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...
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...
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...
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...
AMC’s who demand you change site size in reports are amateurs… Appraisers, Yesterday, an appraiser ‘pen pal’ sent me the query below, asking what I would do. My response follows. I admit to having a very low tolerance level for stupidity and demands from others who don’t possess all the facts, and most often are not appraisers. The query: “Over the past year with more AMCs going to automated checker software, I have been getting “correction notices” about the site size I reported, almost for every report. So, I changed how I did it so it would stop coming back, but...
AMS on fast track to replace AMCs… Well, it looks like the detritus of HVCC has finally come full circle. AMS (services vs companies) are on the fast track to replace AMCs. AMCs that foster their use haven’t realized that yet. They have given the lenders the tools needed to avoid costly appraisal management oversight departments while at the same time giving them the ability to use only those appraisers willing to make the deals work. They mistakenly believe that by delegating to an AMS or AMC they have met their due diligence requirements.Quality control? Sure. Just ignore the FNMA...
Surveys Said: Increasing Fees and Turn Times… For the last few years the appraisal industry has been abuzz with talk of rising appraisal fees and longer turn times. AMCs complain of a shortage of appraisers and “price gouging” in certain markets (Colorado and Oregon, for instance); appraisers report modest success at raising their fees after years of frustration (See Fees Rising). With over 7,000 appraisers responding so far, the results of the 2017 Working RE/OREP Appraiser Fee Survey is a current source for fee and turn time data by market and nationwide. To view the survey results for your market,...
The image above is not a part of the Appraisal Technology Special Report “Across the street from a house are two vacant lots. Zillow thinks one of them is worth $16K and the other one’s worth $169K. You can see them on the aerial view here.” I was recently asked by professional peers if I would read and comment on a Special Report published by ValuationReview, with the introduction penned by Mike Holzheimer, Editor. This Special Report may be downloaded here. Let’s be clear up front. I was not asked because of my proficiency with grammar, punctuation or even my...
What happens after you file a claim against a defunct AMC’s bond? One appraiser has shared the response received from Western Surety Company, the company that issued the surety bond on TCValuations. “Western Surety Company is in receipt of several claims to date. If the amount of claims exceeds the penal sum of the bond, Western Surety Company will be required to do a pro-rata distribution of funds or file an interpleader action. In an interpleader action, the court will decide the amount that is due each individual claimant and generally represents a pro-rata amount of each individual claim based on the total...
Transcontinental Valuations has gone out of business and stated that it can pay only 25% of the amount owed to each appraiser. VaCAP has been forwarded the following email from the North Carolina Appraisal Board. Please use this as a reminder to watch your receivables. No appraiser should go unpaid for their work! From: NCAppraisal Board [mailto:n…@ncab.org] Sent: Friday, September 15, 2017 10:20 AM Subject: Transcontinental Valuations (NC-1174) On August 23, 2017, we sent out an email letting you know that Transcontinental Valuations has gone out of business. Since then, the Board received a cancellation notice from the bond company...
