Tagged: pictures

Uncovering Flaws in FHA Appraisal & Loan Review Process 28

Uncovering Flaws in FHA Appraisal & Loan Review Process

The story of this single mother’s harrowing experience with a defective home purchase and HUD’s negligent oversight exposes deep flaws in the FHA appraisal and loan review process. After sacrificing for years to rebuild her credit and earn the right to become a homeowner, this borrower found her dream home in the country – or so she thought. During the home inspection, several issues were flagged. The seller, an investor who had purchased the home in an estate sale, was unaware of the septic system’s location. The seller agreed to have the tanks pumped so the location could be determined....

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CFPB

Desktop Appraisals: Has The Devil Infiltrated The Public Trust? 56

Desktop Appraisals: Has The Devil Infiltrated The Public Trust?

Are desktop appraisals with third-party inspectors protecting the public, or are these products about to destroy the very profession I love so much. The Uniform Standards Professional of Appraisal Practice (USPAP) are the key to maintaining public trust in real estate transactions. USPAP is pretty much the equivalent to the Bible, but it MUST be followed for appraisers. Created by the Appraisal Foundation, USPAP set forth the guidelines for how appraisers should perform their work. By following these standards, appraisers ensure that they act in a professional and unbiased manner. To expand, even more, USPAP states, “While USPAP does not...

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

HUD Dismisses Claims Alleging Racism Against Black & Minority People 72

HUD Dismisses Claims Alleging Racism

…white America (government) keeps trying to ‘fix’ Black People who are not broken in the first place! We’ve all heard of redlining. No one doubts it existed and MAY still exist, among private lenders. It’s hard to accept major national banking corps would risk it but it IS possible. Having said that, there is ZERO percentage or benefit for any appraiser to engage in it. None. Another appraiser in Los Angeles, who is a great researcher, posted addresses of the properties involved in half a dozen complaints alleging racism by appraisers and so-called ‘white washing’ of the houses producing subsequent...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Federal Housing Administration

Why So Many Appraisers Say NO to Bifurcated Hybrid Appraisals 13

Why Appraisers Say NO to Hybrids

Could this be another reason why so many real estate appraisers refuse to do bifurcated hybrid appraisals? Recently, a Mueller Services ‘inspector’ posted a comment on the article titled “Mueller Sample Report. You Decide!“. Could this be another reason why so many real estate appraisers refuse to do bifurcated hybrid appraisals? It goes without saying that bifurcated hybrid appraisals are uniformly performed by very low paid, with third grade level writing skills, untrained property ‘inspectors’ using a checklist – but with no appraisal training and skill. Tbhiitsch: Ah yes, Ive worked for Mueller services. It’s an easy job kind of,...

AGA / ANSI / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News

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

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

Pictures in Private Neighborhoods Can be Tricky 11

Photos in Gated Communities Can be Tricky

Let’s talk about assignments in private neighborhoods, gated communities, or secure communities. Rich folks buy, sell, and refinance their homes, too, so they need appraisals. You have an assignment in a security community. There is security at the entrances, you must be on security’s authorized visitor list to get in, and your permission to enter this private community extends solely to visit your subject. So, here is the question: while inside this gated, secure community, do you also drive around and take photos of the comps? Now, even though you are reading this, I can see you looking at me...

Appraisal / Appraisal News / Appraisers News

Is a Model Home Considered Occupied or Vacant? 28

Is a Model Home Considered Occupied?

Two days later the underwriter emails you ordering you to change “vacant” to “occupied” since there is clearly furniture in the house… Here’s a situation you’ll run into once or twice in your career. There is a new subdivision. Now, new subdivisions sometimes have model homes. Model homes typically have furniture, fixtures, and equipment – usually upgraded. The subdivision has completed its sales program and the developer is now selling the model(s). Your job is to appraise one of the models, since the developer has it under contract to a retail buyer. You do your inspection thing, take pictures of...

Appraisal / Appraisal News / Appraisers News / Trending

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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