Tagged: comparables

Pressure: My Story... This Is What Value Pressure Looks Like 21

Pressure: My Story

Appraiser pressures aren’t normal everyday life pressures…THIS IS WHAT PRESSURE is like for appraisers. Hit value, get paid. Don’t hit value, get fired or quit. In just 16 years as an appraiser, I’ve seen and heard many things. Some, I just want to forget and some I wish I never heard. Appraiser pressures aren’t normal everyday life pressures, they’re different. Typically, when business is good, it’s for reasons like doing a great job and providing a great service. Or, it could be because one aims to keep the client happy by hitting value, which is not exactly a good thing....

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

AMC Abuses? What's Your Story? 85

AMC Abuses? What’s Your Story?

Many of you have filed formal complaints against AMC abuses with State appraisal boards… The place was a small subdivision developed with coastal style homes on the Ocean side of route 12 in the Outer Banks of North Carolina. The bank was Bank of America. The AMC was LandSafe and the time was just before Corelogic purchase of Landsafe for $122 million. I was asked by this AMC to appraise a home for a purchase transaction. My comparable sales consisted of one recent sale of the next door neighbor, one on the same street, and two closed sales in the...

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

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

Senior Citizen Homeowner Rejects Hybrid Appraisal - AppraisersBlogs 27

Homeowner Rejects Hybrid Appraisal

Appraiser Alert: Don’t Mess with a 4’ 10” Senior Citizen! Last week I called a borrower to schedule the appraisal appointment. She asked me some very odd questions; “Are you a licensed appraiser? What is your license number? How can I verify this information?” Well I had never been asked any of these questions in my entire career, but I answered as there really wasn’t anything I was hiding. It was 19 degrees outside when I arrived at the property and this senior citizen, not more than 4 feet 10 inches tall, was sitting on the porch. I proceeded up the porch...

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

Third Party Services Prohibited - Prohibition is Back! 24

Prohibition is Back!

AMC strictly prohibits the use of third party services. A recent review of an engagement letter from a large national appraisal management company revealed something pretty peculiar… “An appraiser is prohibited from using any third party services.“ Wait, What? No third party services? I am no attorney, and certainly do not know all the aspects of law, but it seems that the definition of third party services is pretty self-explanatory. To be sure I am not mistaken; I researched the definition of third party. FreeDictionary.com: “A person who is not a party to a contract or a transaction, but has...

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

MLS Photographs to Be Used for Comparable Sales Says Freddie Mac 23

MLS Comp Photos

Using MLS photographs for comparable sales… In its September 2017 Bulletin, Freddie Mac updated its appraisal requirements. One change worth noting is the use of MLS photographs for comparable sales. Freddie Mac now allows copies of MLS photographs to be used for comparable sales without an explanation from the appraiser. While most appraisers welcome this change, others believe that this is another step to remove the appraiser from the process. One appraiser commented: “Anyone that thinks this is great should think about the long term. Freddie is now saying you don’t need your own pictures to prove you did an...

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

Subject as Comparable Sale: Can You Use the Subject as a Comp? 19

Can You Use the Subject as a Comp?

To keep my finger on the pulse of the real estate appraisal community, I like to check in on Facebook groups dedicated to our profession. A little while ago, I noticed that the same question was coming up over and over again; ‘can you use the subject as a comparable sale?’ When you work in a big, metropolitan area, this isn’t really an issue. Real estate appraisers in those places would probably dismiss this idea out of hand; they’re going to have plenty of comparables to use in their valuation process. In rural areas like the one in which I...

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

Weighting Process & Gridding of Comparable Sales - AppraisersBlogs 2

Results of Comps Grid Placement Survey

Weighting Process & Gridding of Comparable Sales Couple of weeks ago, I sent out a survey to NW WA State appraisers asking how they organize the comps grid page(s) on completed reports. Of the appraisers emailed, approximately 10% responded. Thank you. I did a limited distribution to keep my compiling time to a minimum, but I wanted to share the results with appraisers across the country as an FYI. I also sent a similar query to review appraisers I know. I offered 6 possible ways to do the grid, but as often happens, several appraisers wrote back saying they did it differently...

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

Rules Check Software 6

Rules Check Software

If the ‘story’ can be told using 3 comps, why are 4 or more really necessary? Folks, As you are probably aware, all of our appraisal reports receive an initial examination electronically. There are a number of businesses which have written and provide to the industry various types of ‘rules check software.’ This actually began in the early 1980’s by the appraisal computer software pioneers who wrote programs to ‘check’ reports for inconsistencies. I just learned about one such ‘rules check’ company, and the results they’ve seen using their software – below. They even admit to users that the users can ‘mine’ reports...

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

Contract Price vs Failed Appraisal...The Blame Game Just Won't Quit 38

Shame on Us – Appraisal FAILS Replace LOW Appraisal

Appraisal under contract price… Appraisers, The blame game just won’t quit. Now instead of dealing with a ‘low appraisal’, it’s now a “FAILED appraisal.” It’s always “our” fault properties don’t sell – when the contract sale price is higher than the appraised value. It’s never the fact that the home may have been over-priced, the buyer was desperate or over-emotionally involved, or the seller super greedy. The latest example highlighting “our” deficiencies: Excerpts from the Mortgage News Daily article: “…collateral problems are consistently the third most frequent cause of loan denials.” “…appraisals coming in below the contract selling price is...

Appraisal / Appraisal News / Appraisers News / Trending

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