Tagged: Adjustments

"Valuable" Advice From an AMC - Valuation Connect 57

“Valuable” Advice From an AMC

The person who espouses this super valuable ‘advice’ does not have an appraiser’s license… Appraisers, if you think I’m serious about the message subject line, please reconsider! It’s time to actually call out an AMC who’s encouraging appraisers to ‘lower their fee’: Valuation Connect This outfit sent out a ‘newsletter’ to appraisers, part of which says this: “My advice would be to make adjustments based on the market. Some examples in a slow market would be adding a new county or zip code to your coverage area, lowering your fee for a product, or adding a new product to your...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

The Appraisal Problem and Undue Diligence 8

The Appraisal Problem

Gone are the days of hiring a professional appraiser to solve the appraisal problem. For decades lenders have taken on the responsibility of shaping the appraisal process and dictating the solutions to the appraisal problem. Savvy appraisers push back in a positive fashion to try and enable the lender to receive a report that not only meets USPAP, FIRREA, Fannie Mae, or HUD/FHA/VA an UAD reporting guidelines, but also provides the client with a report that is clear, concise, accurate and not misleading. An appraisal report can be on time, have all the boxes checked, no inconsistencies, meet all the...

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

Scope Creep & the Imploding of Rules Have Little to Do With Appraising 24

Scope Creep & the Imploding of Rules

…the imploding rules then implemented, and the scope creep that evolved because the cart was leading the horse, has severely lessened the reliability of ALL appraisals in my opinion. ANSI, while certainly worthy of discussion and taking a position on, will not solve the real “appraisal problem” that we all have. It really isn’t an effective tool anyway, but what the heck do I know. Being one of those AG certified from the very beginning, too early to get trained by anyone above me, since 1992, and licensed in real estate since 1971, and a broker since 1991, in a...

American National Standards Institute / ANSI / Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Time Adjustment Methods... How Do You Time Adjust? - Appraisers Blogs 2

How Do You Time Adjust?

I was able to sort time adjustment methods by data source used (mostly compiled, published reports) and by the analytic used… Time adjustments is a timely topic. Recent ski-jump rises in prices have been ramp-ant in many places. Valuemetrics.info provided a free, two-hour webinar on the topic, and we had almost exactly 1000 appraisers sign up. (Although many did not show – free, you know.) Prior to the webinar, I asked some reviewers about how appraisers were handling the price changes. Also, my friend Steve Smith raised the question on his National Appraisers Forum (NAF) to see what sources they are using to support time...

1004MC / Appraisal / Appraisal News / Appraisers News

Being Liberal with Values Hurts the Homeowner 7

Being Liberal with Values Hurts Homeowners

Why can’t it just be accurate instead of “conservative” or “liberal?” Just be precise in the way you do your job… Some people might say a public forum isn’t the place to air this dirty laundry, but this is not really a public forum. Of my thousands of readers, very few of them are not in real estate appraisal. Right now, I’m talking to the bad apples. Maybe you’re in a situation where you want a lot of volume and want to be the go-to person for the local mortgage company or local bank, and you want to keep them...

Appraisal / Appraisal News / Appraisers News

How Does the Presence of Sex Offenders Affect Appraised Value? 11

Sex Offenders & Appraised Value

“You know there is a half-way house for sex offenders in the neighborhood, don’t you? It’s about two blocks away from the subject”.. OK. You’re well and truly involved with your research on a job that’s already late. You think you’ve got all your due diligence-bases covered. But you call the broker to confirm on last detail and she asks you, “You know there is a half-way house for sex offenders in the neighborhood, don’t you? It’s about two blocks away from the subject”. Needless to say, you are taken aback! No, you had no clue there was such a facility two blocks away from...

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

SFREP Doesn't Do Data Collection - Software by Appraisers for Appraisers 23

SFREP Does Not Collect Your Data

What Exactly Can SFREP Software Offer for Real Estate Appraisers? Are you working as efficiently as possible? In this day and age, appraisers need to be quick on their feet and utilize every tool under the sun to help streamline the process. That’s where SFREP comes in. This company is creating software designed to make the appraisal process digital while keeping it as fast, accurate, and straightforward as possible. But how exactly does SFREP work, and can it really make your job easier? For many real estate appraisers, the answer is a resounding yes. Software by Appraisers, for Appraisers SFREP...

Appraisal / Appraisal News / Appraisal Software / Appraisal Technology / Appraisers News / Trending

Think It's Okay to Do Bifurcated Hybrids? Georgia Fines Hybrid Appraiser! 101

Georgia Fines Clear Value Hybrid Appraiser

So, do you think it’s ok to do bifurcated hybrids? On January 31, 2018, what appeared to be egregiously deficient Clear Capital “Clear Value” bifurcated hybrids were exposed in AppraisersBlogs. See What IS a “ClearVal Appraisal”? The properties were in Georgia. The appraisals were performed on a desktop basis by an appraiser in Indiana. Total fee was $250. Out of that $250, AMC Fee was $225, and the Indiana desktop appraiser was paid $25.00. Keep that fee in mind as you read through the attachments. Two complaints were filed by AGA™. One with the State of Indiana, and one with...

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

Time Saving Shortcuts Undermines Our Profession. Skip the Comp Photos 53

Skipping Comp Photos, Suicidal Shortcuts

I refuse to undermine my own profession by pretending that time saving shortcuts are always acceptable just because they are ‘more modern and progressive’. I know how long it takes to produce USPAP compliant, credible appraisal results. I charge accordingly for my time. I make no effort to compete on fees with half assed hybrids, evaluations, or single approach partially performed field work. Respectfully, neither should anyone else. Please stop undermining our own profession…. Recently The Appraiser Coach posted an article and links to a podcast suggesting its no longer necessary to photograph our comparable sales. I wrote a counter...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Fannie Mae - Freddie Mac

Failure to Inspect & Photograph Comps Backfires on Appraisers 52

Appraisers, did you Shoot yourself in the Foot?

When I explain the rules many of the appraisers start complaining: “An MLS photograph depicts the house at the time it sold so it’s more accurate than my photograph would be”… There’s a lot of yelling and screaming about bifurcated appraisals. Unfortunately, appraisers may have shot themselves in the foot when it comes to this issue. Allow me to provide an analogy to help explain the issue. I’m not sure if this happens in other areas of the country but in Seattle there is a strange “left leaning” way they do things: State and Federal governments perform numerous traffic studies, to...

Appraisal / Appraisal News / Appraisers News / Collateral Underwriter / CU / Fannie Mae - Freddie Mac

xml sitemap
blank