COMMENTARY

Since the first hints of problems with appraisals surfaced over two year ago, the Michigan Association of REALTORA® has been working at all levels to address the issues of rising costs to the consumer, geographic competence and third party modifications to the scope of work reducing valuation independence. Earlier this year, these problems resulted in some creative thinking about how best to provide clients with superior levels of appraisal services in full compliance with appraisal independence regulations. This culminated recently with the acquisition of Midwest Appraisal Management Group, Inc., an existing AMC located within Michigan and operating profitably within seven states.

The acquisition of Midwest AMG makes it a wholly owned “for profit” subsidiary of the MAR using only REALTOR® appraiser members. This means in addition to industry “best practices,” those doing appraisals will be held to the higher standards dictated by REALTOR membership. It is through this melding of standards that Midwest AMG and the Michigan Association of REALTORS® intend to create the “Gold Standard” for appraisal services.