Fraud, AVMs and Fannie’s New Forms Report from Valuation 2003 While you were busy appraising, Valuation 2003 took place in Orlando, Fla. with many of the industry’s movers and shakers exhibiting, speaking and networking. Working RE Magazine was there too. Mark Simpson, Director of Property Valuation Standards & Practices, Single-Family Credit Administration, for Fannie Mae...…
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Enhanced Appraisers Data/Seamless Delivery The Future is Now Flash Gordon, move over. Reality (and technology) have finally caught up with the visionary dreams of many appraisers: a high octane blend of public records and enhanced appraisers data that can be sorted, downloaded and integrated seamlessly into appraisal forms with just a few mouse clicks. The...…
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Editor’s Note: Many appraisers and inspectors see red when their insurance company settles a claim they feel is frivolous. Here’s the story of one inspector who had his day in court – and won. Having Your Day in Court: And Winning! By Todd F. Stevens A few months ago I defended a home inspector in...…
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Truth about Coming In Low By Larry Cole In my market, if an appraiser comes in below the contract price he/she has 10 times the work to defend the low value. When this happens, the appraiser is assaulted by the lender, agents and the seller. (Seldom do I hear from the buyer.) If I’m low...…
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Editor’s Note: With the spate of hurricanes, floods and fires, disaster work is on the minds of many. Here is a first person account by one appraiser who spearheaded the valuation of an entire town that was swept away in a flood. Appraising Disasters: When the Levee Breaks By David Phillips, SRA Before August of...…
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Editor’s Note: One in an occasional series of shared stories designed to bring a fractured and diverse appraisal community together in the pages of Working RE Magazine. Appraiser Slice of Life: Full Fees, No Bull John Hoffert and Bruce McMahon have several things in common besides their love of appraising. They don’t slash fees to...…
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Why You Should Care about Appraiser Qualifications Significant Changes Proposed By George Hatch The proposed revisions to the Real Property Appraiser Qualification Criteria include significant increases in minimum education requirements and appraiser trainee supervision requirements. Some of these revisions will have long-term implications on appraisal businesses if enacted. For this reason, even established appraisers should...…
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Many appraisers are spending their time worrying about how and when AVMs will replace their services but few actually understand how AVMs are being used today. I hope this article will debunk some commonly held beliefs and shed light on how AVMs are being used today. It will also take you inside the review…
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Diagnosing Structural Problems Serious structural problems in houses are not very common but when they occur they are never cheap to fix. Some can’t be fixed at all. This report won’t turn you into an expert but it does provide some of the common indicators. Uneven Floors Uneven floors are typical, particularly in older homes....…
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Three quarters of the way through the year, some appraisers are still unsure about how to deal with the change in reporting requirements that took effect January 1, 2003 (USPAP 2003). Some appraisers are going back three years on the subject and on the comparables; some on the subject only. What’s required? What’s prudent?
In…
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