Tagged: Appraisal Management Companies

Filing a Complaint Against ES Appraisal Services 0

Filing a Complaint Against ES Appraisal Services

Filing a Complaint Against ES Appraisal Services With Arizona Board of Appraisal The Board of Appraisal has received information that ES Appraisal Services, registration #40150, has filed for Chapter 7 bankruptcy and is closing its doors for business. If you have an open invoice on an appraisal completed for ES Appraisal Services in Arizona, which is past the 45 days required by statute, please file a complaint with Rebecca Loar at the Board of Appraisal by January 11, 2013. A.R.S § 32-3675. Payment EXCEPT IN CASES OF BREACH OF CONTRACT OR SUBSTANDARD PERFORMANCE OF SERVICES, EACH APPRAISAL MANAGEMENT COMPANY SHALL...

ABOA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Evaluation Solutions ES bankruptcy 7

Evaluation Solutions Closes Its Doors

Evaluation Solutions, ES Appraisal Services in bankruptcy… Another AMC is closing its doors. Evaluation Solutions, ES Appraisal Services is in bankruptcy. Appraisers who have been inquiring about money owed to them, are receiving emails stating “Due to unforeseen circumstances Evaluations Solutions, ES Appraisal Services is ceasing operations” and “any inquiries should be directed to Bradley R. Markey…” The following is a letter from their bankruptcy attorney, Stutsman Thames & Markey, P.A.: Our firm has been retained to file a Chapter 7 bankruptcy proceeding for the company. Evaluation Solutions lost its major client earlier this week and was forced to shut...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / ES Appraisal Services

Appraisal businesses risk 2

Greatest Risk Facing Appraisal Businesses

Greatest risk: low fees or low cash flow? A Recent Report From Texas There has been a lot of buzz about the recent survey from Texas. The Texas Appraisers and Appraisal Management Company Survey published by Texas A&M Real Estate Center in conjunction with the University of Houston’s Hobby Center for Public Policy and the National Opinion Research Center at the University of Chicago reports the current condition of the appraisal industry in the state of Texas. 1,584 appraisers and 55 Appraisal Management Companies (AMCs) doing business in Texas were surveyed and findings from the report were released to the public...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Business Development

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Charging by the Hour for Appraisal Services?

How much are you worth per hour? I am fuming. Thanks in advance for letting me vent and virtually ‘throw-up’ my frustration all over you. My Personal Assistant accepted an order for a Forensic Investigative Field Review the other day. Originally, the AMC had offered a fee of $350. We countered back at $500 and crossed our fingers… that we would NOT get the order. These types of orders are becoming more and more popular. As the market has dropped across the nation, lenders cannot sell the collateral they loaned on between 2005 and 2008 for a fraction of the appraised value. Naturally, it must be...

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

Texas AMC survey 1

Texas Appraisers and AMC Survey

In August 2012, the Texas Appraisers and Appraisal Management Survey surveyed a total of 1,584 appraisers and 55 appraisal management companies doing business in the state of Texas. The questions were specifically designed to achieve the following: Clearly distinguish between the fees paid to appraisers by Appraisal Management Companies (AMCs) and fees paid by non-AMC clients for residential appraisals. Capture any difference in fees paid by property type: single family, condominium, size or square footage, or other factors. Capture the impact on fees by market area or locale: urban vs. rural, (MSAs, county, zip code, etc.). Determine whether appraiser qualifications...

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Appraisal of the Industry - analysis - Imagecredit Flickr - VBC17 3

Appraisal of the Industry

Of course any one who has bothered to open USPAP, or read the preface of any appraisal related book is very likely familiar with the valuation process. definition of the problem preliminary analysis data collection highest and best use analysis estimate of land value application of the three appraisal approaches: cost, market, income reconciliation of value estimates report of value Of course the application of this definition and process is where the fun begins. Definition of the problem… If I do not complete this report within the allotted 48 hours that has been so graciously allowed by the high pressure...

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

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NAR on Low Valuation in Home Appraisals

WASHINGTON (October 10, 2012) – The real estate market is recovering but still faces hurdles, notably from tight mortgage credit, but problems with a sizeable share of real estate appraisals also are holding back home sales, according to survey findings by the National Association of Realtors®. Most appraisers are competent and provide good valuations that are compliant with the Uniform Standards of Professional Appraisal Practice. However, appraisals generally lag market conditions and some changes to the appraisal process have been causing problems in recent years, including the use of out-of-area valuators without local expertise or full access to local data,...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

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Who Has Been Suing the Most Appraisers?

Two Names You Know. Two Names You’ve Probably Never Heard. These are four of the parties who have been suing the most appraisers in 2011-12. I suspect most appraisers won’t recognize two of the names, unless the appraisers are defendants in one of their cases. The parties are in no particular order, but the last one does file the most lawsuits. LSF6 Mercury REO Investments This is an investment fund of a private equity company named Lone Star. LSF6 bought discounted mortgage debt from bankrupt CIT Group in 2008. In late 2011, LSF6 began suing appraisers in New York as...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / E&O

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Black Cat Causes Fair Housing Issue with AMC

An appraiser was required by an AMC to edit/crop the photos in an appraisal report because of a black cat. The AMC claimed that the black cat violated fair housing act. This was the response of the AMC in regard to the cat: “Please be advised that the following issues were found: a cat appears in the rear open patio photo and the landscaping photo. Please edit or crop this photo accordingly, as this is a fair lending issue for the client.” Fast forward the video below to 1 minute:

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

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New Trade Association Announces Launch to Support Appraisal Industry

Announcing the Official Formation of the National Association of Appraisal Management Companies (NAAMC) Providence, RI (PRWEB) August 31, 2012 Filling a long missing void in the ever-changing Appraisal and Residential Home Mortgage sectors, a collection of Industry-leading Appraisal Management Companies joined forces to create a unique and extremely necessary organization exclusively committed to supporting all entities impacted in the Residential Appraisal and Valuation industries. Officially formed in late July 2012, several months’ pre-launch due diligence was completed by the sixteen Founding Members of the National Association of Appraisal Management Companies (NAAMC). This non-profit trade association is officially incorporated in Delaware and...

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