Appraisers are busy. Remarkably busy. But have you given any thought to what is lurking in the shadows? 

Shadow Inventory includes mortgage loans in delinquency, recently reinstated loans expected to become delinquent again, foreclosures, forbearances, REOs and others. This inventory is growing and is reported to be larger than the most recent housing crisis. Listen in as Bryan gives his thoughts on this increasing concern. 

Appraisers have been super busy for the last many months and even years. It may seem counterintuitive to say this, but it's perfect time to secure more work. 

You're in demand. Congratulations! Take this opportunity to seek new business from good new clients and to fire the lousy ones. Consider it weeding out the troublemakers after replacing them with some good ones.

 Listen in to this interesting idea on expanding your business while busy.

Bryan sits down with two people working on becoming trainee appraisers. Listen to where they are and where they plan to go. Learn a simple trick to remember how many square feet are in an acre.

Many real estate professionals have taken precautions during this pandemic as we should, but we need to consider other safeguards to protect our well being on an ongoing basis — especially in the aftermath of an ice storm. 

Listen as Bryan shares some close calls, what to avoid, and when to just say no.

Bryan had a student in a recent class who said he thought only the bank could order an appraisal. A few days later, a listener called Bryan’s office to ask some questions about what she can and cannot do as an appraiser.  

Can an appraiser communicate the results of their opinion over the phone? How many hats do you wear? Can you provide valuation services when not acting in the capacity of an appraiser? Listen in as Bryan shines some light on what the many things a working appraiser can do.  Although appraisers can’t do anything, appraisers can do almost anything.

Bryan sits down with two trainees, who share how they obtained their trainee licenses, including the classes required to do so and some recommendations for people wanting to become trainees. They also detailed their journey toward becoming certified appraisers, including courses taken, hours accumulated, test taking tips and getting stuck in the mud (literally).

Below is the link for The Real Property Appraisal Qualification Criteria, issued by The Appraisal Foundation, outlining the minimum requirements to become a trainee, supervisor, and certified appraiser. Keep in mind individual states and jurisdictions can have additional requirements exceeding the minimum requirements of the AQB.

Real Property Appraiser Qualification Criteria (appraisalfoundation.org)

You have been a trainee working hard, logging hours, learning all you can, and it finally all pays off – you pass the national exam!  You are now a Certified Appraiser.  

Now what?  Do you have any idea what you are doing?  Do you know how to run a business?  Are you an appraiser or a business owner or both?  At the request of a new listener to the podcast, Bryan reveals the history of his business — and offers ideas to you about how to achieve success.  

Does the age-old issue of appraisers vs. agents and vice versa need to change?  Agents can provide useful information to appraisers when verifying or confirming data for comparable sales, and appraisers can assist agents in measuring services and appraisals when they are faced with listing the challenging properties. Yet these two groups have traditionally not played together well. Listen in to Bryan’s conversation with Cany Cooke who, like Bryan, is also an appraiser, agent, and educator.

Most things change. If you don’t believe that look in the mirror.  Can you as an appraiser impact change?  Here is another chance for you to get involved as The Federal Housing Finance Agency, FHFA, had a press release on December 28, 2020 and have a Request For Information (RFI) on Appraisal – Related Policies, Practices, and Processes.  The RFI covers four areas related to appraisals:

• Appraisal modernization;
• The Uniform Appraisal Dataset (UAD) and the design of appraisal forms;
• Automated Valuation Models (AVMs) and appraisal waivers; and
• Valuation differences by borrower and neighborhood ethnic makeup.

Listen in to hear more about this important topic(s).

Press Release Link:

FHFA Issues RFI on Appraisal-Related Policies, Practices, and Processes | Federal Housing Finance Agency

Here is a link to the Request For Information from FHFA.

APPRAISAL-RELATED POLICIES, PRACTICES, AND PROCESSES (fhfa.gov)

After Bryan's USPAP class of nearly 50 students, three stuck around to continue the conversation: Ms. Patty Cox is a veteran appraiser of 44 years from a rural town in Nebraska; Mr. Gregory McDonald is from Dallas, Texas, has been appraising residential properties since 1985, and now specializes in rehab work and owner financing; and Ms. Amanda Hobbs, a trainee appraiser in Oklahoma, is about to become an official Certified Appraiser after two years on the job.

These four talk about Covid, busy appraisal times, virtual classes, retirement, the National Association of Appraisers (NAA) and a Christmas wish. As a bonus, behind-the-scenes magic maker, Ben Maxwell, makes a cameo appearance. Listen in to this fun conversation with practicing boots-on-the-ground appraisers.