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Email archive - 8/2000
To get the very latest news,
sign up for our FREE weekly Appraisal Today e-news.
NOTE: some of the older links
may be out of date! For older emails go to the
links above.
For information on sponsoring
these weekly emails (sent to over 30,000 appraisers), contact Ann O'Rourke at ann@appraisaltoday.com
or call 800-839-0227.
Search for a topic using your browser's search function.
Go to Edit, then Find in Page. Some of them have been edited from the
original to correct typos and new information! I have been sending them since June, 1994.
8/30/00 - hoaxbusters/Just Say No/free stats
New this week from Appraisal Today e-news
+ Hoaxbusters
+ Top 10 ways to say "No"
+ New in Appraisal Today - Sept. issue
+ Loan apps down/up
+ Last chance for Northern CA seminars
+ Free stats at ehome
+ Do lenders need appraisers?
+ Mortgage broker discussion board
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>>>>>>>>>>>>> HOAXBUSTERS <<<<<<<<<<<<<
Have you ever received a hoax email? Or, maybe better, have you never
received one? I won't ask if you've ever forwarded one. I have received
them from pretty Internet-savvy people.
Here's a good example:
---------------------------------------
Subject: FW: Another Virus !!!!!!
Someone is sending out a very desirable screen-saver, a Bug's Life -
"BUGGLST.ZIP". If you download it, you will lose everything!!! Your hard
drive will crash and someone from the Internet will get your screen name
and password! -----------------------------------------
On this one, the reference to crashing your hard drive and stealing your
password means a possible hoax.
A good web site to check before forwarding an email message that may be a
hoax is http://hoaxbusters.ciac.org/
. Use Search to see if your email
topic is listed. AOL Users: <a href=http://hoaxbusters.ciac.org> Click
Here</a>
Here are a few more (Thanks to Donna Krooskos!)
http://urbanlegends.about.com/science/urbanlegends/library/blbyolix.htm?onc
e =true& (Donna's favorite)
http://www.snopes.com/info/search/search.htm
Extremely extensive, but can be difficult to use:
http://www.urbanlegends.com/
Others: http://www.delta-9.com/net47/myth/
http://www.geocities.com/Area51/7416/ http://www.ulrc.com.au/
>>>>>>>>>>>>> TOP 10 WAYS TO SAY "NO" <<<<<<<<<<<<<
I first sent this humor in August, 1998. We can all use a good joke!
2.If they can't pronounce your city name, say No. 3.If you say no and they
proceed as if you accepted the order, say No (AGAIN!) 4.If you can't
determine the name of the company's contact person, or number, because the
fax is so muddled with routing information, say No (TO SOMEONE!) 5.If they
tell you they'll be doing a lot of business in your area, say No.
This message was posted by subscriber Richard Poole on the NAIFA chat board
at http://www.naifa.com , who gave me permission to reprint it. Thanks for
a little humor!
To read the rest of the 10 reasons, go to
http://www.appraisaltoday.com/sayingno.htm
AOL Users: <a
href=http://www.appraisaltoday.com/sayingno.htm> Click Here</a> For more
humor, go to http://www.appraisaltoday.com/humor.htm
AOL Users: <a
href=http://www.appraisaltoday.com/humor.htm> Click Here</a>
>>>>>>>>>>>>> NEW IN APPRAISAL TODAY <<<<<<<<<<<<<
In the September, 2000 issue of the "paper" paid subscription newsletter:
- Internet appraisal directories - worth the cost? - 5 page article
- Digital photo tips - print quality, resolution, emailing
- How to use a scanner in your appraisals
- FHA news - appraiser sanctions, REOs, 203k
- Appraiser indicted in Southern CA scam
- Appraiser convicted in Minnesota
- Appraiser defamation case dismissed
No time to click on the links in these emails and read through the
documents and articles? Let me do it for you! My paid subscription
newsletter has lots more information than I put in these emails!
==================================
If you don't already subscribe .... To subscribe to my monthly "paper"
Appraisal Today newsletter for $99 per year ($149 for 2 years), call
800-839-0227 or fax 800-839-0014 (credit card orders) or send your check
(made out to RECR) to 2015 Clement Ave., Alameda, CA.
To order a FREE sample issue or get more information, go to
http://www.appraisaltoday.com/sample.htm
or call 800-839-0227 or fax
800-839-0014 . AOL Users: <a
href=http://www.appraisaltoday.com/sample.htm> Click Here</a>
For an order form, go to http://www.appraisaltoday.com/orderfrm.htm
. AOL
Users: <a href=http://www.appraisaltoday.com/orderfrm.htm> Click Here</a>
>>>>>>>>>>>>> LOAN APPS DOWN/UP <<<<<<<<<<<<<
The Mortgage Bankers Association of America (MBA) released its Weekly
Mortgage Application Survey results last Wednesday, reporting that the
index of mortgage loan applications for the week ending August 11 decreased
1.7 percent on a seasonally adjusted basis from the previous week. On an
unadjusted basis, the application index decreased 2.8 percent, and was up
10.5 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased from 327.4 the
previous week to 313.3; the seasonally adjusted Refinance Index increased
from 360.1 the previous week to 403.3. Other seasonally adjusted index
activity included the Conventional Index, which increased from 396.6 the
previous week to 413.7 and the Government Index, which decreased from 224.5
the previous week to 180.9.
Refinancing activity represented 17.2 percent of total applications,
increasing from last week's 15.0 percent. ARM activity increased from
15.3 percent the previous week to 17.2 percent.
