Appraisers Blogs

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For the term "hybrid".
NAR Adopted a Policy on Bifurcated Appraisal Products - Appraisers Blogs 37

Bifurcation Policy Adopted

By no means are we promoting bifurcated appraisal products… “Credible valuations of real property are critical to the health of the overall real estate industry; therefore the practice of bifurcated/hybrid appraisals must be regulated” There has been lots of talk over the past few weeks about bifurcated appraisal products. First came the announcement form Working RE Magazine they were conducting a survey on bifurcated appraisal products. VaCAP recommends every appraiser complete the survey if you have not done so already. Next came rumors that Mark Calabria, Director of FHFA stopped all pilot programs which included bifurcated appraisals and appraisal waivers. Working RE Magazine published an...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Federal Housing Finance Agency / FHFA

Do We Really Need Rocket Closing? Home Buying Process is Not a Race 23

Do We Really Need a Rocket Mortgage?

Do we really need a “Rocket Mortgage“? “Rocket Approvals” are nice but certainly not “Rocket Closings”. The home buying process is not a race. It’s not Road Runner and Wile E Coyote racing to the closing table. It takes time! The Need for Speed How quickly do your buyers and sellers want to close on the home they just bought? Two weeks? Four, six, eight weeks? When you wrote the contract, and filled in the “drop dead dates” how much time did you allow for the Title deadlines, the Owners’ Association deadlines, the Seller’s Property Disclosure deadlines, the Loan and Credit deadlines,...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Trending

Appraisal Fee Transparency Act of 2019: Pivotal Point for Appraisers 21

Fee Transparency, Pivotal Point for Appraisers

…appraisers may finally have a chance at making the goal of fee transparency a reality… Keep your eyes open, events are happening fast. Ever since the passage of the Home Valuation Code of Conduct (HVCC) in 2010 and the monumental rise of Appraisal Management Companies (AMCs), one of the main issues appraisers have pressed for is transparency for consumers in terms of the fee split between appraisers and AMCs. Specifically, how much of the actual “Appraisal Fee” being paid by the consumer goes to the licensed real estate professional and how much is withheld by the AMC “manager.” Now, over...

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News

Time Saving Shortcuts Undermines Our Profession. Skip the Comp Photos 53

Skipping Comp Photos, Suicidal Shortcuts

I refuse to undermine my own profession by pretending that time saving shortcuts are always acceptable just because they are ‘more modern and progressive’. I know how long it takes to produce USPAP compliant, credible appraisal results. I charge accordingly for my time. I make no effort to compete on fees with half assed hybrids, evaluations, or single approach partially performed field work. Respectfully, neither should anyone else. Please stop undermining our own profession…. Recently The Appraiser Coach posted an article and links to a podcast suggesting its no longer necessary to photograph our comparable sales. I wrote a counter...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Fannie Mae - Freddie Mac

War on the Appraisal Industry. Another Great Real Estate Depression 11

The Collective Rot

Over 11,000 appraisers signed that petition… The US Congress completely ignored it and, as a result, The Great Real Estate Depression followed. Déjà vu: Or is it Déjà Poo (I’ve heard this crap before)? The Collective Rot Growing Within the Shadows of the Great Real Estate Depression We are just 11 years past the beginning of the Great Recession. Some estimate the US suffered a $14 trillion loss in wealth. Others estimated the loss as high as $21 trillion. This event is more commonly referred to as The Great Real Estate Depression by those of us who are or were in the real estate industry...

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

We Became Complacent... Appraisers Are to Blame - Appraisers Blogs 33

We Became Complacent

We raised a fuss when it first came out, but we became complacent and accepted what was being dictated to us. Appraisers are supposed to be messengers of the market, right? If that statement is accurate, the question everyone needs to be asking is why appraisers are not allowed to do their jobs? Without getting into a lot a finger pointing and blame, I am just going to come right out and say it. Appraisers are to blame. Not because appraisers wanted to influence the market, but we allowed others to take control and we sat by and did nothing....

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

Appraisers Should Never Do Evaluations - Appraisers Blogs 15

Appraisers Should Never Do Evaluations

…users of evaluations knew & accepted that if they obtained evaluations in lieu of real appraisals that they were getting meaningless value opinions by unqualified personnel… TALCB will be considering the Board’s position regarding appraisers performing evaluations in compliance with USPAP at the next Board meeting on August 23, 2019 Dear Texas Appraisers Licensing & Certification Board Members: The short and sweet version is that appraisers should never, repeat never do ‘evaluations’. The term itself should never be uttered as if it refers to any legitimate appraisal product that meets the USPAP requirements of a real estate appraisal. When FIRREA...

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

Stupid Appraiser Scenarios - An Appraiser is Asked to Value 29

Stupid Appraiser Scenarios

A business appraiser is asked to value a company, but the appraiser may not inspect the audited financial statements of the company. Instead, the company provides the appraiser with a summary of the company’s financial condition that was prepared by their in-house bookkeeper. An appraiser of timber is asked to value a 100-acre tract of woodland, but the appraiser is instructed not enter the woodland to conduct any quantity surveys or maturity tests of the stand. Instead, the appraiser is given an undated aerial photograph of the property. An appraiser who is a member of the Gemological Institute of America...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Trending / VaCAP

White Swan Predicts that the Next Recession Is Inevitable 10

The Black Swan – Another Meltdown

Another Meltdown – The Inevitable Outcome of a White Swan: Why would we allow another Financial Meltdown to occur? …When revenues and profits decline, lenders and financial institutions throw caution to the wind and relax their once prudent lending policies in favor of more aggressive, inclusive policies… Hindsight has taught us that there is no serious consequence to imprudent lending policies. Perhaps a multi million dollar fine is assessed but that is just the small cost of doing business for some violators… Though more common now, especially in Australia, Europe, and  Asia, black swans (Cygnus atratus) were once thought to...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM

Existing Regulatory Burden on Appraisal, a Proven Failure- System Reform 6

Appraisal Reform or System Reform

It is my hope that the Subcommittee on Housing, Community Development and Insurance consider long-term impact. The existing regulatory burden, a proven failure, may insure a repeat of the past. The body of a letter to the U.S. House Committee on Financial Services about systems reform. Appraisal reform or Appraisal industry reform? It is critical to understand that ‘appraisal’ does not equal ‘valuation’, or risk analysis, or anything else.  It is a precise definition of a nebulous product. The current U.S. House Committee on Financial Services is asking the question: “What’s Your Home Worth? A Review of the Appraisal Industry.” I believe it is...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

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