McKissock

MARCH 2, 2021

Here are five excellent resources offered by McKissock Learning—including a Pro-Series webinar on Wednesday, March 17, 2021, “ The Market Value Doesn’t Support the Contract Price, Now What? ”. Webinar: The Market Value Doesn’t Support the Contract Price, Now What? Blog post: Advice for Working with Difficult Clients.

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Appraisal Contracts Market Value Clients 103

Housing Wire

JUNE 11, 2021

An appraisal is a valuation of a property by a third party. If the appraised value ends up matching or is higher than the contract price, the transaction can continue as planned. Should the appraisal come in lower than the contract price, the closing process may be impacted. The buyer typically covers the cost of the appraisal.

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Inspection Appraisal Buyers Appraisal Process 424

Housing Wire

APRIL 6, 2021

How hybrid title and valuations help increase lending efficiency. For example, one client had a home under contract for $983,000 and the list/appraised value was just $900,000, the LO said. But the most important thing is educating clients from day one. She recently had a deal fall apart due to appraisal.

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Appraisal Reconsideration of Value Real Estate Agent Sellers 539

McKissock

JANUARY 6, 2023

There are appraisal jobs available in the lending sector, such as staff appraisers, review appraisers, fee panel managers, and with experience and time on the job, chief appraiser and valuation compliance officer jobs can be found. They all handle land and building acquisitions and dispositions, as well as condemnation valuations.

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Appraisal Training Lending Land Management 74

Annarbor Appraisal

SEPTEMBER 6, 2020

The first thing to remember as a consumer or real estate agent, is that the client is the lender, not the consumer. Even though the consumer may pay for the appraisal, they are no more the client than is the credit reporting agency or title company hired directly by the lender. Limit the number of sales to three if possible. •

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Mortgage Appraisal Appraisal Mortgage Reconsideration of Value 78

Birmingham Appraisal

FEBRUARY 20, 2024

On one hand, the real estate agent’s main goal is to advocate for their client while the appraiser must be an impartial and non-biased third party. It’s important to understand that collaboration does not mean that both parties must work together so that the deal closes at the contract price no matter what.

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Housing Wire

NOVEMBER 16, 2023

When CoreLogic acquired Roostify, the digital mortgage technology company I co-founded and led for more than a decade, in February, our mission was to accelerate and simplify the home lending experience. As the Sitzer/Burnett case may well show, most listing agents are trained to steer their clients to offers that support this dynamic.

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Birmingham Appraisal

FEBRUARY 8, 2023

Not really, and today I’m going to explain the differences between several different types of appraisals that could mean the difference between a home appraising for contract price or not. For the record, I will state that the goal of every appraisal is to estimate the market value of a home, usually for lending purposes.

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Realtors Appraisal Market Value Real Estate Agent 78

Appraisal Today

APRIL 14, 2023

Our opinions are sought for work as varied as bankruptcy, estate, charitable contributions, pre-listing, before-and-after valuation, among other reasons. It is a place where we can show our clients just how valuable an appraisal can be. We are used to addressing our reports in a manner that the lending client expects.

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Appraisal Today

APRIL 19, 2024

For too long, appraisers have faced sweeping claims that their valuations are biased against certain groups, despite appraisers’ ethical standards, rigorous training, and lack of financial stake in transactions. In his private practice, Durbin focuses on complex residential valuation challenges. He has been around for a long time.

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Appraisal Today

NOVEMBER 4, 2022

It can help you get more business from AMCs (and other lender clients). I keep my advertising clients and this newsletter’s content separate. Communicating with non-lender clients: Very, very different from lenders!! Appraiser list Internet, referral, previous client. Mortgage Lending You decide.

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Reconsideration of Value Appraisal Inspection Advertising 52

Birmingham Appraisal

SEPTEMBER 15, 2022

A mortgage appraisal is an appraisal that is done for mortgage lending purposes. Banks are typically absolved from discrepancies between the amount they lend and the true market value of the home meaning that they will not be held responsible to the buyer. What If The Appraisal Is Less Than The Contract?