The average contract interest rate for 30-year fixed rate mortgages was
7.86 percent, decreasing from the previous week's rate of 8.04 percent,
with points increasing from 1.25 the previous week to 1.27 (including
the origination fee) for 80 percent loan-to-value (LTV) ratio loans;
**SPECIAL NOTES**
The survey covers approximately 40 percent of all U.S. retail residential
mortgage originations and has been conducted weekly since 1990. Respondents
include mortgage bankers, commercial banks and thrifts. Base period for
all indexes, March 16, 1990=100.
>>>>>>>> LAST CHANCE FOR NORTHERN CA SEMINARS <<<<<<<<
I won't be offering any more all day seminars as I am shifting my focus to
an annual 2-day conference.
Here are the remaining seminars In San Jose CA - Sept. 6-8 and Sept. 14-17,
2000
- Sept 6 - Computers for Appraisers - 7 hours credit - OREA #00804C108
- Sept 7 - The Internet for Appraisers - 7 hours credit - OREA #96804C101
- Sept 8 - California Architectural Styles for Appraisers - 7 hours credit
- OREA #00804C109
- Sept 13 - Profitable Appraising, How to Maximize Profits in Your
Appraisal Business - 7 hours credit - OREA #96804C102
- Sept 14 - Income Opportunities for Residential Appraisers - 7 hours
credit - OREA #97804C105
- Sept 15 - Real Estate Fraud and the Appraisers Role - 7 hours credit -
OREA#99885C101
For more information, including a registration form, course outlines, and
instructor bios, go to http://www.appraisaltoday.com/no__ca_seminars.htm
AOL Users: <a href=http://www.appraisaltoday.com/no__ca_seminars.htm x>
Click Here</a>
>>>>>>>>>>>>> FREE STATS AT EHOME <<<<<<<<<<<<<
Stats on home prices, traffic, crime, schools, etc. are available at
http://www.ehome.com/ by zip code, city, county, and state. See how
accurate they are for your zip code! Click on Buy Home, then click on
Neighborhood (top of the screen). AOL Users: <a href=http://www.ehome.com>
Click Here</a>
>>>>>>>>>>>>> DO LENDERS NEED APPRAISERS? <<<<<<<<<<<<<
There's a very interesting online discussion at
http://http://www.appraisersforum.com/
. The topic is The appraisers
challenge. Scroll down the screen to read it. It is about why, or why not,
appraisals are needed by lenders. Very interesting. AOL Users: <a
href=http://http://www.appraisersforum.com> Click Here</a>
I get lots of emails from both newbies and wannabes. This discussion board
also has some good advice for both. I am sending them all there now. AOL
Users: <a href=http://www.appraisersforum.com/jobs> Click Here</a> A new
section of the site has just been set up for wannabes and newbies at
http://www.appraisersforum.com/jobs/
which also has a jobs section.
>>>>>>>>>>>>> MORTGAGE BROKER DISCUSSION BOARD <<<<<<<<<<<<<
Some very interesting postings at National Mortgage News' The Grapevine at
http://www.mortgagestats.com/cgi-bin/grapevine/rendermain.pl
. See what
mortgage brokers have to say and compare it with appraisers (see above).
AOL Users: <a
href=http://www.mortgagestats.com/cgi-bin/grapevine/rendermain.pl> Click
Here</a>
8/24/00 - How to get more business using client-centered marketing
- Special email
++++++++++++++ SPONSOR ++++++++++++++
DO YOU WANT MORE BUSINESS? How about 20-40 additional appraisals per month?
Propertyweb.cc is the answer. You control your local marketing area. You
select the professionals to be listed, and the info presented. BE A
PROFESSIONAL - MARKET LIKE A PROFESSIONAL.
Check us out at http://www.PropertyWeb.cc
, then contact us for all the
info. Email Greg at mailto:info@PropertyWeb.cc, call at (310) 370-3472, or
fax (310) 370-3482.
+++++++++++++++++++++++++++++++++++++
If you, like many appraisers, have an image of a salesperson as a used car
salesperson pushing you into something you don't want, you're way behind
the times. Today's marketers try to give customers what they want, not what
the marketer wants to sell them.
When you're looking for an auto repair shop, what is most important to you?
Price, location, hours, speed, pickup and drop-off, advice on whether
repairs are needed now or later, experience with your car, etc.? You select
the repair shop that matches most closely with what you need. Different
customers have different needs.
Appraisal customers are the same as you. Some want speed, some want
expertise, some want advice, and some want price.
-----------------------------
Listening to station WIIFM (What's In It for Me)
In client-centered marketing you are trying to tune into station WIIFM,
(What's In It For Me) from the client's prospective. When doing sales
presentations to prospects, you spend most of your time listening to the
other person, instead of spending it trying to "sell" your services. When
speaking with current clients, you are listening for information about what
they really want.
+++ If you're talking, you're not listening.+++
-------------------------------
What is client-centered marketing?
Client-centered marketing is a "win-win" situation for both sides. Both you
and the client get what you want. It's not lose-win, where the appraiser
feels like he or she is required to do something unethical, or the client
is upset with the appraiser's rigidity in failing to conform to their
standards, however stupid they may seem to the appraiser (i.e., extra
comps, extensive reviewer communication).
Non-customer-centered marketing is easy to identify. Examples are Henry
Ford's insistence on only providing cars in one color: black and
telemarketers calling at dinner time trying sell you a subscription to a
newspaper you already subscribe to.
