value range - Appraisers Blogs

Is Race Baked into Big Data?

Jonathan Miller — Mon, 01 Jul 2019 12:30:11 +0000

Chicago appraiser and friend (even though she calls me “fancy pants”) writes a stellar explanation of what an appraiser actual does – and what one of the panel experts got completely wrong because he didn’t understand our role in the mortgage process: Greetings Congresswoman Waters, Chairman Clay, Ranking Member Duffy, Ranking Member Gooden, and the Members of the Housing Subcommittee: My name is Maureen Sweeney, and I am a real estate appraiser. I grew up in a real estate family and lived through the savings and loan crisis of the 1980’s, which had a profound impact on my life. I...

The post Is Race Baked into Big Data? appeared on Appraisers Blogs.

Paint a Picture with Words

Rachel Massey, SRA — Mon, 02 Jul 2018 12:30:50 +0000

The reconciliation is precisely the place we want to avoid any boilerplate… A common complaint among couples is a lack of communication. “He should have known I wanted that bracelet for my birthday” “She should have known I wanted to have sushi for dinner” “She should be more considerate of my feelings”, etc. How are we supposed to know these things? Are we mind-readers? It would be much easier if we would somehow communicate our wishes with our partners, without having to come right out and say something, but at the same time, it takes away from the spontaneity of...

The post Paint a Picture with Words appeared on Appraisers Blogs.

AMC Abuses? What’s Your Story?

Guest Author — Wed, 14 Feb 2018 13:30:09 +0000

Many of you have filed formal complaints against AMC abuses with State appraisal boards… The place was a small subdivision developed with coastal style homes on the Ocean side of route 12 in the Outer Banks of North Carolina. The bank was Bank of America. The AMC was LandSafe and the time was just before Corelogic purchase of Landsafe for $122 million. I was asked by this AMC to appraise a home for a purchase transaction. My comparable sales consisted of one recent sale of the next door neighbor, one on the same street, and two closed sales in the...

The post AMC Abuses? What’s Your Story? appeared on Appraisers Blogs.

Rules Check Software

Dave Towne — Mon, 06 Mar 2017 13:30:00 +0000

If the ‘story’ can be told using 3 comps, why are 4 or more really necessary? Folks, As you are probably aware, all of our appraisal reports receive an initial examination electronically. There are a number of businesses which have written and provide to the industry various types of ‘rules check software.’ This actually began in the early 1980’s by the appraisal computer software pioneers who wrote programs to ‘check’ reports for inconsistencies. I just learned about one such ‘rules check’ company, and the results they’ve seen using their software – below. They even admit to users that the users can ‘mine’ reports...

The post Rules Check Software appeared on Appraisers Blogs.

Value Range Rather than a Single Point

Dustin Harris — Thu, 09 Jan 2014 12:30:01 +0000

I have been giving a value range…for many years… By making the choice to do lender work, we also make the choice to accept some pretty ridiculous stipulations. “When you pick up one end of the stick, you also pick up the other,” my dad used to teach me. One of those requirements that have been around as long as I can remember is that an appraisal value must be reported as a single dollar amount. This, I believe, is a mistake. By definition, market value is “The most probable price which a property should bring in a competitive and...

The post Value Range Rather than a Single Point appeared on Appraisers Blogs.