As an experienced appraiser, you’ve likely encountered pressure to hit the purchase price or develop your appraisal based on a predetermined value. This, of course, is unethical. So what do you do when you’re asked to hit a certain value? Or when the purchase price is not supported by the available comps? Here are five excellent resources offered by McKissock Learning—including a Pro-Series webinar on Wednesday, March 17, 2021, “The Market Value Doesn’t Support the Contract Price, Now What?”
Webinar: The Market Value Doesn’t Support the Contract Price, Now What?
In this Pro-Series webinar, bank appraisal manager Alex Gilbert discusses best practices for when the purchase price is not supported by the available comps and market data. The discussion will include a review of possible reasons, some suggestions for reviewing your work before you submit your report, tips for reconciling the difference and supporting your opinion of value, and a discussion of the reconsideration process and what to expect.
Join us on Wednesday, March 17, 2021 from 11am–12pm ET for “The Market Value Doesn’t Support the Contract Price, Now What?” In this one-hour, non-credit Pro-Series webinar, you’ll learn ways to address complaints and requests when the market value does not support the contract price. Sign up now.
Blog post: 9 Ways to Handle Appraisal Pressure
There are no simple and easy ways to deal with appraisal pressure. A major source of frustration for appraisers is the realization that clients do not have to follow USPAP. The ethical and performance requirements of USPAP apply only to appraisers, not to clients. In other words, USPAP doesn’t prohibit a mortgage broker from calling and asking you to develop an appraisal based on a predetermined value, but USPAP does prohibit you from accepting that assignment. This blog post outlines nine ways to handle appraisal pressure and still maintain your reputation as an ethical, unbiased appraiser.
Blog post: Advice for Working with Difficult Clients
Even if the bulk of your appraisals are fairly cut and dried, and require minimal interaction with a human client, any appraiser will occasionally have to work with a difficult client. The assignment might require you to work with a specialty property that is hard to appraise, or with a client who has an agenda that you don’t understand or can’t go along with. This blog post provides helpful tips for working with difficult clients.
Video: Appraisers Who Hit Sales Prices
In this quick Q&A video, “Appraisers Who Hit Sales Prices,” a representative from The Appraisal Foundation addresses the following question submitted by an appraiser: “I still find many lenders are sending appraisal orders to appraisers that can be counted on to have the point of view of being helpful—to come in at the desired value. Is this ever going to change?” An interesting discussion follows. Watch on YouTube.
Get access to videos like this and hundreds of professional development resources and tools with our Unlimited Learning Membership.
CE course: Avoiding Mortgage Fraud
Learn how to handle pressure to hit sales prices—and how to avoid mortgage fraud, in general—with our appraisal CE course, Avoiding Mortgage Fraud, which provides an in-depth look at mortgage and valuation fraud in the U.S.
The course covers the definition of fraud and how it applies in mortgage lending and appraising. It also gives examples of various fraud schemes that are common today, and examines the appraiser’s role in various types of swindles. Furthermore, the course discusses appraisal pressure, predatory lending, and various illegal lending practices, as well as various enforcement and legal issues. Finally, it provides several steps you can take to limit appraiser liability and ensure you’re not ensnared in the web of a fraud scheme.
Join our Pro-Series webinar on Wednesday, March 17, 2021 from 11am–12pm ET, “The Market Value Doesn’t Support the Contract Price, Now What?”
The post Pressure to Hit the Purchase Price: 5 Resources for Appraisers appeared first on McKissock Learning.