For appraisers, it is rigidly offering one type of report to all prospects
and clients (fully documented URAR or complete, self contained narratives),
particularly those with templates and boilerplates set up so that "one size
fits all". Other examples are: offering the same so-so level of
communication to all clients, or trying to make all clients conform to your
requirements.
Having these rigid product and service standards is okay. You just have to
find the increasingly small number of clients who want it and will pay for
it without complaining. You'll have to be a very good marketer.
Flexibility is required for client-centered marketing. You don't offer the
same products and services to every client or prospect. Many appraisers
find this difficult to do, particularly if they have worked primarily for
one type of client, such as lenders.
----------------------------------
Benefits and features
The features of a computer program are everything it can do, including all
the bells and whistles. The benefits are how it helps you. A word
processing program that provides many features that you really don't need
and requires many hours to learn is not a benefit to you.
Appraisers are good at explaining their firms' features. They're just like
your resume: what my firm does (types of properties, geographic area, etc.)
and how great they are (designations, experience, etc.). So what does that
mean for a prospect? Not much. Clients want to hear about benefits: how you
can help them.
You need to connect the features you offer to the benefits for the client,
as specifically as possible.
The most compelling benefit you can offer to a current or prospective
client is to help them make more money. For example, your compelling
testimony on the witness stand (feature) helps the attorney get full
damages on a contingency basis (benefit). Or, your convincing
consulting/appraisal (feature) on a very overpriced listing helps the
listing agent get a substantial price reduction, sell the home, and get a
big commission (benefit).
------------------------------------
What if all they want is the fastest turnaround for the lowest fee?
There is always somebody cheaper or faster.
If that's all a client really wants, you'll have to give it to them to get
the business. Or, don't work for them.
But, did you take the time and initiative to find out what they really want?
Competing on the basis of fee and/or price can be successful when there is
lots of work. It is always a great way to "get your foot in the door."
But it's self defeating when business is slow and lots of appraisers are
getting hungry for work.
There's certainly nothing unethical about working for a low fee. You can
work for free if you want. Working 24 hours a day to get a fast turnaround
is okay also. Skimping on the research and analysis is not allowed, however.
------------------------------------
How do you find out what current clients want?
Ask them in a client review session. Don't assume you know what they want.
For example, you may have thought a residential client wanted a heavily
documented thick URAR with lots of photos. But what they really want is to
have the borrower called within one hour of placing the order.
Remember, listen to what they are saying. If you're talking, you're not
listening.
------------------------------------
"Firing" a client
No appraiser can work for all clients. Have you ever had a client who you
didn't want to work for? Did you just keep working for them, even though
you had a "bad attitude"? Take them off your approved client list and
you'll both be better off.
================================
To get more free marketing tips and information on our marketing books, go
to http://www.appraisaltoday.com/marketing.htm
. Disclaimer: the cartoon on
this page does not represent any particular appraiser, but there are a lot
of appraisers who look like our "cartoon man" (without the sign)!
===============================
Ann O'Rourke, MBA, SRPA, SRA, looking for a few good new clients!
Appraiser and Publisher of Appraisal Today newsletter
2015 Clement Ave., Alameda, CA 94501
mailto:ann@appraisaltoday.com
phone: 800-839-0227//fax: 800-839-0014
http://www.appraisaltoday.com for appraisal news, info, and a few jokes!
8/23/00 - Good map site/passwords/AOL
New this week from Appraisal Today e-news
+ USPAP news
+ What's it worth
+ New searching at appraisaltoday.com
+ Password management
+ Loan apps up/down
+ Good map web site
+ Downloads for AOL users
++++++++++++++++ SPONSOR +++++++++++++++
*** WE HEARD YOU LOUD AND CLEAR *** Marshall & Swift - The leader in
Valuation Tools Wants you to come back - So we're offering you a choice...
Please visit our site for details:
http://www.marshallswiftproducts.com/appraisalpromo.htm
+++++++++++++++++++++++++++++++
>>>>>>>>>>>>> USPAP NEWS <<<<<<<<<<<<<
The ASB has finally put their July 10 Summary of the Actions taken at their
last meeting for the 2001 version of USPAP and the edited exposure material
at https://www.appraisalfoundation.org/exdraft.htm
. The final version of
USPAP 2001 will be available later this year. The Summary of Actions taken
discusses the 98 letters sent to the ASB and their reasons for their
decisions on USPAP. AOL Users: <a
href=https://www.appraisalfoundation.org/exdraft.htm> Click Here</a>
>>>>>>>>>>>>> WHAT'S IT WORTH? <<<<<<<<<<<<<
Sometimes I feel like a broken record when telling home owners to clean up
the clutter, paint the interior, put in new carpets, etc. before selling.
The payback where I am located is very high. Check out the Home Sale
Maximizer Calculator at http://www.homegain.com/
for your area (by zip
code). The link is on the home page. For my zip code, the estimated cost to
declutter is $449 with the payback as $3,496 - $6,133. (Our average home
price is around $350,000), a 973% return. Prices are estimated by real
estate agents - they looked low to me for my area. Of course, if my husband
and I ever sell our home we would have to move out to declutter, etc.! AOL
Users: <a href=http://www.homegain.com> Click Here</a>
>>>>>>>>>>>>> NEW SEARCHING AT APPRAISALTODAY.COM <<<<<<<<<<<<<
I regularly get calls from people wanting information, both appraisers and
nonappraisers. My assistant Nicky has been telling them to go to
http://www.appraisaltoday.com, but it can be very hard to find stuff in my
over 250 pages (html files). I have trouble sometimes myself! AOL Users: <a
href=http://www.appraisaltoday.com> Click Here</a>
I have a new search feature on my site now, which works like a regular
search engine. The Search button is on the top of every page. It is
actually supplied for free by another web site, http://www.atomz.com
. AOL
Users: <a href=http://www.atomz.com> Click Here</a>
Setting it up was a snap. All I had to do was insert some HTML coding
supplied by them. Unfortunately, the free version is limited to 500 pages.
