Those who have attended my workshops have noticed that I carry a peculiar object with me when I teach… a three-legged stool. It is a physical reminder of a concept I share regarding business.
Many mistakenly view the appraisal as a commodity. True, there are several traditional methods that every appraiser must go through when determining the value of a home that may make the appraisal seem commoditized, including researching the market, analyzing comparables, inspecting the property and making appropriate adjustments to the comparable sales. But those methods are exactly why the appraisal is NOT a commodity. In reality, it is a myth that all appraisals are more or less the same, even though it may seem so at first glance.
Mortgage volume has slowed down and in-turn appraisal volume has also slowed down. All the major lenders are having huge layoff's as well.
There is no question that operational risk and third party oversight are "buzz words" being spoken about inside the walls of the regulators of financial institutions. This is in large part a result of the recent regulatory changes due to the financial crisis of a few years ago. Operational risk is the risk of loss due to human error; inadequate or failed internal systems and controls; noncompliance with, laws, rules, regulations, policies, or ethical standards; and external influences such as market conditions and fraudulent activities.
I do pre-foreclosure and home equity work for several clients, and their assignments include some Exterior-From-Street appraisals. Insurance companies and agents request this type of report as well. Recently, I heard from an appraiser who doesn't do "drive-by" Exterior-Only assignments. I understand, as part of managing businesses appraisers make different business decisions related to the nature of the work they will and will not accept. And I'm never about to tell another appraiser what work to accept and what work to avoid.
When Hurricane Sandy made landfall just over a year ago, no one could have predicted the immense damage it would cause. In the United States alone, 24 states were impacted, New York and New Jersey most severely.
That's why both those states are now offering to buy damaged homes from willing sellers at pre-storm values—in order to replace those homes with open land that can serve as buffers for future storms. To determine those pre-storm values, the state is relying on appraisers.
Dear North Carolina Board of Directors,
First off, congratulations on your appointment for the upcoming year.
I was in attendance at the Chapter meeting in Pinehurst and the subject of Evaluations came up. This has been a pet project of mine for nearly 20 years - i.e. I believe every State should allow appraisers to perform true Evaluations (non-USPAP compliant valuations).
Remember this phrase: The Transparent Real Estate Transaction. With the level of detail required in today’s appraisal reports it is time for the real estate industry to move toward full and clear disclosure of sales concessions or unusual sale terms in the post-closing section of MLS, allowing all participants in a real estate transaction to analyze comparable data with knowledge of an accurate net sales price.
Vice President and Appraisal Manager of Residential Property at Rabobank
The new era in Appraiser, lender, and AMC relations has arrived. Clearbox has launched their totally redesigned and revamped website. This totally new responsive design allows subscribers to manage their profile in the palm of their hand. The user dashboard has also been modified to make registering and filling out your profile a breeze. We sat down with Joan Trice to ask her about the new Clearbox 2.0 and find out what some of the major changes are.