To most appraisers this story is familiar: “I have been working with an AMC who shall remain nameless,” says Vrej Avedissian. “Having accepted a few assignments from them and dealing with their constant emails and phone calls regarding the status of each report, which borders on harassment, when it comes time to pay, it is…
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You can have the latest map program, aerials and any other special effects to make your report look as attractive and professional as possible but if you choose the wrong comparables, your result will be the worst appraisal report possible. This article shows the best way to choose comps, especially when sales of properties are…
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When are requests for additional comps and other items a legitimate part of underwriting and when are they a not-so-subtle attempt to influence value? That is a question many appraisers are asking lately. At stake are many things, including whether consumers are really better off after all.
The Home Valuation Code of Conduct (HVCC), with its…
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Editor’s Note: Despite getting the short end of the stick, appraisers have stood up, fought back and made progress since the Home Valuation Code of Conduct (HVCC) was imposed on the profession over two years ago. And the final story is not written yet. Why Appraisers Should Pat Themselves on Back By David Brauner, Editor...…
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Readers Respond Customary and Reasonable Fees In the last 10 days I’ve been approached by no less than three new AMCs with orders they had for me. All three of them were readily willing to pay be $315 which, while still below the $400+ full fee for my market, is a positive development. Even more…
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Fear of Fear Itself By David Brauner, Editor I heard this statement recently in connection with the phycology that sometimes drives the stock market: there is nothing to fear but the fear of fear itself. For stock traders, it means rushing to sell- regardless of the actual economic data- out of fear that others might…
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As I approach my 10th year in business I am still learning about homes and perfecting my trade. Our clients expect a perfect inspection that will catch 100 percent of the issues. However, few are willing to spend the time or money such an exhaustive inspection would require.
Agents wouldn’t support it because a multi-day inspection…
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Professional Marketplace Insurance, Education, Information Individual Appraiser E&O Rates Per Claim/Annual Aggregate Most States $1,000,000 / $2,000,000 $650.00 $500,000 / $1,000,000 $573.00 $300,000 / $600,000 $501.00 Please Note: Rates vary by state. Commercial rates are slightly higher. Please call or visit www.orep.org for more (888-347-5273). A standard deductible of $500 per claim/$1,000 aggregate is included…
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Industry News FNC Data Mining Lawsuit Settles Quietly According to the attorneys bringing suit on behalf of a group of appraisers against FNC/AppraisalPort for alleged false advertising and data mining, the suit has settled quietly and its terms prohibit them from comment. As you may recall, a group of appraisers accused FNC of “intentional misrepresentation,…
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Would any American go to a football game in a league where the referees are legally allowed to be advocates for one of the teams? Football is only successful if its referees are viewed as being fair and non-advocates. They may miss a few calls, but overall, they are viewed as fair. …
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