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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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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Success Collecting AMC Debt from Lender By David Brauner, Editor One appraisal company, at least, has collected monies owed by the now defunct appraisal management company (AMC) AppraiserLoft. How did they do it? They did it by citing chapter and verse of FIRREA. C. Brent Chitwood, office administrator for Phoenix Real Estate Appraisal in Irmo,…
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