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A Look Inside AI Education: Desktop Appraisals (Bifurcated, Hybrid) and Evaluations Seminar Preview

April 21, 2022 by Appraisal Institute Staff

As developers and reviewers of the upcoming “Desktop Appraisals (Bifurcated, Hybrid) and Evaluations” education seminar, Appraisal Institute Vice President Sandra K. Adomatis, SRA, and AI Past President Alan Hummel, SRA, provide an overview of what attendees can expect to take away in this seminar preview. The pair also dive into the value and relevancy of desktop appraisals to residential and commercial appraisers right now.

Check out the video discussion below!

Sandra K. Adomatis, SRA (SA): Hello everyone, thank you for joining us today as we explore some of the upcoming Appraisal Institute educational offerings that you may be interested in. As you may know, my name is Sandy Adomatis, SRA, and vice president of the Appraisal Institute. I must admit, I’m very excited to bring this information to you today because I’m the developer of the seminar!

For anyone who’s ever taken Appraisal Institute educational offerings, you know that the offerings are rigorously researched, developed and reviewed by practicing appraisers using real-world experience in the residential and commercial space. Today I am joined by Alan Hummel, SRA, and one of our past presidents of the Appraisal Institute, to discuss the Desktop (Bifurcated, Hybrid) and Evaluation seminar. Alan was one of the reviewers for the seminar, and I am so excited that he’s here today. Before I turn it over to Alan, I’d like to give you a little overview of the seminar.

According to a recent news release from Fannie Mae, desktop appraisals are going to be growing in the numbers requested. It’s not going away, so residential appraisers need to have all the information they can to develop a credible report. Desktops are also valuable on the commercial side as well. Appraisers have many questions about them that are addressed in this seminar to provide more information and clarity about this business service…The seminar gives the pros and cons that were voiced by appraisers we interviewed before developing the seminar.

At the end, you’ll have all the information you need to make a good business decision. We’ll review the expectations of alternative appraisal services, their potential uses of appraisal standards as they apply scopes of work and liability concerns that we hear from many appraisers around the country on the residential and the commercial side.

Alan helped significantly in the development of the seminar, so let’s hear from him. Alan, could you share your views on the relevancy of desktop appraisals and evaluations as it applies to appraisers today?

Alan Hummel, SRA (AH): Absolutely. Thank you so much, Sandy. The principle of change is a concept that we as appraisers deal with on a daily basis. We’re providing our services, and as the world changes, so do the process of methods used by so many businesses, including our own appraisal profession.

This seminar is designed for both residential and commercial appraisers to understand…  the relevant assignment characteristics. What do they have to do in order to make that decision? You indicated to participate in desktop appraisals and or evaluations — it’s interesting because part of what we have to understand are those significant federal and state laws that govern the desktops and evaluations used by our clients and all kinds of lending decisions.

SA: That’s great information, but how did how does it become valuable to the everyday appraiser?

AH: First, it helps the appraiser understand the “how” and “why” lenders use these types of assignments within their lending processes for us to better understand what the lender is trying to accomplish. We can make certain that we are providing our services in a manner that’s beneficial to them.

Secondly, learning to identify the appraisal standards, the banking guidelines, the lender requirements, the state requirements… in order to develop a report that meets our USPAP in Appraisal Institute standards for development and reporting. It helps to differentiate between traditional appraisals from evaluations and desktop valuation services.

SA: That’s great information. You’ve touched on some excellent points here, Alan. I’d like to… tell you a couple things that I’m excited about when I was developing this seminar and when I’ve taught the seminar. What I’ve learned from this is that the seminar provides information that is necessary for an appraiser to make that informed decision like you’ve talked about and be able to produce a credible report with confidence that we’ve done the job right. I think this seminar offers that informed information. For us, it’s a big takeaway I see when offering this class as an instructor.

Secondly, the questions and the feedback that you’ll receive from other appraisers in the classroom that are already offering these services that can add valuable information to the text material in the seminar. I’d highly recommend this seminar to appraisers on [both] the residential and the commercial side.

I’m curious — what excites you about this class?

AH: Very similar to what you’ve mentioned, Sandy. The seminar does not advocate for or dissuade appraisers from doing these types of services. It provides examples. It provides the acknowledgement of the rules and regulations that, if an appraiser decides to provide these types of services, they can make a professional and business decision… and maybe, what times they wish to provide these services for what type of clients. But especially, it helps them gain the knowledge necessary to keep them safe and to mitigate liability when providing these types of services.

SA: Wow, what an important point to leave this video on. Yes, that is our goal. We’re not advocating for, or against. We’re just giving you the facts and letting you make the decision that’s best for you.

More about AI education offerings:

See seminar details and registration offerings here.

Learn about other education offerings from the Appraisal Institute here.