Seems like they count my site as having 467 pages... guess they count
those long email archive files as more than one page!
Check it out... see if your name is anywhere on the site!! Its particularly
useful for searching the email archives... be warned however, that
downloading the big files can take awhile. Then you have to use your
browser's search tool to find what you need on the huge pages.
>>>>>>>>>>>>> PASSWORD MANAGEMENT <<<<<<<<<<<<<
Do you use the same username and passwords for all web sites? Do you hate
it when your username is already taken? Using a password manager can really
help. For reviews of three, go to
http://cgi.zdnet.com/slink?/adeskb/adt0816/2615158:749925
AOL Users: <a
href=http://cgi.zdnet.com/slink?/adeskb/adt0816/2615158:749925> Click
Here</a>
>>>>>>>>>>>>> LOAN APPS UP/DOWN <<<<<<<<<<<<<
The Mortgage Bankers Association of America (MBA) released its Weekly
Mortgage Application Survey results last Wednesday, reporting that the
index of mortgage loan applications for the week ending August 11 decreased
1.7 percent on a seasonally adjusted basis from the previous week. On an
unadjusted basis, the application index decreased 2.8 percent, and was up
10.5 percent compared to the same week a year earlier.
>>>>>>>>>>>>> GOOD MAP WEB SITE <<<<<<<<<<<<<
Good map link at http://www.lib.utexas.edu
. (Click the Perry-Castañeda
link toward the bottom of the page, listed under Imaged Collections.)
Thanks to Peter Pike's weekly email newsletter for this great link.
http://www.pikenet.com For maps in the news they have a link to the Western
Wildfire map. Links to all the usual maps appraisers could use plus "Early
Indian Tribes, Culture Areas, and Linguistic Stocks - Eastern U.S.," "U.S.
Exploration and Settlement Before 1675," and it goes on and on. I love this
site!!! AOL Users: <a href=http://www.lib.utexas.edu> Click Here</a>
>>>>>>>>>>>>> DOWNLOADS FOR AOL USERS <<<<<<<<<<<<<
ZDNet has three AOL downloads at
http://cgi.zdnet.com/slink?/adeskb/adt0821/2616857:749925
. AOL Users: <a
href=http://cgi.zdnet.com/slink?/adeskb/adt0821/2616857:749925> Click
Here</a> PowerMail for AOL - Yes, I really hate that AOL email! The
special codes I have to put in for email hotlinks are a real hassle.
FreeON+ for America Online - keeps you from getting bounced off when
downloading or writing email PowerTools Pro for AOL - new toolbar for AOL
====================
If you don't already subscribe .... To subscribe to my monthly "paper"
Appraisal Today newsletter for $99 per year ($149 for 2 years), call
800-839-0227 or fax 800-839-0014 (credit card orders) or send your check
(made out to RECR) to 2015 Clement Ave., Alameda, CA.
To order a FREE sample issue or get more information, go to
http://www.appraisaltoday.com/sample.htm
or call 800-839-0227 or fax
800-839-0014 . AOL Users: <a
href=http://www.appraisaltoday.com/sample.htm> Click Here</a>
For an order form, go to http://www.appraisaltoday.com/orderfrm.htm
. AOL
Users: <a href=http://www.appraisaltoday.com/orderfrm.htm> Click Here</a>
====================
Ann O'Rourke, MBA, SRPA, SRA
Appraiser and Publisher of Appraisal Today newsletter
2015 Clement Ave. Alameda, CA 94501
mailto:ann@appraisaltoday.com
phone: 800-839-0227//fax: 800-839-0014
http://www.appraisaltoday.com for appraisal news, info, and a few jokes!
*******************************************
Sponsoring this email will expose your business to over 30,000 appraisers.
For more information, send email to jntrice@primis.com
*******************************************
This email was sent by e-appraiser, the online resource for appraisers at
http://www.e-appraiser.net . We offer free directory registration to
appraisers and currently have over 250 lenders utilizing our directory.
If you do not wish to receive further emails, please send an email to
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AUTOMATED E-MAIL ADDRESS. PLEASE DIRECT ALL CORRESPONDENCE TO
info@e-appraiser.net
*******************************************
8/16/00 - New HUD regs/appraiser sues lender/USPAP stuff
New this week from Appraisal Today e-news
+ New HUD appraisal regs
+ Rates down, apps up
+ Appraiser Sues lender
+ ASA-NAIFA consolidation update
>>>>>>>>>>>>> NEW HUD APPRAISAL REGS <<<<<<<<<<<<<
August 7, 2000 HUD issued Mortgagee Letter 00-30 - Appraiser Performance
and Sanctions Matrix, effective immediately, replacing the old one in HUD
Handbook 4150.2 in Chapter 7.
