Saturday, 15 September 2012

A Look at Appraisal Management Companies

A Look at Appraisal Management Companies

By Sherry Ann Smith

Over the last few years, there has been an increase in the number of appraisal management companies (commonly referred to as AMCs in the real estate world). However, these companies have had to adjust to changes in the HVCC, or Home Valuation Code of Conduct. The HVCC sets standards for appraisals, requiring that most real estate type exchanges be services offered by AMCs. This means a lot of new, but different business opportunities for these companies. It has also led to a streamlined process by which consumers can deal with a more competitive AMC marketplace.

According to the HVCC, all appraisers must now receive FHA, or Federal Housing Administration, certification before they can do appraisals on real estate. Appraisers must show that they know how to evaluate building repair needs, including anything relating to the electrical systems, mechanical systems, plumbing, woodwork, metal work, and other essential, typical parts of real estate buildings. They must even have some ability to judge the quality of the ground material and the foundation on top of the ground. They must adjust to any changes in the rules made by the FHA.

Due to both competition and new opportunities provided by the HVCC, there are a variety of services offered to real estate consumers by AMCs. You can usually get your appraisals done quickly whether you are dealing with private or commercial real estate. You will find that most AMCs communicate well and are very responsive. This is a big change from the past.

If you had to deal with AMCs before HVCC, you are likely skeptical about how much the business has changed. However, you will find that while they cost about the same, they offer more services and the appraisers are more qualified than ever before. Most of these companies not only try to hire good appraisers, but offer extensive training to their appraisers. They pay well too. However, they expect their appraisers to work quickly, accurately, and professionally. Many independent appraisers start their own businesses after learning on the job at one of these companies.

If you need to hire an AMC, the process is usually as simple as going online and looking up those licensed to operate in your area. Most of them now have their own websites, which may contain an online sign-up form and will contain contact information. You can use the Web to shop for the best AMCs in your area.

There are many appraisal management companies today, among them is Collateral Management, which offers valuation services by certified real estate appraisers. Visit CollateralManagement.org for more information.

Copyright � Sherry Ann Smith

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