FNC, Inc. is once again at the center of a firestorm in the appraisal world– this time over a user agreement that appraisers fear signs away their E&O insurance coverage. Appraisers are required to authorize the agreement if they want to continue working with many of the nation’s largest lenders via AppraisalPort. While the agreement…
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Editor’s Note: As this story illustrates, new laws supporting appraiser independence are beginning to bite and may be indicative of a new day. Appraiser Board Turns Tables on Broker by Cary Barker, Assistant Editor The times, they are indeed changing. A previous WRE cover story, Turning Tide? Appraiser Independence (Volume 18), covers a spate of...…
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Editor’s Note: The Housing Recovery Bill signed into law this summer promises to benefit appraisers, but the rules have changed. Here’s what you need to know. National Housing Act: What Appraisers Need to Know by David Brauner, WRE Editor The National Housing Act (H.R. 3221), signed into law on July 30, 2008, may generate a...…
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Seamless FHA Roster Renewal In a recent story (Industry Snapshot), WRE reports that FHA and the Appraisal Subcommittee are working together to create a seamless renewal process for appraisers on the FHA Roster. According to Donna Tomposki, Director of the Home Valuation Policy Division within FHA’s Office of Single Family Program Development, the system works…
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Editor’s Note: In this installment of Valuation Issues and Answers, Lifflander, ASA,explains how to handle foreclosures and short sales when choosing comparables. Valuation Issues & Answers Foreclosures & Short Sales as Comps By John Lifflander, ASA Question: Please explain the difference between an actual foreclosure sale and a short sale. Should short sales be used…
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Editor’s Note: Lowering your fees may not be the best way to increase business. This story, first published in 2005 and excerpted here, explains why and is more relevant today than ever for appraisers, inspectors and anyone in business. Read the entire story at WorkingRE.com (Library, Volume 9, a subscription or OREP membership is required).…
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Fannie Mae has introduced the addendum 1004MC and is requiring its use beginning April 1, 2009 (view the form at Efanniemae.com). It is a worksheet to help appraisers perform a market conditions analysis (MCA). By the time this hits your desk you should have begun the process of becoming familiar with it. Here…
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Editor’s Note: This survey, offered by Bradford Technologies, provides insight into residential appraiser demographics. Appraiser Demographics: Who are You? By Jeff Bradford, CEO, Bradford Technologies Who are you? That’s what we wanted to know. So as appraisers signed up for our free directory listing in AppraisalWorld, we asked them to take a survey. We’d like...…
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The Market: One veteran says that in 37 years of appraising 2008 was the toughest market he’s ever seen and that 2009 could be worse. Several others, also appraising over 30 plus years of real estate cycles, agree. Their take? If you can make it in these conditions, you can make it.
Professional…
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I decided to make the switch from appraising commercial properties back to residential properties in early 2008. To many this is appraisal suicide. However, the reason is simple- my wife became a state-registered trainee a few years ago, is serious about becoming Certified and needed my mentoring.
Since her knowledge of commercial appraising is limited,…
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