Appraisers Blogs

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For the term "class Valuation".
Price Based on Computers Being Relied on By Realtors® A Growing Trend 10

Realtors® Giving Too Much Power to RPR®

….getting a suggested listing price based on a computer and not a licensed professional’s skill, is the new trend and it is very bad for consumers…. “Since then, we’ve become RPR’s biggest fans. It has helped grow our business because it has given us more credibility.” A recent article talks about the benefits of using the Realtor® edition of online home valuations. This growing trend is frightening for home owners as more and more agents rely on computers to price real estate instead of using their time, skill, and research to calculate home values the right way. When it comes to...

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

Clarocity May Have Gone Dark.... Have AMCs Gone Dark? 34

Have AMCs Gone Dark?

Clarocity May Have Gone Dark… VaCAP has learned from one of our members the Appraisal Management Company, Clarocity Valuation Services, may have gone dark. The VaCAP member has invoices for their services over 30 days old and Clarocity has been unresponsive to numerous emails and phone calls over the past several weeks. Additionally, new orders are being assigned through their portal, Appraisal Scope. Virginia passed a 30 day prompt payment law that went into effect July 1, 2017. The statute is very clear that an AMC must pay an appraiser within 30 days from the initial delivery of the report....

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

mysterious device revealed 2

Mysterious Device Revealed

On Monday, I distributed a photo (see below), which was taken by a western US appraiser at the subject property, and asked if anyone could accurately describe what this device is: The property owner was not at the property when the appraiser was there, and the appraiser was frankly stumped as to what this ‘thing’ is. By late afternoon Monday, the appraiser was able to talk with the property owner, and was told about this contraption. Meanwhile, dozens of appraisers wrote back with suggestions or positive “it’s a” statements. One appraiser actually has an administrative assistant who is a HAM radio...

Appraisal / Appraisal News / Appraisers News

Do Third Party Inspectors Violate USPAP 6

Do Third-Party Inspectors Violate USPAP

It was recently brought to my attention, by a reputable appraiser I might add, that the use of third-party inspectors may be a violation of USPAP. Or more specifically, that an appraiser relying on a third-party inspector for information (without knowing their name), may be a violation of USPAP. For example, there are several (and growing) companies who are providing clients with what are being postulated as “hybrid appraisals” or “hybrid reports.” The definition, as far as I can discern, is that a third-party inspector ‘inspects’ the property (usually an exterior from the street – which is why there are...

Appraisal / Appraisal News / Appraisers News / Business Development / Uniform Standards of Professional Appraisal Practice / USPAP

Palm Beach AMC Solicitation Blast & Appraiser's Response 16

Appraiser’s Response to Palm Beach AMC

Palm Beach AMC, thank you for your blind/bulk solicitation. Just out of curiosity, why do you think I would share that kind of personal & confidential professional information with a firm I never heard of? I don’t even know what kind of fee schedule you are used to paying? You offer no references of any kind, yet you expect I will extend credit to you for thirty days? Without exception, THAT means that you will use MY fee to pay YOUR overhead for thirty days before you even consider sending MY fee to me. Firms that do not segregate appraiser...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News

Community Bankers Voice Their Concern About Real Estate Appraisal 19

Bankers Concerned About Appraisals

Community bankers said appraisals are becoming a concern… A survey was distributed by state banking regulatory agencies in April and remained open through July. More than 600 community bankers from across the U.S. lent their voices to this year’s survey, and those views are captured in this volume. Responses are summarized and presented in following five major areas: Local market conditions; regulation and supervision; small business lending; management structure and succession planning; and technology. The responses provide context for the data gathered through the survey and highlight some of the dierent challenges faced by community banks in different states. The...

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

AMC management fees exceeding the appraiser’s fee more frequently 40

AMC Fees Exceeding Appraiser’s Fee

AMC management fees exceeding the appraiser’s fee more frequently Over the past year, the AMC industry growth model – taken from the backs of residential appraisers – has been broken by a growing number of residential appraisers that won’t accept fees below the custom & reasonable rate. So in order for AMCs to grow revenue, appraisers are seeing their fees surpassed by the AMCs themselves. In other words, hiring the valuation expert – the whole point of getting an appraisal to begin with – to make less than the company that manages them. We hear the GSEs and lending industry...

Snippets / Trending

Increasing use of AMS to replace AMCs 15

Increasing use of AMS to replace AMCs

AMS on fast track to replace AMCs… Well, it looks like the detritus of HVCC has finally come full circle. AMS (services vs companies) are on the fast track to replace AMCs. AMCs that foster their use haven’t realized that yet. They have given the lenders the tools needed to avoid costly appraisal management oversight departments while at the same time giving them the ability to use only those appraisers willing to make the deals work. They mistakenly believe that by delegating to an AMS or AMC they have met their due diligence requirements.Quality control? Sure. Just ignore the FNMA...

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

Surveys Said: 2017 Fee Survey Analyzing the Data 10

2017 Fee Survey Analyzing the Data

Surveys Said: Increasing Fees and Turn Times… For the last few years the appraisal industry has been abuzz with talk of rising appraisal fees and longer turn times. AMCs complain of a shortage of appraisers and “price gouging” in certain markets (Colorado and Oregon, for instance); appraisers report modest success at raising their fees after years of frustration (See Fees Rising). With over 7,000 appraisers responding so far, the results of the 2017 Working RE/OREP Appraiser Fee Survey is a current source for fee and turn time data by market and nationwide. To view the survey results for your market,...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / E&O

Special Report on Appraisal Technology Rebuttal - Hey! BIG Data, Leverage This! 13

Hey BIG Data, Leverage This!

The image above is not a part of the Appraisal Technology Special Report “Across the street from a house are two vacant lots. Zillow thinks one of them is worth $16K and the other one’s worth $169K. You can see them on the aerial view here.” I was recently asked by professional peers if I would read and comment on a Special Report published by ValuationReview, with the introduction penned by Mike Holzheimer, Editor. This Special Report may be downloaded here. Let’s be clear up front. I was not asked because of my proficiency with grammar, punctuation or even my...

ACI / AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News

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