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Appraisal Management Articles

Condo vs. Single-family vs. Multifamily Appraisal

If you have decided to invest in a home, an apartment, or a condo using your current finances or through a mortgage, or are planning to sell your home, you need a home appraisal. A home appraisal is an essential part of the transaction. Whether you are a buyer, seller, or owner, you need to know what home appraisals are and how they work in determining a home's value.

What is a Home Appraisal?

A home appraisal is the evaluation of the current market value of the required property. The market value is the highest possible price of a home in terms of money, which will bring in a competitive and open market under all the conditions obligatory for a fair sale. Appraisals are important for sale-purchase dealings and are common in refinance transactions. Every time a property is purchased, it involves bank financing, and the bank will require performing an appraisal.

A home appraisal determines if the seller is giving an appropriate contract price in consideration with the condition of the home, its location, and features. If making a refinance transaction, the lender is assured by the appraisal that it is not charging additional money that the worth of the home. The appraisal also attempts to protect the bank from mortgage scams by funding more than the actual value of the property.

Single-family homes Vs. Multi-family homes

When investing in a home, it is important to know the difference between single-family homes and multi-family homes. A real estate home that consists of a single property and accommodates just one family is a Single-family home; this property can be a condo, a townhouse, an apartment, or a house.

On the other hand, real estate properties that have more than a solo unit and can accommodate more than one family is called a Multi-family home; this property can be a duplex, a triplex, or an apartment building to name a few.

To have a look as to how home appraisals, while investing in condos, can differ for single-family homes and multi-family homes, keep reading further.

What is a condominium?

A condominium, also called a condo, in short, is an individually owned unit within the other units of a building. The owners of a condo mutually share common areas such as the garage, pool elevators, hallways, gyms, and other common zones. Condos are typically units in sky-scrapers, but some separate condos are also found in the market.

Is a condo different from an apartment?

Architecturally, condos and apartments look the same. People may often confuse the two. Actually, the difference between the two is 'possession.' You own a condo while you rent an apartment. In some areas, however, you can also buy an apartment.

Both residences are multi-storied, having units on each that include shared services and common zones mentioned above. In some communities, you can also rent condos to tenants; it is not a must rule. It depends on your own finances. For any home type, you need a large investment for a down payment and closing costs. Renting a condo can be considered a good opportunity if you need to have a trial before investing in a long-term ownership commitment.

How Single-family Homes differ from Multifamily Homes in the form of Real Estate Investment?

To have an insight into how single-family homes would have a diverse appraisal from multi-family homes, let us have an in-depth look into the similarities and differences between the two real estate investments.

Similarities

- Both property types will demand high-interest rates and at least a 20% down payment. This can be massive financing for the investor. However, it can be different if buying property for residential purposes and not for investment in real estate.

- Both show a better return on investment for the long term. Both income properties have the tendency to generate at least 1% of the cost each month that shows a positive approach to cash flow. Even going for mortgage debt for either of the property types gives benefits to the investors as they can pay off mortgage expenses through rental income.

- Tax deduction benefits can be reaped from both investments that can reduce expenses.

Differences between single-family homes:

- Which is more affordable?

Single-family homes are more affordable than multi-family homes. They have lower investment cost that makes it more affordable. The net cost is not only affected by the property price alone but also other factors such as insurance rates and utility expenses.

- Which are more in demand?

The appreciation of single-family homes is higher than multi-family ones. The difference in demand is due to the value of the property. Multi-family properties are valued based on land and their net income; meanwhile, single-family properties are focused solely on supply and demand, and the demand for single-family property is always high.

- Which property receives satisfying tenants?

Tenants renting single-family homes usually accept the rental property as their own homes and take good care of its condition. Moreover, they keep good coordination with the owner. Single-family properties have lower revenue but make it easy to manage for the first time investors in real estate.

Differences between single-family homes:

- Which receives higher rental income?

This is the main reason investors opt for multi-family homes for real estate investment. Compared to a single-family home where the investor receives just one source of rental income from a single tenant, a multi-family home makes a big difference.

- Which has fewer vacancy issues?

Vacancies in multi-family homes are not absent and are certainly less costly than single-family homes. Even if one or the other unit is not on rent, the investor will still make income from other units on rent.

Which has a higher appraisal value?

Properties are evaluated on the rental income they generate, and hence multi-family homes get a higher appraisal value than single-family homes. The evaluation of the property will be dependent on the efforts and ingenuity of the investor.

