Category: Appraisal News

Mister 225 appraiser & VaCAP 27

Mr. $225 Appraiser and VaCAP

Mr. $225 Appraiser, you are a major contributor to the problem Recently VaCAP has been receiving correspondence from Virginia Appraisers complaining about low fees and AMC abuses. Comments like the “The AMC is taking more than half of my fee” and another “Why hasn’t VaCAP done something?” One of the best yet… ”When is the Customary and Reasonable Fee Committee meeting? I can’t keep accepting appraisals for $225“ This came two weeks after the Customary and Reasonable Fee Committee meeting! Well Mr. $225 Appraiser, what rock have you been under? VaCAP sends out information on a regular basis; on average...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News / ASC

Porter Ranch Environmental Issues 5

Environmental Issues Notice to Appraisers

Response to LRES email concerning appraiser’s responsibility regarding environmental issues Fellow Appraisers, Have you asked yourself WHY a few more of the larger regional AMCs are joining organizations like REVAA? In my opinion, it is because they and their clients (usually GSE lenders) KNOW that they are not truly compliant with Dodd-Frank’s C&R requirement. Despite disclaimers or advisories like this, they also know that the bulk of their work products are ‘probably not compliant’ with USPAP. Notices like this don’t normally get set out until ‘after the fact’ issues arise. REVAA recently helped coerce the State of Virginia (through threat...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

Big data is in real estate 13

Big Data is in Real Estate

The only thing Big Data can’t do is smell. I got a call from my credit card company. Now I have been traveling a lot lately on business. Apparently, someone got my number and charged $199.53 at WalMart on Monday. I was not in WalMart, but a couple a weeks ago I bought a new TV at Sam’s Club. No question about the Sam’s Club purchase. How did they know I did not go to WalMart? I am truly amazed. The reason – BIG DATA! The banks are amassing massive amounts of data on you, me, everyone. They know more...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CoreLogic Valuation Services

Board Member Says Squeaky Wheel Gets the Grease 2

Board Member Says ‘Squeaky Wheel Gets the Grease’

Board Members reported a shortage of individual appraisers offering suggestions, complaints and concerns… Legitimate ‘complaints’ should never be referred to as whining by any professional in my opinion. To do so diminishes the importance of the concerns being addressed. I attended the Las Vegas Public Hearing of the The Appraisal Foundation (TAF) / Appraisal Practices Board (APB) last Friday. No Appraisers Guild or member funds were used in any way for this. There was lots of good information. Board Members reported that there really is a shortage of individual appraisers offering suggestions, complaints and concerns to them as a Board,...

AGA / AMC / APB / Appraisal / Appraisal Management Companies / Appraisal News

What Does Your Appraisal Business Look Like in Three Years? 34

Your Appraisal Business in 3 Years?

What Does Your Appraisal Business Look Like in Three Years? If I were to ask you to paint an accurate picture of what your appraisal business looks like three years from today, could you do it? If you can’t answer this question, perhaps you are getting hung up on the word “accurate”. Any individual can guess what the future might look like, but can you make that prediction with some sentiment of reality? In an exercise such as this, it is easy to get paralyzed by so many unknowns that are outside of our control. What will the markets do?...

Appraisal / Appraisal News / Appraisers News / Business Development

PACE Pro Form is an appraisal 11

Form PACE Pro – Appraisal or Evaluation?

Frankly this form is so screwed up! To First American Mortgage Solutions…(copy to appraisers around the US): Do you folks really understand what your PACE form report REALLY is??  It is not an Evaluation report. It is an actual appraisal, disguised very poorly as a so-called Evaluation. Here’s what I found in your form, after actually reading it: “This report is provided for the benefit of the named customer only and is not intended to be, nor shall it be deemed to be, an appraisal or any form of an appraisal.” OK, fine, not an appraisal. The main form page says...

Appraisal / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice / USPAP / Valuation Technology

Competition & Joe Above-Average 16

Competition & Joe Above-Average

The appraisal profession is in competition with other professions Ask any appraiser nowadays, and they can give you numerous details and opinions about why things are a mess and why appraisers are leaving this profession in droves. In a previous story, it was reported that Illinois alone lost somewhere near 900 appraisers last renewal. Every appraiser already knows about the fee problem, insane liability, higher costs, ridiculous revision requests, and the list goes on. All those reasons are the finer details. I would like to add a different perspective and paint a bigger picture as to why I think appraisers...

Appraisal / Appraisal News / Appraisers News / Customary & Reasonable Fees

Talked lately - We need to Talk VaCAP 6

Talked Lately? We Need to Talk!

Being informed is the key to success. Have you talked lately? Communication among appraisers is critical to our continued success. Whether it is reading a newsletter, having lunch with a colleague, or socializing at an industry function, this is how we learn, grow and succeed. Are you registered with the Townhall? The Virginia Regulatory Townhall is the regulatory website for information. Here you will find the regulations of the Virginia Appraisal Board, proposed regulations, and proposed changes. The Townhall is also the place to go for dates, times, agendas, and meeting minutes of the Virginia Appraisal Board Meetings. This is a must...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Real Estate Appraisers - Who are we 7

Real Estate Appraisers…Who Are We?

Appraisers…Who are we? With the current requirements to enter the profession of real estate appraisal, it is likely that who we are will conceivably change in the coming years. Perhaps for the better? Or, it could be to the detriment of the professions. Appraisers today, and for many years prior to today, have come from a variety of prior jobs and professions. Many of us are former military, teachers, nurses, contractors, builders, home inspectors, real estate agents, lenders, accountants, environmental consultants and engineers, and minimum wage folks aspiring to better themselves. Some of us have dual roles as real estate...

Appraisal / Appraisal News / Appraisal Technology / Appraisers News / Uniform Standards of Professional Appraisal Practice / USPAP

Go away appraisers 15

Go Away, Appraisers…

“Do they just want us to go away?” Appraisers Feeling Like Travis… Does anyone remember the Pepsi commercial awhile back that featured Jeff Gordon getting revenge on a guy named Travis from Jalopnik? Watch the commercial below to refresh your memory if you don’t. “Stop sir! This never works! Stop”! Travis yells from the back seat! As Travis’ car was being chased, Travis knew that what was going on wasn’t logical and didn’t make any sense, and it made even less sense to him that his driver didn’t stop the car right away. What Travis didn’t know was, his driver...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice

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