HVCC - Copy of Appraisal

[Mile High Trout]

Disclosure & supporting evidence

Good advice from many posters here.

Don't put anything in your report you can't defend. Hold yourself to the higher standards, based on your capabilities, & highest standards.

Do work with every homeowner you come into contact with regarding getting them a copy of the appraisal. You could leave them a request form for a copy of the appraisal, to send their lender (the lender could fill it out, send it to them, or you, and problem solved). Disclosure is key. If they express interest, make sure they get it. Also remember to leave a flyer, or card when you deal with EVERY homeowner.

Do keep more than adequate insurance.

Do inform the homeowner of many different valuation methods & reliabilities. When they are informed your data & appraisal approach is entirely more reliable than lender & internet data, the back end problems of disgruntled homeowners will be better dealt with.

Yell loudly at lenders who pressure you. It's a federal crime to pressure an appraiser! Don't sell yourself short. Run circles around anyone trying to lowball your fee.

Patience my fellow appraisers. Every one of us individually are making changes tantamount to governmental activities. Fight the good fight!
:new_2gunsfiring_v1:

 

[Bama Bayou]

This provision will increase our liability 100 fold and will accomplish nothing to protect the consumer. Currently, we are liable to our client, the lender, who as a business is unlikely to sue unless a strong case can be made. We will now be liable to the homeowner, who is much more likely to sue even with a weak or frivolous case, since they will be able to rely on the bank ordered appraisal.

If the buyer wants to retain their own appraiser (which I think is a great idea) to value a property let them have at it.

If this provision sticks you can expect to have a huge increase in E&O costs because we will be liable to the borrower in addition to the lender.

Be carefull what you ask for, you just might get it.

 

[Mile High Trout]

E & O is up! Not a coincidence

Funny you should say that Bama, my E & O is up around a hundred dollars this year.

Landy is still providing me with the most competetive market rate though. They handle so many appraisers E & O it would make your head spin. If you guys are buying E & O from any old company, switch to a firm that handles appraiser volume, and save'a'lot! Plus the rep Ken has been a source of great advice regarding liability issues & is generally a really great guy.

Nip reliability in the bud, and do 100% verbatim reports, like me. Every conclusion or statement, or assumption I develop is typed right in. I'm trying to make every appraisal created, come full circle, to proven valuation. It just helps you get a lot better with market languages, over time.

"You've got to dazzle them!" That's what my senior appraiser told me.