Final words

In conclusion, looking at the appraisal of condo vs. single-family homes vs. multi-family homes, all can be profitable depending on the type of investment the owner wants to make. Investing in bulk can be risky yet profitable. Meanwhile, investing in single homes can be more stable and long term investment. It hinges on your own preferences, budget, and choices.


Appraisal: Desk Review vs. Field Review

What Is An Appraisal Review?

An appraisal review, as the name indicates, is an evaluation of an assessment report, which ensures that it complies with specific interventions available and is the general part of a quality management program for the lender.

Moreover, appraisers are always closely scrutinized to provide accurate reports, and an appraisal review is one of the tools. If you have ever wondered who will check if the evaluator does a good job, then continue to read.

The Basic Functions of Review

An analysis of all of the features of the appraisal report of another appraiser is an appraisal review.

Its function is to determine if the appraisal report contains the relevant data available. Additionally, it also determines whether the relevant evidence accurately associates the evaluator's presumptions. Also, it is responsible for seeing whether the evaluation follows appropriate standards and strategies. Moreover, it also decides whether a sensible conclusion results from the reasoning and logic applied to data during the evaluation process.

The significant difference between an appraisal review and an appraisal is that the review is to analyze the features of the appraisal report and not to perform the appraisal of the property. Often, a slight difference exists between objectively assessing an appraiser's reasoning and replacing a personal interpretation as a reviewer.

Reviews can be tailored according to the client's needs. It can be presented as a checklist or can be narrative. There are two different types of reviews, namely:

- The Desk review

- The Field review

Let us further compare these two types of reviews and their differences.

Desk Review

The desk review is typically performed in the office and requires less time and energy. As performed on the desk, it does not require a property tour. The desk review requires only certain statistics to be observed and believes that the appraiser initially used the best tactics that could be available.

In the desk review, mainly, the technical aspects of the reports are being focused. Such as:

1. How to set the appraisal up

2. To make sure it meets the Uniform Standards of Professional Appraisal Practice (USPAP)

Moreover, the desk review highlights the reasoning and justification utilized by the evaluator in the analysis to achieve their final decision.

Desk reviews include scanning of literature, in addition to secondary data review, and the creation of a reference list for all documents. All the team leaders can analyze these documents as they are readily available.

An example: To see what a desk review appraiser might look for is how he made adjustments. For instance, the adjustments would be correct if the comparable was larger than the subject. To error is human, and appraisers may make a mistake by adding where subtracting was necessary. This can have a profound result on the final review.

The assignment of the appraiser is to narrate the complete history in a logical way that the reader will get the perception that was used. A review should look into how the quality has been met and what evidence supports it with complete satisfaction.

Its main purpose is to be sure that the appraisal was achieved as per USPAP guidelines. If it is discovered that the report was lacking in this regard, the lender can question the reviewer using the results and doubt the authenticity of the value assessed in the report. They can also use the report to actually "score" the output of the evaluators.

Field Review

An in-depth analysis of an appraisal as compared to the desk review is called a field review. As you would have understood that the desk review is performed for a technically accurate appraisal, a field review, on the other hand, is to see whether the final evaluation is approved and, if not, to have another opinion of value.

Someone who may not be a part of his organization, who typically works from the executive office and HR., uses this method. The investigator evaluates an employee's results through his reports and questions the ones being assessed as well as his supervisors.

A field reviewer expert visits the subject and comparable properties. The evaluator must not move into the subject property but only look at it from the road.

The sales are researched by the field reviewer and used in the report to check if the sales used were the best ones. If they find better than the ones used, they should be replaced by the reviewers. Same way, if the reviewer does not approve the appraised value, he may give his own opinion with assistance.

A field assessment requires as much time and effort as a regular evaluation for all practical purposes and is usually priced in a similar way for a complete appraisal. On the other hand, a desk review usually is cheaper.

Conclusion

Your decision as to what level of review to be chosen should not be taken lightly. This decision should be based upon the pieces of evidence you have, which would have been gathered from other appraisal review tools.

Lenders who do not have enough qualified employees should consider hiring individuals in this regard to help them decide as to which review tool would best serve their particular needs and requirements.

Many organizations now outsource professionals for quality control and appraisal reviews. Whatever tool is chosen, make sure that you get a complete evaluation report of your assignment under the guidelines.

In addition to this, it is important to keep in mind that due to differences in analysis methods, desk review is cheaper in comparison to field review. Now that you understand the differences, you better know your requirement of analysis and an official appraisal report to obtain a review.


