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AI’s Review of Photos in Appraisal Reports: Big Brother is Watching

By: Francis X. (Rich) Finigan  20 June 2024 The photographs in your appraisals and the quality and condition rating are about to be scrutinized by AI. Is this just one more step toward hybrid appraisals?   According to Chris Flynn, head of product and strategy at First American Data & Analytics, “Our AI-powered ACI technology solves [...]

Earth Day and Real Estate Appraisers: Valuing Energy Efficient Properties

Celebrated every April 22nd, Earth Day emphasizes sustainability and highlights the economic benefits of green practices. For real estate appraisers, the rise of energy-efficient properties and technologies, like solar photovoltaic (PV) systems, are both a challenge and an opportunity, expanding valuation methods for today’s market. The Shift Towards Energy Efficiency Energy-efficient housing, mixed use development, [...]

Increase Your Bottom Line: Diversify and Thrive!

Subject line: Increase Your Bottom Line: Diversify and Thrive! Have you noticed a decline in appraisal orders?  While at first glance this kind of reduced demand may be alarming, these inevitable changes in the industry may create a lucrative financial opportunity. At the end of this article is a description and contact information that can [...]

Appraisers and Methamphetamine, Guidance from The New FHA 4000.1 Handbook

Thousands of clandestine drug labs exist across America right now. What happens if you discover a methamphetamine laboratory while acting as a professional in the field? What are the telltale signs that might indicate you are on a property that has recently been used as a clandestine laboratory? On January 18, 2023, HUD reissued its [...]

House or Hotel…STR- Appraiser Beware

Short-term rental: Is it a home or a hotel? State appraisal boards are disciplining appraisers across the country for improperly using the short term rental income on the residential Single-Family Comparable Rent Schedule (Form 1007) or Form 216.  Timely examples of this are Airbnbs. As the short-term rental market continues to thrive across America, especially [...]

Covid-19 and Hand Washing:  When, Why, and How According to the CDC, hand washing is one of the best ways to protect yourself and your family from getting sick. The following two pages will describe how you should wash your hands to stay healthy. Washing hands is only one aspect of staying safe. Wash Your [...]

Staying safe during appraisal inspection 6 easy steps

Staying safe during appraisal inspection 6 easy steps The appraiser’s work is so important to the financial well-being of America, it can’t be overstated. Many of the site visits that you will be conducting are for home equity loans or refinancing. Many people are using this financing as bridge loans to get them through the [...]

Reliance Letter Minefield an appraiser real-world problem… Solved

Save this letter in your file; it will help protect you from liability and enhance your professional image. While not typical, there are enough requests for “reliance letters” that they are not uncommon. A mortgage broker may receive a copy of the appraisal report and want to submit it to a “second mortgage” lender, who [...]

The ASB could consider moving forward with a discussion draft or an exposure draft by late 2019. TAF once a draw a bright line between appraisals and evaluations. Background: “Federal Deposit Insurance Corporation, the Board of the Federal Reserve System, and the Office of the Comptroller of the Currency issued an advisory to clarify supervisory [...]

What do you know about mold? Where are the alligators lurking, as flood waters abate? Do you think you have third party liability to borrowers? If you think “no”, think again and keep reading, because there are the alligators, along with their attorneys, lurking in the receding floodwaters! What do you need to know about [...]