Appraisal Institute Unveils Standards of Valuation Practice

Wednesday, October 22, 2014

The Appraisal Institute in August announced to global users of real estate valuation services the availability of its Standards of Valuation Practice. The SVP can serve as an alternative for valuation professionals where national or other standards are not required.

This is a huge step forward for the real estate valuation profession. The Standards of Valuation Practice will provide a high-quality, straight-forward option for appraisers that is principles-based and not rules-based.

2015 National Appraiser Survey

Monday, October 20, 2014

We need to hear from appraisers! Its time for a new edition of the National Appraiser Survey.  Last year we had almost 2250 appraisers respond to our survey. If you missed the results you can download them for free HERE. Your responses are important to all stakeholders. In order to be heard, you need to make your voice louder. The Appraisal Buzz is the most widely distributed valuation publication. Your opinions matter.

Breaking Down Fee Survey Results

Wednesday, October 15, 2014

Last month the Virginia Center for Housing Research and the Virginia Tech Program in Real Estate released the Virginia Residential Real Estate Appraiser Remuneration Survey Results. We sat down with Drew Sanderford who was the primary investigator to discuss the survey itself, the results, and what it means to the appraisal industry.

Buzz: Thank you for joining us to discuss your recent findings. Can you tell our readers a little about your experience in the industry?

The Devolution of Appraisal Theory and Process

Monday, October 13, 2014

We sat down with Ed Pinto of the American Enterprise Institute to talk about this upcoming webinar, The Devolution of Appraisal Theory and Process. This will be a three part series. We wanted to discuss it with him and find out why appraisers should attend. Find out what he had to say in this in depth interview.

Buzz: Thank you for taking the time to speak with us about your live webinar on the Devolution of Appraisal Theory and Process. Can you tell our readers a little bit about your history in the industry?

What Does More State Involvement Mean For Customary & Reasonable Fees?

Wednesday, October 8, 2014

Dodd-Frank requires lenders to pay appraisers a Customary & Reasonable (C&R) Fee. The most common thread in appraiser comments on C&R is that it doesn't matter because there is no enforcement. So the natural progression is that one must first determine C&R before one can enforce it. For most states, determining C&R has been a challenge, but we have identified some states that have completed C&R surveys and published their results. Naturally, appraisal fees vary greatly depending on the market and type of appraisal product.

Who Can You Trust?

Monday, October 6, 2014

Relationships are important. The bonds we form with a spouse, children, friends, or business associates can be powerful and a strength. When trust is broken, however, deep challenges emerge. Divorce, separation, or permanent dissolution can be the end result when someone’s integrity is on the line. The trust factor between an appraiser and the client is essential if professionalism and continued business is to be amicable.

Is it time for federal regulation of AMCs?

Wednesday, October 1, 2014

Appraisal Management Companies (AMCs) have a role to play in the brokerage, assignment, and management of real estate appraisals. That has been the case since the 1980's at least. For some of us, beginning in that era, we likely got our start by doing work for such companies. Having worked for my mentor for a couple of years, AMCs were instrumental in my being able to go out on my own, open my own company, and begin to make a decent living in the profession. That, along with the assistance of a great mentor who encouraged me, gave me a fast start in the business.

Fall 2014 AMC Directory

Monday, September 29, 2014

Last year we offered our 2013 Fall AMC directory for free to all of our Appraisal Buzz subscribers. It was the first year it was offered and we received a huge response with over 2,200 downloads of the directory. We know that the response will be even bigger this year for several reasons. Lenders and Appraisers know about it now and have been patiently waiting for the newest update.

Observing FHA Inspection Protocols Can Be An Asset.

Monday, September 22, 2014

A frequent complaint of appraisers is that they are not home inspectors but familiarity with residential construction is an important tool in the appraiser's arsenal. Knowledge of home construction and related techniques can be accomplished through CE (continuing education) courses and shouldn't place any additional burden on appraisers as they are required to satisfy minimum CE credits each licensing or certification period. There are a number of CE providers who offer courses related to home construction, ranging from a general overview of residential construction to green buildings.