Category: Appraisal

Relationships with Companies Harming Appraisers' Interests ... Wells Fargo 60

What’s In a Relationship?

Salvaging Relationships with Appraisers… Wells Fargo, one of the oldest banks in the country, is working hard to salvage relationships, not with just customers and regulators, but appraisers as well. Wells Fargo recently stopped using Appraisal Management Companies and is aggressively trying to build an appraisal panel of their own. Appraisers are excited that one of the largest banks in the country is no longer using AMC’s. We give Wells Fargo high “Kudos” for making a change in the right direction. However, there is a bit of a dilemma when making an informed decision whether to have a relationship with Wells...

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

Pressure Can Never Be Removed From Appraisers 7

Gaining Perspective On Our Profession

Pressure that used to be overt has now become covert… I hold no particular pedigree or credential to speak for everyone in the real estate appraisal profession. All I can do is draw from nearly 26 years of being a part of it. In that time, I have heard almost every opinion on every issue that promises to be the next big challenge for our industry. It’s true that like everything, change is inevitable. We adapt to new technologies and practices as well as learn new skill sets. From FIRREA to Dodd-Frank, appraisers have continued to evolve when swift moving...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Automated Valuation Models

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 –...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / E&O / Errors & Omissions

Conservative Appraisers Blamed By Economist 5

So-Called Economist Slams Appraisers

Is the cost-benefit of conservative appraisers worth it? Appraisers, Mr. Adam Ozimek, who is described as a ‘senior economist’ at Moody’s Analytics (from a search I did) penned this gawd-awful piece: Appraisers May Be Holding Back the Housing Market, And That Might Be Okay. This piece appeared in Forbes.com on July 5 – the focus of which is to nearly blame ‘conservative’ appraisers for “holding back the market,” … but maybe it’s OK, he says. Where do they find these people, anyway? I love it when so-called authority figures start off with speculations, not backed with any facts, and fill the...

Appraisal / Appraisal News / Appraisers News

Fee Survey....Survey Says! Appraisal Fee Increases & 2017 Surveys 19

Fee Survey…. Survey Says!

Fee Survey Results & Fee Increase…. Appraisers have certainly been hearing a lot of negativity lately and we finally have some good news to share. The Veterans Administration has completed its fee survey. This is good news as the VA now considers $525 as the normal fee for non-complex properties in Virginia. This equates to a 16.5% increase from the previous fee of $450. To see the new fee schedule for Virginia, District of Columbia, Kentucky, Maryland and West Virginia, please click here or see table below. The fees become effective 09/01/2017. Greetings, The purpose of this communication is to...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Customary & Reasonable Fees / The US Department of Veterans Affairs

Significant Appraisal Assistance, Outsourcing & Third-Party Blues 25

Third Party Blues

What is the significant part of significant contribution? Most lenders would rather not do the work of cultivating and curating a panel of appraisers. This is largely why AMCs exist. AMCs, in turn, quietly off-load some of their activities to other subcontracted entities. Some AMCs contract out state licensing and registration compliance responsibilities to outside concerns. A few use portals to send out engagements to their panel of appraisers. Others farm out payroll and invoicing. Still others outsource their QC work. This begs the question: What exactly do some AMC’s provide…directly? Some appraisers, too, don’t seem to be interested in...

AMC / Appraisal / Appraisal Management Companies / Appraisal Organizations / IDFPR / Illinois Department of Financial & Professional Regulation

Concession Adjustments Missing in Appraisal Reports 41

Concession Adjustments Missing

Concession Adjustments are expected to be made… Appraisers, As noted previously, I ‘observe’ various reports from various sources. A new one arrived last week. In looking over the grid, I noticed the concession adjustments are missing in the grid, as shown below. Commentary continues below the image. The appraiser correctly shows the concession amount in the left portion of the comp grid (Comp 1 & 2 – Green Arrows), but does not put a corresponding adjustment for the concession in the actual grid column (Red arrows). This is NOT the first time I have seen this in reports. Apparently this...

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

Fake Foreclosures Listed on Zillow - StopZillow - AppraisersBlogs 14

Zillow Fake Floreclosures

Zillow Lists "Fake Foreclosures"… We have all heard the term "Fake News" by now… We now have "Fake Foreclosures" According to a local TV station in the Grand Rapids Michigan area, Zillow is falsely posting homes were foreclosed on, when they were not. Are these posting an honest mistake? Or are they a planned maneuver to overtake the Real Estate Industry. Regardless of the answer, the owners of the property have been harmed and Zillow should be held accountable. See the story here or watch Target 8 investigation below. In Virginia, foreclosure and title transfers are public record. This information is available...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / VaCAP / Virginia Coalition of Appraiser Professionals

North Carolina in FTC's Crosshairs Over C&R Appraisal Fees 12

FTC Sends Warning to NC Over C&R Fees

North Carolina in the FTC’s crosshairs… VaCAP learned that the Federal Trade Commission (FTC) has issued a warning to North Carolina over HB-829 mandating Customary and Reasonable Fees. This is the second time in the last couple of months that the FTC is accusing a state of violating antitrust laws over Customary and Reasonable fees. An article titled “FTC Warns NC Appraisal Fee Bill Could Break Antitrust Law” was published on Law360 on July 6, 2017. See excerpts of the article below. To see North Carolina Bill H-829, click here or see below. So what can be done? Contact The FTC with...

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

Zillow, The First "Agent Management Company" (AMC) for the Real Estate Agent 16

The First AMC for Agents

Zillow, The First "Agent Management Company" (AMC) for the Real Estate Agent Brokers and Agents, welcome to the appraisal world. Zillow is the first "Agent Management Company" (AMC) for your side of the Real Estate Industry. Yes you read that correctly. Zillow’s actions have many similarities to Appraisal Management Companies, so it is fair to say, they are the first "Agent Management Company" “Zillow is hurting the people you are licensed to protect” Doesn’t that sound very familiar to what appraisers have been saying about Appraisal Management Companies?  On the website www.stopzillow.com, Greg Hague, a Real Estate Attorney, Broker and...

AI / AMC / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations

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