Don’t forget to subscribe to the Appraisal Institute’s YouTube channel for future videos on AI education and other association updates you don’t want to miss.

Filed Under: Appraisal Institute, Appraisal Institute blog, Appraisers, Bifurcated, Bifurcated Appraisal, desktop appraisals, testimony, The Appraisal Institute, USPAP Tagged With: AI, AI professionals, AI Vice President, appraisal career, appraisal information, Appraisal Institute, Appraisal Institute blog, appraisal institute education, appraisal services, appraisal standards, appraiser education, Appraisers, bifurcated, commercial appraisal, desktop, desktop appraisals, hybrid, lender requirments, residential appraisal, traditional appraisals, Valuation

How Appraisers Can Help Consumers Buy a Manufactured Home

October 2, 2014 by Appraisal Institute Staff

Manufactured housing is one of the fastest-growing housing markets in the U.S., and, according to the Manufactured Housing Institute, more than one in 10 single-family housing starts was a manufactured home in 2013.

Interested homebuyers should enlist the help of a qualified real estate appraiser to consider the advantages of purchasing a manufactured home over a traditional build and determine if taking the prefab route is worth the investment in the long run.

Are manufactured homes cost-efficient?FEMA Orders Mobile Homes For Katrina Victims
Depending on the region of the country, construction cost-per-square-foot for a new manufactured home averages 25 to 30 percent less than costs for a comparable site-built home. (As appraisers know well, cost does not necessarily equal value.)

But what about appreciation? Just like a traditional build, there’s no guarantee that the value of a manufactured home will always appreciate — that’s dependent on outside economic factors and varies by region. However, independent appraisal studies confirm that simplybuying a manufactured home won’t hurt resale value or reduce resale prospects compared to a site-built home. [Read more…]

Filed Under: Appraisal Institute Tagged With: appraisal, manufactured homes, residential appraisal

Why “Just Any” Residential Appraiser Will Not Do

March 26, 2014 by Appraisal Institute Staff

The following is a guest blog post by Woody Fincham, SRA, principal, F&M Associates, Inc.

With so many appraisers vying for low-fee appraisal management company and lender-related work, many AMC-centered appraisers are starting to compete for non-lender work.

Residential_Appraisal_ReportMost consumers don’t understand the need for experienced and designated appraisers outside of lender use work. It’s the appraiser’s responsibility – and in his or her best interest – to remind non-lender clients that hiring a designated appraiser is worth their time … and, most importantly, their money.

Attorneys, financial experts, homeowners and other non-lender consumers and users of residential appraisal services should tread very carefully when selecting appraisers. There are two distinct groups of appraisers in residential valuation: appraisers who perform primarily mortgage related work and those who work with non-lender clients.  It pays to be able to discern between the two groups. [Read more…]

Filed Under: Appraisal Institute Tagged With: AMC, appraisal management companies, appraisers and attorneys, appraisers and mortgage lenders, appraisers help attorneys, marketing to attorneys, non-lender appraisal, residential appraisal

Why a Cash Purchase Shouldn’t Eliminate the Appraisal

February 13, 2014 by Appraisal Institute Staff

The economic downturn and resulting housing crisis has resulted in a number of changes in how Americans both choose their homes and finance them. For instance, more are renting vs. buying their homes than ever before. Yet another surprising shift is the number of buyers purchasing homes in cash, thus eliminating the need for financing.

Cash_PurchaseNearly half of all homes are being purchased with cash, and the trend hasn’t let up for the past two years.

According to analysis by Goldman Sachs Group, approximately 20 percent of homes sold before the housing downturn were all-cash purchases (about 30 percent by dollar volume). That amount has nearly doubled in recent years. [Read more…]

Filed Under: Appraisal Institute Tagged With: all-cash home purchase, cash purchase, cash sale, homebuyer, residential appraisal

What Consumers Need to Know About Real Estate Appraisals

July 3, 2013 by Appraisal Institute Staff

Credible and reliable opinions of value help to stabilize real estate loans and investments, and appraisals are particularly valuable because they are an objective and unbiased source of real estate information.

[Read more…]

Filed Under: Appraisal Institute Tagged With: consumer tips, home selling, residential appraisal, selling your home

Divorce Appraisals in Today’s Market: Who Wants the House?

March 21, 2013 by Appraisal Institute Staff

When a home is going to be sold or a mortgage refinanced as the result of a divorce, appraisers play a key role by generating credible, reliable opinions of value. Stephen Matonis, MAI; Sara Schwarzentraub, SRA; and Michael Vargas, Candidate for Designation, shared their perspective in this article in The Wall Street Journal.

[Read more…]

Filed Under: Appraisal Institute Tagged With: appraisal, appraisals during divorce, divorce appraisals, divorce home appraisal, residential appraisal

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