Fair Market Value, Inc

The average age of appraisers can vary over time and depend on various factors such as the influx of new professionals, retirements, and industry trends. It's possible that there is a range of ages within the appraiser community, with some individuals entering the field at a younger age and others continuing to work well into their senior years. For the most up-to-date information, I recommend referring to industry reports, surveys, or contacting relevant professional organizations in the field of appraisals.

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312-758-6733

Mike Illingworth

DRAFT LAYOUT

Fair Market Value, Inc

Online cost guides for real estate can provide a rough estimate of property values or costs, but their accuracy can vary. It's important to understand that these online tools use automated algorithms and public data to generate estimates, and they may not capture the full picture of a property's unique characteristics, condition, or recent market trends.

Getting an appraisal is the best way to get the most accurate value of your property.

Need an appraisal in Chicagoland?

Let us show you how fast, easy and affordable it is to get you house appraised!

www.fairmarketappraisals.com

312-758-6733

Mike Illingworth

Who are the largest appraisal AMC -Appraisal Management Companies in the US?

Fair Market Value, Inc

Some of the largest appraisal AMC (Appraisal Management Company) companies in the United States include:

1. CoreLogic: CoreLogic is a leading global property information, analytics, and data-enabled services provider that operates an appraisal management division.
2. Clear Capital: Clear Capital is a technology-driven real estate valuation and analytics company that offers appraisal management services.
3. Pro Teck Valuation Intelligence: Pro Teck is an appraisal management company that provides valuation services, including appraisals, broker price opinions, and automated valuation models.
4. First American Mortgage Solutions: First American Mortgage Solutions is a subsidiary of First American Financial Corporation and offers a range of appraisal management services.
5. Solidifi: Solidifi is an appraisal management company that provides residential and commercial valuation services, leveraging technology and data analytics.

It's important to note that the landscape of appraisal management companies is going to change over time

Need an appraisal in Chicagoland?

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Mike Illingworth

What is a partition appraisal?

Fair Market Value, Inc

A partition appraisal refers to the process of evaluating the value of a property or asset that is being divided or partitioned among multiple owners or stakeholders. This typically occurs when there is a need to divide a property or asset into separate portions or shares, often due to a dispute or legal action among the owners.

During a partition appraisal, a qualified appraiser assesses the fair market value of the property or asset to determine its worth. This evaluation takes into account various factors such as the location, size, condition, comparable sales in the area, and any other relevant considerations.

The purpose of a partition appraisal is to ensure that each party involved in the partition receives a fair and equitable share based on the value of their portion. The appraisal report provides an objective assessment of the property's worth, which can be used as a basis for negotiations or legal proceedings to reach a fair resolution.

It's important to note that specific laws and regulations regarding partition appraisals may vary depending on the jurisdiction. If you are involved in a situation requiring a partition appraisal, it is advisable to consult with a qualified professional or seek legal advice to understand the process and requirements in your specific location.

Need an appraisal in Chicagoland?

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Mike Illingworth

Get an accurate appraisal or you'll have the Blues!

Fair Market Value, Inc

I know that when it comes to selling or refinancing your home, there are a lot of things to consider - finding the right real estate agent, getting your home ready to show, navigating the complex world of financing. But one of the most important factors in any real estate transaction is getting an accurate appraisal of your property.

Why is this so important? Well, for starters, an accurate appraisal will give you a realistic sense of the value of your home. If you're looking to sell, this can help you set the right price and attract serious buyers who are willing to pay what your property is really worth. And if you're refinancing, an accurate appraisal can help you secure the best possible loan terms based on the equity in your home.

But beyond just the financial considerations, getting an accurate appraisal is also crucial for your peace of mind. There's nothing worse than thinking you have a certain amount of equity in your home, only to find out later that the appraisal was off by tens of thousands of dollars. This can lead to frustration, disappointment, and yes, even the blues.

So how do you make sure you get an accurate appraisal? Well, for starters, you want to work with an experienced and knowledgeable appraiser. I have 31 years of experience appraising properties in the Chicago area, and I know the ins and outs of the local real estate market like the back of my hand.

But beyond just finding the right appraiser, it's also important to be transparent and honest about the details of your property. Make sure to disclose any issues or repairs that need to be made, as these can affect the overall value of your home. And be prepared to provide documentation and other evidence to support your claims about the condition and features of your property.

At the end of the day, getting an accurate appraisal is all about being honest, transparent, and working with the right professionals who know their stuff. 

Need an appraisal in Chicagoland?

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www.fairmarketappraisals.com

Mike Illingworth

The Appraisal Institute - The Chicago Chapter

Fair Market Appraisals

The Chicago Chapter of the Appraisal Institute is a professional organization that serves real estate appraisers in the Chicago metropolitan area. The Appraisal Institute is a global professional association of real estate appraisers, with over 18,000 members worldwide.

