Tagged: appraisal fees

Are You a Hybrid Appraiser? Relying on Real Estate Trainees... 26

Are You a Hybrid Appraiser?

We won’t take appraiser trainees, but we’ll take real estate trainees… That’s the million dollar question. Big banking is counting on the majority of appraisers to fall in line with whatever hybrid product they decide is best. It makes for an interesting road ahead because appraisers actually have the power to make these products a success or a failure. A hybrid appraisal is still an appraisal and must have a signature from a licensed appraiser. If banks can keep whittling away at the appraiser’s scope and can get the total appraisal fee low enough, they will achieve their goal and...

Appraisal / Appraisal News / Appraisers News / Trending

Stand Your Ground in Protecting Your Business! 43

Stand Your Ground!

Many states have laws in place that allow citizens to protect themselves and their property without prosecution. In the appraisal profession, you must also stand your ground to protect their business. Social Media is a quick and easy way to communicate. Recently there have been numerous appraisers reaching out and sharing trouble getting paid from some Appraisal Management Companies. Some are claiming they are long time clients with no issues in the past. This is wake up call for all appraisers to pay attention to the economic and financial side of your business. Volume is slowing as school starts and the...

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

Nationwide Appraiser Count - The Number Game - Appraisers Blogs 16

Nationwide Appraiser Count vs. Fake News

12 Year Trend: Active Appraiser Credentials… We often hear about the ‘shortage’ of appraisers in the US. This is fake news promulgated by a number of AMC’s who cannot find enough appraisers to do their assignments – largely because the AMC won’t pay the appraiser an appropriate fee for service, or other issues. John Brenan, Director of Appraisal Issues for The Appraisal Foundation, gave a presentation at the Washington State association of appraisers conference on Aug. 16. He showed this slide during his presentation: Note that these are CREDENTIALS… the licenses granted by the individual states, which are then reported to...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

MISMO Blueprint... The Evil Octopus - AppraisersBlogs 7

The Evil Octopus

Appraisers, it’s not paranoia when ‘the bastards’ really are out to get you (end us as a profession). …Find each octopus and how they relate to our jobs. Look at MISMO Directors list… An Open Letter to Appraisers: Residential & Commercial This started as a response to a blog post by a respected appraiser concerning the influence of AMCs. During drafting it was clear that trying to explain AMCs was only part of the bigger struggles we face today. Picture a violent “all in” three-way gang fight among Octopi. Say a dozen on each side. That’s 36 Octopi x 8 tentacles...

a la mode / AGA / AI / AMC / Appraisal / Appraisal Institute

Increased Cost of Appraisal Businesses... Lettuce and Tomato Cost More 22

Lettuce and Tomato Cost More!

…our health insurance is  more than it was last year, and our auto insurance policy increased as well… There is a burger place my wife and I frequent here in town. All they do are burgers and you can pretty much get them any way you want with your choice of rolls and topping. They offer a vegan burger as well as many organic toppings. We each get a burger and split an order of loaded nacho fries and the bill usually is $25 and some change. The other day we went for burgers. The bill was $31.58. When looking closely, guess what,...

Appraisal / Appraisal News / Appraisers News / Trending

Know How Much You Are Paying for an Appraisal? - AppraisersBlogs 42

What’s Not in Your Wallet?

Shouldn’t consumers know where their money is going to? Before the housing collapse, when applying for a loan, you would go to your bank or mortgage broker and apply. Upon approval, they would explain the property would be appraised by a real estate appraiser and as the borrower, the cost of the appraisal was to the borrower (even though the appraisal is for the lender). The appraiser would either bill the lender the cost of the appraisal or coordinate payment when the appraiser was at the house. Sometimes, the lender would pay for it and roll it into your mortgage...

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

Are Appraisal Management Companies Value-Adding? 29

Are AMCs Value-Adding?

The Federal Housing Finance Agency has released a working paper “Are Appraisal Management Companies Value-Adding? – Stylized Facts from AMC and Non-AMC Appraisals” We have not had a chance to review the report in great detail, however, a quick glance has some very interesting analysis. This is a must read for every appraiser! See the “Are AMCs Value-Adding?” paper here or below. Excerpt: Are Appraisal Management Companies Value-Adding? – Stylized Facts from AMC and Non-AMC Appraisals In this paper, we study whether there are any systematic quality differences between appraisals associated and unassociated with appraisal management companies (AMCs). We find...

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

Appraisal Thresholds Raised $500K. How Long Before Its Raised for SFR? 12

Appraisal Thresholds Bordello

Anyone wants to place a wager on how long before appraisal thresholds are raised for SFR? Retirement, with a part-time job working as a bouncer at a bordello in the Nevada desert is beginning to look appealing. Activity there is similar to what appraisers are experiencing these days. From the article: “The FDIC board of directors today (Mar. 20, 2018) approved a final rule to raise the appraisal thresholds for commercial real estate transactions from $250,000 to $500,000…” While the individual 1-4 unit investment properties are being kept at $250,000, would anyone like to place a wager on how long...

Appraisal / Appraisal News / Appraisers News

The Way Things Used To Be - Appraisal fees unchanged in two decades 127

The Way Things Used To Be

“We haven’t had a raise in two decades.” Give me a break! It’s a common complaint in our industry that real estate appraisers haven’t had a raise in two decades. The argument goes that twenty years ago, the standard fee for an appraisal was $350. Fast forward twenty years and it’s still $350. That’s a great sound bite, but the actual logic is deeply flawed. In real terms, we’ve had a huge raise thanks to the massively reduced amount of time we spend on our appraisals. It’s something I’ve written about before (Never Had a Raise in 20 Years), but...

Appraisal / Appraisal News / Appraisers News / Trending / Valuation Technology

Stop Senate Bill 2155 in the Senate, Fake Claim of an Appraisers Shortage 49

Stop S.2155 in the Senate

Call to action to oppose Senate Bill 2155, also opposed by an overwhelming majority of Americans… Appraisers, We are placing an immediate nationwide call to action to oppose Senate Bill 2155 currently in the United States Senate. Senate Bill 2155 has a provision, (sec 103) which allows a bank to waive an appraisal in rural communities. This will be detrimental for homeowners and communities in rural areas. A loss of income will also occur for appraisers who cover rural counties. To see the text of S.2155, click here. The Independent Community Bank Association has been hard at work promoting this bill....

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Customary & Reasonable Fees / Dodd-Frank Act / C&R Fees

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