Tagged: ROV

Appraisal Report Corrections Protocol 27

Appraisal Report Corrections Protocol

For some time, appraisers have written or called me, asking about how to do report corrections, or respond to client requests – after an original report has been sent in. I decided to distribute these suggestions to encourage a uniform procedure across the appraiser universe. I don’t recall ever seeing anything published about this topic. Disclose, don’t bury – modifications, corrections or responses to the original report, or even subsequent changes. I have seen too many reports where the appraiser hides changes within the body of the report as if those were part of the original, when in fact they...

Appraisal / Appraisal News / Appraisers News

Pandemics Do Not Give Us a Get Out of Jail Free Card - Convoluted Times 25

Not a Get Out of Jail Free Card

It is not misleading to use a 1004 form for a desktop or a drive-by because, during these convoluted times… In talking with Tim Andersen, a USPAP instructor and long-experienced appraiser, I was reminded that, even in the time of C-19, USPAP applies, and appraisals must still be credible. Reports must still not mislead. USPAP has never required the appraiser to inspect the property. That is a lender construct. So long as your scope of work is clear relative the level of inspection you provided, and why that was your scope of work, you should not have a problem. Note...

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

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

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

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

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

Can We Stop Taking Comp Photos 65

Can We Stop Taking Comp Photos?

I personally do not think that appraisers should be required to take comp photos… First, before the hate mail starts rolling in, let me assure you that I understand the requirements surrounding comparable photos, and I do take them as an appraiser. I am not here to debate what the policies are, but I am here to question if those policies should be in place. I personally do not think that appraisers should be required to take comp photos. Modern technology has provided appraisers with a way to know as much about a property from the comfort of their own...

Appraisal / Appraisal News / Appraisers News / Trending

Bifurcated Appraisal Fans Can Claim SOW Till They're Blue in the Face 50

Hybrids vs USPAP Scope of Work Rule

Supporters of the bifurcated appraisal can claim scope of work till they are blue in the face… Appraisal Buzz published an article written by Joshua Walit on July 31, 2019 titled Nothing New Under the Sun: The Varied Face of Appraisal. The article brings up some good points, however; it does not take into account the reality of the market and the control of the lenders and appraisal management companies in the process. The mere fact that the appraiser does not have control over the person completing the inspection and in most cases, no way to even know who is providing the...

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

Will the Cost Approach be Required in the Redesigned UAD Forms? 50

Returning to Requiring the Cost Approach

…the Cost Approach is the most INACCURATE of the three current ‘Approaches’ we use… Appraisers, for the past few weeks, emails have been sent by a third party asking appraisers to complete a survey about the appraisal process and the current forms. I did so; you should also. But I wanted to expand on one aspect of the survey. Two separate questions, on different survey pages, related to the Cost Approach (CA). These questions wanted appraisers to state their opinion about 1) if the forms provide adequate detail to develop a CA, and 2) if it is or is not...

Appraisal / Appraisal News / Appraisers News / Trending / UAD / Uniform Appraisal Dataset

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