What Appraisal Forms do I Need?

There is no doubt that the appraisal process is one of the integral components of modern property ownership nowadays. As an appraiser, you know that the real estate appraisal process acts as an effective means of communicating the value of a home or commercial property to all relevant parties, such as lenders and homeowners.

A property appraisal is a formal opinion of value. For financial planning, estate planning, or sale price decisions, individuals or trusted advisors often order an appraisal. And when an appraisal is used for obtaining an opinion of value of a home or commercial property for loan purposes, you know that federal regulation mandates the lenders or their agents to place an appraisal order. As an appraiser, you have to be meticulous as multiple parties rely on your opinion.

This is why many lending institutions, such as banks, use an Appraisal Management Company (AMC), such as AmeriMac Appraisal Management, to manage the appraisal process and maintain quality control. These appraisals also increase oversight and promote transparency.

Also, this is where appraisal forms are valuable as they ensure you follow the relevant protocols and procedures.

We know that the hundreds of data fields and checkboxes that usually make up a real estate appraisal report are enough to make anybody’s eyes glaze over. However, together all the inputs help determine the value of a home.

Reporting Possibilities

As an appraiser, you have many possibilities regarding how you report the results of your appraisal assignments to different stakeholders, such as banks and home sellers. Some of these choices are written appraisal reports, oral appraisal reports, limited written appraisal reports, or several standardized report forms. And it is worth noting that the appropriate property appraisal report format is usually determined by the client, considering the intended use of the appraisal as well as specific requirements of the regulatory agencies.

Also, you will probably know that available real estate appraisal formats change as professional appraisal standards or regulatory requirements in the country change. As a result, you need to be aware of the current reporting options as a professional real estate appraiser.

Appraisal Report Form Requirements

You probably know that many government-sponsored enterprises, including the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae), buy home loans in order to create a secondary investment market. Fannie Mae has developed a wide variety of appraisal report forms in an effort to standardize and streamline all its assets. This is because the enterprise is such an important part of this residential investment in the US.

Also, it is worth noting that loan insurers, like the Veterans Administration, also rely heavily on standardized appraisal forms and reports. Did you know that proprietary appraisal software is also configured to meet the various requirements of many standard property appraisal forms? This is why, as an appraiser who uses appraisal forms, you may also have to receive specialist training from professional groups as well as real estate schools. This will help you maintain the competency and skills required for this home appraisal specialty.

The Uniform Residential Appraisal Report (URAR) is the most commonly used single-family appraisal form, and it is also known as Form 1004. Keep in mind that Form 1004C is used for appraising single-family manufactured housing, while Form 1073 is used for condominium units. On the other hand, Form 1025 is for small multi-family investment properties.

Residential Property Forms

We can divide appraisal forms into a few simple categories; however, the two main types are residential forms and commercial forms. Residential forms, as the name suggests, are used for various residential properties. Residential properties include condominiums, single-family homes, mobile homes, as well as 2-4 unit properties.

Exterior and Interior Inspection Forms

Form 1004

Form 1004 is easily the most common and widely used property appraisal form. And this is because the form is used for single-family residential properties. You use Form 1004 when you have to perform an exterior and interior inspection. You will usually have to use it when a lender, such as a bank, is ordering an appraisal for either a refinance or property purchase transaction.

Form 1073

Form 1073 is the second most commonly used property appraisal form for residential properties. This form is used for appraising condominiums. Essentially, it is the same form as Form 1004 and also serves the same purpose. However, keep in mind that the form is modified for condos.

And this means that the form includes fields that are related specifically to the condo project that the property owner is in and various other attributes that most single-family homes do not have.

Residential Appraisal Review Short Form

Note that this report is designed to evaluate a property appraisal report completed by another appraiser. While the review appraiser analyzes and assesses all the information and conclusion from the original report, they don’t complete the inspection of the subject or comparable properties.

Commercial Property Forms

There are some important commercial appraisal forms that you will need to complete when appraising commercial properties.

71A and 71B

Note that these two forms are used for the same kind of commercial property, multi-family properties (five units or more). Also, bear in mind that both these appraisals forms have the same “skeleton,” and we can say that Form 71A is a considerably more in-depth report than Form 71B.