August 2, 2000 HUD issued Mortgagee Letter 00-27 - Appraising and Financing
HUD Real Estate Owned (REO)Properties With FHA-Insured Financing - Single
Family Loan Production
If you do 203k work, check out July 26, 2000 Mortgagee Letter 00-25 -
203(K) Rehabilitation Mortgage Program- Single Family Loan Production
You can get the documents at http://www.hudclips.org
. Scroll down to 2000
Mortgagee Letters, under Shortcuts. AOL Users: <a
href=http://www.hudclips.org> Click Here</a>
>>>>>>>>>>>>> RATES DOWN, APPS UP <<<<<<<<<<<<<
The Mortgage Bankers Association of America (MBA) released its Weekly
Mortgage Application Survey results last Wed., reporting that the index of
mortgage loan applications for the week ending August 4 increased 6.3
percent on a seasonally adjusted basis from the previous week. On an
unadjusted basis, the application index increased 5.9 percent, and was up
9.9 percent compared to the same week a year earlier.
Last week the average 30-year fixed mortgage rate dropped to 8.04% - its
lowest weekly level of the year, according to Freddie Mac's Primary
Mortgage Market Survey.
I seem to be getting a lot more requests for "comp runs" this week from
mortgage brokers, mostly from Southern California, I never heard of saying
"Must have $xxxx." My assistant Nicky's current reply, "We are backed up
three weeks on appraisals." So far, they hang up when they hear that...
>>>>>>>>>>>>> APPRAISER SUES LENDER <<<<<<<<<<<<<
James Beattie v. Fleet National Bank et al. (Rhode Island Supreme Court).
For a summary of the case, go to the July 20, 2000 Issue No. #1 "Mortgage
Fraud News From The MBA" at http://www.mbaa.org/alerts/00/mf_0720.html
The appraiser sued the lender for defamation. Very interesting! AOL Users:
<a http://www.mbaa.org/alerts/00/mf_0720.html> Click Here</a>
The link to a March 3,2000 Rhode Island Supreme Court document (appeal of
the court ruling in favor of the lender) is at
http://caselaw.findlaw.com/data2/rhodeislandstatecases/2000/98-338.pdf
AOL
Users: <a
http://caselaw.findlaw.com/data2/rhodeislandstatecases/2000/98-338> Click
Here</a>
Thanks to Steve Vertin for posting this info at http://appraisersforum.com
AOL Users: <a href=http://appraisersforum.com> Click Here</a> Thanks also
to Michael Cartwright for posting the link to the court filing.
>>>>>>>>>>>>> ASA-NAIFA CONSOLIDATION UPDATE <<<<<<<<<<<<<
Last week's chat at http://www.e-appraiser.net
featured Deane Wilson, ASA,
the Real Property Chair at ASA. Go to the site, scroll down the left to the
link for Guest Speakers, then scroll down to the recorded chat in PDF
format. AOL Users: <a href=http://www.e-appraiser.net> Click Here</a>
++++++++++++++++++++++++++++++++++++
Sorry for the brief updates. I am studying for my second try at the MAI
comprehensive exam in two weeks. It sure is a lot easier when you only have
to study for 2 exams instead of 4!!(I passed two the last time - General
and Cost.)
I'll have the "full story" on the above news items in the September
Appraisal Today newsletter...
====================
If you don't already subscribe .... To subscribe to my monthly "paper"
Appraisal Today newsletter for $99 per year ($149 for 2 years), call
800-839-0227 or fax 800-839-0014 (credit card orders) or send your check
(made out to RECR) to 2015 Clement Ave., Alameda, CA.
To order a FREE sample issue or get more information, go to
http://www.appraisaltoday.com/sample.htm
or call 800-839-0227 or fax
800-839-0014 . AOL Users: <a
href=http://www.appraisaltoday.com/sample.htm> Click Here</a>
For an order form, go to http://www.appraisaltoday.com/orderfrm.htm
. AOL
Users: <a href=http://www.appraisaltoday.com/orderfrm.htm> Click Here</a>
======================
Ann O'Rourke, MBA, SRPA, SRA
Appraiser and Publisher of Appraisal Today newsletter
2015 Clement Ave. Alameda, CA 94501
mailto:ann@appraisaltoday.com
phone: 800-839-0227//fax: 800-839-0014
http://www.appraisaltoday.com for appraisal news, info, and a few jokes!
8/9/00 - How high are your profits? - Special
mailing
------------------------------------
Residential market tiers - where are you?
In a market where single family residential appraisals on a URAR for a
lender are typically $300, fees for a valuation of a home by a licensed
appraiser can run from $50 (or free) to $1,000 or more.
Why the difference in price?
Tier 1 - $50 (or free) - Desktop appraisal
Tier 2 - $75 - 2070 or 2075 - exterior inspection with no value (comp
checks, value checks)
Tier 3 - $100 - 2055 driveby for AMC
Tier 4 - $150 - URAR for AMC
Tier 5 - $200 - 2055 driveby for lender
Tier 6 - $225 - URAR for private individuals when shopping for the lowest fee
Tier 7 - $300 - URAR for mortgage brokers and lenders
Tier 8 - $325 to $350 - URAR for private individuals who are not price
sensitive, using the appraisal for taxes or establishing a sales price.
Appraiser also offers assistance on marketing if needed.
Tier 9 - $500 - URAR for litigation related, typically divorce
Tier 10 - $600 - relocation appraisal
Tier 11 - $1,000+ - Narrative
Lower fees require very fast appraisals - time is money. Field times of 3
hours per appraisal for $150 means little profit. Calls researching
difficult appraisals means little profit. What does this mean? Working a
small geographic area and turning down tough appraisals.