The Chicago Chapter of the Appraisal Institute offers a range of services to its members, including continuing education courses, professional development opportunities, and networking events. The chapter also provides resources for real estate appraisers, including access to industry data and information on best practices.

The Chicago Chapter of the Appraisal Institute is committed to promoting the highest standards of professionalism in the real estate appraisal industry. Members of the chapter are bound by a strict code of ethics and are expected to adhere to the highest standards of integrity and competence in their work.

If you are a real estate appraiser in the Chicago metropolitan area, joining the Chicago Chapter of the Appraisal Institute can be a great way to connect with other professionals in your field, gain access to valuable resources, and advance your career.

If you need a fair appraisal with the guaranteed best prices in Chicago, just call me!

Need an appraisal in Chicagoland?

Let us show you how fast, easy and affordable it is to get you house appraised!

www.fairmarketappraisals.com

Mike Illingworth

National Association of Appraisers. What is the NAA Anyways?

Fair Market Appraisals

The National Association of Appraisers (NAA) is a professional organization for real estate appraisers in the United States. The organization was founded in 1982 and is headquartered in Kansas City, Missouri.

The NAA provides its members with a variety of resources and benefits, including education and training programs, networking opportunities, and access to professional development materials. The organization also offers members a variety of tools and resources to help them stay up-to-date with the latest trends and best practices in real estate appraisal.

The NAA has established a code of ethics that its members must follow, which is designed to ensure that appraisals are conducted in a fair, impartial, and ethical manner. The organization also offers a certification program for appraisers who wish to demonstrate their expertise in specific areas of real estate appraisal.

Overall, the NAA is dedicated to promoting high standards of professionalism and integrity among its members, as well as advancing the field of real estate appraisal through education, research, and advocacy.

Need an appraisal in Chicagoland?

Let us show you how fast, easy and affordable it is to get you house appraised!

www.fairmarketappraisals.com

Mike Illingworth

Hybrid appraisals

Fair Market Appraisals

Hybrid appraisals are a type of real estate appraisal that combines traditional appraisals with technology and data analysis to provide a more comprehensive and efficient appraisal process.

In a hybrid appraisal, a licensed appraiser will typically conduct an exterior inspection of the property, taking photos and notes on the condition and features of the home, while a non-appraiser inspector may conduct an interior inspection. 

The appraiser will then use data from various sources, including public records, online data sources, and market data, to help determine the value of the property. This information is combined with the information gathered during the inspection to create a comprehensive appraisal report.

Hybrid appraisals can be more efficient and cost-effective than traditional appraisals, as they typically require less time and resources to complete. They can also be used in situations where a full interior inspection is not possible or practical, such as during a pandemic or for properties located in remote areas.

However, some critics of hybrid appraisals argue that they may not be as accurate as traditional appraisals, as they rely on data and technology rather than the appraiser's expertise and judgment. Additionally, the use of non-appraiser inspectors to conduct interior inspections has raised concerns about their qualifications and the accuracy of their assessments.

Overall, hybrid appraisals are a relatively new approach to real estate appraisal that offer benefits and drawbacks, and their use may vary depending on the specific needs and circumstances of the property in question.

Need an appraisal in Chicagoland?

Let us show you how fast, easy and affordable it is to get you house appraised!

www.fairmarketappraisals.com

Mike Illingworth

Racial bias in appraising

Fair Market Appraisals

Racial bias in appraising is a significant issue that has been widely reported in the media and academia. It refers to the tendency of appraisers to systematically undervalue properties located in predominantly non-white neighborhoods, resulting in unfair treatment for minority homeowners.

This bias can be due to several factors, including historical and systemic discrimination in housing, personal biases and stereotypes held by appraisers, and the use of outdated and inadequate appraisal methods. For example, if an appraiser uses recent sales data from a predominantly white neighborhood to appraise a property in a predominantly non-white neighborhood, they may not consider the unique characteristics and amenities of the neighborhood and undervalue the property.

To address this issue, there have been calls for increased diversity in the appraisal industry, improved training and education for appraisers on racial bias and its impact on appraisals, and the use of more advanced and inclusive appraisal methods. Additionally, some advocates have called for the development of alternative methods for determining property values that rely less on subjective appraisals and more on objective data.

I have been appraising for 31 years. I have completed about 11,000 appraisals in that time. I have never had an issue with any appraisal I completed where racial bias was an issue.

If you need a fair appraisal with the guaranteed best prices in Chicago, just call me!

Need an appraisal in Chicagoland?

Let us show you how fast, easy and affordable it is to get you house appraised!

www.fairmarketappraisals.com

Mike Illingworth