Tagged: value

AMC Exposed inflate values 37

AMC Exposed… Getting the Value Needed

Are AMC appraisers pressured to inflate property values? We stumbled upon this article yesterday from WSB Atlanta and thought it was worth sharing. Jim Stickland, a Channel 2 Consumer Investigator with Atlanta TV News, covers the story of a lender colluding with an AMC to inflate property values. Stickland reports that John Laymac, a new homeowner was denied a mortgage on his $390,000 home when the appraisal came at $365,000. Consequently, the builder, SR Homes, had Laymac apply with its preferred lender, Brand Mortgage, claiming that they will get the value needed to close the deal. In an email to...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Trending

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

Value too Low? Order Multiple Appraisals! 8

Value too Low? Order Multiple Appraisals!

Appraised value is not as high as the agreed (contract) price get multiple appraisals Folks, An article titled 4 Ways to Deal If Your Appraisal Comes in Low with incorrect info has been making the rounds. This is the second time I’ve seen it in different publications. In it, Diane Saatchi, a senior broker with Saunders & Associates in Bridgehampton, NY, is quoted: “Order a second appraisal Most often, if the appraised value is not as high as the agreed (contract) price, the seller’s agent will ask to see the comps and get a second or third appraisal,” Saatchi says....

Appraisal / Appraisal News / Appraisers News

Adjustment Values, Frequency & Dollar Amount 18

Adjustment Values, Frequency & Dollar Amount

Ever wondered what other appraisers are doing with adjustment values? Appraisers, Have you ever wondered what other appraisers are doing with adjustments in their reports? CoreLogic has done research over the past 3 years, using 1.3 MILLION+ reports, and has produced the graph attached here.  You may want to print this for reference. This graph shows the percentage of time a certain feature is adjusted, and the average dollar amount of the adjustment for each of those. It’s rather interesting. The highest amount of adjustment, approximately $14,000, is for the Quality Rating. Not really surprising as to the amount, but the percentage...

Appraisal / Appraisal News / Appraisal Quality Monitoring / Appraisers News / AQM / Collateral Underwriter

You are Not Valuing Property - Value Real Estate - Imagecredit Flickr - Got Credit 2

You are Not Valuing Property

Thousands and thousands of decisions determine value. What do you do for a living? I am a real estate appraiser. What does that mean?  I value real estate. Actually, that is not quite true. Okay, technically it is, but what is the value of real estate really? Real estate is given a value only based on what a seller is willing to settle for and a buyer is willing to part with.  Of course, it is much more complicated than that (which is why appraisers are so needed), but that is the gist of it. For a moment, I want you to think about...

Appraisal / Appraisal News / Appraisers News

Why Most Purchase Appraisals SHOULD come in Just Above the Purchase Price 3

Why Most Purchase Appraisals SHOULD come in Just Above the Purchase Price

“…You come in just above the purchase price…” How many times have you had this comment from someone who knows relatively little about the appraisal process, “I am not so sure about you appraisers. Seems like every time there is a purchase transaction needing an appraisal, you come in just above the purchase price. If the house is selling for $200,000, you come in at $202,000. If it is selling for $450,000, you come in at $460,000. Seems a little rigged to me.” Ever had a client get really upset when you asked to see the purchase contract before you...

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

Like Type Properties - comparables 1

Like Type Properties

Without finding the proper comparables, an appraiser is easily challenged.. Very recently, I was presented with an appraisal report that was actually a fourth revision. The appraiser had accurately completed a report and submitted the report for consideration to the lender, then over the next six weeks apparently, was barraged with a continual flow of reconsideration requests and alternative comparables, until the report appraiser finally felt pressured enough not only to re-grid alternative comparables, but also to change the opinion of value by almost 20%. I was involved in a quality assurance review and, fortunately for the appraiser, was able...

Appraisal / Appraisal News / Appraisers News

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Over 275 Websites for Property Assessment and Valuation

Selected Internet Resources for Property Assessment Administration and Tax Professionals Property tax consultant Richard Sanderson has had more than 30 years experience in property tax administration and has valued some of the most complex properties for tax purposes over the years.  He has just compiled and released a 24 page resource guide for property assessors, appraisers, tax professionals, and others interested in property valuation and tax policy. Entitled “Selected Internet Resources for Property Assessment Administration and Tax Professionals” the guide includes more than 275 websites that are very useful to: Academics in the field of local government administration and tax policy...

Appraisal / Appraisal News / Appraisers News

The value of Time - Time is Money 0

The Value of Time

A British university professor has proved the old adage “time is money” in a 2002 article by CNN by creating the following mathematical formula: V=(W((100-t)/100))/C V  = value of an hour W = person’s hourly wage t = tax rate C = local cost of living Ian Walker, economic professor of central England’s Warwick University, calculated this formula to show people that time actually IS money. This formula shows that day-to-day activities can be calculated monetarily to help you understand the value and costs of time. Consider the following. Brushing your teeth for three minutes = costs 45 cents Washing your car...

Appraisal / Appraisal News / Appraisers News / Business Development

Extraction Has No Traction 3

Extraction Has No Traction

“Land values were based upon the extraction method.” Look familiar? If I had a nickel for every phoned-in Cost Approach that had this sentence or one like it, I’d be Warren Buffet. The Dictionary of Real Estate Appraisal defines it as: A method of estimating land value in which the depreciated cost of the improvements on the improved property is estimated and deducted from the total sale price to arrive at an estimated sale price for the land; most effective when the improvements contribute little to the total sale price of the property. The underscored portion says it all. Usually...

Appraisal / Appraisal News / Appraisers News / IDFPR / Illinois Department of Financial & Professional Regulation

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