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For the term "class Valuation".
The Appraisal Community, an Asset During These Challenging Times 20

Appraisers Continue to Be an Asset

The appraisal community has come together… stand strong, be resilient and continue to be an asset to your clients during these challenging times… The appraisal profession came about because of the Great Depression and our relevance is still strong today. Exceptional circumstances such as the current pandemic create a need for temporary allowances for information gathering for the valuation of collateral. The appraisal community has come together to insure our clients’ needs are met. Be it extra precautions with masks and gloves or owner assisted property inspection software. Appraisers have once again adapted to market conditions in order to provide...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Technology

Are Technology Companies Selling Modern Version of a Pet Rock? 8

Technology Companies Selling You a Pet Rock

Are technology companies simply selling a modern day version of a Pet Rock? Technology companies flaunting their real estate valuation products show us lots of pretty color charts and graphs and sell us on their products. But what would happen if someone were to ask a simple question of these technology companies… How did you determine that value? Just imagine for a moment you are testifying in court and counsel asks you how you determined your opinion of value. The appraiser could answer that question without hesitation. Simply, you know what you did. Even follow up questions could be answered...

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

Veros Suspect Forecast Displays their Lack of Understanding of the Crisis 16

Veros AMC Suspect Forecast

As real estate appraisers, we are the best source of market insights to the consumer because we aren’t paid on commission. One of the things that appraisers should not do, is pretend to know what will happen in the aftermath of the Coronavirus. No one knows at this point because the Coronavirus itself hasn’t reached its Apex so there is no light at the end of the tunnel. Sure we can speculate about the future, but there are no specific numbers to back that up. That’s why a recently shared report by the AMC known as Veros is so irresponsible....

Snippets

The Greatest Recession - The Hesitance to Accept Modified Appraisals 18

The Greatest Recession

The Greatest Recession is now spreading across the US. The investor’s hesitance to accept modified appraisals without interior inspections will prevent the real estate market from leading this country out of “The Greatest Recession” now spreading across the US… Appraisers provide an essential financial service according to the verbiage I’ve read from The Department of Homeland Security and various sources. We are exempt from “stay at home” orders. The State of Colorado has defined appraisal services and appraisers as providing an essential financial and professional service. Colorado says that appraisers are exempt from stay at home orders. An abundance of...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Administration / Federal Housing Finance Agency

COVID-19 Legal & Risk Issues for Appraisers - Appraisers Blogs 5

COVID-19 Legal & Risk Issues for Appraisers

Free video webinar: “Legal and Risk Issues 2.0 for Real Estate Appraisers Stemming from the COVID-19 Crisis.” Scheduled for April 10, 2020 at 9:30 a.m. Pacific. For those who cannot watch live, a video recording and the presentation materials will be made available here shortly after the webinar. In this second Valuation Legal webinar for appraisers relating to COVID-19, I will be joined by attorney Claudia Gaglione of Gaglione, Dolan & Kaplan LLP. She is the national claims counsel for the appraiser professional liability insurance program managed by LIA Administrators & Insurance Services. We have worked together on appraiser liability...

Appraisal / Appraisal News / Appraisers News / Video

XOME Letter in Case Appraisers Get Arrested 30

XOME Letter in Case Appraisers Get Arrested

Insiders tell me they are publishing a Dick Tracy Decoder Ring next week. Good grief. This suggests they are so desperate for appraisers to place themselves in harm’s way that a printer and a logo is all you need for protection. Do they have a legal department? To Whom it May Concern: This letter acknowledges that ____________ is an authorized vendor of Xome. Xome is an Essential Business (or its equivalent, in accordance applicable state or local order) that provides support and services on behalf of exempt financial services companies that originate mortgage loans and service mortgage loans nationwide. Xome...

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Property Sellers Who Are Dishonest 4

Property Sellers Who Are Dishonest

Property appraising can be a treacherous minefield of disinformation if you happen across the wrong type of seller. In most instances, the role we play should be straightforward. We’re a link in the chain, a functional part of the house buying process which is essential and relatively straightforward. We enter a property, value that property and facilitate lending based on our valuation. However, an issue can arise when the property seller wants to mask certain problems or prevent a lower, but accurate, valuation of their house. They can look to deceive and cover-up issues that may arise, meaning we must...

Appraisal / Appraisal News / Appraisers News

COVID-19 Disclaimers in Appraisal Reports - Appraisers Blogs 17

COVID-19 Disclaimers in Appraisal Reports

Let’s focus on the big rocks, not the small rocks in this time of crisis I shared my firm’s disclaimer for the Coronavirus to a group of appraiser colleagues of mine: Extraordinary Assumption – COVID-19 was identified in China in December 2019 and quickly spread across the globe, including the U.S., evolving into a pandemic. As a result, the Federal Reserve cut the federal funds rate on March 3, 2020, by 0.5%, making the threat of the virus tangible to most housing market consumers. The Fed cut the federal funds rate by another 1% on March 15, 2020, to offset...

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A Flipper Transaction - Appraisal vs AVMs... Are AVMs Reliable? 3

Appraisal vs AVMs

…the ‘flipper’ realized that the list and contract price was way too high… I just saw an article titled “Realor.com now providing third-party home valuations” about Realtor.com now using a ‘new’ service to provide a home value. Just for grins, I thought I’d do this essay using one of my recent assignments for the case study, which was in Bellingham, WA. The home was undergoing renovations by a ‘flipper’, and it had a signed contract for a high $$ amount. The report was written ‘subject to’ completion of the repairs/renovations. During the initial inspection, the ‘flipper’ was present and doing...

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

Biden's Claim of Racial Bias in Appraisals Faces Criticism from Appraisers 33

Biden Claims on Racial Bias in Appraisals

Over the past week or so, Presidential Candidate Joe Biden publicly called for more regulation and oversight over appraisers to combat racial bias. He specifically cited the Brookings Institute Study ”The Devaluation of Assets in Black Neighborhoods, The Case of Residential Property”. If you are unfamiliar with this study, in a nutshell, the findings accuse appraisers of undervaluing properties in black neighborhoods. The study is an easy read and can be found here. We will warn you, much of the data used in the study carries very little weight as Census Bureau (self-reported data) and information from Zillow were used....

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

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