Tagged: valuation

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

5

Simply too BIG to Say No to…

If they can’t even get their own PACE Pro form right, how are these alternative “valuation” providers going to get something as complicated as the value right? First American, and to some extent similar large scale conglomerate “players”, supply everything to the transaction: from the Home Warranty for the buyer, to the escrow services, to the mortgage company, to the mortgage servicer, to the title company, to the appraisal management company, to the appraiser panelists, to the software company that DESIGNS the software used for PACE Pro and almost all other appraisal software (ACI), to the BPO providers, to the...

1004MC / AGA / Appraisal / Appraisal News / Appraisers News / Automated Valuation Models

Desirable - banned Fannie Mae words 10

Desirable, Rite or Rong?

Desirable, banned or permitted? I was caught up in a minor ‘dispute’ last week when a review appraiser wacked my knuckles when I described a ‘neighborhood’ as being “Desirable.” My original message was re-distributed on various forums and I’ve tried to read all comments to see how I might learn from this episode. Lots of appraisers offered their input. Some supportive and positive, some cautionary, and some who believe much of what we have to deal with is pretty trivial. “Banned words” were originally identified in the Fair Housing Act law many years ago (not the EEOC law as I...

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

Experience, Education Criteria Input Request & AGA Open Letter 18

AGA Open Letter Regarding Changes to the Criteria

Request for appraiser input on current and future educational / experience requirements… The AGA sent the below letter to the AQB in response to their outreach asking for comments. Please write them and tell them YOUR views. If you agree with what we have said, then just copy it and add your name to it saying “we agree”. Or don’t copy it, and just say “We agree with the AGA letter”. If there are any significant parts you disagree with, then please ‘except’ those. If you have additional thoughts or suggestions for them (civil ones), feel free to add them....

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

Titanic market value big data 9

Market Value in the Age of Big Data Infallibility

“Practically” unsinkable! This isn’t a topic I generally spend a lot of time on. Partly because I am ‘uneducated’ (sans college degree) and partly because it bores people to death. Despite this I ask you to bear with me. It all started while I was listening to my favorite local radio stock market gurus on the way to wash my car. An expert from the firm of Dewey Fleecem & Howe (DF&H), or some such firm, was explaining the current stock market instability in a historical context. Since our inception as a nation, DF&H reports that we have had 45...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / The American Guild of Appraisers

Computer Generated Value vs Human Brain 1

Computer Generated Value vs Human Brain

Around 1992, representatives of LSI (long before they became completely useless as an AMC) visited us in California to discuss some way to involve automation (as in AVMs) to eliminate appraisals. When I pointed out that they had JUST THANKED me for saving them from a quarter of a million dollars over valuation as a result of pressure from one of their very influential customers, and that the very same issue had arisen from that customers misapplication of data AND their potential misinterpretation of that data, they understood the connection. A KNOWLEDGEABLE human appraiser was required to resolve the difference....

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Automated Valuation Models

Chief appraiser says AVM is an appraisal 14

Chief Appraiser says AVM is an appraisal

Appraisers, Maybe I’m too much of an anal retentive type person, or perhaps it’s because I believe it’s important to use correct terminology. Regardless, I’m very concerned when someone with Chief Appraiser attached to their name attributes an AVM electronic value statement to an actual appraisal opinion produced by a human. So where did this rant come from, you ask? Future of Valuations Marries Automation and Human Instinct Within the article is this statement by the writer: “While AVMs do hold value — they are a cost-effective, fast tool to produce appraisals — the popularity of AVM usage among home...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Uniform Standards of Professional Appraisal Practice

Valu+ Logo Powered by NDC 3

Valu+ Discounted for AppraisersBlogs Readers

NDC’s Appraiser Product is now Valu+ with exclusive 20% off for all Appraiser Blog Readers. Valu+ is a standalone valuation product under the NDC Brand. San Diego, CA: In the appraiser data market there has been one constant for many years, NDC. Until now NDC was both the name of the business and the research product supplying thousands of appraisers and real estate leaders with accurate public records data on over 130,000,000 parcels of land. NDC is evolving and growing rapidly and because of this growth we are excited to announce that the NDC research and valuation product will be known...

Appraisal / Appraisal News / Appraisal Technology / Appraisers News / Automated Valuation Models / AVM

Valuing the Contribution of Solar Panels 39

Valuing the Contribution of Solar Panels

How to value the appraised property with solar panels Appraisers, Valuing the contribution of solar panels on homes has become one of the trickiest aspects of our work over the past decade. Attached is a very well written 45 page report that will help all appraisers better understand this issue, and perhaps lead you in the right direction when you encounter homes with solar panels. I strongly recommend that you print a copy for your library. Oh, and actually read it! The basis of the report is how to value the appraised property with solar panels, when no comps have...

Appraisal / Appraisal News / Appraisers News / Trending

A Contrary Response to The Future of Valuation - Imagecredit Flickr - Simon Cunningham 6

A Contrary Response to The Future of Valuation

Recently an article appeared in WorkingRE about the Future of Valuation. The author is the President of a large and highly respected Appraiser  Peer and Educational Organization.  My own contrary response was either too lengthy, or deemed too critical of a big advertiser for publication in WorkingRE. I thank the hosts of this blog for granting the space. My concern with the author’s views starts with the description of our Real Estate Appraisal profession as ‘valuation.’ The concern is more than mere quibbling over semantics. Valuation is the phrase preferred by the Business Valuation community. They have long been dominated...

AI / AMC / American Society of Appraisers / Appraisal / Appraisal Institute / Appraisal Management Companies

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