This week’s appraisal news has plenty to offer, including the nonscientific fourth approach to valuation and what appraisers should do before working with an AMC. We’ve also included the importance of discussing comps with the listing agent and what not to do with your E & O binder page. Just for fun, we’ve added a story about some crazy situations in which appraisers have found themselves.
Is there a fourth approach to real estate value?
Everyone knows about the three approaches to property valuation: market, cost, and income. But what about the fourth approach? The decidedly nonscientific “gut” approach? This article makes a strong case for a gut check being another important aspect to correctly valuing a property.
17 things appraisers should do before hiring an AMC client
With all the talk about Appraisal Management Companies (AMCs)—much of it not positive—appraisers might be hesitant to work with them, wondering if the AMC will be a trusted client. Portland appraiser Gary F. Kristensen has some recommendations for doing your due diligence ahead of time.
Importance of discussing comparables with Realtors
Today’s appraisers have a multitude of tools available to learn valuable details about an appraisal property. In addition to the usual MLS features, third-party tools such as Google Earth can provide additional information. The real estate agent is another important element when it comes to gathering valuable information on a property.
Quit doing this. Just say no!
Is your Appraisal Management Company asking for your E & O binder page in your report “per lender requirements”? Look no further than this article on what grounds you should refuse to do so.
Crazy appraisal stories from the front lines
Appraisal isn’t known as a particularly dangerous profession—unless your attempt to get into a home is thwarted by a stubborn moose or a couple of robbers. These stories and more have earned their spot in the “weird appraisals” file.