Five Step Program for (Honest) Appraisers By Phil Boehm We live in interesting times. Large and small lending operations are doing battle for the remnants of the re-fi market. The Internet makes it easy for small, aggressive shops to compete with larger lenders on rates and fees. Borrowers are much smarter and much more likely...…
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Cost Approach Why Sidestepping it Can be Costly By Gretchen Gary and Richard Vishanoff “I don’t like using the cost approach. It’s too time consuming. Market-based appraisals are always more reliable. Besides, I’m not required to include the cost approach in my appraisals. It’s not relevant anymore.” Sound familiar? If you’re skipping the cost approach,...…
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“Comp” Checks: Turning Requests into Orders “Please check the comps first and call me immediately if the value is not there.” Sound familiar? Or the mortgage broker who calls from parts unknown asking: “Do you check comps first? I don’t want my borrower to pay for an appraisal they can’t use.” Just as lender pressure...…
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Editor’s Note: According to Don B. Swenson, MAI, changing your fortunes as an appraiser – moving from “form-filler” to consultant- if this is your goal, requires an expanded concept of appraising that looks beyond market value as being the solution to every problem. Those who manage to make the leap from appraising to consulting are...…
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Editor’s Note: In these competitive times, appraisers must grow and develop business continuously. But author and long-time appraiser Doug Smith cautions that the success of your firm depends on knowing which business to take on and which to turn down. Every bad debt starts with the granting of credit. Here are some guidelines for growing...…
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Measuring Up: Understanding ANSI Standards By Scott Austin “Would you mind going back to the house and re-measuring? There is more than a five percent difference in GLA (gross living area) between your sketch and that of the other appraiser.” I received this question from a specialist with a large relocation company. As per Employee…
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New Cold War: Fighting Spyware By R. Wayne Pugh, SRPA, CRE Spyware can sabotage your business and make personal information that you may wish to remain private- quite public. Here’s how to protect the home front from spyware using one of the highest rated and free tools available. Every computer with an Internet connection has...…
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Editor’s Note: Last issue, in Appraiser Cleans House, Christie Bond uncovered a dirty little secret shared by many appraisers: they love working with AMCs! In response to a mailbag full of reader questions, Christie brings us this follow up: Making Money with AMCs. Making Money with AMCs By Christie Bond So you have heard the...…
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Raising the Scope: New Role of Scope-of-Work By Sean Heath Ah, the law of unintended consequences. As defined, it means that the actions of people—especially governments—always have effects that are unanticipated or unintended. The Appraisal Standards Board (ASB), through their annual edits and amendments, has tried to make the Uniform Standards of Professional Appraisal Practice...…
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Fannie’s New Forms: Jury Out / Reviews In Editor’s Note: Perhaps the biggest recent news for appraisers is that Fannie Mae has released new test forms for use and review by lenders and appraisers (see sidebar). Fannie’s stated focus is “To provide lenders with a property valuation process that will enable them to more efficiently...…
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