Property Insurance Appraisal

Appraisal Institute Announces Support for 'Green' Real Estate Bill in Congress

/PRNewswire-USNewswire/ -- Citing its benefits for consumers, the nation's largest professional association of real estate appraisers announced support Wednesday for recently introduced federal legislation that would improve the mortgage underwriting process by ensuring energy costs are included.

(Logo: http://photos.prnewswire.com/prnh/20110419/DC85313LOGO )

The Appraisal Institute expressed its backing of the Sensible Accounting to Value Energy Act of 2011 during a news conference at the U.S. Capitol with bill sponsors Sens. Michael Bennet, D-Colo, and Johnny Isakson, R-Ga., and other organizations.

"We strongly support the SAVE Act because it will improve communication and the flow of information among appraisers, lender clients and those interacting with the mortgage lending process," Appraisal Institute Immediate Past President Leslie Sellers, MAI, SRA, said at the event. "It would require use of qualified, competent appraisers and would help ensure that appraisers have access to data needed to analyze the effects of energy-efficient home improvements in the marketplace. Consumers would benefit from the bill's efforts to help ensure they receive a reliable, credible opinion of value."

The SAVE Act would instruct federal loan agencies to assess a borrower's expected energy costs when financing a house. The U.S. Department of Housing and Urban Development would issue updated underwriting and appraisal guidelines for any loan issued, insured, purchased or securitized by the Federal Housing Administration or any other federal mortgage loan insurance agency.

The bill establishes two methods for determining expected annual energy costs: average utility costs, derived from the Department of Energy's Residential Energy Consumption Survey database and adjusted for the square footage of the home, or if available, a qualified, independent energy report of the subject property. The measure includes two primary features: an affordability test and a loan-to-value adjustment.

What is the Proper Scope of Appraisal in Tennessee? : Tennessee ...

If we and you disagree on the amount of loss, either may make written demand for an appraisal of the amount of loss. In this event, each party will select a competent and impartial appraiser. The two appraisers will select an umpire. If they cannot agree, either may request that selection be made by a judge of a court having jurisdiction. The appraisers will state separately the amount of loss. If they fail to agree, they will submit their differences to the umpire. A decision agreed to by any two will be binding. 

 

These “simple” provisions have created a myriad of issues. Chief among them is – just what exactly is this appraisal condition supposed to decide? It is important for all to understand what binding effect an appraisal award has, and what effect it does not have. The most common dispute centers over questions of coverage and causation. Does the appraisal clause resolve questions of coverage? What about questions of whether a particular element of damage was caused by a particular covered, or non-covered, event.

 

 

In the case, in which I represented the carrier, an appraisal award was entered. The company went through the award, and declined to pay for certain things because they (1) were not covered and/or (2) the damage was not caused by the particular tornado loss at issue.

 

The Court indicated that questions of coverage and causation were not within the authority of the appraisal panel. These issues could be resolved by the court, if necessary. The court also established that appraisal is NOT arbitration.

Quantum Global Advisors and Hilco Appraisal Services Form Strategic Alliance ...: "Accurate property insurance v...

Insurance to Value: Information on appraisals for property owners.

Property

The events, tragedies, and emotional repercussons of slavery and a slave revolt in the antebellum South are seen through the eyes of Manon Gaudet, a pretty, ...

What is property?, An inquiry into the principle of right and of government

Why, then, to this other question : What is property? may I not likewise answer, // is robbery, without the certainty of being misunderstood ; the second ...

The performance appraisal question and answer book, a survival guide for managers

Answers 100 of the most common -- and most difficult -- questions about performance appraisal.

Property, examples & explanations

The focused coverage of Examples & Explanations: Property, Third Edition , along with the proven Examples & Explanations format, which combines textual material ...

Property