Appraisal News and Appraisal Tips For Real Estate Appraisers - Your source for appraisal industry news, appraisers' opinions, and discussions of appraisal issues
We are saddened to learn Bob Barton has passed way. Bob was a true pioneer to the profession and a leader for Virginia. Bob entered the Real Estate Industry in 1965 as a sales agent, later to become the first licensed appraiser in Virginia. His license number is 4001-000001. Bob was also the first Chairman of the Real Estate Appraiser Board and a true friend to Virginia appraisers. He will be greatly missed. The funeral Services are Tuesday August 22 at 11:00 AM. VaCAP has received many expressions of sadness and sorrow. We will forward those condolences to Bob’s Family....
Appraisers who won’t or can’t “just say NO” to low echelon AMCs The comic strip below reminds me of… Low echelon lenders who think a copy of an appraiser’s license must be included in appraisal reports. They apparently never have actually read an entire report to find that info is already included Low echelon lenders who think a copy of our E&O binder page must be included in appraisal reports Low echelon AMCs who are agents for the low echelon lenders above and just accept that nonsense, passing the demand on to appraisers Low echelon AMCs who fail to inform their...
Appraisers Have Choices… So the bartender asks, what’s your pleasure? Appraisers have choices; choices that impact how we do business, with whom we do business and why we do business. Outcomes and consequences of these choices can and will vary. One of the choices we face, and perhaps is one of the most important choice, are you going to be an industry leader or are you going to be a follower? Any organization, appraisal profession or not, needs both leaders and followers to survive. Professional organizations for appraisers are an important part of the future of the industry. Whether it is a national...
Pendings can reveal market trends, turns and current activity… Appraisers, How many of you use visual graphs in your reports to demonstrate sales (and Pending) trend data? This can be a very important tool to convince your clients that you really have a good understanding of current valuation issues. I am indebted to David Braun, Patrick Egger, Steve Smith, George Dell, Anthony Young and Joe Lynch (among others) for their presentations about this key feature we can utilize. Frankly, using spreadsheets and their built-in graphing functions is something every appraiser should learn. I bring this up because an appraiser peer was...
What happens when an AMC does not pay or closes its doors & should funds collected for appraisals be kept in escrow? 54.1-2021.1 of the Code of Virginia requires AMCs to post a $100,000 bond or letter of credit. Appraisers may be able to file a claim against the bond or letter of credit and receive funds if they have not been paid. Directly from the statute: Ҥ 54.1-2021.1. Appraisal management companies; license required; posting of bond or letter of credit. In addition to the filing fee, each applicant for licensure shall post either a bond or a letter of credit...
Bid assignments are more often than not awarded to lowest bidders… For the past couple of days, we have been hearing rumors about Corelogic beta testing a “Residential Bidding” system for Mercury Network. It is no longer a rumor. It will be launched in late August. It did not take Corelogic long, after it acquired Mercury Network, to implement some changes. The bidding system will allow their customers to request bids from multiple appraisers. They claim that this feature will help their clients find an appraiser faster. Yet, will this be the primary reason it will be used? Based on...
Metro-West Appraisal, thank you for your bulk email solicitation… I will consider accepting work from you on the following basis: My minimum fee for non complex FNMA guideline compliant SFRs is $550 (net). There are no exceptions. Any upload fees or other forms of service charges or ‘convenience’ fees will be added to that fee. I do not accept or authorize discounting of the fee for any reason. The premium or surcharge for property with a transaction amount or other characteristic that requires completion by a certified appraiser, is a minimum of $250. However the final bid will depend on...
TCValuations Paying Appraisers $0.25 on the Dollar! VaCAP has just learned TCValuations is ceasing operations. They are paying appraisers $0.25 on the dollar! Some good advice: AMCs ceasing operation may be the beginning of a trend as more lenders stop using AMC’s. Stay on top of your receivables and be careful when granting credit. Dear Appraiser, It is with much regret, that I write this letter to inform you that TCV has commenced an orderly wind up and liquidation of operations. Unfortunately a significant downturn in revenue and the loss of part of our volume with two key clients in...
Appraisers Going the Way of the Buggy Whip Makers? Ken Harney has another article all appraisers should read: Refinancing mortgage? Maybe you don’t need that appraisal after all This discusses and discloses the Fannie and Freddie initiatives to eliminate appraisals ON CERTAIN TYPES OF LOANS. Of course, the loan sellers/salespeople are all in favor of speeding up the process, eliminating costs, and promoting a ‘better relationship’ for their loan customers. Appraisers, on the other hand, are wary of the processes which rely on dated property info kept in giant data bases, and disinterest by ‘those with the gold’ to really...
Flagstar Bank’s Direct Vendor Appraisers Appraisers, I have just learned from reading a forum that Flagstar Bank is doing away with the AMCs they use, and bringing appraisal ordering back in-house. However, you must agree to this: PLEASE NOTE: We only pay via ACH (automatic deposit twice a month on the 1st and 15th) so your bank information is also mandatory. There are no other payment methods available at this time so if you prefer not to use automatic deposit we unfortunately cannot add you to the panel. Also effective July 24th, 2017 there will be a click fee charge...
