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This is the final article in Ernie Durbin’s three-part series on the new UAD. The first article on April 15, 2024, was “ From Forms to Reports: A Look at the UAD Overhaul. ” The second article on July 15, 2024, was “ The New UAD: Don’t Borrow Trouble. How will lenders order appraisals without standard form numbers?
Appraisers often balk at assignments that require a more detailed inspection of the subject property (e.g., FHA appraisal assignments ) because they don’t want to be considered a “home inspector.” You were hired to complete an appraisal. Can an appraisalinspection substitute a home inspection?
I do not have enough hard drive to write about all the compounding issues and possible solutions that could assist everyone in streamlining the real estate industry (call me, ASC), however, there is one major word that can decrease appraisal turn time as well as decrease the tension in the industry: Communication. Appraisers.
Whether you’re buying, selling, or refinancing, an appraisal plays a vital role in determining the true market value of a property. But what exactly is a residential appraisal, why is it necessary, and what factors influence the final valuation? On-Site Inspection: This is where the appraiser physically examines the property.
CONSIDERING LAND IN THE APPRAISALPROCESS. When appraising a property, we must analyze what the highest and best use of the land is. I’m not going to delve into the highest and best use topic in this article. I’m working on a new article that will be out in a couple of weeks. Be safe out there!
One such attempt is the increased use of hybrid appraisals. Hybrid appraisals and full appraisals differ in one key aspect, property inspection. In the course of a full appraisal, the appraiser will schedule and inspect the property themselves. What Are Hybrid Appraisals?
Enact’s David Foster recently spoke with MortgageOrb about how the COVID-19 pandemic impacted inspections and appraisals, the changes we see today, and other appraisal factors to consider. Q: How have inspections and appraisals been impacted since the beginning of the COVID-19 pandemic?
This article was originally published in the Fall 2021 Appraisal Buzz Magazine here. Now is your last time to sign up to receive the Appraisal Buzz Magazine for free from the Appraisal Buzz Premium Membership ! They have that much variance in what they demand of the appraisalprocess.
Below are five remote inspection tools worth looking into. Rather, our intention is to provide appraisers with a sampling of currently-available remote property inspection tools so they can consider the potential benefits of integrating such tools into their appraisalprocess. eTrac Virtual Inspection Tool.
This series of articles explores the role of appraisal review processes in the risk system in the format of mortgage lending for 1-4 family real estate. Throughout, I’ll address current practices and processes of appraisal review, measuring change through observations, and insight as to what is to come.
In this article, I am going to focus on the dangers that skepticism can have on an appraiser’s thinking. I know of some appraisers who do not measure the properties they appraise, even though they are expected to when making a physical observation (inspection). MEASURING. And thank you for all you do!
If you’re an appraiser and you’re reading this, you already know the details. But do your customers understand how an appraisal works? Share this article with them and chat about the appraisalprocess. The better the appraisalprocess is understood, the less customers will question the results!
As technology has evolved we have much greater access to data and appraisers are learning to adapt and use this technology. Many believe that the use of different data gathering tools and sources will help modernize the appraisalprocess. Appraisers have been trained in knowing what to look for. What about foul odors?
You can read more about property inspection waivers in a past article I wrote. Appraisal vs Home Inspection. As a new homeowner, you might be confused about the differences between an appraisal and a home inspection. Home inspections are normally regulated by the state.
As part of our Question of the Month survey series, we asked members of our appraisal community, “What’s one thing you wish real estate agents knew about the appraisalprocess?” Thank you to the large number of appraisers who shared their input! ” “That it’s a process that requires a good amount of time.”
One such attempt is the increased use of hybrid appraisals. Hybrid appraisals and full appraisals differ in one key aspect, property inspection. In the course of a full appraisal, the appraiser will schedule and inspect the property themselves. What Are Hybrid Appraisals?
Appraisal Technology was front and center at this show. Kenon Chen from Clear Capital discussed the digitization of the appraisalprocess. Of the 40,000 homeowner inspected hybrid appraisals created, most were on par or better than the traditional appraisals.
One such attempt is the increased use of hybrid appraisals. Hybrid appraisals and full appraisals differ in one key aspect, property inspection. In the course of a full appraisal, the appraiser will schedule and inspect the property themselves. What Are Hybrid Appraisals?
But it’s worth spelling out, because a courteous and professional demeanor is essential to making a good first impression and providing a positive customer service experience throughout the entire appraisalprocess, from acceptance to delivery. Deliver reports on time. Communicate with the client. Go above and beyond.
There are many articles, blogs, and opinion papers that either support or reject bifurcated and hybrid appraisals, which contributes to a great deal of confusion. Here at McKissock Learning, we do not support any position regarding bifurcated and hybrid appraisals. Why call it an enhanced desktop appraisal?
From digital data collection to sophisticated analytical software, technology is reshaping how appraisals are conducted, impacting both the speed and accuracy of valuations. Its important to understand how technology is impacting the industry, and to see how its creating a more efficient and accurate valuation process.
In January 2022, Fannie Mae and Freddie Mac announced a desktop appraisal option that goes live in mid-March 2022. In various articles and opinion pieces, some claim that desktop appraisals will solve the appraiser shortage and modernize the appraisalprocess, while others claim that they will cause the demise of the appraisal profession.
