Editor’s Note: This is the most recent in a series of stories examining the trainee dilemma and how to repair a system in which mentors can’t afford to take on trainees and trainees can’t find a mentor willing to hire. Steve Massenberg, appraising 17 years, offers a short list of “dos and don’ts” based on…
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Editor’s Note: Here is some food for thought from regular contributor and Mobile Appraising Training Package author, Dustin Harris. His suggestion makes sense from a valuation perspective and also might release some of the pressure on appraisers to “hit the number.” The OREP/WRE Appraiser Independence Survey has over 1,000 respondents and hundreds of comments. We…
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When was the last time you indicated a functional obsolescence in the cost approach? Did you also reflect it in the sales comparison approach? Would you? Should you? These are questions we rarely, if ever, consider. Perhaps we even avoid the issue when we think the house we are appraising has functional…
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S.2452 is a bill intended to “amend the Truth in Lending Act to provide protection to consumers with respect to certain high-cost loans, and for other purposes.” Among other things, it’s intended to establish a duty for mortgage brokers and lenders to consider the best interests of their clients first. Lenders will be required to…
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Ever since the new Fannie Forms hit the light of day, appraisers have had issues with it; particularly Items #21 and #23. Below is clarification from the Appraisal Standards Board of The Appraisal Foundation on Item #23. For one appraiser’s concerns regarding Item #21, please see Something to Talk About: Fannie's New Forms.
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While the villain in last issue’s story “Identity Theft-Appraiser Style” happens to be a trainee, employee dishonesty is not the only reason appraisers refuse to take on trainees. Veteran appraisers wanting to give back to the profession by mentoring also report that the system is getting in their way.
By now, issues that discourage mentors are…
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Editor’s note: Expert knowledge of your local market is key to expanding your practice into consulting and review assignments. Many banks and national appraisal firms employ “sub-contracted” independent appraisers for administrative reviews. According to the author, knowing your local market will helps you understand potential factors affecting future sales prices, instead of relying entirely on historic sales. Understanding...…
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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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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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Appraising Disasters: When the Levee Breaks Part II: Real Work Begins By David Phillips, SRA As the date for the inspections drew closer, we enlisted the help of the Village Clerk. She was an invaluable partner in the process because she had addresses and phone numbers for most residents. After the flood, many residents went...…
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