Tagged: appraisers

Can an AMC Tell Appraisers How to Dress? 25

Can an AMC Tell Appraisers How to Dress?

I recently saw a Facebook post where an appraiser was quite upset and offended that an AMC asked him to dress professionally for an appraisal walkthrough. Now, this was a request that was made up front as one of the conditions for accepting the order. Reading the post, it sounded like this appraiser was upset for two reasons. One, he was offended that the AMC was implying that he does not take his job seriously enough or dress professionally enough. Two, he felt like the AMC did not have a right to tell him how to do his job (i.e....

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

Biden Calls Out Racial Bias Among Appraisers 56

Biden Calls Out Racial Bias Among Appraisers

To counteract low appraisals in minority neighborhoods, Biden says he’ll push for training to address racial bias among appraisers… Appraisers, you might want to “take a gander” at this article in the link below, because it indicates possible/probable changes coming. I especially like the ‘extra training for appraisers’ to avoid discrimination/racial bias. Not. In other words, appraisers are at fault for lower values in certain neighborhoods which are not as highly valued as others, and so we must be indoctrinated to be more sensitive. Buckle up folks, as it’s going to be an interesting ride. Excerpt from Biden Admin and...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / NAR / National Association of Realtors

Why is Only One Side of the Racism Claim Appraisal Story Being Told? 261

Why is Only One Side of This Story Being Told?

There are always two sides to every story; however, understanding is a three-edged sword: your side, their side, and the truth in the middle. Recently there has been a wave of news stories about racism in the appraisal profession brought on by a couple in Jacksonville, Florida. That couple, Abena Horton, a black woman, and her husband Alex Horton, a white male, made claims that an appraiser who first appraised their home came in low on the appraisal due to her race. You can read one of the numerous stories here. Before anyone here accuses me of being racist etc.,...

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

FNMA Accessory Dwelling Units (ADU) Policy Updated 10

Fannie Mae’s ADU Policy Updated

On September 2, 2020, FNMA updated their policy allowing for Accessory Dwelling Units (ADU) on Single Family Residential (SFR) properties to be a Manufactured Home. This is in their Selling Guide Announcement SEL-2020-05, linked below. Key points: An accessory dwelling unit (ADU) is an additional living area that is independent of the primary property and has basic bathroom, cooking, and sleeping facilities. With this update, we clarified ADU property eligibility and comparable sales requirements in the appraisal as follows: expanded the current definition of an ADU to improve proper classification of ADUs; expanded property eligibility by allowing multi-width manufactured homes...

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

Should Appraisers Pay to Be on AMCs Approved Appraiser List? 47

To Pay or Not To Pay, That is the Question

Should appraisers pay to be on an AMC’s approved appraiser list? Is this one way to get new clients? If an AMC solicited you, would you check it out? Now, I work for some AMCs that, frankly, you might not choose to work for. That’s fine. It’s a choice we all make. Understand that most of the areas I work are rural, so AMCs are generally willing to pay more because of this. Some AMC are very demanding. Yet, when I meet those demands, I get a lot of well-paying jobs from them. Recently, a new AMC asked me to...

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

Zestimate vs Appraiser... Will Zestimates Put Appraisers Out of Business? 21

Will Big Data Put Appraisers Out of Business?

Part of the boom in the availability of data has led to companies such as Trulia and Zillow who claim they can “Zestimate” a home’s value instantaneously. But can your potential customers trust such value? In the old days, if a homeowner really wanted to find out how much their property was worth in the current market, they called an appraiser. Our customers understood that a licenced and qualified appraiser is trained, experienced, knowledgeable, and unbiased in his or her own marketplace. In the past few years, the Information Age has flooded us with data; lots of data. Big data...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Online Estimates

Appraisal Report Corrections Protocol 27

Appraisal Report Corrections Protocol

For some time, appraisers have written or called me, asking about how to do report corrections, or respond to client requests – after an original report has been sent in. I decided to distribute these suggestions to encourage a uniform procedure across the appraiser universe. I don’t recall ever seeing anything published about this topic. Disclose, don’t bury – modifications, corrections or responses to the original report, or even subsequent changes. I have seen too many reports where the appraiser hides changes within the body of the report as if those were part of the original, when in fact they...

Appraisal / Appraisal News / Appraisers News

Appraisal Modernization - UAD and "forms" redesign - Appraisers Blogs 56

UAD and Forms Redesign

Last year the hot topic was Appraisal Modernization – mostly bifurcate appraisals and UAD changes. In late 2019, FHFA decided to not do much more on bifurcated. However, the GSEs have been working on UAD fields. There is an active work group of appraisers advising the GSEs on UAD changes. There has been a sample of what is being worked on floating about the internet. Per Danny Wiley, Senior Director of Single Family Valuation at Freddie Mac since 10-19, in a Facebook post, this a very preliminary UAD list and is not to be relied on as representing what will...

Snippets / Trending

COVID-19 Pandemic and Exterior Appraisals - Appraisers Blogs 64

COVID-19 Pandemic & Exterior Appraisals

Everyone, not just appraisers is getting bombarded with information on COVID-19. So much of the information differs, it is hard to know what is real, hype or hysteria. So much has been shared within the appraisal groups on social media that there are more conversations about COVID-19 then appraisals. VaCAP is a volunteer organization of appraiser professionals. We are not medical professionals and are just as confused as most of you. Each and every one of us is different. We have different levels of health and different people living in our homes; some may have compromised immune systems, some maybe...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Trending / VaCAP

Appraisers CASH the Darn Check! - Appraisers Blogs 52

CASH the Darn Check!

…AMC in question is refusing to allow new vendor appraisers to accept fee payments by check… Appraisers, I had an interesting conversation with a Chief Appraiser at a prominent AMC today (and no, you don’t have to berate or chastise me for using that expression) who told me they have a real problem with appraisers FAILING TO CASH FEE PAYMENT CHECKS! This news was absolutely stunning to hear. It is incredulous to me that people who claim to be ‘professional’ in their work, can’t figure out how to take a piece of paper with their business name on it and...

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

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