NAR Appraiser Survey July, 2023

NAR Appraiser Survey July, 2023

In July 2023, NAR Research conducted a survey of all 9,800 appraiser members and 50,000 randomly-selected residential-focused non-appraiser members.

The survey results had a comparison of 2022 and 2023, which was very interesting.

  • Appraiser Topics
  • Greatest challenges in business
  • Lesser challenges with business
  • Valuations
  • Comfort with valuation tools
  • Radius in which appraisals are conducted
  • Radius by area type (rural, small town, urban, resort, suburban)
  • How often asked to conduct appraisals outside geographic area/Property type of expertise

Sample: Greatest challenges in business

(AMCs) in general among their greatest challenges. This year, this option was broken into three separate AMC-related issues. Forty-four percent cite at least one of these, with 28 percent specifically citing AMC requests for revisions.

This year, however, the single greatest challenge, cited by almost half (47 percent), is “fee pressures,” which, based on comments, is also related in many cases to pressure from AMCs. This is up sharply from 27 percent last year.

One-quarter (26 percent) cite technology fees (not an option in 2022). Appraisers are less likely this year to cite expanding regulations/interpretations of regulations, lender requirements, pressure from real estate agents/brokers, and liability concerns.

The 21 percent who cite other challenges are most likely to cite lack of business/slow market, rising interest rates, low fees, and to reiterate pressure from AMCs.

A very good graphic is included for each section.

To read the report, click here

My comments: Read the appraiser sections in the long report. Fortunately, appraiser results are in the first section. I read the full survey. Most of the questions were for all NAR members, both appraisers and non-appraiser members. Some may be of interest to you. Much of the appraiser results were what we already sort of suspected, but it is good to see actual survey results.

NAR Appraisal Survey 2022

Appraisal Business Tips 

Humor for Appraisers

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NOTE: Please scroll down to read the other topics in this long blog post on  GSE Appraisal Independence Update, Private money lender appraials, ADUs, adjustments, unusual homes, mortgage origination

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AZULIK Residences

The AZULIK Residences architecture seeks to awaken reflection, maintaining its philosophy by integrating biomimetic shapes, hand-made details, and establishing a permanent dialogue with nature. The volumetry is always in continuous movement. The architectural design avoids lines and straight angles to establish the idea of continuous fluidity.

At the same time, concrete finishes merge various construction techniques and artisan approaches that give the feeling of carved stones, whose volumes and shapes vary, but always integrated harmoniously in these habitable sculptures.

To read more click here

My comments: Definitely an appraisal challenge!

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GSE FAQs: Appraiser Independence (AIR) (Aug. 2023)

Updated August 2, 2023

Excerpts: Fannie Mae and Freddie Mac (government sponsored enterprises or GSEs) published their Appraiser Independence Requirements in October 2010. Updates to AIR and these FAQs were published in August 2023.

Note: Changes since the last update are marked either NEW or UPDATED. Minor (non-substantive) wording, number, and heading changes are not marked.

Appraiser selection criteria sample

10. May a representative of the lender provide an appraisal management company a list or a panel of appraisers to use for loans involving a specified mortgage broker, real estate agent, or loan officer? UPDATED

No. No one is allowed to provide a list or a panel of appraisers to use for loans involving a specified mortgage broker, real estate agent, or loan officer? See AIR sections I.B.(9) and IV.A.

From Dave Towne: Over the years, many appraisers have reported being blacklisted by real estate agents and even mortgage brokers. This typically happens when an appraiser turns in an appraisal with an appraised value opinion lower than the sale contract price. The agents and brokers then attempt to, or actually do, prevent that appraiser from doing future assignments when those people are involved.

To read more, click here 

My comments: worth reading, or skimming. Having changes indicated in red really helps!  Richard Hagar, SRA, has a good book on Dave Towne’s comments (and many other client issues): For more info click here

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Private money lending – no UAD, computer “reviews”, low fees, etc. Totally different than AMCs!

Coming in the October issue of Appraisal Today!

Many appraisers don’t want to do non-lender work such as divorces or even easy appraisals such as estates as they have only done lender appraisals for AMCs. There is another lender option – private money lenders. Few appraisers who work for them, so there is little competition.

Private money lenders are the lenders who can close deals fast and count on the real estate equity as collateral. They depend on an accurate value. The property and/or borrower cannot get a conventional loan. They have always been available, mostly for short term financing and borrowers with poor credit or no credit history.