What's the most profitable appraisal? Higher fees may or may not mean
higher profits, depending on how much time you spend on an appraisal.
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What residential tier is the best for you?
In my market, the San Francisco Bay Area, for residential I have been in
almost all the tiers at one time or another. I have never done desktop
appraisals, but did many inspections-only 2075s ($75) for a local lender a
few years ago. They were profitable. However, I found that I preferred to
do a valuation, not just an inspection.
I have always done drivebys since I started appraising 20 years ago. I like
the convenience of not having to set up appointments. But lately I have
realized that I spend too much time on them so they not very profitable for
me. I have raised my fees considerably and get fewer assignments, but make
money on them.
In the past year, I have been moving to the upper tiers, as I prefer to
spend more time on research and analysis and want to do mostly nonlender
work, where my value makes a difference. My profit will go up as I tend to
spend too much time on lower tiered products.
Consider what type of appraisals and reports you want to do, and which are
the most profitable. You may decide that you prefer quick and fast with
high volume. Or, you prefer fewer high fee appraisals.
Commercial market tiers - where are you?
Commercial appraisal fees vary widely, just like residential. Fees are
harder to analyze as reports vary widely and most jobs are done on a bid
basis.
Here are some sample fees, for the same property:
Tier 1 - $1,200 - restricted report - a number, plus the required USPAP
boilerplate.
Tier 2 - $1,500 - Cheap and fast, 20-25 page short report or a commercial
form report (UCIAR), very competitive bidding
Tier 3 - $2,500 - typical lender narrative summary 40 page report
Tier 4 - $3,000 - 50 page narrative for a "picky" lender with a small, very
selective, fee panel
Tier 5 - $4,000 - 50 page narrative "MAI appraisal" - must have an MAI
signing the report
Tier 6 - $5,000 - 70 page very detailed report for IRS partnership purposes
Tier 7 - $6,000 - 100 page for condemnation or litigation, wants it all,
self contained appraisal report
What commercial tier is the best for you?
In my market, the San Francisco Bay area, I have been in the Tiers 3 and 4.
I spend too much time on appraisals to make any money in Tiers 1 and 2,
which can be profitable for other firms.
To break into the upper tiers requires an MAI in my area (for me, as I am
not well established in the upper tiers). When I get my MAI, I will start
working on breaking into the upper tiers. Many MAIs are in Tiers 3 and 4,
locally, but I prefer the upper tiers.
If you keep trying to get every job by bidding low, you will be stuck in
the lower tiers. You can break into the upper tiers with some marketing,
particularly if you have an MAI.
Some appraisers prefer to write shorter reports and not get into all the
details of litigation work. It's your choice.
A higher fee does not mean more profits. In commercial appraising, because
of the long time on jobs, you have to carefully analyze how much time you
are spending on a job and calculate your gross billing per hour to see what
is profitable for you.
--------------------------------------
This is a short version of a much longer article published in my monthly
Appraisal Today newsletter, which had tips on breaking into the higher fee
markets and other information. It is way to long for email!!
=========================================
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======================
Ann O'Rourke, MBA, SRPA, SRA, trying to get into the Big Bucks Market!!
Appraiser and Publisher of Appraisal Today newsletter
2015 Clement Ave., Alameda, CA 94501
mailto:ann@appraisaltoday.com
phone: 800-839-0227//fax: 800-839-0014
http://www.appraisaltoday.com for appraisal news, info, and a few jokes!
8/9/00 - USPAP stuff/Data merger/hardware stuff
New this week from Appraisal Today e-news
+ Hardware stuff
+ Microsoft Office Readers
+ July USPAP Q&As
+ Common Misconceptions About USPAP
+ Appraiser indicted in Southern CA
+ Data company merger
+ Loan apps down
*********************SPONSOR******************
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over 40,000 records and over 200 lenders using the directory. We offer
numerous search categories, as well as resources for appraisers. We also
offer fee panel management services. Go to http://www.e-appraiser.ne
t or
contact Joan Trice at mailto:jntrice@primis.com
.
*****************************************************
>>>>>>>>>>>>> Hardware stuff <<<<<<<<<<<<<
If you like to keep up on the mobile gadgets, go to
http://cgi.zdnet.com/slink?/adeskb/adt0807/2611995:749925
for links to PC
Magazine's reviews of devices such as Palms, Pocket PCs, Internet phones,
etc. AOL Users: <a
href=http://cgi.zdnet.com/slink?/adeskb/adt0807/2611995:749925> Click
Here</a>
Still haven't gotten your First Digital Camera? Want to buy a new one but
are confused by all the terms? Embarrassed at meetings when other
appraisers ask you which one your use, or if you've bought a color laserjet
yet? Still living in the Dark Ages with 35mm? Read info on Digital Camera
Basics at http://cgi.zdnet.com/slink?46281:749925
AOL Users: <a
href=http://cgi.zdnet.com/slink?46281:749925> Click Here</a>
How is your PC doing? Sluggish sometimes? For info on programs to check it
out, go to
http://www.zdnet.com/anchordesk/stories/story/0,10738,2612702,00.html
AOL
Users: <a
href=http://www.zdnet.com/anchordesk/stories/story/0,10738,2612702,00.htm
l> Click Here</a> Here's the four ways, per the PC magazine article online:
* Application-based tests measure the time it takes for an app to perform a
task by actually opening an app. * Synthetic tests fake running an
application by directing your computer to perform the functions that the
application might. * Playback tests run sets of system calls to your
graphics card, hard drive or other components. * Inspection tests measure
the raw performance of specific components.
