Tagged: data

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

Data and Verification Sources Are Critical 11

Data and Verification Sources Are Critical

The genesis for this essay began when I heard from another appraiser that a VA report reviewer rejected the comparables “DOC Number” on the Verification Source(s) line. The reviewer said the “DOC Number” was not acceptable as a Verification Source. In fact, VA has said in a newsletter to appraisers that “… Assessor’s File Number may never be used as a Verification Source.” I disagree with that position, and this essay explains why. It also explains what appraisers should do to provide credible Data and Verification Source(s) in reports. Caveat: I don’t do VA assignments. I decided that a deeper dive...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / The US Department of Veterans Affairs / UAD

Is an Appraisal Report Considered Intellectual Property? - Appraisers Blogs 8

Are Reports Intellectual Property?

Recently one of my Mastermind students asked about Intellectual Property. He told me that he’d had an associate leave his firm to go solo. Later, he was reading one of his former-associate’s reports and found the now-independent associate’s reports looked a lot like his in format, and even language. My student asked me if this was wrong. Well, I’m not a lawyer, but there are some sound issues to consider here. If you write something, if you are its author, it is your intellectual property. You can either trademark it (like a logo), or copyright it (like a novel). We...

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

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

We Became Complacent... Appraisers Are to Blame - Appraisers Blogs 33

We Became Complacent

We raised a fuss when it first came out, but we became complacent and accepted what was being dictated to us. Appraisers are supposed to be messengers of the market, right? If that statement is accurate, the question everyone needs to be asking is why appraisers are not allowed to do their jobs? Without getting into a lot a finger pointing and blame, I am just going to come right out and say it. Appraisers are to blame. Not because appraisers wanted to influence the market, but we allowed others to take control and we sat by and did nothing....

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

Computershare 15 Minutes Appraisal Reviews & Cheap Diapers 10

Computershare Reviews & Cheap Diapers

The resulting “outcome” of those cheap diapers is the same outcome as Computershare 15-minute reviews must be… This didn’t start out as an article, but you know me. Doing research prior to posting in the 100% comments board I was shocked at how pervasive this new ‘service’ already is. A simple blog post can’t begin to cover it. Every single reader needs to research their own states requirements. The AMC at the following link makes this easy. Please look your state up. My concern was with Computershare and Colorado. Feel free to look them up by clicking here. If that doesn’t...

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

Big Data is the BuzzWord. Can We Trust Regression in Amenity Valuation? 14

Can We Trust Regression…

I would like to give a background as to what prompted this article. A few years back, word on the street was that the Collateral Underwriter was going to be using big data collected directly from our reports from the inception of UAD to aid in determining what should be “reasonable adjustments”. In order to be preemptive, I consulted an acquaintance of mine who just so happened to have a PhD in Statistics from Princeton. We worked through a number of real case scenario data sets to try and figure out if there was a way I could use regression...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Collateral Underwriter

Property Selection for analysis & Statistics in Appraisals - Appraisers Blogs 11

Property Selection for Analysis & Statistics

The importance of proper property selection and ‘statistics’ in appraisals… Appraisers, I would like to direct you to info written by Mr. George Dell in his latest blog post circulated on July 3, 2019. This is one of the best explanations I’ve seen him write on this topic, of how to select and analyze properties when doing appraisals, and why correct ‘statistics’ presented in reports is important. I first became aware of the importance of proper property selection and ‘statistics’ when I attended an appraiser’s training class in 2008 in Las Vegas. The primary speakers were Mr. David Braun and Mr. Patrick...

Appraisal / Appraisal News / Appraisers News

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