Remember the old mortgage broker days of visiting an office and chatting with loan officers? You can do this for private money lenders also.

The article includes lots of marketing tips, such as how to find the lenders, they want an accurate value and full disclosures, etc.

To read more about this topic, plus 2+ years of previous issues, subscribe to the paid Appraisal Today.

If this article helped you understand private money lending and get appraisals, it is worth the subscription price!

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What Does Arm’s Length Mean in Real Estate?
The 7 Sale Types Explained

Excerpts: As a real estate appraiser, it is imperative to know whether a transaction is an arms-length sale, a non-arm’s length sale, or a different type of sale. Properties sold due to a job relocation, estate settlement, foreclosure, or divorce may sell for less than market value. Therefore, whether you’re considering the current terms of sale or analyzing previous sales of the subject property or comparables, you must take the sale type into consideration.

A non-arm’s length sale in real estate is a transaction between a seller and buyer who have a connection by marriage, family, work, etc. Because of their relationship, each party may not be acting in their own best interests. Therefore, the final price may not reflect the market value of the property.

The type of sale can provide some clarity into whether the transaction was (or currently is) an arm’s length transaction, whether a comparable sale should be used, or whether an adjustment is warranted for the terms of sale for a comparable. By knowing the type of sale, you are better able to reconcile a current opinion of market value that falls above or below a current or recent transaction for the subject property.

For appraisals required to be Uniform Appraisal Dataset (UAD) compliant, you must indicate the type of sale for the transaction. You may report any other relevant information regarding the sale type in the appraisal report, including whether more than one sale type applies.

To read more, click here

My comment: This is important for the subject and the comps. Don’t just skip it to save some time, or you don’t know how to identify them. It usually takes a few phone calls and close listening.

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ADUs could be sold separately from homes under bill passed by California Legislature

Excerpts: Two state bills that could boost construction of ADUs, or accessory dwelling units, moved to the governor’s desk Monday.

AB1033, by Assembly Member Phil Ting, D-San Francisco, allows cities to decide whether property owners can sell ADUs separately, as condos, from the primary home.

Another Ting measure, AB976, also passed and would permanently ban local ordinances that require property owners to live in their ADU — effectively removing barriers that would otherwise prohibit ADUs to be used as rental properties.

To read more, click here

Comment from Joe Lynch: These laws under consideration are significant for residential appraisers in California. One proposes that jurisdictions have the authority to allow ADUs to be sold separately from main homes. Another prohibits owner occupancy requirements.

My comment: Another way to increase affordable homes and allow easier new ADU construction. HBU issue, of course. Much easier than the very complicated method for somehow dividing up and lot and putting more units there. HBU issue – very complicated! Relatively few of these have been done, as far as I know.

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$820K Midcentury Home With Hyperbolic Paraboloid Roof a Rural Utah Town

4 bedroom, 2.5+ bath, 2,888 square feet, 0.73acre lot

Excerpts: Listed for $820,000, the structure was designed by architect Gilbert Eugene Haycock as his personal residence in 1967. Known locally as The Glass House, the iconic 2,888-square-foot home has had only one owner.

“The roof acts more like a bridge with its unique design,” says listing agent Heather Maughan, of North Realty. “When you walk in, there are partitions of room walls that do not go to the ceiling. It is about 3 feet below the ceiling, so it’s a very flowy, open space. Walls are usually
Inside, the Frank Lloyd Wright–inspired, four-bedroom home looks exactly the way it did when it was built decades ago. From the brightly colored shag rug to the Formica countertops, the retro interior offers a peek back
“Everything in the home is original,” Maughan notes. “The fridge and range were original colors, but over time, those had to be replaced. There is also linoleum in the laundry room, office, hallway, and kitchen, and it’s in great shape.”

Clean lines can be found throughout the home. Vaulted ceilings are clad in natural wood. Enormous walls of glass offer views of the backyard and beyond. Built-ins are plentiful, including one adjacent to the windows that stretch from the kitchen to the office.

To read more, click here

My comments: The first time I have seen “Hyperbolic Paraboloid Roof” applied to a house.

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HOW TO USE THE NUMBERS BELOW. Appraisals are ordered after the loan application. These numbers tell you the future for the next few weeks. For more information on how they are compiled, click here.Note: I publish a graph of this data every month in my paid monthly newsletter, Appraisal Today. For more information or get a FREE sample go to www.appraisaltoday.com/order Or call 510-865-8041, MTW, 7 AM to noon, Pacific time.