Don't ask me what these mean - way too techie for me!!!
>>>>>>>>>>>>> Microsoft Office Readers <<<<<<<<<<<<<
If you don't use Microsoft Office (Word, Power Point, and Excel) or send
Office files to someone who doesn't use the software, you can download
Readers from this page. http://www.mbaa.org/assistmain.html
AOL Users: <a
href=http://www.mbaa.org/assistmain.html> Click Here</a>
Thanks to Michael Cartwright for posting this link!
>>>>>>>>>>>>> July USPAP Q&As <<<<<<<<<<<<<
The July USPAP Q&As online:
Q1. I completed an appraisal and delivered the report to my client, a local
bank, last week. The bank's in-house reviewer has asked that I send her an
amendment letter that will include revisions to information in the report I
delivered and will add some information. How do I comply with USPAP when
making revisions to an appraisal report?
Q2. I have been asked by a local bank to appraise just the underlying land
of an existing shopping center. Can I perform such an assignment under
USPAP? If so, would this be a limited appraisal?
Q3. My client, a government agency, has obtained two appraisals of the same
real property, and has asked me to review both and reconcile them to a
single value. Can I perform this assignment under USPAP?
For the answers, go to https://www.appraisalfoundation.org/2000-7qa.htm
AOL
Users: <a href=https://www.appraisalfoundation.org/2000-7qa.htm X> Click
Here</a>
I'm still waiting for a summary of the approved changes for USPAP 2001 to
be posted...
>>>>>>>>>>>>> Common Misconceptions About USPAP <<<<<<<<<<<<<
Stephanie Coleman, MAI, Director of Screening at the AI and former ASB
member, presented this material at the "Tools for Teaching Excellence – A
Workshop for Instructors" in conjunction with Valuation 2000, last month.
Here are a few misconceptions:
- "USPAP is enforced by The Appraisal Foundation." NOT - "If Client A hired
you to do an appraisal, you can't do a reappraisal for Client B unless you
get a written release from Client A." NOT -"If you do an appraisal for a
government agency, USPAP doesn't apply because of the Jurisdictional
Exception." NOT
For the Reality (the answers) and a lot more Misconceptions, go to
http://www.appraisalinstitute.org/pub/USPAP_Misconceptions.htm
Worth
checking out. AOL Users: <a
href=http://www.appraisalinstitute.org/pub/USPAP_Misconceptions.htm>
Click Here</a>
>>>>>>>>>>>>> Appraiser indicted in Southern CA <<<<<<<<<<<<<
Per a July 14, 2000 article in the Riverside Press Enterprise, seven
Southern California residents were charged Thursday with operating a
mortgage-fraud ring in the Inland Empire that resulted in losses of more
than $10 million and involved more than 100 homes. Seems like they are
alleged to have set up a phony credit union. One appraiser was listed.
Sorry, no link to this article. Thanks to Steve Smith for emailing it.
>>>>>>>>>>>>> Data company merger <<<<<<<<<<<<<
Well.. The big data company merger is finally public. (I knew about it a
couple of weeks ago, but it wasn't 'public' yet. I hate waiting!!)
First American Corp. will merge its real estate unit with Transamerica
Corp.'s Intellitech real estate information unit. Per the press release,
"The combination creates a data repository containing information that
covers more than 85 percent of the nation's property sales and mortgage
financing transactions. This repository is compiled from public record and
proprietary sources, including site-inspected property data made available
by appraisers and real estate agents.
Nothing new to me, except less competition in the data business. Hopefully,
it won't affect data costs and quality.
To read the press release, go to http://www.prnewswire.com/
and search the
news for First American. AOL Users: <a href=http://www.prnewswire.com>
Click Here</a>
No time to read the links, find info, and get the story behind the press
release? Subscribe to Appraisal Today! See the bottom of this email for
details.
>>>>>>>>>>>>> Loan apps down <<<<<<<<<<<<<
The Mortgage Bankers Association of America (MBA) released its Weekly
Mortgage Application Survey results last Wednesday, reporting that the
index of mortgage loan applications for the week ending July 28 decreased
2.3 percent on a seasonally adjusted basis from the previous week. On an
unadjusted basis, the application index decreased 2.4 percent, and was down
0.9 percent compared to the same week a year earlier.
====================
If you don't already subscribe .... To subscribe to my monthly "paper"
Appraisal Today newsletter for $99 per year ($149 for 2 years), call
800-839-0227 or fax 800-839-0014 (credit card orders) or send your check
(made out to RECR) to 2015 Clement Ave., Alameda, CA.
To order a FREE sample issue or get more information, go to
http://www.appraisaltoday.com/sample.htm
or call 800-839-0227 or fax
800-839-0014 . AOL Users: <a
href=http://www.appraisaltoday.com/sample.htm> Click Here</a>
For an order form, go to http://www.appraisaltoday.com/orderfrm.htm
. AOL
Users: <a href=http://www.appraisaltoday.com/orderfrm.htm> Click Here</a>
======================
Ann O'Rourke, MBA, SRPA, SRA
Appraiser and Publisher of Appraisal Today newsletter
2015 Clement Ave., Alameda, CA 94501
mailto:ann@appraisaltoday.com
phone: 800-839-0227//fax: 800-839-0014
http://www.appraisaltoday.com for appraisal news, info, and a few jokes!
