Readers Respond Making $300,000 a Year Appraising To complete 1,000 residential appraisals a year, that is 2.74 reports per day, 365 days a year. It is not humanly possible for one person to inspect that number of homes per day, every day without fail and prepare a complete error-free report. There are just too many variables-…
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Director’s Message What’s Bad is Good? Echoing the story Bad News is Good News, current market troubles may have a silver lining for appraisers. Bad News talks about the flood of REO/foreclosure business appraisers are enjoying in certain markets as a result of the current real estate troubles. It explains REOs and how to find…
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Inspector’s E&O Insurance: Market Softens- Prices Drop – $1,250! By David Brauner, Senior Broker OREP (www.orep.org) Instead of the now familiar direction to “shop ‘till you drop,” new insurance conditions suggest instead that inspectors should shop because they’ve dropped. We’re talking about rates for errors and omissions insurance of course. The market is finally softening…
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Editor’s Note: Low-level exposure to carbon monoxide can cause chronic health conditions from cardiovascular disease to an illness similar to Parkinson’s. It’s easy and inexpensive for appraisers and inspectors to stay safe in other people’s homes (and in their own). Some inspectors also include CO testing in their reports to add value to their service.…
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Low E&O Rates & Great Service…and Yes, We Answer the Phone Appraisers/Agents E&O Min. Prem. $483 Inspectors E&O Min. Prem. $1,250 Golden Rule Our mission at OREP is to be the best insurance resource for real estate professionals; to follow the Golden Rule by treating all who contact us for help as we would expect…
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Editor’s Note: WRE received many questions and comments in response to last issue’s Making $300,000 a Year Appraising. We sent them to the appraiser profiled in the story for his response. Making $300,000 a Year: Clarified By John Ugrotzi, Jr. First, yes, $300,000 is gross. I wish it were net. When I was in Colorado…
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Industry News Teach Your Clients Well At a recent industry show in Las Vegas (Valuation 2007), one speaker suggested that appraisers facing pressure may try “educating” their lender-clients about the rules, just in case they don’t know. You may be surprised by what is set in stone. One document appraisers use for this purpose is…
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Editor’s note: Determining what is or is not a “stable” market in these turbulent times is confusing for some. Appraisers report having appraisals rejected because the “Declining Market” box is checked on the Fannie Form. Others say they would be admonished for not indicating a declining condition. As always, the best advice is to be...…
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Editor’s Note: An OREP member recently walked into our (San Diego, Calif.) office to renew his E&O insurance in person. We are always glad to meet our members. During our chat, he said he now does only REO work and is plenty busy. Ann O’Rourke explains that if foreclosures are up where you live, your...…
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Editor’s Note: The following is excerpted from Get more Appraisal Jobs in Any Market, a marketing book provided free to all appraisers by a la mode software. You can download the PDF at http://www.alamode.com/appraisermarketing. Get More Appraisal Jobs in Any Market Start with what you already have- your lists. 1. Get the list of all...…
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