My comments: Rates are going up and down. Some appraisers are very busy, and others have little work. Varies widely around the country.

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Mortgage applications decreased 0.8 percent from one week earlier

WASHINGTON, D.C. (September 13, 2023) — Mortgage applications decreased 0.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 8, 2023. This week’s results included an adjustment for the Labor Day holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 0.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 12 percent compared with the previous week. The Refinance Index decreased 5 percent from the previous week and was 31 percent lower than the same week one year ago. The seasonally adjusted Purchase Index increased 1 percent from one week earlier. The unadjusted Purchase Index decreased 11 percent compared with the previous week and was 27 percent lower than the same week one year ago.

“Mortgage applications decreased for the seventh time in eight weeks, reaching the lowest level since 1996. Last week’s decline was driven by a 5 percent drop in refinance applications to the weakest reading since January 2023,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The 30-year fixed mortgage rate increased to 7.27 percent last week and was 40 basis points higher than where it was in late July. Purchase applications increased over the week despite the increase in rates, pushed higher by a 2 percent gain in conventional loans. Given how high rates are right now, there continues to be minimal refinance activity and a reduced incentive for homeowners to sell and buy a new home at a higher rate.”

The refinance share of mortgage activity decreased to 29.1 percent of total applications from 30.0 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.5 percent of total applications.

The FHA share of total applications increased to 14.2 percent from 13.7 percent the week prior. The VA share of total applications remained unchanged at 11.3 percent from the week prior. The USDA share of total applications decreased to 0.4 percent from 0.6 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 7.27 percent from 7.21 percent, with points increasing to 0.72 from 0.69 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $726,200) increased to 7.25 percent from 7.21 percent, with points decreasing to 0.72 from 0.76 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 7.04 percent from 7.03 percent, with points increasing to 0.98 from 0.95 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 6.72 percent from 6.66 percent, with points increasing to 1.01 from 0.86 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs increased to 6.59 percent from 6.33 percent, with points increasing to 1.16 from 1.11 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks, and thrifts. Base period and value for all indexes is March 16, 1990=100.

The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks, and thrifts. Base period and value for all indexes is March 16, 1990=100.

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Ann O’Rourke, MAI, SRA, MBA
Appraiser and Publisher Appraisal Today
1826 Clement Ave. Suite 203 Alameda, CA 94501
Phone 510-865-8041
Email  ann@appraisaltoday.com
www.appraisaltoday.com

Appraising Solar Panels

Appraising Solar Panels

By Mark Buhler

Excerpts: You drive up to the property. There they are, on the roof: those shiny black rectangles that are just about to turn a simple assignment into a headache. What to do? Put the car in reverse and slowly back away? Call the client and have them re-assign the order?

Those are certainly options. But in today’s tight market, with orders as scarce as hens’ teeth, let’s explore some other approaches to solving this problem.

First: How do appraisers value any amenity of a property?

Appraisal 101 would suggest the matched pairs analysis. So our first task is to find a property with solar panels that’s similar to the subject.

That search quickly comes to a screeching halt. (I can almost smell the brake dust.) There are no comps with solar panels in the area. So when we type the report, a comment like this might slip past the reviewer and underwriter: “A thorough search of the subject’s marketing area revealed a scarcity of sales comparables with solar panels.”

So far, so good. Now let’s continue with that reasoning: “Due to a lack of comparables with solar panels, no contributory value can be extracted.”

This supports a zero (0) adjustment, right?

Well … maybe. A savvy underwriter or reviewer might wonder why the appraiser didn’t consider the cost and income approaches…

To read more click here

My comments: Good, practical advice. The article is worth reading. Solar for homes is everywhere now. I recently spoke with Mark. I asked some technical questions about financing solar and electric companies lowering what they pay to homeowners with solar. He knew everything! Taking a webinar or class from him is definitely worth the price. He has been teaching the classes for a long time.

Complex Residential Properties for Appraisers

Appraisal Business Tips 

Humor for Appraisers

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NOTE: Please scroll down to read the other topics in this long blog post on unusual homes, mortgage origination stats, etc.

To read more of this long blog post with many topics, click Read More Below!!

Read more!!

