Tagged: Appraisal Report

ClearVal Value IS So ClearCut - What IS a “ClearVal Appraisal” 162

What IS a “ClearVal Appraisal”?

Clear Capital ClearVal… Value Not So ClearCut… I’ve finally had an opportunity to read a hybrid ‘appraisal’ start to finish. All may read the unedited, non-redacted version in all its glory… or infamy, as the case may be. Please click here (report also embedded below) and read it first. I’ll wait right here. Finished? Great. One thing is clear. It is not an appraisal by any current accepted definition that I am familiar with. Ironically, there is also very little that is clear as far as support for the opined values is concerned. (I’m old fashioned and think it should...

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

Quit Overreporting 12

Quit Overreporting!

Why Do Appraisers Keep Overreporting…? Appraisers, Another friend has provided a copy of an appraisal on the friend’s home. Good golly, miss Molly… Why do appraisers keep overreporting comparable property data, which really isn’t comparable? This subject property is an 1,100 sq.ft. single story home, in a near-beach side community, with partial marine view, not on WFT, in a suburban location. Similar ‘comps’ are extremely limited (no more than 6 sales and 2 listings) due to its GLA, location, age, etc., based on the appraiser’s report, and my own research from multiple searches which proved similar comparable properties are almost non-existent. The report...

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

Metro-West Solicitation Blast & Appraiser's Response 48

Appraiser’s Response to Metro-West

Metro-West Appraisal, thank you for your bulk email solicitation… I will consider accepting work from you on the following basis: My minimum fee for non complex FNMA guideline compliant SFRs is $550 (net). There are no exceptions. Any upload fees or other forms of service charges  or ‘convenience’ fees will be added to that fee. I do not accept or authorize discounting of the fee for any reason. The premium or surcharge for property with a transaction amount or other characteristic that requires completion by a certified appraiser, is a minimum of $250. However the final bid will depend on...

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

Appraisal Report Going Public: Appraisals Posted on the Internet or MLS 11

Appraisal Report in MLS Listings

Your Appraisal Report Attached to a MLS Listing…. Private prelisting appraisals are a good revenue stream for many appraisers. Do your clients understand the intended use and intended users? Do you, the appraiser, understand the intended use and the intended users? We often get complacent and assume everyone understands, and then the unthinkable happens; you find your appraisal report attached to a MLS listing or worse, attached as a photo on Zillow. Yes, this actually is happening! On recent MLS listings, the following statements were found: “Offers accepted until… Owner reserves the right to accept or reject any/all offers –...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / E&O / Errors & Omissions

Photographs in Reports & 2 Refers 12

Photographs in Appraisal Reports

Photographs, 2 refers & Nat’l RE Appraiser’s Day… I’ve been asked to formally review a recent report. When looking over the report pages, the subject photo pages contain a mix of horizontal and vertical photographs, about half ‘n half. And there are lots of subject photos. Bear in mind, most report photo pages are formatted for horizontal photographs. It appears to me the appraiser used a smart phone for photos, as there would be no normal tendency to hold a regular camera vertically except in rare occasions to emphasize height of some feature. But people do that with phones. The...

Appraisal / Appraisal News / Appraisers News

Clear Capital Push For Hybrid VA Appraisals 54

Clear Capital’s Push For Hybrid VA Appraisals

Clear Capital suggests that the VA consider the use of a desktop appraisal On April 4, 2017, the House Committee on Veterans Affairs held a hearing on “Assessing VA Approved Appraisers And How To Improve The Program For The 21st Century.” The hearing was designed to “assess VA’s current appraisal process, as well as specific difficulties for timely appraisals in highly rural areas”, as well as to investigate possible technological solutions to mitigate timeliness issues. Much of the hearing focused on two areas: The requirements for becoming a member of the VA appraiser panel, and the baseline requirements for comparable...

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News

Forms Designed for Specific Purposes - Appraisal Forms Designs 8

Appraisal Forms Designs & Purposes

These forms were “designed” to be used for those specific purposes… Appraisers, Earlier this week, I discussed the following about some lenders requesting a type of property inspection to be completed on a form “Not Designed” for the specific property type: Original observation discussed earlier this week: Read the highlighted sentence. Read the highlighted sentence again. According to a regional bank in my area, via info from their AMC, “thousands” of Manufactured Home appraisals have been done on the 2055 form. Do you do that, just because someone – who just wants to “make a sale” – tells you to...

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

Property Inspection Waiver: Fannie Mae Offering to Waive Appraisals 48

Fannie Mae Waiving Appraisals

Property Inspection Waiver, getting back to the old days of fogging a mirror… Appraisers, Effective 12/10/16, FNMA will have a new program in place which will allow LENDERS to waive appraisals on certain refi’s, if it is offered through the automated Desktop Underwriter (DU) loan documentation process. See the attached PDF. Key points from the PDF (emphasis mine): Property inspection waiver (PIW) is an offer to waive the appraisal for certain refinance transactions. Property Inspection Waiver offers are issued through Desktop Underwriter® (DU®) using Fannie Mae’s database of more than 20 million appraisal reports in combination with proprietary analytics from...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Collateral Underwriter

GLA Adjustment & Pizza Slices – They Do correlate! 22

GLA Adjustments & Pizza Slices – They Do Correlate!

Determining the GLA Adjustment in Appraisal Reports I promised in a previous post I’d send out my method for determining the GLA adjustment in appraisal reports. Goodness! Appraisers actually found that statement buried in the prior post, and have ‘rung my chimes’ requesting this info! OK, but first, the pizza analogy. I often tell clients and other appraisers that appraising (residential) real estate is far more complex than grabbing a store-bought pre-boxed pizza (that has exactly the same ingredients from box to box no matter which store you shop in) at a grocery and then applying 425 degrees of love...

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

Purpose of the Appraisal Report 41

Purpose of the Appraisal Report

We have lost track of the purpose of the appraisal process This is an open letter to anyone who may have an interest in the residential real estate market. This includes buyers & sellers, homeowners, mortgage companies & brokers, real estate brokers & agent, loan officers, FHA/HUD, Fannie, Freddie and others. We have lost track of the purpose of the appraisal process. The purpose of the appraisal process is to provide an opinion of the estimated value of the property. The appraiser is hired to provide his/her opinion of the estimated value of the property usually by the intended mortgagee....

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

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