Non-lender work is growing in popularity, as appraisers have grown weary of outrageous AMC demands and competing for low-ball fees. But the grass isn’t always greener on the other side: non-lender work has its cons, and AMC work has its pros. Don’t believe us? We’ve laid out some of the pros and cons of both types of appraisal work.
appraiser Blog Posts
Insurance: that annoying but potentially beneficial thing we pay good money for and hope to never use. Insurance can protect your car, your business, your family, your home and more. The downside? It can often put a big red target on your back that says “sue me.”
To say that there has been an enormous change in the real estate industry over the last few years is an understatement. Appraisers have taken most of the fall for the housing crisis, and continue to experience the effects of the fallout. Here are five critical issues that will continue to impact our industry if we don’t take a stand and fight back now.
The latest and greatest technology may be a boon to your home inspection business, but it’s likely not covered by your E&O carrier. While tech advances quickly for inspectors, insurance companies have yet to catch up and therefore may not offer appropriate levels of coverage just yet.
One of the requirements of your job as an appraiser is getting to the property to appraise it. Unless you are appraising a property within a few blocks of your own house or office, chances are that you will be driving there. Today, the costs of driving -- higher gas prices, higher insurance premiums and higher maintenance costs -- have gone through the roof.
On May 23, 2014, the Court of Appeal for the Fourth Appellate District, Division One, State of California, issued a very interesting decision on whether a plaintiff can successfully plead and argue fraud based on comments made about the concluded value of real estate that was appraised. The case is Graham V. Bank of America, N.A., et al. Although this ruling is unquestionably useful for an appraiser being accused of appraisal fraud, it probably is not the magic elixir many will proclaim it to be.
Whether in the field or at the office, there’s much at stake every day. Yet, many of us continue to overlook the importance of professional liability insurance.
Commonly known as errors and omissions - or E&O - insurance, these policies are designed to protect you against legal recourse should a lawsuit be filed against you. However, not all policies are created equally, and premiums are continually on the rise. So what’s the story behind these additional costs?
When it comes to real estate, risk is the name of the game. While it’s impossible to predict the future, there are steps you can take to prevent or defend against lawsuits brought about by errors and omissions made during the delivery of your services. Today, we’ll show you why taking a proactive approach to mitigating your risk matters so much.
With mortgage rates hitting new lows, more consumers are seeking to take advantage of a good thing and either buy or refinance homes. More consumer interest means appraisers will be called upon more to deliver property valuations.
While more work requests is always a good problem to have, there are some side effects to bear in mind next time you're in the field....
Current economic trends suggest your appraisal practice will not survive beyond 2015.
Appraisers are running for the exits, with many moving into Ad Valorem, and some into cost estimating. Client accounts you thought were safe have been converted to ether and dispersed among a dark refinancing void.