GP Commercial

The third commercial property appraisal form is called the GP Commercial form. “GP” stands for “General Purpose.” As you can imagine, you can use this appraisal form for any type of commercial property, such as office buildings, that is not too complicated. You can appraise properties like office buildings, single room occupancy buildings, and religious facilities using the GP Commercial form.

Final Thoughts

As a competent and diligent appraiser, you will have to adjust the scope of your appraisal assignment based on factors, such as professional ethics and the specific needs and preferences of your clients. You also have to choose an appropriate reporting option according to your clients’ intended use of value opinions.

Appraisal forms are important as they ensure consistency and improve the transparency of the whole process. This is why regulatory agencies in the US have developed standardized forms to report appraisals of many kinds of real property, such as condos. Also, remember that appraisal standards and forms tend to transform over time, as market forces, property types, and lending practices in the country change.


How Does An Appraisal Management Company Use Quality Control?

If you are a real estate agent, you know that a lender may require a property appraisal to determine the value of your client’s property to mitigate risk. You probably know that mortgage lenders always like to ensure that the homes or commercial properties their borrowers are purchasing are worth the sum of money they are considering loaning to the borrowers. While no property appraisal is perfect, keep in mind that some invariably have quality issues that might require review or scrutiny of these appraisals.

This is why many lending institutions, such as banks, use an Appraisal Management Company (AMC), such as AmeriMac Appraisal Management, to manage the appraisal process and maintain quality control. These appraisals also increase oversight and promote transparency.

2008 Housing Market Crash

Since the 2008 real estate crash, the US federal government implemented new laws and regulations to ensure quality appraisals. Did you know that mortgage lenders, such as banks, can no longer directly approach an appraiser? Instead, lenders have to provide effective separation between the originator and the appraiser.

How an Appraisal Management Company Ensures Quality?

Keep in mind that an AMC, such as AmeriMac Appraisal Management, acts as a liaison between a lender, appraiser, and borrower. Note that this is important as it maintains appraiser independence while improving the appraisal's reliability and quality. Also, it protects the consumer.

An AMC usually enlists a team of qualified and experienced appraisers and other personnel to monitor the process and perform all property appraisals proficiently and successfully. This helps ensure that no quality issues arise later on.

Appraisal management companies play a significant role in the quality control process by carefully monitoring the home appraisal process, thoroughly reviewing an order, and assisting in any needed revisions. They deliver a product that is complete and fully compliant.

Home Appraisal Review Guidelines

You should note that since the 2008 real estate debacle, mortgage lenders are under an obligation to review more home appraisals to identify any potential quality issues and make the process more transparent. It is also worth noting that mortgage investors, like the Federal Home Loan Mortgage Corporation, now mandate lenders to conduct frequent and random appraisal quality reviews.

And since Freddie Mac and similar mortgage investors in the US purchase a significant number of residential mortgages from lenders, their comprehensive appraisal review guidelines are essentially mandatory requirements.

Forms and Paperwork

As a real estate agent, you may know that property appraisal is complex. There are different appraisal forms and other paperwork used to appraise different kinds of properties, such as condos and multifamily homes. This is why it is essential to understand which form is applicable for what kind of properties. Professionals who review home appraisals have to talk to the appraisers if any modifications or corrections are required to make the appraisal error-free.

For example, experienced reviewers at AmeriMac Appraisal Management follow up for reports and coordinate appointments with borrowers. An appraisal management company has a pool of qualified and experienced appraisers to provide reliable appraisals. When an appraisal request comes in from a lending institution, the appraisal management company assigns a suitable appraiser to offer an appraisal report for the relevant property.

Also, keep in mind that appraisers do not receive any prior indication of the home value and might not directly communicate with the lender. The appraiser provides an appraisal report in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) guidelines. The AMC can assist if the home appraiser faces any issues or obstacles.

AMCs Evaluate Property Appraisers

Like other professionals, appraisers need the right education, experience, and credentials to competently and reliably appraise a home or commercial property. Keep in mind that state requirements vary, and it often takes a considerable amount of time and effort to complete certification as a property appraiser.

Good appraisal management companies maintain quality by working hard to ensure that all their appraisers are current with their credentials, and they are the most suitable appraisers for a specific assignment.

And that is not all; they maintain performance metrics for property appraisers and consistently assess them to make sure that their appraisers' panel is full of reliable and quality appraisers. For example, AmeriMac Appraisal Management takes quality control very seriously. The company guarantees that its in-house quality control department manually assesses every home appraisal.