Appraiser Gets Subpoena – What to Do 3-17-23

Appraiser Gets Subpoena – What to Do

Excerpts: As an appraiser, you don’t have to be sued or be facing a lawsuit to find yourself on the receiving end of a subpoena—staring down a lawyer who is peppering you with questions.

Appraisers are often subpoenaed in legal disputes involving third parties, usually being tied to the dispute for no other reason than having appraised a property involved in the dispute. If the appraiser is not a party to the lawsuit, then typically they are being subpoenaed for documents and/or being called as an expert witness, sometimes without pay, to testify regarding a past appraisal.

First, subpoenas are court orders and you must not ignore the subpoena or you will find yourself in contempt of court. Tim Andersen, MAI, MSc, USPAP instructor and CEO of TheAppraisersAdvocate.com, says that if an appraiser doesn’t want to comply with a subpoena they can try to fight it, but that requires hiring a lawyer, which can be costly and has its own challenges. “One approach is to protest the subpoena to the judge indicating that your records are private, and requesting that your records be treated as confidential and not be made part of the public record. The judge, however, will do whatever s/he chooses to do,” reports Andersen.

To read more, click here

My comments: This is an excellent article on this topic. Read it to find out the issues. If you lost this link later, when you need help, Google “Dealing with a Subpoena Workingre”. This is specifically for appraisers. If you find other links online, they are not as useful.

I have never been served with a subpoena, but this is a regular topic among appraisers. I get calls occasionally from appraisers about this.

Appraisal Business Tips 

Humor for Appraisers

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on non-lender appraisals, real estate market, regression and AVMs, unusual homes, mortgage origination stats, etc.

Read more!!

Fannie Mae: No Appraisals Required? 3-10-23

Fannie Mae: Appraisals are no longer the default option: Value Acceptance replaces Appraisal Waiver

Fannie Mae updated its Selling Guide on March 1 to include more options for property valuations, saying that they are “moving away from implying that an appraisal is a default requirement.”  Those options include value acceptance (formerly appraisal waivers), value acceptance plus property data and hybrid appraisals.

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Fannie Mae – No Appraisals Required – The End of Appraisers?

Hamp Thomas 12 minute video – my favorite commentary on this issue!

Fannie Mae took a direct shot at appraisers today with the announcement of changes in their Selling Guide. Two options for the future, both of which do great harm to the appraisal industry.

First, “third party” inspections. Appraisal trainees aren’t good enough, so now we will have unlicensed inspectors going through the homes of unsuspecting homeowners. And, with this inspection a traditional appraisal is no longer a requirement for the mortgage loan.

Secondly, the 3rd party inspection is sent to a licensed appraiser. FNMA wants an appraiser’s signature so the appraiser can be held responsible if there’s any problem in the future. Both options say they are good for consumers and both options are filled with fabrications and misinformation. At the end of it all, it’s about control and profits. Why trainees can’t provide the data is simply because big banking and AMC’s don’t make profit from the inspection part of the process.

If appraisers don’t stand up and say no, right now, the running joke of the appraisal industry could be gone in five years; well, it just very well may come true. Ok appraisers, it’s time to speak out and stand together.

The only reason for these changes are about a piece of the 11 TRILLION dollar mortgage market. And that’s the way it is – March 1, 2023.

To watch the video, click here

My comments: Worth watching the video. Call to Action. Hamp is an excellent speaker and teacher.

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Fannie Statement: “Value acceptance + property data has arrived”

“This new option reduces cycle times and may reduce borrower costs, promotes safety and soundness by obtaining a current observation of the subject property, and provides operational simplicity and certainty at time of loan application.“

To read what Fannie says, click here

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Link to Fannie SEL-2023-02: Selling Guide Updates PDF

To read more, click here

My comments: Lenders Are Happeeee! Those darn appraisers and appraisals have always taken too much time. Fannie sells their loans to investors. The more loans, the more money Fannie makes. I did not include links to what the happy lenders say. You already know.Clear the Tracks!

Fannie Wants Desktop Appraisals

Appraisal Business Tips 

Humor for Appraisers

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To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on Non-lender appraisals, AMCs, unusual homes, mortgage origination stats, etc.

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What Appraisers Wish Real Estate Agents Understood

What Appraisers Wish Real Estate Agents Understood

McKissock Survey

Question: “What’s one thing you wish real estate agents knew about the appraisal process?

