Editor’s Note: Who would have guessed that the Cost Approach would stir such emotions among appraisers nationwide? WRE received a sizable and emotional response to Cost Approach: Why Sidestepping it Can be Costly (WRE Online, Vol. 9). Significant Change to Cost Handbook by Marcos Campos, MAI, SRA A small change was made on page two...…
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Making AMCs Work for You by David Brauner, Editor Here’s a story about one appraiser who makes working for AMCs work for him. Many appraisers choose not to work for Appraiser Management Companies (AMCs) because, they complain, the top priority of AMCs is getting appraisals fast and cheap– with quality a distant second. This story...…
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Defensive Appraising in a Declining Market By John Lifflander, ASA As market conditions continue to decline, appraising has become more difficult and potentially perilous. Consequently, it has never been more imperative for appraisers to prepare reports in a way that will hold up to meticulous scrutiny. Properties that are selling or being refinanced now may...…
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New Qualifications/USPAP Explained by David Brauner, Editor If you’ve been busy making a living, perhaps you missed or forgot that important changes to appraiser qualifications and to the Uniform Standards of Professional Practice (USPAP) took effect January 1, 2008. Here is a brief overview of the changes with rational provided by John S. Brenan, Director…
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Editor’s Note: Coast to coast appraisers are thinking: “I told you so.” Many predicted that unchecked lender pressure and other shenanigans during the refi-boom, sooner or later, would have its consequences. Some said it would be another Savings and Loan-type crisis, with taxpayers footing the bill- again. What we are in the midst of may…
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Low E&O Rates & Great Service…and Yes, We Answer the Phone Appraisers/Agents E&O Min. Prem. $483 Inspectors E&O Min. Prem. $1,250 Golden Rule Our mission at OREP is to be the best insurance resource for real estate professionals; to follow the Golden Rule by treating all who contact us for help as we would expect…
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Editor’s Note: WRE received many questions and comments in response to last issue’s Making $300,000 a Year Appraising. We sent them to the appraiser profiled in the story for his response. Making $300,000 a Year: Clarified By John Ugrotzi, Jr. First, yes, $300,000 is gross. I wish it were net. When I was in Colorado…
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Teaching Your Clients Well At a recent industry show in Las Vegas (Valuation 2007), one speaker suggested that appraisers facing pressure may try “educating” their lender-clients about the rules, just in case they don’t know. You may be surprised by what is set in stone. One document that can be used for this purpose is…
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Editor’s note: Determining what is or is not a “stable” market in these turbulent times is confusing for some. Appraisers report having appraisals rejected because the “Declining Market” box is checked on the Fannie Form. Others say they would be admonished for not indicating a declining condition. As always, the best advice is to be...…
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Editor’s Note: An OREP member recently walked into our (San Diego, Calif.) office to renew his E&O insurance in person. We are always glad to meet our members. During our chat, he said he now does only REO work and is plenty busy. Ann O’Rourke explains that if foreclosures are up where you live, your...…
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