Tagged: value

Human Real Estate Appraisers Unnecessary? - Appraisers Blogs 80

Human Real Estate Appraisers Unnecessary?

“Real estate appraisers will not exist in the future.” – Reasons Behind Matt Rider’s Projection and Why He’s Wrong Technology in real estate is advancing to a point where any user can “pull up a property’s data together” and create an appraisal. This is the main point raised by Franklin American Mortgage’s Chief Information Officer Matt Rider in his interview with National Mortgage News. He claimed that as a result, real estate appraisers wouldn’t exist in the future. See interview here. Rider’s projection seems to be based on society’s increasing dependence on Big Data and artificial intelligence (AI). According to...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

Using SmartExchange? You May Have Violated State Law & USPAP 30

The Possibly Just Became Reality!

Using SmartExchange? You May Have Violated State Law & USPAP I will not drag this out. I will simply be direct and to the point. IF YOU OPTED IN TO ALAMODE’S SMART EXCHANGE, YOU MAY HAVE JUST VIOLATED STATE LAW AND USPAP ON EVERY APPRAISAL YOU HAVE EVER COMPLETED. Let me repeat that so it sinks in a bit… If you opted in to alamode’s Smart Exchange, you may have violated State Law and USPAP on every appraisal you have ever completed. Now that it has sunk in, let me explain. Each state statute may define an appraisal differently. Some...

a la mode / Appraisal / Appraisal News / Appraisal Software / Appraisal Technology / Appraisers News

When an Appraisal is Not Required - Appraisals & Evaluations Regs 8

Appraisals NOT Required

…is not required to obtain an appraisal under other law… The Federal Deposit Insurance Corporation (FDIC) issued a Financial Institution Letter to US banks on 10/16/18, which incorporates Appraisal and Evaluation regulations and guidelines. This consolidates previously issued regs and guidelines into one document: Letter  FIL-62-2018 Part 323 – Appraisals Appraisal and Evaluation Guidelines 2000 – Rules and Regulations PART 323—APPRAISALS § 323.3 Appraisals required; transactions requiring a state certified or licensed appraiser. (a) Appraisals required. An appraisal performed by a state certified or licensed appraiser is required for all real estate-related financial transactions except those in which: (1) The transaction value is $250,000 or less;...

Appraisal / Appraisal News / Appraisers News / FDIC / The Federal Deposit Insurance Corp.

A Real Estate Agent is Not an Appraiser - Who Are You Going to Call? 10

Who Are You Going to Call?

Is a real estate agent the right individual to state what adds value on a home appraisal? …Ghost Busters! (no, actually an appraiser) Social media can be rife with misinformation, even when the information presented is well intentioned, but of a national scope. National studies are not local studies, and blanket statements presented as fact are potentially misleading. Real estate agents are professionals who are involved in selling houses on a daily basis and know their markets — as well as what drives interest with the buyers and sellers they are working with. Their job is difficult; often rewarding, and...

Appraisal / Appraisal News / Appraisers News

Deal Falls Through & Everyone Blames the Appraiser - AppraisersBlogs 17

Blaming Appraisers

…deal falls through and everyone involved is convinced the appraiser ruined everything… We hear all about low appraisals, but we never seem to hear about homes that are flat-out over priced, often by an agent who wants to prove they are smarter than everyone else and will take advantage of any unusual feature or circumstance to push the value beyond any other homes in the local market. For example: A buyer finds a house in need of some updating. Medium sized market and things are selling between 90-120 days on average. The neighborhood is good and the house has a...

Appraisal / Appraisal News / Appraisers News

Valuing Properties in 5 to 15 minutes Using Photos...Lightspeed Appraisals 22

Fast, Faster and Really Fast…

Appraiser must be comfortable valuing a property in 5-15 minutes using pictures… Fast, Faster and Really Fast… Take a look at the ad for an in-house appraiser in the Atlanta area. How many of your are good enough to apply for this job? Job description We are looking for Real Estate Appraisers (licensed in GA) to work remotely on an independent contractor basis.. Appraiser will primarily be responsible for valuing properties which are on foreclosure list. Appraiser must be comfortable valuing a property in 5-15 minutes using pictures from field report. The ideal candidate will have experience with valuing distressed...

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

AI Damaging Appraisers' Livelihood - Shame on All AI National Leadership 57

AI Damaging the Livelihoods of Appraisers

Congrats AI National, you got a win and hope you can sleep at night… The Appraisal Institute succeeded pushing SB-70 into CA law without informing their own membership. Their long-term goal for all their anonymous lobbying to dismantle all appraisal licensing is to revert to a previous time before FIRREA when membership in trade groups mattered a lot more. Unfortunately, they are heavily damaging the livelihoods of appraisers in the process. Be sure to shake hands with Scott DiBiasio, Bill Garber, Jim Amorin and the rest of AI executive leadership at your next AI meeting. The background on this insanely...

Snippets / Trending

Do You Have Two Appraiser Brains? Which Brain Wins? 12

Do You Have Two Appraiser Brains?

So, do you have two brains? One appraiser brain says you must be “independent, impartial, and objective.” (USPAP) It wants to be good. It wants integrity and to sleep peacefully at night. But there’s another brain. It’s primal and wants to survive. It has other responsibilities: meet the bills, feed the family, pay the mortgage, and pay government taxes/fees. And recorded in this brain is that part of the standards which say: Do what your clients expect; do what everyone else does. As paraphrased, the sole guides to an acceptable scope of work. The two brains may not talk to each other. Each...

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

Size vs. Value - Finaly...The Truth About Price per Sq.ft. in Valuations 13

Truth About Price per Sq.ft. in Valuations

…has nothing to do with size… This article from realtor.com titled ‘Forget Price Per Square Foot: The More Accurate Ways to Determine Your Home’s Value’ explains why price per square foot is not a good gauge of value. Excerpt: A home’s price per square foot is a common way to quantify its value… Many home shoppers even use it as a determinant for whether or not they’ll even consider touring a home. But that doesn’t mean it’s the most accurate, end-all and be-all way to gauge a home’s value and compare it with other houses. Why? Because all homes are...

Appraisal / Appraisal News / Appraisers News

TALCB States 70% of All Complaints Against Appraisers Are Unfounded 118

Frivolous Complaints Against Appraisers

TALCB noted that roughly 70% of all complaints against appraisers are unfounded… The American Guild of Appraiser recently wrote to Texas Sunset Commission expressing member concerns and suggested solutions. We urge readers to copy, paste, edit and send their own comments – even out of state appraisers. Click here to send your comments. Posted AGA comments and concerns Appraiser complaints are allowed to be filed against appraiser by third parties that are not the clients. The appraiser has no recourse to these for recouping costs of defense. Third party complaints by non clients (agents; brokers, buyers, sellers) serve only to...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / NAR

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