*******************************************
Sponsoring this email will expose your business to over 30,000 appraisers.
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8/2/00 - Biz value/Buzz/USPAP FAQs/Apps up
New this week from Appraisal Today e-news
+ Cost of living
+ Value of an appraisal business
+ Commercial buzz
+ REIPA meeting
+ Appraisal Foundation's new FAQ publication
+ apps up - rates down
+ My appraiser license
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>>>>>>>>>>>>> COST OF LIVING <<<<<<<<<<<<<
What's the city with the highest cost of living for international
expatriate families (relocated)? Seoul S. Korea, wiht an annual cost of
$190,158, per Runzheimer International at
http://www.runzheimer.com/welcome.htm
. I have been getting Runzheimer
press releases for quite a while.. Lots of interesting tidbits. Sorry, this
July 17 press release hasn't been posted yet. AOL Users: <a
href=http://www.runzheimer.com/welcome.htm> Click Here</a>
Here's some more info - Tokyo - $185,181 Paris, France - $83,473 Detroit,
MI - $65,037 Turin, Italy - 63,074
>>>>>>>>>>>>> VALUE OF AN APPRAISAL BUSINESS <<<<<<<<<<<<<
Value of an appraisal business With so many appraisers over 50 years old,
retirement is more of a concern.
Many appraisers think the only value in their businesses is their hard
assets - old computers, old files, etc. But there may be goodwill in your
business...
I have an article I wrote in November, 1993, "Can you sell your appraisal
business?," posted at http://www.appraisaltoday.com/selling.htm
. Not much
has changed since then except Primis' purchase of appraisal firms and a few
purchases of commercial appraisal firms by national companies. (The owners
stay on as managers.) AOL Users: <a
href=http://www.appraisaltoday.com/selling.htm> Click Here</a>
>>>>>>>>>>>>> COMMERCIAL BUZZ <<<<<<<<<<<<<
A new commercial real estate web site is http://www.rebuz.com/
. Lots a
links. Easy to navigate. Worth a visit. AOL Users: <a
href=http://www.rebuz.com> Click Here</a>
>>>>>>>>>>>>> REIPA MEETING <<<<<<<<<<<<<
The Real Estate Information Professionals Association 5th Annual REIPA
Conference Sheraton Bal Harbour Resort ~ Miami Beach, Florida September
14th - 17th, 2000. This is "the" organization for information providers,
and people interested in the issues of data, etc. I have attended two of
the four previous national conferences. They were definitely worthwhile!
Check it out at http://www.reipa.org/ AOL Users: <a
href=http://www.reipa.org> Click Here</a>
>>> APPRAISAL FOUNDATION'S NEW FAQ PUBLICATION <<<<
When I teach USPAP I always use the Appraisal Standards Board monthly
Questions and Answers Bulletin, sent out with this newsletter.
The Appraisal Foundation has just published a USPAP Frequently Asked
Questions spiral bound book, compiling, indexing, and updating them 107
questions. They are now combined into categories and indexed, making them
much more useful.
The price? Only $12. To order call 202-624-3056 or go to
http://www.appraisalfoundation.org
. AOL Users: <a
href=http://www.appraisalfoundation.org> Click Here</a> No info on their
web site 7/23/00 but hopefully will be posted soon.
>>>>>>>>>>>>> APPS UP - RATES DOWN <<<<<<<<<<<<<
The Mortgage Bankers Association of America (MBA) released its Weekly
Mortgage Application Survey results today, reporting that the index of
mortgage loan applications for the week ending July 14 increased 11.1
percent on a seasonally adjusted basis from the previous week. On an
unadjusted basis, the application index increased 39.5 percent, and was up
9.6 percent compared to the same week a year earlier.
Long-term mortgage interest rates went down on Monday to 7.86 percent for
30 year fixed.
>>>>>>>>>>>>> MY APPRAISER LICENSE <<<<<<<<<<<<<
Seems like July 23's ASC email, listing appraisers whose license expired,
had my name on it. Thanks to the eagle-eyed reader who let me know! I never
seem to get around to reading the emails from the ASC....
FYI, my CA license has been renewed. I sent in my renewed early, in
December, 1999 so I could get a break on the fee. When checking on the
stats of a CA licensee, the state web site is best as it is updated
frequently.
You can check it at http://www.orea.ca.gov
AOL Users: <a
href=http://www.orea.ca.gov> Click Here</a> ====================
If you don't already subscribe .... To subscribe to my monthly "paper"
Appraisal Today newsletter for $99 per year ($149 for 2 years), call
800-839-0227 or fax 800-839-0014 (credit card orders) or send your check
(made out to RECR) to 2015 Clement Ave., Alameda, CA.
To order a FREE sample issue or get more information, go to
http://www.appraisaltoday.com/sample.htm
or call 800-839-0227 or fax
800-839-0014 . AOL Users: <a
href=http://www.appraisaltoday.com/sample.htm> Click Here</a>
For an order form, go to http://www.appraisaltoday.com/orderfrm.htm
. AOL
Users: <a href=http://www.appraisaltoday.com/orderfrm.htm> Click Here</a>
=====================
Ann O'Rourke, MBA, SRPA, SRA, licensed appraiser
Appraiser and Publisher of Appraisal Today newsletter
2015 Clement Ave. Alameda, CA 94501
mailto:ann@appraisaltoday.com
phone: 800-839-0227//fax: 800-839-0014
http://www.appraisaltoday.com for appraisal news, info, and a few jokes!
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