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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My last article discussed choosing comparable sales in a tough market. As was discussed in that article, in today’s market, it is very difficult to obtain comparable sales and listings that best reflect comparison to the subject. Some sales and/or listings might be older but more similar to the subject; others may be…
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Editor’s Note: Diversification is one of the keys to survival and prosperity in the new real estate world. Busy or not, right now is the best time to begin laying the groundwork for future success. Building Business: What’s Next? By Lore DeAstra, MBA, SRA, CDEI Most appraisers have been on a roller coaster ride unlike...…
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Readers Respond Choosing Comps I have been fortunate to be an appraiser for 21 years. I still like being an appraiser. Judging from your articles you do also. First I want to thank you for your articles in Working RE. I find them helpful. So today I need a little help. I am fighting with an underwriter regarding…
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From the Publisher Appraiser Roast At an industry gathering last fall speaker after speaker seemed to delight in detailing and documenting the dumbest of appraiser mistakes- from carelessness and stupidity all the way to recklessness, incompetence and fraud. The speakers, many of whom are lifetime appraisers working for lenders or AMCs, earned plenty of chuckles…
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Editor’s Note: Home Inspectors no longer have to pay more for the complete coverage they need. A new program from OREP includes E&O and General Liability/Off-Premises Coverage, plus many other ancillary coverages inspectors need like termite, radon, drone, EIFS, commercial and much more! OREP Announces New Home Inspector Insurance Program Complete Coverage: New Lower Rates OREP…
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Most of us consider ourselves to be technically astute when in the field performing inspections. We spend many hours each year learning through continuing education classes and meetings. But how often do we think about managing our risk each day? When is the last time you updated your contract? Do you think about…
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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 Lender Makes Good on AppraiserLoft Bad Debt The argument is unsettled to what degree lenders are responsible for the agents they hire to administrate valuation services- appraisal management companies (AMCs). The case of the AMC AppraiserLoft kicked off a heated debate when it closed its doors last year, leaving an estimated $3 million…
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In 1994 Fannie Mae formally introduced environmental due diligence to the appraisal industry- so what has changed?
The Appraisal Journal (January 1995), published by the Appraisal Institute, included an article that reviewed what was then new environmental reporting requirements put in place by Fannie Mae and the new Uniform Residential Appraisal Report (URAR) form (effective January…
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