Quality Checks

In-house teams comprising licensed and certified appraisers at AMCs review every property appraisal using a multi-step process. First, these companies perform an electronic audit to check all data fields are accurate and complete. Some of these fields are name, address, and zip code. Once the home appraisal passes this electronic audit, quality control representatives at AMCs manually review the appraisal.

They use the lender’s checklist and ensure each property appraisal meets the underwriting guidelines of the client. These companies also issue a report to confirm USPAP compliance.

Appraisal Management Companies are Familiar with the System

There is no doubt that the US's commercial real estate industry is easily one of the most fast-changing industries, particularly when it comes to changing regulations and rules regarding compliance issues.

The good news is that appraisal management companies have extensive training, experience, and quality control departments to conduct all home appraisals appropriately, and present all the collected data accurately.

When it comes to quality control, a job is never complete if it not done correctly. At AmeriMac Appraisal Management, professionals oversee and pursue the completion of all projects with the utmost efficiency.

Each Appraisal Management Company is Unique

No two AMCs are alike. This is why, when choosing one, it is crucial to consider several factors. The best appraisal management companies provide many appraisal services and offer quick turnaround-times with reliable customer service. AmeriMac Appraisal Management combines all this with the latest technology and various appraisal process innovations to be the strategic partner you can rely on for quicker closings and more reliable and accurate reports.

AmeriMac Appraisal Management has worked with real estate agents, lenders, and appraisers to offer unrivaled third-party appraisal management knowledge and expertise. If you are a real estate agent and want to know the value of your client’s residential or commercial properties, call the trustworthy, experienced, and reliable experts at AmeriMac Appraisal Management today!


What is an Appraisal Management Fee?

When reviewing an appraisal, you might have noticed that there is an appraisal management fee in addition to an appraisal fee. But what is the difference between those two fees, and what do they mean?

At AmeriMac Appraisal Management, we pride ourselves on our excellent communication and transparency. We want to help dispel some of the confusion that buyers might have when they go through the appraisal process.

What is the reason for an appraisal management fee?

An appraisal management fee is charged when an appraisal management company like AmeriMac oversees the appraisal process. The majority of the time, it is charged separately from the appraisal fee itself. This might lead to some people worrying that they have been charged twice — or that an appraisal management company might be charging an arbitrary fee.

However, these kinds of fees are necessary. Appraisal management fees ensure that appraisal management companies — called AMCs, for short — are compensated for their work during the appraisal process. AMCs play a key role in ensuring the accuracy, fairness, and transparency of an appraisal. We do much more than a single individual appraiser can, and we have many more resources available to us to be sure that the appraisal is determined using the best methods possible. We also keep everyone in compliance throughout the process.

What kind of work does an appraisal management fee pay for?

An appraisal management fee pays for, in part, comprehensive oversight of the appraisal process. While independent appraisers undergo rigorous training, appraisal management companies can ensure that training remains relevant while confirming that appraisals are accurate and unbiased. AMCs will also maintain records on appraisers to ensure that they are using the best of the best — individuals who are dedicated to their craft.

Likewise, AMCs track the data that the appraisers collect on property values and features. Maintaining that collection of information helps AMCs stay current on such values while ensuring the accuracy of the appraisals. In essence, we act as a kind of quality control of both appraisals and the appraisers who create them, reviewing each one that is submitted to check for and eliminate any discrepancies.

AMCs function as the point of communication between the buyer, the lender, and the appraiser, acting as both the hub of information and updates as well as verification that all rules and guidelines are being followed. Requirements for appraisals vary by state, so it is important to work with an AMC that has the experience to work seamlessly across the nation — like AmeriMac.

Once an appraisal is complete, we double-check that everything has been done according to regulations and that no detail has been overlooked. If necessary, we will verify items we have questions about with the appraiser. Then, we will send the appraisal to the lender.

Since timely appraisals are key in the real estate industry, appraisal management fees also go toward efficient completion of an appraisal. An appraisal management company keeps every step of the process on task. We will check in regularly with both the lender and appraiser to make certain that deadlines are met and communication remains open.

What is the difference between an appraiser and an appraisal management company?

Real estate appraisers are independent entities who work with clients directly — most often lenders. Appraisers examine a property — commercial or residential — and compare its features to other similar properties in order to determine a value for the property. These professionals require ample education and experience to keep their credentials up to date so they may provide the best possible service.

