Category: Appraisal News

Is That an Arm’s-Length Transaction? The Necessary Analysis 14

Is That an Arm’s-Length Transaction?

USPAP does not define the term arm’s-length transaction. Fannie Mae also lacks such a definition. Yet, both of them call for the appraiser to use only arm’s-length transactions as comparable sales… How often do we appraisers get into the mode where we think we know it all? Occasionally, do we need to step back and look at the way we do things, just to make sure we are not missing something? Is what we know to be true and correct really true and correct? I raise this issue relative to the concept of what an arm’s-length transaction is. Are we...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Uniform Standards of Professional Appraisal Practice / USPAP

Incorrect Comments in Multi-Family Appraisal Report 35

Incorrect Comments in Multi-Family Report

I have in my possession an appraisal for a DUPLEX (2 family residence) on a FNMA 1025/FrMac 72 form, commonly called the ‘1025 Form’ which was done by a Certified Residential Appraiser licensed for 8 yrs, 6 months. Items “observed” in the report: UAD rating numbers are used for Quality and Condition. 1025 forms are not UAD coded, so why are these used? Please don’t tell me “the client said so” because the client is incorrect, and may not be aware. Use the standard wording for those items, and provide a definition description of the standard wording you use. The Highest and...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Trending / UAD

If Feedback is Negative, then Why Do Business & Let Them off the Hook? 15

Why Do Business & Let Them off the Hook?

If it’s bad feedback and the people or companies are terrible to deal with, what are you complaining about if you choose to work with them?… “They are who we thought they were, and we let them off the hook.” That was the sound bite Dennis Green said after the Chicago Bears came back and beat the Arizona Cardinals in a football game in October 2006. It will forever go down as one of the best sound bites ever in NFL history and to this day its replayed over and over. To me, this quote is not only amazing (I’m...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

SFREP Doesn't Do Data Collection - Software by Appraisers for Appraisers 23

SFREP Does Not Collect Your Data

What Exactly Can SFREP Software Offer for Real Estate Appraisers? Are you working as efficiently as possible? In this day and age, appraisers need to be quick on their feet and utilize every tool under the sun to help streamline the process. That’s where SFREP comes in. This company is creating software designed to make the appraisal process digital while keeping it as fast, accurate, and straightforward as possible. But how exactly does SFREP work, and can it really make your job easier? For many real estate appraisers, the answer is a resounding yes. Software by Appraisers, for Appraisers SFREP...

Appraisal / Appraisal News / Appraisal Software / Appraisal Technology / Appraisers News / Trending

iMortgage, the Dollar Bidding Company, Sues LREAB for Antitrust Violation 7

LREAB Hit With an Antitrust Lawsuit

…everyone knows that iMortgage / Single Source is the “dollar bidding” company. They send out appraisal requests at $1.00 and ask everyone to provide their fee… The Louisiana Real Estate Appraiser Board has been hit with another legal battle. This time, iMortgage, operating under the name Single Source has filed suit against the Louisiana Real Estate Appraisal Board claiming a violation of antitrust laws. This suit mirrors that of the FTC, which is currently paused by the Fifth Circuit Court. In the suit, iMortgage claims rules created by the Louisiana Real Estate Board, which consists of market participants, set appraisal...

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

Old Habits & Past Mistakes… Appraisers Are Creatures of Habit 14

Old Habits & Past Mistakes …

Learning from your mistakes is all part of the change. You can’t change past mistakes, but you can certainly make sure the future doesn’t include them… My last blog focused on change and how I have benefited from changing things in both my personal and professional life. While I have made many changes, I have now come across another aspect that seems to have followed me from my past, the ability to learn from my mistakes instead of making them over and over. See, we as appraisers are creatures of habit. Well, let me rephrase that, we as humans are...

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

AMCs Appraisal Report Reviews - Validox Appraisal Review Document 20

AMCs Appraisal Report Reviews

AMCs are legally required to do appraisal report reviews… Appraisers, an appraiser shared AMC appraisal report review documents with me, which the appraiser was given. I have not seen these before. See the PDF embedded below for an example. Per state laws in the various states, AMCs are legally required to do appraisal report reviews per provisions of their state AMC license on up to 5% of the reports they process. AMCs must keep the results of those appraisal report reviews on file for a specified time period, and of course, send the review document to the client lender pertaining to the...

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

Latest Bid Scam for Fee & Turn Time Quote via Mercury Network 26

Latest Bid Scam for Fee & Turn Time Quote

Lately, I and other appraisers who are ‘members’ of Mercury Network have been getting emails with what ‘looks like’ individual “bid requests” to quote fee and turn time for residential properties. I say ‘looks like’ because the email only has the singular appraiser’s email address showing. What’s actually been happening is the client is sending multiple emails to individual appraisers via Mercury Network. These emails always have an acceptance window of several hours, which is acceptable (unless 4 hrs or less). But they are not honoring the time frame window to present a bid, and withdraw the potential assignment, after...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Trending

Think It's Okay to Do Bifurcated Hybrids? Georgia Fines Hybrid Appraiser! 101

Georgia Fines Clear Value Hybrid Appraiser

So, do you think it’s ok to do bifurcated hybrids? On January 31, 2018, what appeared to be egregiously deficient Clear Capital “Clear Value” bifurcated hybrids were exposed in AppraisersBlogs. See What IS a “ClearVal Appraisal”? The properties were in Georgia. The appraisals were performed on a desktop basis by an appraiser in Indiana. Total fee was $250. Out of that $250, AMC Fee was $225, and the Indiana desktop appraiser was paid $25.00. Keep that fee in mind as you read through the attachments. Two complaints were filed by AGA™. One with the State of Indiana, and one with...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Multi-Display Efficiency on One Curved Monitor During Report Production 9

Multi-Display on One Large Curved Monitor

Hi folks and Happy Thanksgiving! If you’ve been considering replacing multiple individual computer monitors with ONE large screen monitor, you may want to have software which allows individual ‘monitors’ showing different screens to be displayed on the one monitor. As most of us know, multiple monitors allows us to be more efficient during report production, reducing or eliminating the need to switch back and forth between various web sites we need to use. I first learned about this technology from Brandon, at SPARK, i.e., www.choicevaluation.com, who moved from 4 individual monitors to one large screen high def TV used as...

Appraisal / Appraisal News / Appraisal Software / Appraisers News

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