Do You Feel the Rumble?
“Can you hear that? Do your hear the rumble? It’s a train going 80 mph toward a 25 mph curve”
There is an excellent article by Richard Hagar, SRA that hit everyone’s email yesterday from Working RE Magazine. The title of the article is Why “Bifurcated” Won’t Work. This is an excellent read and we ask that you take the time to read it and pass it along to all your contacts. Lots of great examples of why these products are a danger to not only appraisers, but to communities. See the article here.
The pressure has begun…all they need to do is convince a few over-eager appraisers that this bifurcated system complies will all state laws (it doesn’t), all federal laws (it doesn’t), and USPAP (maybe). So to convince appraisers to “get on board” they use the bifurcated term often, touting it as the “newest thing” at appraisal trade shows. Remember it is your Certification that’s on the line here. Don’t trust them to tell you what is legal—they are just telling you their fantasy of how they want it to be.
Fannie Mae, Freddie Mac and others think technology is a solution. If their spiffy computers and algorithms failed to predict the crash of 2008 I bet they won’t predict the next one, until a year after it happens. Can you hear that? Do you feel the rumble? It’s a train going 80 mph toward a 25 mph curve.
Another good article was published on AppraisersBlogs yesterday about AMC abuses titled “Deceitful Little Lies“.
Dropping Like Flies…
VaCAP has learned another AMC is gone. This makes the second one in one week. Appraisal Quick out of Laguna Niguel, CA has filed for Chapter 7 Bankruptcy. According to DPOR website, Appraisal Quick is not licensed to conduct business in Virginia. Unfortunately VaCAP has learned of several AMCs operating here in Virginia without proper licensing and registration.
As always, VaCAP encourages each of you to check DPOR website to ensure the company soliciting your services is properly licensed and registration to operate in Virginia. If in doubt, call DPOR to verify.
If you accept assignments from a company not licensed and registered, your recourse is limited if something goes wrong.
- The New Con: Hybrids, Waivers & AMCs Threaten Public Trust - December 16, 2024
- VaCAP Supports Shane Lanham’s Legal Fight - September 10, 2024
- It’s Just Responsible Journalism! - February 21, 2024
You have to be an idiot to do these type of appraisals, if you do you’re signing your own death certificate
They only want fast and cheap, not the actual value of the property in context with it’s condition or surroundings and, oh yeah, YOUR credentials to take the fall
The Wabash Cannon Ball, served commerce throughout the south, and they are no longer in business. Appraisers, and business people face an always changing world, and education is our only protection. Don’t condemn others practice’s , just make sure you are doing the defensible reports
JUST SAY NO. It’s so simple. We are our own worst enemy. Many hate this but I will say it again. It’s time for appraisers to UNIONIZE. Without a VOICE to represent “we the (appraisal) people” we are screwed.
The best defense is an offense. Let me put this in a different light. Most Res appraisers are one trick Pony’s. Learn more tricks! Make yourself less available to AMC Phone Monkey Dot Com. If your going to sell your soul to Desktoppies and Burp it Up Reports then do it universally. In other words offer that service to ALL potential Clients as opposed to just Big Box Bank’s and the Mtg industry as a whole. You have to develop greater skills sets as an Res Appraiser. Make yourself scarce. Get in a position of saying NO more often to power users of your services. ….We are not in control of our time. Nows the time to gain control more than ever. Just saying!
Did you ever do divorce work, where the divorcee’s still shared the property. The appraised value is very important to each based on different measure than appraisers use. One meets you at the front door and coaches you the attributes. The other meets you at the back door and tells of the deficiencies. You must believe all !! They are both experts on their own properties.
THIS is truly a bifurcated work you must decide on.
Your client has asked you for a MARKET appraisal or has asked for a quick sale and its November. Do you favor the front door or the back door, do you favor the winter market or look forward to the coming summer. Their is latitude and longitude. Are you a monkey following a specific format or a professional fully explaining your position.
Can you write general value advice on a specific property neither you or your client has viewed.
Is that Trifurcated, just some other nasty word
Don’t read too much into it. Appraiser boards nationally now have an amc member. As all amc’s seem to be on board with the hybrid program, those reps will downplay the issue and make sure you don’t lose your license for completing their preferred work products. If corrective action was going to happen, it would have happened already.