Question: I have been performing a lot of exterior drive-by appraisals for REOs and pre-foreclosure purposes. The intended use is not for any type of financial transaction but for estimating market value purposes only. What is the level of risk for these types of appraisals compared to purchases and refis? Typically these appraisals are for…
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FNC, Inc. is once again at the center of a firestorm in the appraisal world– this time over a user agreement that appraisers fear signs away their E&O insurance coverage. Appraisers are required to authorize the agreement if they want to continue working with many of the nation’s largest lenders via AppraisalPort. While the agreement…
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Now you see it, now you don’t: that’s what appraisers are saying about data that is disappearing or changing after a report leaves their desktop. Here’s what is happening and why, according to appraisers, vendors and other industry insiders.
A certified appraiser, who wishes to remain anonymous fearing blacklisting, recently contacted her errors and omissions insurance…
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Editor’s Note: In this installment of Valuation Issues and Answers, John Lifflander, ASA discusses how to avoid problems in the new world of bailouts, tax credits and, as he points out, business as usual. Liability Landmines– Appraisers Beware By John Lifflander, ASA The current economic crisis was largely precipitated by loose credit and loose lending...…
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FHA Appraising: Testing Your Knowledge by Lore DeAstra, MBA, SRA, CDEI, ACB In a desperate attempt to recapture market share from FHA, Freddie Mac’s Primary Mortgage Market Survey in June, 2010 was approximately: 4.6 percent for 30-year fixed rate mortgages (FRM); 4 percent for 15-year FRM and 3.8 percent for 5/1-year adjustable rate mortgages. [1]…
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Your workfile is just as important as your appraisal report. Just ask any lender, appraisal management company, client, or worse, your state’s investigator. The workfile is the backbone of your report. It supports everything in your appraisal report.
Your workfile for an appraisal of a single family residence or a condominium unit should contain a minimum…
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A common issue in residential appraising is construction which has not been issued an appropriate building permit by the jurisdictional authority. Here’s how to handle this sometimes difficult situation.
Examples of this issue include: additions and detached guesthouses; and garages that have been modified for use as a living area. One needs only to peruse online…
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Whether testifying as an expert witness on someone’s behalf or in defense of your own appraisal before a state licensing board or judge, your keys for success are the same.
Depositions
Testimony in a deposition is recorded by a court reporter and is part of the official transcript. It is, therefore, as important as testimony at trial.…
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Like most real estate appraisal boards, Florida’s Board publishes an annual summary of the cases it finalizes against its appraisers. Florida’s Real Estate Appraisal Board (FREAB) does not intend these summaries to be lengthy analyses of “what went wrong” or something law students might study for insight. They are merely summaries of the charges the…
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Whoever believes the days of value and other forms of pressure are behind appraisers, thanks to the Home Valuation Code of Conduct (HVCC) and its focus on appraiser independence, ought to talk to appraiser David Smith in San Diego- if they do they’ll get an earful.
Appraiser abuse is apparently alive and well but the good…
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