Top 10 most common answers

  1. The appraisal process is complex and takes time
  2. Appraisers do not assign value
  3. Appraisers are unbiased and must follow guidelines
  4. Appraisers need their input and cooperation
  5. How to select appropriate sales comps
  6. The importance of providing accurate and detailed info in their listings
  7. How to determine correct GLA (gross living area)
  8. How renovations and upgrades affect value
  9. How to prepare for the appraisal appointment
  10. FHA/VA/USDA guidelines

To read all the appraiser comments, click here

My comments: The appraiser comments are worth reading. I will always remember when, many years ago, a top local real estate agent asked me why I was driving around taking photos of homes. Of course, most people confuse real estate agents with appraisers. We have done a very poor job of telling the general public what we do and that we are are objective and unbiased. We need a good Appraiser PR Campaign!

Appraisal Business Tips 

Humor for Appraisers

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on AMC layoffs, adjustments, your business voicemail, unusual homes, mortgage origination stats, etc.

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AMC Alleged Violations of Appraiser Independence Requirements

Fastapp AMC Alleged Violations of AIR (Appraiser Independence Requirements)

Excerpts: The following court documents in the case Naftali Horowitz v. xxx, Fastapp AMC founder v. Fastapp AMC president, confirm what appraisers have been saying all along, that if you want high-volume AMC work, you have to lower your fees to 1980’s level, have 24 hour turn times, and, above all, be a number hitter.

Horowitz claimed that Andrews engaged in conduct constituting potential violations of the Appraiser Independence Requirements under the Dodd-Frank Act of 2010 (“Dodd-Frank Act”), including unlawfully seeking to influence an appraiser to encourage a targeted value to facilitate the making or pricing of the transaction in violation of 15 U.S.C. § 1639e(b)(3).

… it began to become apparent to Andrews that Horowitz was not complying with appraisal independence standards. Instead, Horowitz would personally select one of a small number of his preferred appraisers for any given appraisal request… It thus became apparent to Andrews that Horowitz was engaged in a widespread scheme in violation of federal law by assigning appraisals to appraisers who would appraise values at requested values in exchange for order flow.

To read more plus over 50 appraiser comments, click here

My comment: Copies of the emails tell the story of “cooperative” appraisers getting most of the assignments. Very similar to the old mortgage broker days. A primary reason for Dodd-Frank.

AMC Fined for Appraisal Order Blast Violation

Appraisal Business Tips 

Humor for Appraisers

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NOTE: Please scroll down to read the other topics in this long blog post on estate/trust appraisals and Fannie changesunusual homes, mortgage origination stats, etc.

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FHA Handbook 4000.1 Appraisal Changes

FHA Handbook 4000.1 Appraisal Changes

By Dan Bradley

Excerpts: On January 18, 2023, HUD issued an announcement regarding revisions made to Handbook 4000.1. According to the announcement, the revisions included “enhancements and revisions to existing guidelines and various technical edits.”

The most significant of these revisions was the elimination of the requirement to include the 1004MC form as an attachment to the appraisal report.

Changes to the Handbook also include several other minor, but nevertheless meaningful, edits and clarifications to FHA appraisal requirements, including:

Under “Attic Observation Requirements,” a clarification was made regarding the appraiser’s obligation to “safely” access the attic. The language requiring a minimum “head and shoulders” access into the attic was deleted.

Under “Crawl Space Observation Requirements,” significant revisions were made, including removal of a bullet point list of MPR/MPS criteria for the crawl space. Also, language requiring a minimum “head and shoulders” access into the crawl space was deleted.

The changes outlined in the Handbook may be implemented immediately but must be implemented for FHA cases assigned on or after April 18, 2023.

To read more, click here

My comments: Many thanks to McKissock for telling us what we need to know. Includes a link to the “redline” version of 4000.1 so you can skip over most of it. Scroll down to “Updates, Revisions, Notifications” to get the redline versions.

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Revised FHA Handbook 4000.1 effective 9/14/15. Are you ready for the changes? Get the facts!!

Appraisal Business Tips 

Humor for Appraisers

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on unusual homes, mortgage origination stats, etc.

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Top Ten Reasons Why It Is Great to be an Appraiser!

Top Ten Reasons Why It Is Great to be an Appraiser!