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Appraisal Today

MAY 10, 2024

I have never done an “official” ROV for a lender, but I did not like any lender clients objecting to my values. This is the statement in the HUD/FHA ML-2024-07: “This included guidance to improve the established process by which FHA program participants may request an ROV if the initial valuation is lower than expected.”

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Reconsideration of Value Appraisal Real Estate Insurance 73

Appraisal Today

FEBRUARY 24, 2023

AMCs had taken over the mortgage-lending work. Those appraisers who built strong relationships with their AMC and lender clients, who returned phone calls promptly, never “went dark” with their clients, always turned their assignments in on time (or early) — they are the ones who are still getting orders even when times are slow.

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The Robert Weiler Company

OCTOBER 21, 2022

So, take a deep breath, read on, and be prepared to gain a deeper insight into this important topic of commercial real estate valuation. The information that arises helps enlighten those who own, manage, sell, lend money, or invest in commercial real estate property. You may need a commercial valuation for many reasons.

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Appraisal Today

AUGUST 5, 2022

Excerpts from the Summary: On August 1, 2022, the Veterans Affairs released Circular 26-22-13 announcing new procedures for alternative valuation methods, effective immediately. I always recommend VA as the best lender client for appraisers. VA Approves Desktops and Exterior-Only Appraisals. Never plant a palm tree!! Find out why not.

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Appraisal Valuation Contracts Modernization 59

Appraisal Today

MARCH 31, 2023

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.” Then forward that answer on to the client/AMC.

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Appraisal Today

MAY 19, 2023

My first appraisal job was updating data records for an assessor’s office, converting to computerized valuation in the mid-1970s. They can tell their clients that their data collectors are qualified, as compared with their competitors. I would love to have all my clients email me the appraisal order. I learned a lot.

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Appraisal Business Contracts Real Estate 52

AmeriMac

MAY 24, 2022

Qualification begins with making sure an appraiser at least meets any applicable state or local requirements, and most AMCs also only contract with appraisers who have standard industry certifications and/or memberships. The segregation that AMCs provide came to light with the post-2008 Home Valuation Code of Conduct (HVCC).

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Appraisal Today

OCTOBER 28, 2022

Excerpts: …the United States Department of Veteran Affairs (VA), is known throughout the valuation community for respecting the work of appraisers and maintaining reasonable fee schedules. The questions: Fannie Mae and Freddie Mac are making desktop appraisals a permanent fixture in their valuation offerings. Highest and best use?

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Appraisal Contracts Mortgage Valuation 52

Appraisal Today

FEBRUARY 3, 2023

23, 2023 My comment: This only applies to residential lending appraisals, of course. people who think technology is the golden spoon to accurate valuations. To read more, plus over 60 appraiser comments, click here My comments: This only applies to residential lending appraisals, of course. By Dave Towne, Jan. percent from 6.20

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Appraisal Today

FEBRUARY 23, 2024

Take Note of GSE Requirements To read more, Click Here My comment: If you do residential lending appraisals, read this article! Allow the appraisers to speak directly to the lender/client, instead of going through the third-party agent. The average contract interest rate for 15-year fixed-rate mortgages increased to 6.61

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Appraisal Real Estate Contracts Reconsideration of Value 68

Appraisal Today

JUNE 10, 2022

Here we consider how these “frictions” will behave as appraisal demand has dropped, just as each of the five forces have found ways to reduce or “eliminate” the need for valuation expertise. Recall the five forces of friction: practices, standards, education, regulation, and client expectation. Purchase vs. refi appraisals.

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Appraisal Today

NOVEMBER 10, 2022

The only appraisers who get sued are those performing appraisals for mortgage lending. Truth: The origin of this myth most likely correlates with the significant amount of valuation work performed for lending purposes – the more lending work, the greater the liability risk, the thinking goes. 3, 2022 By Jamie Owen.

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Appraisal Real Estate Agent Real Estate Contracts 52

Housing Wire

JANUARY 11, 2024

On the right tech mindset: Adam Carmel, Polly CEO : “When I was in lending, I think I always overestimated the impact technology or software, or more importantly, a switch in technology, would have on our business in the first six months or a year, and the difficulty in transitioning. .” But it’s weird.

