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Appraisal Institute Helps Appraisers Perform Evaluations for Lenders

November 14, 2012 by Appraisal Institute Staff

The nation’s largest professional association of real estate appraisers published guidance today to help appraisers learn what evaluations are, when they are used and who can prepare them.

The Appraisal Institute’s “Guide Note 13: Performing Evaluations of Real Property Collateral for Lenders” addresses how appraisers should prepare an evaluation for a lender and comply with the Uniform Standards of Professional Appraisal Practice.

The Guide Note states, “Federally insured lending institutions in the United States are subject to regulations regarding real estate appraisals. For lending transactions involving real estate, a lender must obtain an appraisal from a state licensed or certified appraiser. There are 12 exemptions from this requirement. For three of these exemptions, in lieu of an appraisal by a licensed or certified appraiser the lender may obtain an evaluation.”home-costs

[Read more…]

Filed Under: Appraisal Institute Tagged With: Appraisal Institute, Appraisers, real estate appraisal

Appraisal Institute Honors November Volunteers of Distinction

November 7, 2012 by Appraisal Institute Staff

The Appraisal Institute has announced its “Volunteer of Distinction” honorees for November: Shannon Hansen, MAI, of Region II (Nebraska Chapter); Charles R. Mills, Jr., MAI, SRA, of Region V (Bluegrass Chapter); Robert J. Bovasso, Jr., MAI, of Region VI (Metro New Jersey Chapter); Joyce L. Riggs, MAI, of Region VII (Southern California Chapter); and Nicholas D. Pilz, SRA, of Region X (East Florida Chapter).

The Appraisal Institute’s member recognition program honors members for their volunteer service to the Appraisal Institute, to the real estate valuation profession and to their local communities. Each month, the Appraisal Institute recognizes one honoree in each region as a Volunteer of Distinction.

Region II consists of Colorado, Iowa, Kansas, Missouri, Nebraska, Oklahoma, South Dakota, Utah and Wyoming, as well as Manitoba and Saskatchewan, Canada. Region V consists of Indiana, Kentucky, North Carolina, Ohio, Virginia and West Virginia. Region VI consists of Delaware, Maryland, New Jersey, Pennsylvania and Washington, D.C. Region VII consists of Arizona, Hawaii, Southern California and Southern Nevada. Region X consists of Florida, Puerto Rico and the Virgin Islands. [Read more…]

Filed Under: Appraisal Institute, Volunteers of Distinction Tagged With: Appraisal Institute, Appraisers, Volunteers of Distinction

Candidate for Designation Program Discount Continues

August 31, 2012 by Appraisal Institute Staff

blog_presidentheaders
This month I’m pleased to announce the continuation of a Candidate for Designation program discount, as well as some exciting news from the 2012 Appraisal Institute Annual Meeting.

New Candidate for Designation Program Discount

The $55 discount on 2013 program fees expires today. However, starting tomorrow, Sept. 1, a program fee discount of $25 will be offered to those who enroll in the program by Oct. 31. The Candidate for Designation program officially will begin Jan. 1, 2013. [Read more…]

Filed Under: Appraisal Institute Tagged With: Appraisal Institute Annual Meeting, Appraisers, Candidate for Designation

Appraisal Institute Member Conveys Benefits of Organizational Involvement

August 20, 2012 by Appraisal Institute Staff

Alvin “Chip” Wagner, SRA, addresses the key benefits that he receives from AI membership, and also shares his family’s organizational history dating back to the 1930s.

https://youtu.be/LcZVYPTaeIQ

Filed Under: Appraisal Institute Tagged With: AI membership, Appraisers

Appraisal Institute Addresses When Consumers Might Need Appraisals

August 16, 2012 by Appraisal Institute Staff

Homeowners may have reason to question the value of their home on various occasions, such as when buying or selling, appealing property taxes, seeking to eliminate private mortgage insurance or undertaking a home renovation project.

Here are some situations where an appraisal could be helpful.

home_value

Buying or Selling a Home

If a consumer is planning to sell their home, setting an appropriate listing price can help to speed the sale. An appraiser arrives at a credible, reliable opinion of value that can help determine a fair listing price. Similarly, when shopping for a new home, an appraisal can aid in determining fair market value.

Canceling Private Mortgage Insurance

New homeowners are frequently required to obtain private mortgage insurance, but homeowners can cancel this coverage when their loan-to-value ratio reaches 80 percent. An appraiser can develop an opinion of the current value of the home, which will assist the homeowner in deciding whether or not to ask the lender to drop mortgage insurance. [Read more…]

Filed Under: The Appraisal Institute Tagged With: Appraisal Institute, Appraisers, real estate appraisal

New Appraisal Institute Book Says Water Rights Can Have Major Impact on Property Values

July 31, 2012 by Appraisal Institute Staff

0758m_133x200With the world population estimated to have recently passed 7 billion, the global freshwater market will be a “seller’s market” for the foreseeable future, according to a new book by the nation’s largest professional association of real estate appraisers.

“The Appraisal of Water Rights,” published this week by the Appraisal Institute, encourages appraisers to become geographically competent in order to provide credible, reliable opinions of value for properties involving water rights. [Read more…]

Filed Under: The Appraisal Institute Tagged With: Appraisers, The Appraisal of Water Rights

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