Editor’s Note: There are good reasons for reporting claims and incidents when they happen. Here is vital information, that even seasoned inspectors may not know, that can save you anxiety, money and maybe even your business. If you’re an appraiser, much of this story pertains to you as well
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My first commandment for appraisers is: Know the truth and let the truth set you free. In this context, it means that you are in control of both the appraisal development and reporting. Therefore, let no person coerce, threaten or influence your objectivity, impartiality, or independence.
After that, and based on my 10 years’ experience as…
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Editor’s Note: With declining values come lawsuits and complaints. Somebody has filed a complaint against you with your state’s appraisal board. Now what do you do? Tim Andersen, MAI gives you some suggestions.
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As appraisers and review appraisers, some of us have seen fellow appraisers relying on building area size data from leases, the local assessor’s offices, property managers, developers, blueprints, etc. The whole key and foundation for an accurate appraisal is calculating the measurements and quantities correctly. Outlined below are a few examples of when problems may…
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The new normal for too many appraisers these days is being banished to a “do not use” list by a lender, without any opportunity for rebuttal or even knowing why. Now here’s a new twist: at least one large lender is giving appraisers the chance to rebut a questionable review- the problem is that doing…
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The real estate business is evolving and starting to become Internet-centric. Ten years ago most clients didn't touch the Internet before buying, today over 80 percent do. Today's real estate professionals not only have to have a website, they need a website that ranks well on the search engines. If you’re still spending money on…
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Editor’s Note: You’d be amazed all you don’t know regarding your rights as an appraiser. The following was gleaned from the webinar series: How to Limit Liability, Maintain Independence, and Fight Influence by Richard Hagar, SRA. How Well Do You Know Your Rights? By David Brauner, Editor Here are some questions for you- the answers...…
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Editor’s Note: Author Phil Spool, ASA, represents appraisers, E&O insurance companies and lenders as an expert witness for the prosecution as well as for the defense. In this story, he shares the reason why appraisers get sued. Why Appraisers Get Sued by Philip G Spool, ASA Lawsuits can be divided between those you cannot control...…
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Editor’s Note: These common errors to avoid are time-saving tips excerpted from the webinar Maximizing AMC Orders and Income presented by appraiser Bryan Knowlton and offered through OREP/Working RE Webinar Series.
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I have reviewed many appraisal reports where the appraiser performs the Cost Approach just because the client requests it, even though it is not considered a credible approach to the market value of the subject property. I see some of the same boilerplate statements in these reports, such as “due to the lack of…
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