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Portland Appraisal Blog

APRIL 14, 2019

You’re a real estate agent and after a lot of back-and-forth, give-and-take, offers and counteroffers, you’ve helped your client negotiate a sweet price for their home. There has been a meeting of the minds, the contract has been signed and everyone is anticipating a smooth closing. Not even the borrower is the appraiser’s client.

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Appraisal Reconsideration of Value Agents Market Value 78

Housing Wire

JUNE 28, 2021

He started contracting with home mortgage lenders to appraise the value of the property tied to a loan. “It But DeZarn was an independent contractor business of one, and he lost his clients in 2008 when the housing market imploded. But they did not become key players in the home valuation industry until the recent housing bubble.”.

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Appraisal Valuation Business Contracts 402

Genworth MI Blog

JUNE 27, 2019

The Truth in Lending Act (TILA) contains rules addressing appraiser independence. Withholding or threatening to withhold timely payment for an appraisal report or appraisal services rendered when the appraisal report or services are provided in accordance with the contract between the parties. A Few Basics. Finding Your Own Comps.

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Appraisal Tips Appraisal Law Market Value 78

Genworth MI Blog

JUNE 27, 2019

The Truth in Lending Act (TILA) contains rules addressing appraiser independence. Withholding or threatening to withhold timely payment for an appraisal report or appraisal services rendered when the appraisal report or services are provided in accordance with the contract between the parties. A Few Basics. Finding Your Own Comps.

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Appraisal Tips Appraisal Law Market Value 78

Appraisal Today

OCTOBER 7, 2022

The eight percent who cite other valuation methods most often explained that they use a hybrid approach or mostly an exterior appraisal. Excerpts: Lakeland engaged in a pattern or practice of lending discrimination by “redlining” in the Newark metropolitan area. The agreement with N.J. To read more, click here.

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Appraisal Contracts Architecture Housing Market 52

Cleveland Appraisal Blog

MARCH 30, 2021

Within the past couple of weeks, I have appraised several properties for purchases, where my opinion of the market value of these homes was significantly below the contract price. When an appraiser’s opinion of value is below the contract price, that’s when the carping begins. There is just not much out there to buy.

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Housing Market Marketing Reconsideration of Value Contracts 367

Appraisal Today

FEBRUARY 16, 2024

Historical Properties and Their Unique Appraisal Approaches Excerpts: Appraising historical properties involves a complex interplay of factors, making it a specialized field within real estate valuation. Never use a lending form (such as a 1004) for estate work. Get the relevant date of value from the client or client’s attorney.

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Appraisal Today

APRIL 12, 2024

Retrospective appraisals, drive-by (exterior inspection) appraisals, and valuations from plans and specifications, are all valuation assignments where an appraiser develops an appraisal opinion without personally inspecting the property. But if for lending, it might be rejected on review by GSE computers or humans.

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Appraisal Today

SEPTEMBER 15, 2023

This typically happens when an appraiser turns in an appraisal with an appraised value opinion lower than the sale contract price. Richard Hagar, SRA, has a good book on Dave Towne’s comments (and many other client issues): For more info click here == Private money lending – no UAD, computer “reviews”, low fees, etc.

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Appraisal Real Estate Agent Contracts Real Estate 82

Appraisal Today

AUGUST 25, 2023

And to ensure data procured through RPR can be used in the appraisal process, NAR and RPR have been actively engaged with lending agencies Fannie Mae, Freddie Mac, VA, and FHA to make them aware of this bridge solution for the appraiser community. Never be dependent on the ups and downs of lending again! What does your MLS have?

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Appraisal Real Estate Agent Agents Real Estate 76

Simonson Real Estate

JULY 10, 2020

The appraiser’s role is to provide arm’s length, third-party, neutral, and impartial opinions about the value of real property and provide assistance to those who own, manage, sell, invest in, or lend money on real estate. Examples: A building owner has a single lease or multiple leases with tenants. Bottom Line.

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Appraisal Process Appraisal Market Value Tenants 148

Appraisal Today

MAY 26, 2023

Some appraisers feel that lenders should not provide them with the purchase and sale contract. Then that contract does not serve to color, cloud, or otherwise bias a value opinion. Appraisers analyze the purchase and sale contract to amass and verify data to have detailed data to use in the analytics of future assignments.

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