Editor’s Note: Appraising in a real estate collapse poses its problems. Seasoned appraiser Matt Cook, provides some guidance. Using Distressed Sales By Matt Cook If you’re having trouble appraising in a market where distressed properties dominate, you’re not alone. Recently, an appraiser stated in a post that the market for a particular residential assignment included…
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Editor’s Note: This fascinating interaction between an appraiser and builder sheds light on the role of both in a declining market. How Builders Think (in a Down Market) By Thomas J. Inserra, MAI, SRA I had a very interesting conversation with a builder recently on the issue of cost versus value. The Executive Vice President…
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Defensive Appraising in a Declining Market By John Lifflander, ASA As market conditions continue to decline, appraising has become more difficult and potentially perilous. Consequently, it has never been more imperative for appraisers to prepare reports in a way that will hold up to meticulous scrutiny. Properties that are selling or being refinanced now may...…
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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: 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: 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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Editor’s Note: Appraisers must watch for signs to try to understand market changes. Most are economically fueled, but other factors, such as the desire of families to move away, might be part of the changes as well. Many of the potential signs and factors are covered in this story by Beverly Bayer. Appraising a Deteriorating...…
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Editor’s note: Expert knowledge of your local market is key to expanding your practice into consulting and review assignments. Many banks and national appraisal firms employ “sub-contracted” independent appraisers for administrative reviews. According to the author, knowing your local market will helps you understand potential factors affecting future sales prices, instead of relying entirely on historic sales. Understanding...…
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Understanding Residential Construction from the Ground Up Expand Your Knowledge, Gain CE Credit Appraisers who would like to understand residential property “from the ground up” can expand their knowledge of the systems of a home while earning continuing education credit through two courses offered by Mckissock. New HUD guidelines, which expand the role of appraisers...…
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The Market: One veteran says that in 37 years of appraising 2008 was the toughest market he’s ever seen and that 2009 could be worse. Several others, also appraising over 30 plus years of real estate cycles, agree. Their take? If you can make it in these conditions, you can make it.
Professional…
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