10. Dazzle your friends with your knowledge of external obsolescence.

9. The wonderful world of rats, bats, and spiders.

8. Be a part of the profession blamed for the collapse of the savings and loan industry.

7. See places in people’s houses that usually require a search warrant to access.

6. Arouse the suspicion of an entire neighborhood when inspecting comparable sales.

5. Chance to really irritate annoying real estate salespeople.

4. Walk around holding a clipboard just like “Skip” down at the Jiffy Lube.

3. Spend hours writing volumes of supporting documentation to justify the market value of a property you already decided on when you pulled into the driveway.

2. See that some people really do hang those black velveteen pictures of Elvis on their living room walls.

1. Be one of a handful of people who know that USPAP is not a medical term.

Many thanks to reader Joe Ibach, MAI, for this great list! He doesn’t know the source…seems like it is one of those email/send/resends now floating around the Internet!

Appraisal Business Tips 

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NOTE: Please scroll down to read the other topics in this long blog post on AMC fees, Real estate forecast, Google Business Profile, unusual homes, mortgage origination stats, etc.

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Practical Tips for Working With AMCs

Appraisers Share Their Best Tips for Working with AMCs

By McKissock

Excerpts: In a nutshell, our survey respondents recommended that you should:

1) do your research and get to know the AMCs,

2) build a relationship with them,

3) treat the relationship as a partnership, and

4) prioritize communication.

Build a relationship

“Be personable so they remember you.”

“Make yourself known by being efficient as well as timely with your reports. Be friendly—even when you feel like the UW’s question may be redundant or was already answered in the report. I promise you that this will make you known in your area.”

“Have a very responsive credo. Keep them up to date in every step of the report so that they can keep the Lender (and the Buyer/Seller/Realtor/Closing Attorneys when applicable) all in the loop on the progress of the report. Remember when they look good and trust you—you look good

Communicate, communicate, communicate!

“Update the orders quickly.”

“Keep them informed.”

“Over communicate!”

“Always communicate—even if it feels like too much. Our office updates AMCs on every scheduling attempt with details, every inspection appointment set and completion, and any materials needed ASAP in the assignment. They really appreciate it, and it ensures you can complete assignments on time as you had planned (no one likes waiting for a legal description only to have it show up on your day of 4 inspections!). It’s truly a win-win.”

“Stay in communication. Appraisers tend to get annoyed with constant emails from the AMC about inspection date, completion, report submission, etc. I make it a point to update them and answer their emails ASAP. In my opinion, that’s good business. And if you do need more time, more info, they are more willing to oblige.”

To read more, click here

My comments: Read this blog post with practical tips from practicing appraisers. It can help you get more business from AMCs (and other lender clients). Savvy appraisers I know who mostly do non-lender work also have a limited number of carefully vetted AMCs they work for, plus a few local lenders and “private” lenders.

Advertising Disclaimer: McKissock is one of my regular email advertisers. I keep my advertising clients and this newsletter’s content separate. But, McKissock’s blog posts are short, well written, and popular with readers, so I include them regularly.

LIA runs an informational ad at the top of each email newsletter. The ads regularly get the largest number of “hits,” indicating that readers like them. We all like free Liability advice!

Practical real estate appraisal writing tips for AMC questions

Reconsideration of value and Appraisers

Appraisal Business Tips 

Humor for Appraisers

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on AMCs, non-lender appraisals, liability, ROVs,unusual homes, mortgage origination stats, etc.

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Appraisers: What should you have in your car?

Appraisers: What should you have in your car?

Excerpt: Here are a few items:

  • Screwdriver: A screwdriver has many uses. You can use it to take the cover off a crawl space entry panel, check wooden structural members for rot or insect damage, remove an electrical outlet cover to check for insulation in the walls, etc.
  • Voltage detector: To determine whether wires are live.
  • Ice pick: To check for termites or wood rot.
  • Magnet: To determine whether old pipes are made of iron or lead.
  • Mace or pepper spray: To defend yourself, especially if you’re appraising REO and foreclosure properties.
  • Bug spray: To protect yourself from mosquito bites, ticks, etc.
  • Spare clothes and footwear: Including an extra coat or jacket, hat, and boots—especially if you work in rural areas.

To read more, click here

My comments: Good tips! I definitely need to add some of the items to my car, especially dog repellent, which is not on the list. I have been bitten by dogs. I left the homes and contacted the lender. Don’t know if they got their loan and did not care. Once two large Dobermann dogs broke down a trailer door. I barely got into my car in time.

This was originally posted on McKissock’s Appraisal Blog, but that link was not working.

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