Appraisal News and Appraisal Tips For Real Estate Appraisers - Your source for appraisal industry news, appraisers' opinions, and discussions of appraisal issues
We’re talking about downright mad… Appraising real estate is a tough job, even under the best of circumstances. There are too many occasions where every person involved in the transaction is upset and all eyes are focused on you. Even if you’ve done the best appraisal of your career, had perfect comps, and though you did a great job that no one could argue with; argue they do and at the end of the day, you are the only person screwing up the deal for everyone involved. And, we’re not talking about being a little upset. We’re talking about downright...
More CVMS Fraud and Coester’s Fraudulent Activities Revealed Robert Scheer, former Coester Senior VP, has filed a motion to dismiss Coester vs. Scheer lawsuit. There are also whispers in the appraisal community that Brian Coester’s motion to dismiss the lawsuit against him was denied. Looks like Scheer vs. Coester lawsuit is going to trial. Scheer continues to reveal more dirt against Coester while appraisers continue to flood social media with comments, and sometimes with humorous reactions: My biggest take away from this is that it is an incredible indictment as to how (potentially) dirty the participants in major AMCs are...
AMCs have failed the appraisal profession, the financial industry and the consumer Dear AMC, Thank you for your interest in our profession. The trial period we have conducted is over and the appraisal profession has determined your services are not needed. The reasons for our decision are as follows: The use of an AMC is not required by any federal or state law. The use of an AMC does not provide any benefit to the appraiser. The use of an AMC does not provide any benefit to the consumer. The use of an AMC has not protected the consumer. The...
Unintended and Potentially Misleading At what point do we ALL say enough? When they insist on unlocked PDF, XML or ENV formats that facilitate recipients in removing portions of appraisal reports they don’t like? Too late. When they blacklist appraisers for refusing to make post effective date contract analysis changes? When they set the fees we charge? When they change the scope of work after assignments are completed? When they LIE to borrowers about how much the ‘appraisal fee’ is? Now we have several that think THEY own MY professional work product? Like HELL they do! Any, repeat, ANY appraiser...
AMC Vendor Agreement Controversies – Bad, Worst & Ugly AMCs And the winner is… According to a recent non-scientific survey conducted by AppraiserNews, the World’s Worst AMC Alive is Clear Capital. Honorable Mention goes to Coester VMS and Streetlinks. And the Worst Vampire AMC title goes to AppraiserLoft which is no longer operational. Excerpt: We’d also like to note the passion with which appraisers made their votes, describing the many ways that these AMCs deserved their titles! One final remark: It is sad that so many appraisers still hesitate to go public with their comments about AMCs, (justifiably) fearing that...
How much power do agents have over the appraisal process? The lender gets a call. Agent tells them that appraiser “X” just called to set up an appointment to do the appraisal for 123 Main St. That darn appraiser killed my last deal and if he is appraising this house, I will have my clients find another lender. I flat-out refuse to work with this appraiser. Whether it’s the listing or buyer’s agent, who put this person in charge of the appraisal process? Does the banker have to listen to them and risk losing the loan? It depends. What’s his...
STOP the constant parsing changes in all areas of USPAP I encourage ALL appraisers in the DC Metro area to attend the upcoming ASB Public Meeting on October 21, 2016. In a nut shell, my strong belief is that they need to STOP the constant parsing changes in all areas of USPAP. NOT ONE of the proposed changes is a necessary change. NOT ONE! No wonder state regulators no longer comprehend USPAP! If they need the extra money that selling new versions of USPAP produces, then just CHARGE US DIRECTLY! The purpose of FIRREA was to preserve the public’s trust...
No Time to Spare & Social Media Spies! Business has been crazy! We are hearing from appraisers how swamped they are; 2-3 week backlogs, working late and report writing at 4:30 AM. We are also hearing how tired and stressed they are. AMC and lender demands, updates, scope creep, and revision requests, are all taking a toll. An appraiser posted on Facebook she “broke down in tears” last Friday because she did not know how it was all going to get done. Life is too short to allow this… Take control of your time and your schedule. Spend some time...
Housing Notes on Appraiser Shortage, Coester AMC Lawsuit… In a recent article, Jonathan Miller, author of Housing Notes, points out several key factors in the appraisal world today. Pat Turner, President of VaCAP, reached out to Jonathan about sharing his information. Here is what Jonathan had to say… “This is a great moment to expand insights on what is really happening. AMCs have run out of appraisers to work for half the market rate. And those that might take less of our fee are still costing us another 30% of lost productivity with ever expanding scope creep. Brexit has pushed...
Are you giving in to ACI Sky? An appraiser who will remain anonymous tells us… “within the last week, I have had two issue of concerns with “UAD” compliance and ACI Sky Delivery ( I can hardly write that; as, it is a significant source of stress when I have to deal with it). I have tried to submit reports, with issues that prevented the upload (no surprise with “Sky”). The first involved the 1004MC form. The comparables that were available for the subject were extremely minimal – something like 4-6. The last period only included 1 comparable (no valid...
