What I like about writing these articles is the research it takes for accuracy and current terminology. For many years I was taught that accrued depreciation was depreciation from all causes, which consists of physical deterioration, functional obsolescence and external (locational and economic) obsolescence. This term is also used with those who value businesses…
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Editor’s Note: What seems to bother appraisers most these days, even more than low fees, are what they consider to be "unnecessary" challenges to their reports by AMC staff who, in many instances, appear to be less than qualified.
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Most appraisers cringe at the very mention of “marketing.” If you played word association with a group of appraisers using “marketing” as the target, they’d throw out “waste of time,” “snake oil,” “corporate suits,” and so on. They might even suggest some unprintable words and phrases. Very few in the group would say, “The single…
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Lagow was an appraisal manager and assistant vice president at Landsafe, Inc., the appraisal subsidiary of Countrywide, a position which gave him an inside look at the practices which caused the downfall of the largest mortgage lender in America. For his part, Lagow sees Countrywide as being at the heart of both the housing bubble…
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Frustrated with low-ball Appraisal Management Company (AMC) fees, appraisers are digging in, many refusing to work for less, some calling for a national strike to prove their point, but there may be a better way, such as knowing what appraisal services are worth in your market and demanding it. New regulations requiring fair pay for…
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Decrease Time and Liability during the FHA Loan Process By Lore DeAstra, MBA, SRA, CDEI, CTM Over the past year, the United States has encountered one of the most volatile housing markets in history. After the collapse of Fannie Mae and Freddie Mac in 2008, the Federal Housing Administration (FHA)[1] has insured more than 25 percent...…
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Editor’s Note: As we are learning- appraisal reports are being sliced, diced and in some cases, plundered. This new solution promises to secure your reports and preserve your identity.
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Readers Respond AMC Fails, Appraisers Stiffed Push your state’s licensing board to adopt North Carolina’s system which states that an AMC that doesn’t pay for the appraisal within 30 days of the report being submitted (not addendums or requests for more comps), risks losing their N.C. registration. – posted to OREP/WRE Appraiser Talkback Blog This…
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From the Publisher Reward, Risk and Bankrupt AMCs The extent of my business savvy is pretty simple: make more money than you spend. So it’s hard for me to imagine a reasonable scenario in which Evaluation Solutions/ES Appraisal Services (ES) can go out of business owing appraisers and real estate agents $11 million. Neither, by...…
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According to appraiser David Smith, AMCs just need to be told to do their job.
“When an AMC receives a request from a lender for more information, BANG, it is immediately forwarded to the appraiser for correction without the AMC reviewing the legitimacy of the lender’s request,” says Smith (not his real name). “I often wonder…
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