Appraisal News and Appraisal Tips For Real Estate Appraisers - Your source for appraisal industry news, appraisers' opinions, and discussions of appraisal issues
….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...
Should you disclose portal fees… Appraisers, Some of you know that I have written numerous times about my viewpoint that disclosure of the ‘back end’, and sometimes 'front end' portal fees we appraisers must pay to deliver a completed report to a particular client should be disclosed. You don’t have to report the FEE, only that you had to ‘pay a fee’ to obtain the assignment. If you don’t pay the fee, you technically cannot complete the assignment. My viewpoint has always been, and will remain, that if you cannot technically ‘complete’ an assignment without paying a delivery fee, then the net...
Help us track appraisal delays… VaCAP and your fellow colleagues need your help! As you all have probably heard, according to some, appraisals are taking too long and delaying closing. Their take on this is that there is an appraisal shortage. Some of our Network colleagues have discovered a delay in which the appraisals are being ordered. From a limited sample, an average of 21 days occurs between contract ratification and when the appraisal is ordered. The Network of State Appraiser Organizations is working hard to solve this issue, but first we need to know where the problem truly is...
WHO actually fills in the subject info in ‘hybrid reports… Appraisers, This is a long message… grab a cold one and settle in! Last Wednesday, (yah, bad on me!), I sent out a message asking appraisers who have done, or are doing, the new ‘hybrid’, ‘alternative’, ‘bifurcated’ or “easy squeezie” desktop reports promoted by some AMC’s and others, what the actual process is concerning WHO actually fills in the subject info in ‘hybrid reports’. A number of appraisers took time to answer via email that afternoon. Among the responses, I actually CALLED and talked to 4 appraisers who are from different...
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....
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...
Why Do Appraisers Keep Overreporting…? Appraisers, Another friend has provided a copy of an appraisal on the friend’s home. Good golly, miss Molly… Why do appraisers keep overreporting comparable property data, which really isn’t comparable? This subject property is an 1,100 sq.ft. single story home, in a near-beach side community, with partial marine view, not on WFT, in a suburban location. Similar ‘comps’ are extremely limited (no more than 6 sales and 2 listings) due to its GLA, location, age, etc., based on the appraiser’s report, and my own research from multiple searches which proved similar comparable properties are almost non-existent. The report...
AMC strictly prohibits the use of third party services. A recent review of an engagement letter from a large national appraisal management company revealed something pretty peculiar… “An appraiser is prohibited from using any third party services.“ Wait, What? No third party services? I am no attorney, and certainly do not know all the aspects of law, but it seems that the definition of third party services is pretty self-explanatory. To be sure I am not mistaken; I researched the definition of third party. FreeDictionary.com: “A person who is not a party to a contract or a transaction, but has...
So who doesn’t like a good BRAWL? Brokers Rallying Against Whole-Tail Lenders (BRAWL) is a network of independent mortgage brokers who have joined together against unethical practices by wholesale lenders. The group has created the term “Whole-tail”, a combination of wholesale and retail for those lenders who close both wholesale and retail mortgages. The group claims that some bad wholesale lenders are using the brokers to obtain client information to solicit clients directly through the lenders own retail divisions and affiliates. “Mortgage brokers are beyond tired of various wholesale lenders acting like they’re on our team, when they’re actually just...
Whether or not there’s a flag flying at your place of rest, there’s a flag flying for you at this nation’s heart. Folks, I received the message below from an appraiser who lives near this cemetery in north-central WA State. It’s worthy of your read, and to remember the sacrifice veterans have made in service to our country. I’d like to add that the “Key Club” is a youth organization sponsored by Kiwanis International, with local Kiwanis clubs around the US being mentors to the high school age members who belong to Key Club. I was a Kiwanis member for 27 years,...
