Tagged: appraisal news

September 28, 2012

Grizzly Bears and Other Common Appraiser Dangers

I do not think the grizzly bear had to change her britches after the encounter. It was a beautiful, early, fall afternoon. I had just completed my fifth inspection of the day and had just one more to do in the rural community of Island Park, Idaho, just outside of Yellowstone National Park. The cabin was setback in the trees and was surrounded on three sides by state lands. In other words, this 1004 UAD would have the ‘rural’ box checked on this one. I had just begun measuring the outside when I heard a loud and extremely close bellow/snort....

Appraisal / Appraisal News / Appraisers News

September 26, 2012

Update on Financing Concessions for Comparables

Appraisers, The GSE’s have issued a UAD newsletter on Sept. 18, 2012. Mostly it has ‘stuff’ in it that appraisers should be doing, i.e., checking for proper UAD compliance prior to report submittal by using your report software on-board reviewer. However, this little gem is the last item on page 2: Update on Financing Concessions for Comparables The GSEs expect appraisers to determine the financing concessions, if any, for all settled sales used as comparables in appraisal reports. Appraisers are expected to do what is necessary to determine concession amounts through the normal course of business and not automatically default...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / UAD / Uniform Appraisal Dataset

September 21, 2012

Collecting Invoices from Problematic Clients

Chasing unpaid invoices… Recently, I have been receiving numerous emails and phone calls from appraisers asking if they can factor appraisal orders from JVI Solutions with our company. Appraisers from Hawaii and California to Texas and New Jersey have grown tired of the runaround and are looking for ways to get paid on the work they have done. Unfortunately, because of non-payments and the unknown status of the Florida-based appraisal management company, whether a larger Fortune 500 company is acquiring it or going bankrupt, our company has currently placed a hold on factoring any JVI Solutions orders until we receive...

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

September 17, 2012

Is That an Appraisal? USPAP Definition

Why Isn’t that an Appraisal? APPRAISAL: (noun) the act or process of developing an opinion of value; an opinion of value. (adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services. Comment: An appraisal must be numerically expressed as a specific amount, as a range of numbers, or as a relationship (e.g., not more than, not less than) to a previous value opinion or numerical benchmark (e.g., assessed value, collateral value). In general terms the USPAP definition is elegant in its simplicity. We all understand what it is that appraisers provide. You provide opinions...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB / Automated Valuation Models

September 14, 2012

North Carolina Enacts BPO Legislation

What a licensed broker or appraiser must do in performing a BPO or a CMA… North Carolina Governor Beverly Purdue signed S.B. 521 into law July 12, and the legislation will significantly expand the ability of the state’s licensed real estate brokers to offer a broker price opinion or comparative market analysis. The legislation included two amendments provided by the state’s appraisal organizations. Prior to the new legislation, North Carolina real estate brokers were limited to providing a CMA only in the real estate sales context, and they had to have a reasonable expectation that a listing would result from...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

September 13, 2012

Downturn in Market Leads to Upturn in BPOs

BPOs as an alternative to appraisals! Over the last year, there has been a tremendous increase in the use of broker’s price opinions (a.k.a. comparative market analysis, broker’s estimate of value, etc.) that are being performed by real estate brokers and salespeople, in lieu of appraisals. While BPOs were previously used for very limited purposes, they are now being used as valuation products in the finance arena, primarily for the review of distressed properties prior to short sales or foreclosure. They are also being used in areas previously unimagined several years ago, including segments of the commercial market. The increase...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

September 11, 2012

Free FHA Webinar for Appraisers on REO Appraisals

The Federal Housing Administration (FHA) is offering a webinar on September 18, 2012 on REO Appraisals: September 18, 2012 – Webinar: The Real Estate Owned (REO) Appraisal will acquaint the audience with the correct reporting procedures that FHA Roster appraisers should follow when completing FHA appraisal reports for HUD Real Estate Owned (REO) properties. This seminar introduces and explains, rather than supplants, official policy issued in Handbooks and Mortgagee Letters. Appraisers new to the FHA Roster, as well as seasoned professionals looking for a refresher will benefit. Registrants will receive an email confirmation prior to the webinar with a web...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / Tutorials

September 5, 2012

Non-permitted Additions

“What is the big #$%^&*@! deal with non-permitted additions?” The last few weeks I have noted a common theme in my conversations with appraisers across the nation. This topic seems relatively simple and yet since I have encountered endless questions I thought this post may add something to overall community. The question boils down to “What is the big #$%^&*@! deal with non-permitted additions?”, for residential lending purposes. Of course this stems from the fact that many residential lenders are pushing back appraisals that have given value consideration to an addition which was non-permitted at the time of construction. This...

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

August 29, 2012

One Small Step for an Appraiser; One Giant Step for the Profession of Real Estate Appraising

On August 10, the Arizona Board of Appraisal dismissed the USPAP violation complaint filed by Chase Bank against John Dingeman on initial file review. Why is this newsworthy? Because it represents a major victory for appraisers everywhere. Dingeman, has been fighting strong arm tactics employed by Chase Bank in an attempt to force him to violate Client confidentiality by discussing details about an appraisal on a no-defunct loan that Chase acquired. Dingman took his fight right to the street starting a petition on Change.org and other outlets to share his story with fellow appraisers. We are happy to also report...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / CFPB

August 27, 2012

More than Half of Appraisers Responded They Would Get Out of Appraising

AppraisalPort Weekly Poll Analysis This month, I want to again give you a quick summary of three recent polls. The first poll cut right to the chase, asking if you would get out of appraising if you could. This turned out to be the most popular poll in a while with 6,262 responses. I was surprised that more than half (53%) responded that they would get out. Another 25% said they would like to stay but only if fees were what they consider to be customary and reasonable. The smallest group, at nearly 7%, was composed of those who just...

Appraisal / Appraisal News / Appraisers News / Customary & Reasonable Fees / Dodd-Frank Act / C&R Fees / Home Valuation Code of Conduct