Editor’s Note: A recent online debate about AVMs highlights the many facets of this very important issue and underscores the wide divergence of opinion among appraisers about the place of AVMs in the lending process, and in the marketplace. The conversation was sparked by the story Copyright Appraiser Takes on AVMs. AVM Tango! Man or...…
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ADVISORY OPINION 18 (AO-18) This communication by the Appraisal Standards Board (ASB) does not establish new standards or interpret existing standards. Advisory Opinions are issued to illustrate the applicability of appraisal standards in specific situations and to offer advice from the ASB for the resolution of appraisal issues and problems. SUBJECT: Use of an Automated…
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Pennsylvania Case against AVMs (an Appraiser’s Summary of the Decision) by Tim Vining FIDELITY NATIONAL INFORMATION SOLUTIONS, INC., MARKET INTELLIGENCE INC., AND PENNSYLVANIA BANKERS ASSOCIATION, PLAINTIFFS v. GEORGE D. SINCLAIR, et.al., Defendants CIVIL ACTION NO. 02-6928 UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA DECIDED MARCH 31, 2004 The purpose of this summary…
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Editor’s Note: Tim Vining, MAI is at it again. Vining is the appraiser who made national news by bringing the first appraisal copyright infringement lawsuit. The case settled in his favor. This time he is taking on AMVs. Read how and why below. “Right on to Tim Vining! Please let him know hard-working appraisers support him.” – Eve…
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Lender Pressure: Solving the Problem by David Brauner, Editor Two comments in our Readers Respond section highlight the most serious problem facing appraisers today, and perhaps the best possible remedy. The problem is lender pressure or put a different, far better way – appraiser independence. In his comments about the unfairness of unregulated broker price…
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Inspecting On a Rainy Day In many places this winter there’s more rain then snow – at least so far. Do you inspect on a rainy day? In case you’re wondering, most inspectors we talk to do not slow down when it rains – in fact many assert there are items they can see far…
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Pros and Cons: Lowering Fees in Slow Times This time of year inspectors agonize whether to lower fees to make it through the traditionally slow winter months. Appraisers are facing similar issues in this slowing real estate market. Some inspectors drop fees to generate business using “coupons” and “seasonal specials,” but seasoned pros say lowering...…
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Lower-Liability Appraising by David Brauner, Editor According to John Harris, appraising machinery and equipment is USPAP-compliant appraisal work that offers more opportunity and less liability than appraising real property. “The clients for these appraisals are not mortgage brokers/lenders, so the first thing our graduates tell us is that they are so happy to be doing…
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Editor’s Note: The following Q&A about how to report a crooked floor in the face of pressure (from a crooked lender), demonstrates what a powerful tool a good Scope of Work can be in deflecting pressure, limiting liability and producing more professional reports. Scope of Work Q&A: Deflecting Pressure, Reducing Liability by David Braun, MAI,…
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Doing it Faster and Better By Rick Foos, SRA Here is something we appraisers know all too well: because we sell our opinions of value, our income is limited directly by how many appraisals we can complete in the hours in a day (time is money). So how do we give ourselves a raise? By…
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