AmeriMac offers streamlined protocols to ensure the quality and consistency of our appraisals. While these companies hire independent appraisers to complete appraisals, AMCs provide oversight and assignments of appraisals based on appraisers’ strengths. For example, AMCs would ensure that an appraiser who only has residential experience would not be assigned to appraise a commercial property. Likewise, appraisers who specialize in property values in a certain neighborhood or town would most likely be assigned to appraise similar properties in that area.

Appraisal management companies work hard to guarantee the credibility of an appraisal. At AmeriMac, we use a system of checks and balances during the process, communicating constantly, and making sure the appraisal is completed effectively and efficiently. AMCs also fulfill the role of being a neutral buffer between lenders and appraisers — a legally necessary responsibility following the housing crisis that led to the U.S. recession.

If you have any other questions about appraisal management fees or any of AmeriMac Appraisal Management’s services, don’t hesitate to reach out to our team of experts.


Who Regulates Appraisal Management Companies?

Appraisal management companies like AmeriMac Appraisal Management are designed to oversee the appraisal process in a fair and efficient manner. We provide unparalleled handling of appraisals, including vetting the appraisers, compiling data, and ensuring that every stage of the process remains in compliance with state and federal regulations. We make it our business to maintain the quality of the appraisals, weeding out errors and keeping the process unbiased.

Companies like AmeriMac are subject to regulations that have been designed to assure customers of maximum reliability and fairness. This helps us deliver a superior experience to our customers. Individual appraisers we work with are eager for assignments since we make it so simple for them to complete their best work. Lenders look forward to collaborating with us because they know they can expect excellent appraisals. This means that buyers and sellers are also guaranteed efficient work when it comes to property appraisals whether they are for residential or commercial transactions.

Appraisal management companies are regulated in many different ways, and are subject to more oversight than individual appraisers. At AmeriMac, we embrace that kind of regulation. It helps keep us on our toes when it comes to compliance and producing appraisals that we can vouch for on a consistent basis.

What kind of oversight is there for appraisal management companies?

After the U.S. housing crisis — and the subsequent recession, a new code of conduct was created on the federal level to act as oversight for appraisals. Because of this rule, many lenders found it simpler and more efficient to work through appraisal management companies rather than individual appraisers. Companies like AmeriMac are trustworthy because of the oversight that governs them. We are reliable and pride ourselves in staying current with all applicable rules no matter where the real estate property is. Having a company that adheres to oversight and regulations ensures that appraisals are completed properly — and without bias. Appraisal management companies are the best bet when it comes to making certain that no detail is left behind. We check and double-check that everything has been completed properly during an appraisal before sending it to the lender.

We also take seriously our responsibility to always stay informed of state and federal regulations — the oversight that has been put in place to ensure the quality and neutrality of appraisals. Since different states have different regulations, we make sure our team members remain experts in the various rules. All of our staff has ample experience.

Why is regulation important for appraisal management companies?

Regulation is important for appraisal management companies so that we can ensure the quality of the appraisals. We do that by vetting appraisers and making sure their credentials stay up to date. We only assign appraisers who are experts in that area to certain kinds of properties. We also double-check the appraisals to ensure that nothing is missing and the information is fair and accurate. Appraisal management companies like AmeriMac act as gatekeepers between individual appraisers and the lenders who require the appraisals. Our expertise and impartiality guarantee the high quality of the appraisal — and that the process remains in compliance with relevant rules and regulations.

This kind of regulation and oversight offers an added layer of protection to buyers. Check out our Services page to see how we can best help you.

How do buyers and sellers benefit from these regulations?

It is difficult for individuals to stay on top of changes to rules and regulations surrounding appraisals. Lawmakers and stakeholders on both the state and national levels consistently introduce new legislation that may or may not be passed. Some original regulations have been overruled by new rules that seek to address the changing needs of the industry. In some cases, it may seem easy to fumble the requirements instead of remaining in compliance with all of them during appraisals. You need an expert in your corner to make sure that nothing is missed.

Additionally, what may be a rule in one state might not apply to an appraisal in another state. Although appraisal management companies are governed by minimum regulatory standards thanks to federal acts, many states have gone further in the rules they require those companies to follow.

Though this may sound confusing, such regulations benefit buyers and sellers by making appraisals more accurate, fair, and unbiased. And if you work with a company like AmeriMac, which has nationwide experience in the appraisal process, you will be guaranteed that our expert team will ensure that no detail is missed no matter which state the property is. You can expect quick and competent service every step of the way.

Are you ready to experience the difference with AmeriMac Appraisal Management? Contact us today!


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