Tagged: value

US House Financial Hearing on Appraisals - Another Appraisal Waiver 14

Hearing on Appraisals

US House Financial Services Committee Hearing on Appraisals – The subcommittee on Housing, Community Development and Insurance is holding a hearing entitled “What’s Your Home Worth? A Review of the Appraisal Industry” on June 20, 2019 at 2:00 PM. The hearing is open to the public and can be lived streamed. To find out more about this hearing, go to the US House Financial Services Committee website. Contact the Representatives on this subcommittee. Make sure consumer protection is at the forefront at this hearing and not the profits of the GSE’s. Are the representatives aware the GSE’s are sending unlicensed,...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

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

Different Properties on the Same Form? Are you Appraising the Bulk... 12

Different Properties on the Same Form?

Are you appraising the retail values of 10 sites to 10 different owners? Are you appraising the bulk or discounted market value of the 10 sites to a single purchaser? Can the Same Form Have More Than One Property on it? Lots of folks have asked me, “Dustin, can I appraise two different properties on the same appraisal report at the same time?”. Now understand I am not a USPAP instructor, I am an appraiser, so I’m going to answer this question as best I can. The question before us is legitimate, and one which I had to answer recently....

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

Appraiser vs Machine - The Appraiser Cannot be Replaced by a Machine 5

Appraisers vs. Machines

Collateral risk analysis (appraisals being a key element of that) is partially art, partially science. Those two facets are blended inseparably, like a soup…the ingredients can’t be separated. While computers can undeniably perform certain tasks better than humans (such as the handling of large amounts of data) appraisers can perform other absolutely critical aspects of the process better than a machine. The appraiser can actually see the property to be valued, they can utilize their human senses, they can use their judgement based upon what they observe by physically being at “ground zero” (the Subject property), and can then apply...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / VaCAP / Virginia Coalition of Appraiser Professionals

Jan Bellas of AGA Breaches Solidifi's Intransigence. Thank You SOLIDIFI 8

Thank you SOLIDIFI

Jan Bellas breached their past wall of intransigence… Thank you SOLIDIFI Wow. That was more painful than I thought it would be. It’s no secret that I have been an extreme critic of Solidifi in the past. It’s also possible I will be so again in the future. I have not ‘sold out’ or traded my integrity or standards. What happened is that Jan Bellas of the American Guild of Appraisers, V.P. of Member Services has with great effort (and very little suggestion) breached their past wall of intransigence. With Solidifi’s Sr. Executives (Mr. “P” in particular) the very first...

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

Should We Real Estate Appraisers Stop Making Adjustments? 43

Should Adjustments Actually Be Done?

How much credit should we give ourselves when it comes to making adjustments? Making adjustments is controversial. USPAP says nothing about adjustments – it does not require us to make them. They are a GSE construct. So, should we real estate appraisers stop making adjustments? Clients pay us for opinions of value, so our adjustments are really opinions based on what the market tells us (or that’s what we should base them on), but they are still opinions we form; they are not facts we find. So, maybe, should we stop making adjustments? We derive our adjustments from sources such...

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

Loan Officer' Letter Instructing Borrower to Push Appraiser for Value 38

A Little Push Can’t Hurt Right? Wrong!!

…forget the risky position foisted on the consumer by the loan officer… Well, here we go again. In my previous blog posts titled “Round and Round” and “Pressure My Story”, I spoke to examples of how lenders and/or AMCs have been pushing and pressuring appraisers to hit certain values on transactions. If an appraiser did not hit these numbers, or make changes to make the transaction work in the lender’s favor, the appraiser would be threatened with non-payment, removal from appraiser panels, and/or blacklisted. If you haven’t read those blog posts, feel free to go back and have a look....

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

Mueller Sample Bifurcated Appraisals. YOU Decide! - AppraisersBlogs 48

Mueller Sample Report. You Decide!

A recruiter for Mueller Services, Inc. (Mueller Reports) contacted a VaCAP member about joining their team as a W-2 employee to complete bifurcated appraisals. Our member communicated with them and received samples of their product.  During the course of the communication, the recruiter mentioned, via email: In the past 30 days, we have had 23 cases in Virginia as a whole and expect that number only to increase. A quick check on the Department of Professional Occupational Regulations (DPOR) website revealed Mueller Services, Inc. is not registered as an appraisal firm. In fact they are not registered at all. In Virginia, to operate an...

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

Racial Bias: Redlining in the Modern Era 13

Racial Bias: Redlining in the Modern Era

…are they behind this modern day redlining?… The broad definition of an algorithm according to Merriam Webster’s Dictionary is “a step-by-step procedure for solving a problem or accomplishing some end.” It is pretty basic and fully understood, right? Now think back to those dreaded English classes. When did you learn about acronyms? Grade School, High School, College? Regardless, let’s just say it was a while back, so I will refresh your memory. According to Merriam Webster’s Dictionary, an acronym is” a word formed from the initial letter of words of each of the successive parts or major parts of a compound...

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

Assessor's Incorrect Legal Description...Property Research is Vital! 19

Advance Property Research is Vital

‘Subject to’ obtaining a correct legal description… Appraisers, an unusual situation occurred with an appraiser buddy, who asked for advice. After reviewing the details and providing input, I decided that this would be a good ‘teaching moment’ for others. See PDF for images below. Appraiser was asked to do a ‘refi’ assignment for a home that was purchased about 6 months prior by the borrower. The report was completed and turned in. Not long afterward, the appraiser received a ROV request because the borrower felt the value was too low. In the course of this process, the prior appraisal done for the purchase...

Appraisal / Appraisal News / Appraisers News

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