Tagged: photos

Alternative Evaluations... Good or Bad 10

Alternative Evaluations… Good or Bad

All of these "alternative evaluations" are an attempt to reduce the fee of the appraiser… All this talk about alternatives to a full appraisal needs some common business sense added to the conversation. At the end of these comments I will include some of my background and you can make your decision if you think I am qualified to put my 2 cents in this discussion. I have said this before and I will say it again, the lenders (AMC included) just want an Appraisers signature and their E&O insurance with a value and they want it as cheap as...

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

Alternative Hybrid Reports, Finding a Solution By Working Together 22

Solution for Alternative Reports

Lenders are having a problem finding enough appraisers to fulfill the number of ‘alternative’ reports… This is my follow-up to the previous essay about FIVE different types of ‘hybrid’ reports. You need to know some background about why I’m writing about this. I’m acquainted with a highly skilled appraiser/instructor of 40+/- years in the trenches. I had the pleasure of meeting this appraiser in glitter gulch in 2008, again in 2013, and we have stayed in touch over the years. I greatly respect this appraiser’s opinions and willingness to contribute cogent remarks in-person, when teaching, and via various forum posts, etc....

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Software / Appraisers News

mysterious device revealed 2

Mysterious Device Revealed

On Monday, I distributed a photo (see below), which was taken by a western US appraiser at the subject property, and asked if anyone could accurately describe what this device is: The property owner was not at the property when the appraiser was there, and the appraiser was frankly stumped as to what this ‘thing’ is. By late afternoon Monday, the appraiser was able to talk with the property owner, and was told about this contraption. Meanwhile, dozens of appraisers wrote back with suggestions or positive “it’s a” statements. One appraiser actually has an administrative assistant who is a HAM radio...

Appraisal / Appraisal News / Appraisers News

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

Significant Appraisal Assistance, Outsourcing & Third-Party Blues 25

Third Party Blues

What is the significant part of significant contribution? Most lenders would rather not do the work of cultivating and curating a panel of appraisers. This is largely why AMCs exist. AMCs, in turn, quietly off-load some of their activities to other subcontracted entities. Some AMCs contract out state licensing and registration compliance responsibilities to outside concerns. A few use portals to send out engagements to their panel of appraisers. Others farm out payroll and invoicing. Still others outsource their QC work. This begs the question: What exactly do some AMC’s provide…directly? Some appraisers, too, don’t seem to be interested in...

AMC / Appraisal / Appraisal Management Companies / Appraisal Organizations / IDFPR / Illinois Department of Financial & Professional Regulation

Paying Too Much For Appraisals? 38

Paying Too Much For Appraisals?

Why am I paying more than TWICE the amount paid to the appraiser? I was recently charged/paid $750.00 to have the appraisal completed on the home I was purchasing. With the fees and costs associated with obtaining a mortgage, the appraisal fee was one of little to no concern to me BUT then I received a copy of my appraisal. In accordance with local regulations, the appraiser disclosed the amount he was paid to do the appraisal…$275.00 minus a $15.00 technology fee. I thought to myself why am I paying more than TWICE the amount paid to the person who...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

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

Digital Masking of People a Fair Housing Requirement of Mythodology 27

AMC Fair Housing Mythodology

AMCs are on notice to cease demanding and insisting that appraisers do digital staging. You’ve seen the AMC’s orders. “Appraiser is to obscure, blur or remove individuals from photos.” Why? Fair housing laws say so, that’s why. Do they? I had my first settlement conference with an AMC recently. Appraisers have been participating in settlement conferences with Appraisal Board members and Department attorneys for years. Because there is no Board for AMCs, the opportunity falls to me. At issue was the ubiquitous “client requirement” involving digital masking of people from images. While lenders and AMCs wave the Fair Housing penalty...

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

Appraiser’s Response to LRES Order Blast 80

Appraiser’s Response to LRES Order Blast

LRES Standard Interior Appraisal Request? Your special requirements and micromanagement of the appraisal process dictate that I charge a fee commensurate with the additional, but typically unnecessary work needed to produce credible results. You are the potential client (agent), so that that is your prerogative and it would be my pleasure to accommodate you as long as appropriate compensation is provided. Respectfully, there is little about your appraisal request that is “standard”. Please explain briefly what you consider to be a ‘standard interior appraisal’. That definition does not appear in The Appraisal Institute’s Dictionary of Real Estate Appraisal. To be...

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

The 1004D for Disaster Inspections 8

The 1004D for Disaster Inspections – Advice

When Disaster Happens… Appraisers, The phrase “disasters happen” is, unfortunately, all too common. Fires, floods, vehicle accidents, wind storms, hurricanes, tornadoes are all factors that can affect real property. When a local disaster happens, and is officially declared, lenders often ask appraisers to observe the current condition of their mortgaged properties. The assignment date may be days, weeks or months after the declared disaster. The hiccups, hang-ups and head scratching occurs when the lender or AMC asks for a ‘Disaster Inspection Condition Report’ to be done on the wonderful 1004D form. Something it is not designed to do. And this...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice

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