Tagged: CU

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

Appraisal Inspection Procedures & Protocols 64

Appraisal Inspection Procedures & Protocols

The industry needs to discuss the coronavirus issue and how to conduct inspections. I set up an inspection a few days ago using the Procedures & Protocols form below and this is how I handled it. I called the listing agent and tactfully told him that we had to discuss this Coronavirus issue … that I had a family member with a compromised health situation and that we had to presume the virus was already within our community. Then I explained to him that I inspect a lot of homes every week and that normally involves touching a lot of...

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

Final Inspection When Not the Original Appraiser - Appraisers Blogs 29

Final When You’re Not the Original Appraiser

When You Complete a Final and Were Not the Original Appraiser First of all, let’s clear the air of any initial confusion that could be potentially floating around out there. It is absolutely okay for an appraiser to complete a final for a property when they were not the original appraiser on the original report. It is perhaps slightly more unusual, but completely ethical. However, there are a few issues that an appraiser could potentially run into if they are completing a final for a report where they were not the original appraiser. I am going to talk about one...

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

Class Valuation Fits Squarely Into the Low Life Company Category 53

Class Valuation Did Me a Favor

My profile has been disabled from Class Valuation. They actually did me a favor. This does not bother me in the least as I have gotten nothing but bid requests from them. My resolution for 2020 is to change my focus and remove unwanted low-life companies from my business. Class Valuation fits squarely into the low life company category. I cannot call them a client as I have never received any work from them. Here is an email I received from them. Hello, Please note your profile is currently disabled with us pending a completed direct deposit form. The state...

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

Is That an Arm’s-Length Transaction? The Necessary Analysis 14

Is That an Arm’s-Length Transaction?

USPAP does not define the term arm’s-length transaction. Fannie Mae also lacks such a definition. Yet, both of them call for the appraiser to use only arm’s-length transactions as comparable sales… How often do we appraisers get into the mode where we think we know it all? Occasionally, do we need to step back and look at the way we do things, just to make sure we are not missing something? Is what we know to be true and correct really true and correct? I raise this issue relative to the concept of what an arm’s-length transaction is. Are we...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Uniform Standards of Professional Appraisal Practice / USPAP

Think It's Okay to Do Bifurcated Hybrids? Georgia Fines Hybrid Appraiser! 101

Georgia Fines Clear Value Hybrid Appraiser

So, do you think it’s ok to do bifurcated hybrids? On January 31, 2018, what appeared to be egregiously deficient Clear Capital “Clear Value” bifurcated hybrids were exposed in AppraisersBlogs. See What IS a “ClearVal Appraisal”? The properties were in Georgia. The appraisals were performed on a desktop basis by an appraiser in Indiana. Total fee was $250. Out of that $250, AMC Fee was $225, and the Indiana desktop appraiser was paid $25.00. Keep that fee in mind as you read through the attachments. Two complaints were filed by AGA™. One with the State of Indiana, and one with...

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

Request Changes by AMC Reviewers & Withholding Appraisers Payment 21

AMC Reviews of Appraisals

Only the lender’s Underwriter should be able to request changes to the report and the lender should be the one that pays the appraiser… An appraiser associate was having a discussion with one of the head review appraisers at HUD and the reviewer noticed that the Plat Map in the report did not correspond with the site size reported in the URAR form 1004. The appraiser stated that the public record and the Plat map did not agree with each other and that he chose the figure shown in public records. The reviewer questioned why he would choose the public...

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

Game Over ServiceLink - AMCs Appraisal Schedule Fees Made Public! 61

Game Over ServiceLink

Now that ServiceLink fee schedule, indicating fees paid to appraisers and fees charged to the lenders, has been released to the public, there is absolutely no reason for in camera review… We are sure you have heard the old saying what goes around comes around, right. Well, here we are again; The FTC vs Louisiana Real Estate Appraisal Board case has been brought back into the spot-light. As you may recall, the LREAB filed a civil case against the FTC in attempt to stop the case against them. That case was denied due to lack of jurisdiction. Then the LREAB...

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

Time Saving Shortcuts Undermines Our Profession. Skip the Comp Photos 53

Skipping Comp Photos, Suicidal Shortcuts

I refuse to undermine my own profession by pretending that time saving shortcuts are always acceptable just because they are ‘more modern and progressive’. I know how long it takes to produce USPAP compliant, credible appraisal results. I charge accordingly for my time. I make no effort to compete on fees with half assed hybrids, evaluations, or single approach partially performed field work. Respectfully, neither should anyone else. Please stop undermining our own profession…. Recently The Appraiser Coach posted an article and links to a podcast suggesting its no longer necessary to photograph our comparable sales. I wrote a counter...

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

Failure to Inspect & Photograph Comps Backfires on Appraisers 52

Appraisers, did you Shoot yourself in the Foot?

When I explain the rules many of the appraisers start complaining: “An MLS photograph depicts the house at the time it sold so it’s more accurate than my photograph would be”… There’s a lot of yelling and screaming about bifurcated appraisals. Unfortunately, appraisers may have shot themselves in the foot when it comes to this issue. Allow me to provide an analogy to help explain the issue. I’m not sure if this happens in other areas of the country but in Seattle there is a strange “left leaning” way they do things: State and Federal governments perform numerous traffic studies, to...

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

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