Tagged: appraisal news

Purchase Price with an Appraised Value to Match? 15

Possible vs. Probable

Refusing to ‘rubber-stamp’ a purchase price with an appraised value to match. Recently, there was a news story out of Atlanta, highlighting an appraiser who had refused to ‘rubber-stamp’ a purchase price with an appraised value to match. What followed was an increasingly disturbing trend to find another appraiser who would. According to the story (which was full of holes and unknowns), the second appraiser ignored comps in the subject’s neighborhood and found sales in a superior location to help support the purchase price. This situation was talked about on social media and a man who identified himself as a...

Appraisal / Appraisal News / Appraisers News

30

Appraisers Shortage? A Personal Story

Very large lender who treats appraisers poorly… I received an email from an AMC I have not worked for before at 2:15 PM. They were looking for an appraiser to complete a 1004 report for a very large lender who treats appraisers poorly. The property is in a suburban/rural area, on 5 acres, about 30 minutes from my office. I responded that I could do it, but not until early NOVEMBER, due to being fully booked until then. I requested the rep let me know if that would work for the AMC, and if so, I would then provide my...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Coester VMS

Sign VaCAP open letter to AMCs - Appraisal Management Companies 54

Sign the Letter

Sign VaCAP Open Letter to AMCs Fellow Appraisers, A few weeks ago, Virginia Coalition of Appraiser Professionals (VaCAP) sent out an open letter to the AMCs. This letter was republished by many coalitions, and appraiser groups across the country; liked and shared on Facebook and broadcast on several industry blogs. VaCAP received an overwhelmingly positive response from the letter. We even heard from several Realtors applauding our efforts! Activity is still ongoing with comments! Click here to read the letter and comments! We heard you loud and clear… The letter can now be signed by individual appraiser here on AppraisersBlogs. We will...

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

Market conditions analysis 2

What Do You Suppose Might Have Caused This?

In my area, the Market Conditions data is basically worthless. Folks, One of the data analysis aspects I do in all reports is research sales trends of comparable properties, using MLS data, and making a graph to show report readers the actual market activity that has occurred over a long real estate cycle…usually 4-5 years back from the Effective Date. I use this to supplement, but not replace, the cruddy Market Conditions form, which poorly accounts for only 12 months of activity. In my area, the Market Conditions data is basically worthless. I’m sharing this because in the 8 years...

1004MC / Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM

UAD Rating Absolute vs Relative 39

UAD Rating Absolute vs. Relative

Where did those rating words come from? Why is it so many appraisers have trouble with UAD and the CU (Collateral Underwriter), and how to apply the Quality and Condition rating between the Subject and Comps? Not long after the UAD was implemented/mandated by FNMA (in 2011), and then the CU evaluation system came along, FNMA began discovering that many appraisers were improperly Rating the comps Quality and Condition AGAINST the Subject in the grid. And they began telling appraisers what they were finding. FNMA also discovered, and revealed, that many appraisers were using the same Comps over and over...

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

Appraisers Just Say No to Certain Assignments From Certain Clients 32

Appraisers Just Say No to Certain Assignments From Certain Clients

Some appraisers just say no and refuse to do assignments for low echelon AMCs fishing for cheapest and fastest appraisers… Folks, A very experienced Chief Appraiser, Mr. Greg Stephens, for the largest independently owned appraisal company in the US, Metro-West, has had an article published in National Mortgage Professional magazine, about the state of affairs concerning the so-called “appraiser shortage.” You can read the article here. While this article reveals important details based on appraiser population facts, there is a glaring omission. The omission is relative to “why” certain mortgage lending assignments are being delayed. It is different, and perhaps...

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

They are mad! Have You Got the Integrity to Be an Appraiser? 11

Have You Got the Integrity to Be an Appraiser?

We’re talking about downright mad… Appraising real estate is a tough job, even under the best of circumstances. There are too many occasions where every person involved in the transaction is upset and all eyes are focused on you. Even if you’ve done the best appraisal of your career, had perfect comps, and though you did a great job that no one could argue with; argue they do and at the end of the day, you are the only person screwing up the deal for everyone involved. And, we’re not talking about being a little upset. We’re talking about downright...

Appraisal / Appraisal News / Appraisers News

Scheer Motion to Dismiss Coester vs Scheer Lawsuit 26

Scheer Motion to Dismiss Coester vs Scheer Lawsuit

More CVMS Fraud and Coester’s Fraudulent Activities Revealed Robert Scheer, former Coester Senior VP, has filed a motion to dismiss Coester vs. Scheer lawsuit. There are also whispers in the appraisal community that Brian Coester’s motion to dismiss the lawsuit against him was denied. Looks like Scheer vs. Coester lawsuit is going to trial. Scheer continues to reveal more dirt against Coester while appraisers continue to flood social media with comments, and sometimes with humorous reactions: My biggest take away from this is that it is an incredible indictment as to how (potentially) dirty the participants in major AMCs are...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Coester VMS

Unintended Use & Misleading Appraisal Reports 13

Unintended Use & Misleading Appraisal Reports

Unintended and Potentially Misleading At what point do we ALL say enough? When they insist on unlocked PDF, XML or ENV formats that facilitate recipients in removing portions of appraisal reports they don’t like? Too late. When they blacklist appraisers for refusing to make post effective date contract analysis changes? When they set the fees we charge? When they change the scope of work after assignments are completed? When they LIE to borrowers about how much the ‘appraisal fee’ is? Now we have several that think THEY own MY professional work product? Like HELL they do! Any, repeat, ANY appraiser...

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

AMC Vendor Agreement Controversies - Bad, Worst & Ugly AMCs 43

Vendor Agreement Controversies & Worst AMCs

AMC Vendor Agreement Controversies – Bad, Worst & Ugly AMCs And the winner is… According to a recent non-scientific survey conducted by AppraiserNews, the World’s Worst AMC Alive is Clear Capital. Honorable Mention goes to Coester VMS and Streetlinks. And the Worst Vampire AMC title goes to AppraiserLoft which is no longer operational. Excerpt: We’d also like to note the passion with which appraisers made their votes, describing the many ways that these AMCs deserved their titles! One final remark: It is sad that so many appraisers still hesitate to go public with their comments about AMCs, (justifiably) fearing that...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / AppraiserLoft

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