Appraisal

View and download the Appraisal Practices Board’s newly adopted Valuation Advisories on Identifying Comparable Properties. 

In markets where prices are rising rapidly, brokers accuse appraisers of lagging behind and jeopardizing sales.

On Oct. 1, 2013, The National Association of REALTORS® hosted a Valuation Summit in Washington, DC.  Representatives from federal government agencies and national real estate associations, including NAR members, participated in panel presentations and roundtable discussions about hot button valuation issues.  Topics included appraiser and real estate communications, the value appeals process, and working with Appraisal Management Companies (AMCs).  NAR wants to better educate its members about the appraisal system that is currently in place but also influence policy… Continue Reading →

Learn and discuss the changing relationships and processes that appraisers and agents face at the Real Property Valuation Forum: Improving Agent and Appraiser Communications session during the 2013 REALTORS® Conference & Expo, November 8-11 2013 in San Francisco.

SAN FRANCISCO (November 10, 2013) – Issues with appraisals continue to impact real estate transactions, but better communications between real estate agents and appraisers could help to minimize problems, according to panelists at a property valuation forum here at the 2013 Realtors® Conference and Expo. Most of the attendees were both sales agents and appraisers.

Lenders implemented tighter lending standards in recent years, and appraisers must be able to conduct independent and impartial valuations due to increased… Read ...

The Appraisal Foundation recently created this resource, “A Guide to Understanding a Residential Appraisal.” NAR, as a Sponsoring Organization of The Appraisal Foundation, has co-branded the brochure. It is available for REALTORS® to download and provide to their clients to help them understand the residential appraisal process.

For more information on The Appraisal Foundation or to download more free publications, visit http://www.appraisalfoundation.org/

One big misunderstanding between real estate agents and appraisers centers on how, when, and what they can communicate about the valuation process.

NAR’s Board of Directors recently made changes to enhance the industry’s professional standards. Read what changes were made to Standard of Practice 11-1 and how it relates to BPOs.

On December 12, 2013, The Federal Reserve Board, along with five other federal regulatory agencies, issued a final rule to exempt a subset of higher priced mortgage loans (HPML) from certain appraisal requirements.  Higher priced mortgage loans are loans secured by a borrower’s home and bearing interest rates higher than the average prime offer rate (APOR) for comparable properties and mortgages.  New exemptions include: loans of $25,000 or less and certain “streamlined” refinancings, loans secured by a new manufactured home ...

Loans vetted by appraisers who fail to meet Fannie Mae’s standards could face extra scrutiny.