Years ago the standard of practice was that no comparable photographs were taken. It was expected that the appraiser viewed comparable sales from the street, but photos were not submitted. The certifications in today's appraisal reports did not exist, and there was no USPAP. The advent of comparable sale photographs as an exhibit to an appraisal report results, at least in part, from the practice of not driving the comparable sales.
I normally get very few revision requests, and usually for minor items. I’m not saying this to pat myself on the back, but to explain how surprised I was a few weeks ago when I received two revision requests in the same week. And they weren’t just any type of revision request: they were the dreaded “instruction” from an underwriter.
“Appraiser to include a second sale whose unadjusted sale price supports the opinion of value, and resubmit report.”
How Many Ways Can You Support Adjustments in Your Appraisals? – Part 2
Post No. 35 – First off and most importantly, Happy Holidays to everyone. Be safe, enjoy some down time with family and friends, and here's to a Happy New Year!
Wow, I am just recovering from my trip to Las Vegas to present at our Third Party Oversight Summit, along with Tony Pistilli at Axios, Peter Christensen of LIA Liability Insurance Administrators and Helge Hukari of Clear Capital. In spite of some crazy weather we had a packed house and actually oversold this event. Based upon our strong registrations and positive feedback we will be organizing a whole series on compliance next year. I wanted to take some time to let everyone know what was discussed at this event.
Having spent the past few years being the Chief Appraiser for a bank that, by the time I left, had acquired seven failed banks from the FDIC during the credit crisis, I started becoming a collector. Of course you can imagine the types of appraisals that had been engaged by the failed banks, but more importantly, I was able to work with some of the best appraisers in our market areas doing new appraisals trying to figure out the crazy real estate deals that these banks had done.
Computer-Aided Appraising. The phrase sounds like another description for an appraiser assisted AVM, but it's not. "Computer-aided" is a common phrase that is found in other industries and professions, but it's not something you hear in the appraisal industry.
Post No. 34 – Some of you may have seen a recent article by Isaac Peck, Associate Editor of WorkingRE. His article was titled "'Low Bid' Appraisal Ordering and Its Effect on Quality." It can be found at this link - http://www.workingre.com/low-bid-appraisal-ordering-effect-quality/
We live in a world where finding out about a product or service before we buy is quick and simple. When we are looking at a potential purchase on Amazon.com or other Internet sites, there are star ratings and reviews to read. Want to try out a new restaurant? Try using Yelp or Google Reviews. Hiring a plumber or house keeper? Angieslist is the place to go. Even fairly obscure companies usually have some sort of grade on the Better Business Bureau’s website to peruse before deciding whether or not to buy. So what about appraisers and appraisal services?