The scope of work must disclose the extent the property was inspected. USPAP states that appraisal reports for real property must contain a signed certification indicating whether the appraiser has or has not personally inspected the subject property. Property inspection disclaimer.
Understanding the unique aspects of relocation appraisals is vital for businesses that offer relocation benefits and for employees who are moving as part of their career. Both the employee and the employer need accurate valuations as soon as possible so that the process may continue without delay.
For example, if there are two participating lenders involved in the assignment, they may be listed as co-clients and a Restricted Appraisal Report may be provided. This is assuming that a restricted disclosure of the appraisalprocess (i.e., The steps taken in the appraisalprocess. Use restriction statement.
Students chose the school for its offering of live instruction classes for salespersons, brokers, appraisers, mortgage, and home inspection courses at various locations and convenient times, including weekend classes. Let’s review our findings! out of 5 stars Rating: 5 out of 5.
As technology has evolved we have much greater access to data and appraisers are learning to adapt and use this technology. Many believe that the use of different data gathering tools and sources will help modernize the appraisalprocess. Appraisers have been trained in knowing what to look for. What about foul odors?
NAR Member Survey on Data Collectors Excerpts: In May 2023, NAR surveyed its members pertaining to data collectors in the appraisalprocess. Brokers followed with 24%, and appraisal-certified professionals comprised 14% of the respondents. To me, the big issue is who is doing the inspections. Not very positive.
In this article, we examine the critical function that divorce property appraisals play in divorce proceedings and how they support justice, openness, and well-informed decision-making during the difficult process of asset division. Also Read: Why Should You Hire an Appraiser for Divorce Appraisals?
A major selling point for completing hybrid or bifurcated appraisals is that the appraiser will save a good deal of time by not inspecting the property, not taking photos of comparable sales, and not sitting in traffic. The remaining 3.5 hours is spent on completing the research, analysis, and reporting.
If you’re an appraiser and you’re reading this, you already know the details. But do your customers understand how an appraisal works? Share this article with them and chat about the appraisalprocess. The better the appraisalprocess is understood, the less customers will question the results!
If you’re an appraiser and you’re reading this, you already know the details. But do your customers understand how an appraisal works? Share this article with them and chat about the appraisalprocess. The better the appraisalprocess is understood, the less customers will question the results!
Traut notes that the Federal Housing Finance Agency (FHFA) announced in late October 2021 at the Mortgage Banker Association’s annual conference that banks and mortgage lenders will be able to use desktop appraisals in place of traditional appraisals for qualifying Fannie Mae or Freddie Mac backed mortgages.
Urban, Suburban, Rural in AppraisalsAppraisal Business Tips Humor for Appraisers Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!! The article is long, but worth reading the comparison of Mass Appraising (transparent) and GSE methods (not transparent).
For helpful tips, read this article titled “Promoting Your Appraisal Business on Social Media.” Tech tools like laser measuring devices, appraisal business software , market analysis tools , etc. ” Find more tips and insights in our post written by seasoned appraiser Steven W. Manage client expectations.
A redesigned, dynamic URAR will replace the numerous and separate appraisal forms and can be used for different property types, such as two-to-four units, condominiums, manufactured homes, and for different scopes of work, such as interior and exterior inspections, updates, and completion assignments.
After all, if you fail to procure an accurate appraisal, there isn’t much to stand between you and potential losses during the sale or purchase of a particular property. What Is an Appraisal and When Do I Need One? Home Appraisal and Home Inspection Differences.
Approach to the appraisalprocess. Appraisal specializations. ” Related reading: 8 Characteristics of a Successful Real Estate Appraiser. Approach to the appraisalprocess. Very efficient throughout every process.” ” “I have been in the appraisal business for 33 years. .”
My comments: This article uses AEI data, graphs, and reports from June. The upcoming October issue of the monthly Appraisal Today has an article, “Which are your best current and former AMC/lender clients? To read more about this topic, plus 2+ years of previous issues, subscribe to the paid Appraisal Today.
Desktop Appraisals: Who, When, and Why Excerpts: The ability to identify property characteristics without a personal inspection is not a new concept. Similarly, while not identical, appraisers generally use the cited sources above to identify the physical characteristics of comparable sales in their appraisals.
As this property data collector thing moves along, there continues to be no legitimate reason for Fannie Mae’s motivation to push this so hard other than they want the valuation process fully automated and can pay $25 for an untrained inspector to view a home. It shows a fundamental lack of understanding of what appraisers do.
AMCs Assuring that the appraiser has the correct contact information for an inspection is very important. There have been numerous instances in which I have not been able to get ahold of a contact for an inspection only to find out weeks later that the AMC gave me the wrong contact information. Very good tips in the article.
The process can be daunting, especially if you’ve never engaged in an appraisal for commercial real estate before. To simplify and demystify the commercial appraisalprocess for you, we have addressed 17 of the most important questions asked. For the purpose of this article, we’ll mostly stick to the word “appraisal.”.
Counseling buyers, sellers, owners, and tenants on inspections and remediations, improvements, and the appraisalprocess. Completing Evaluations in compliance with the Interagency Appraisal and Evaluation Guidelines. I have been writing these annual articles for many years. Clear communication.
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