Real Estate News - Omni Appraisals

Nice Guys Finish LAST! Clients file complaints after getting appraisers to "Second Guess" their own appraisals.

2/8/2012 9:22 AM

T.J. McCarthy, of T.J. McCarthy & Associates, Tinley Park, IL has the following assessment of the AMC and Lender practice of making post-closing calls to appraisers to question how some of the adjustments were made and get appraisers to second-guess...

Bring Back the Cost Approach

2/8/2012 9:22 AM

Bring Back the Cost Approach: The Cost Approach to value has been discounted and even eliminated in residential real estate appraisal in recent years. Here are some reasons why it needs to be revived. By Harry E Davis In the...

Pennsylvania Gov. Tom Corbett signs AMC legislation

2/8/2012 9:22 AM

Originally posted by Kim Shindle On February 3, 2012 @ 6:00 am In Association News,Government Affairs- http://www.PARJustListed.com Appraisal management companies will now be regulated in Pennsylvania, thanks to legislation signed by Gov. Tom Corbett on Thursday. House Bill 398 [1]...

Appraisal and AMC Fees Separated on Revised Settlement Forms

2/8/2012 9:22 AM

The Consumer Financial Protection Bureau released the second proposed version of a new Consumer Disclosure Form Feb. 1 that includes clear disclosure of any fee paid to a “Local Appraisal Company” and to an “Appraisal Management Company.” The Appraisal Institute...

The 1004D - Appraisal Update and/or Completion Report - Uses and Misuses

2/8/2012 9:22 AM

Guest Author: Ken Shure, Certified Residential Appraiser in the Los Angeles, California area. Contact: kbshure@Yahoo.com The 1004D form issued by Fannie Mae has two distinct sections. The first section is utilized to produce a summary appraisal report associated with a...

American Guild of Appraisers Files Request with Federal Reserve Board Seeking Documents Related to Regulations on Customary and Reasonable Compensation of Fee Appraisers

2/8/2012 9:22 AM

WASHINGTON, Jan. 23, 2012 /PRNewswire-USNewswire/ -- On behalf of the American Guild of Appraisers, today the law firm Garvey Schubert Barer filed a request with the Federal Reserve Board under the Freedom of Information Act seeking a wide variety of...

GAO Recommendation: Appraisal Subcommittee Needs to Improve Monitoring Procedures

2/8/2012 9:22 AM

Why GAO Did This Study Real estate appraisals have come under increased scrutiny in the wake of the recent mortgage crisis. Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 created an oversight structure for appraisals...

Appraiser Joan Trice Authors New NAHB Primer Aimed at Helping Builders Work More Effectively With Appraisers

2/8/2012 9:22 AM

With builders around the nation continuing to grapple with faulty appraisals that jeopardize sales of their new homes, NAHB is adding an “Appraisal Primer” to its collection of resources aimed at helping association members strive for the best possible outcome...

Land Valuation: Extraction Has No Traction

2/8/2012 9:22 AM

ARTICLE SOURCE: Vol. 4, Issue 1, January 2012 of the Illinois Appraiser newsletter from the Illinois Department of Financial and Professional Regulation. “Land values were based upon the extraction method.” Look familiar? If I had a nickel for every phoned‐in...

Geek's Corner: Magic Plan App Can Create Floor Plans By Photographing Corners of a Room

2/8/2012 9:22 AM

I learned of of the MagicPlan App from the Photography For Real Estate (PFRE) blog. According to PFRE: "The app is free for download. The final floor plan is free for non-commercial use (includes a watermark) and $1.10 USD for...