraisal Industry

A Rebuttal to Real Estate Agent Slamming the Appraisal Industry… Forbes recently published an opinion article that attacked the appraisal industry and placed all the blame on appraisers for real estate transactions falling through due to a “low” opinion of value. The article was written by a real estate agent out of Arizona. While he raises some good points, he is conflating a lot of issues together. 1) He does point out that there are bad appraisals. We all know that. There are bad appraisers just like there are bad agents who have clients list a property far above any...

Appraisal Lock, A safe and Secure Way of Getting Paid - AppraisersBlogs 17

Appraisal Lock

Appraisal Lock… a Safe and Secure Way of Getting Paid Deliver your .pdf, .xml and .env files to your clients and get paid instantly! The Virginia Coalition of Appraiser Professional’s Exclusive Announcement April 1, 2018 is a security overlay attached to your appraisal report locking your report from opening until payment is made. Here is how it works: After installing our program, simply choose the Appraisal Lock® Print option. Fill out the client’s information and the amount of your invoice. Appraisal Lock® delivers your report securely locked until payment is made. Payment is deposited directly into your bank account. We have...

Rumor - GSE Forms Revisions Coming? 29

Rumor – GSE Forms Revisions Coming?

GSE’s “really want your input” on the proposed revisions… Folks, Rumor has it that the GSE’s are ‘finally’ considering making revisions to the current appraisal report forms. I suspect there have been draft forms already produced, and possibly are actually being tested in a cave somewhere in the Appalachian Mountains wilderness or perhaps inside Yucca Mountain, Nevada. But rumor has it that the GSE’s “really want your input” on the proposed revisions. But how to do that is not revealed in the rumor. This is something to keep at least one eye observing over the next many weeks, months,or maybe...

Quit Overreporting 12

Quit Overreporting!

Why Do Appraisers Keep Overreporting…? Appraisers, Another friend has provided a copy of an appraisal on the friend’s home. Good golly, miss Molly… Why do appraisers keep overreporting comparable property data, which really isn’t comparable? This subject property is an 1,100 sq.ft. single story home, in a near-beach side community, with partial marine view, not on WFT, in a suburban location. Similar ‘comps’ are extremely limited (no more than 6 sales and 2 listings) due to its GLA, location, age, etc., based on the appraiser’s report, and my own research from multiple searches which proved similar comparable properties are almost non-existent. The report...

Appraisal Report Going Public: Appraisals Posted on the Internet or MLS 11

Appraisal Report in MLS Listings

Your Appraisal Report Attached to a MLS Listing…. Private prelisting appraisals are a good revenue stream for many appraisers. Do your clients understand the intended use and intended users? Do you, the appraiser, understand the intended use and the intended users? We often get complacent and assume everyone understands, and then the unthinkable happens; you find your appraisal report attached to a MLS listing or worse, attached as a photo on Zillow. Yes, this actually is happening! On recent MLS listings, the following statements were found: “Offers accepted until… Owner reserves the right to accept or reject any/all offers –...

Photographs in Reports & 2 Refers 12

Photographs in Appraisal Reports

Photographs, 2 refers & Nat’l RE Appraiser’s Day… I’ve been asked to formally review a recent report. When looking over the report pages, the subject photo pages contain a mix of horizontal and vertical photographs, about half ‘n half. And there are lots of subject photos. Bear in mind, most report photo pages are formatted for horizontal photographs. It appears to me the appraiser used a smart phone for photos, as there would be no normal tendency to hold a regular camera vertically except in rare occasions to emphasize height of some feature. But people do that with phones. The...

Forms Designed for Specific Purposes - Appraisal Forms Designs 7

Appraisal Forms Designs & Purposes

These forms were “designed” to be used for those specific purposes… Appraisers, Earlier this week, I discussed the following about some lenders requesting a type of property inspection to be completed on a form “Not Designed” for the specific property type: Original observation discussed earlier this week: Read the highlighted sentence. Read the highlighted sentence again. According to a regional bank in my area, via info from their AMC, “thousands” of Manufactured Home appraisals have been done on the 2055 form. Do you do that, just because someone – who just wants to “make a sale” – tells you to...

Purpose of the Appraisal Report 41

Purpose of the Appraisal Report

We have lost track of the purpose of the appraisal process This is an open letter to anyone who may have an interest in the residential real estate market. This includes buyers & sellers, homeowners, mortgage companies & brokers, real estate brokers & agent, loan officers, FHA/HUD, Fannie, Freddie and others. We have lost track of the purpose of the appraisal process. The purpose of the appraisal process is to provide an opinion of the estimated value of the property. The appraiser is hired to provide his/her opinion of the estimated value of the property usually by the intended mortgagee....

AIR Statement - Revision Requests 5

AIR Statement & Revision Requests

AIR Statement & Changes to a Completed Report I would like some of the experts to comment on the following: Scenario Here is a scenario: The lender request that the appraiser include an AIR statement in the completed report. Sometimes they even have a preprinted statement that you must include in the report. The appraiser completes the report and includes the required AIR statement. The AMC reviews the appraisal and send back a revision request. They want comp # 4 removed from the appraisal. Maybe they provide you with another sale that they want you to include in the report....

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