To help their customers, lenders might be tempted to choose a less time consuming – and potentially lower cost – real estate valuation method than an appraisal. But while alternative valuation options – such as automated valuation models and broker price opinions – might be cheaper, are they better? [Read more…] about 4 Key Differences Between Appraisals and AVMs, BPOs
By Rachel Massey, SRA, AI-RRS
I am not “just” a residential appraiser!
There’s no doubt that obtaining a certified general appraisal license opens doors to varied and interesting work. If it’s in one’s capacity to obtain this level, it’s a great idea.
But the idea of being “just” a residential appraiser must stop. Competent, highly qualified residential appraisers who study the market, know how to analyze and solve problems – and who can communicate effectively and succinctly – are very valuable to their clients.
Many factors help appraisers develop an opinion of value, which might result in an appraisal that doesn’t match the property’s sale price.
An appraiser is there to give their unbiased professional opinion of a home’s value. Part of their job is to not have an emotional connection with the property. A homeowner usually has a figure in mind, which often reflects their attachment to the home itself.
By Woody R. Fincham, SRA, AI-RRS
As co-chair of the Appraisal Institute’s Residential Appraiser Project Team, I’m often asked why residential appraisers should pursue AI’s SRA designation. Does it really help generate assignments, I’m asked?
I can tell you emphatically that there is great value in the SRA designation. Here’s just one story of how it’s helped my career.