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$1 listing pricesExcerpts: A $1 house listed in Edmond, OK, has stirred up a huge hubbub among home buyers, home sellers, real estate agents, and others: Come on, is that even real? There must be a catch.
In other words: After less than a week, the home is under contract. While Hukill won’t share specifics until the deal is officially done, he says, “we ended up a little bit above what the sellers initially thought they’d get.”
Which begs the question: Should more home sellers consider pricing their home at $1?
My comment: interesting discussion of the pros and cons. |
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Appraisal Waivers save up to 2 weeks timeFrom Fannie Mae’s May 15 2018 Selling News
Save your borrowers time and money with a PIW
Did you know that a property inspection waiver (PIW) can save you up to two weeks in loan cycle time while saving your borrower the expense of an appraisal? A PIW can both reduce costs and shorten the loan origination process by eliminating the need to obtain and review an appraisal, removing the chance of any appraisal-related delays.
Exercising a PIW offer will also give you Day 1 Certainty®, freedom from reps and warrants on property value, condition, and marketability. Learn more about these benefits and more on the PIW page.
My comment: And I was thinking that Hybrid Appraisals were a big market… No way to beat No Appraisals…
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Newly Published California Case Helpful to Appraisers: Tindell v. MurphyToday (May 7 2018), the California Court of Appeal, Third Appellate District certified for publication its recent decision in a case entitled Tindell v. Murphy. The case involved mortgage borrowers who sued a real estate appraiser blaming the appraiser for a purchase they made in 2005 at the peak of the real estate bubble. The trial court had dismissed the borrowers’ suit because they were not intended by the appraiser to use the appraisal, as the appraisal was prepared for the lender, and the Court of Appeal upheld that decision in a straightforward opinion. However, the opinion was not originally slated for publication, meaning that it would not serve as precedent for cases involving other appraisers
More info at:
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Rates are going up!!Now at Jan. 2011 conforming rates.Refis are Down. Purchases are Slow.Don’t wait for the inevitable slowdown.Non-lender work is a Most Excellent Option.Not sure about forms, fees (much higher than AMCs), types of lender work, marketing, etc?
There are many, many options. Find out what is the best type of non-lender work for you.
I have been writing about this since 1992 and can really help. All my appraisals are non-lender. Don’t wait until your competitors
decide to try non-lender appraisals.
Get started Now!! To read the articles, subscribe to the paid Appraisal Today.
If this article got you one non-lender appraisal, it is worth the subscription price!!
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The Golden State Killer’s house (quick appraiser survey)By Ryan Lundquist
The suspected Golden State Killer… is said to be responsible for more than 50 rapes and 12 murders throughout California. It’s crazy to think about the path of terror this monster blazed for so many years. Well, let’s talk about him, but from a real estate angle.
Take a Quick Survey: I thought it would be interesting to do a quick survey to gauge public perception. If the Golden State Killer’s house was listed for sale, what sort of price discount if any would you expect to see? Vote below or HERE, and I’ll publish results in two weeks.
Vote and check out the interesting graphs and stats at:
My comment: His house is located in Citrus Heights, very close to Sacramento. Very scary.
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How Foreclosures Impact the Nation’s Housing MarketsExcerpt: In the most recent Home Value Forecast from Pro Teck Valuation Services, Reno, Nevada, ranked No. 1 as the hottest housing market in the nation. So just what separates Reno from say, Columbus, Ohio, which ranked No. 25? Foreclosure inventory.
Pro Teck used “Foreclosures as a Percent of Sales” as a tie-breaker for its most recent index, explaining that in a “healthy market” foreclosures make up 3 to 5 percent of sales. “Anything over 10 percent will have a marked effect on price appreciation,” according to Pro Teck.
“Think of foreclosure sales as an anchor that can slow down the recovery of a market,” said Tom O’Grady, CEO of Pro Teck. “Because foreclosed properties sell for less, they can impact market sales if they become a large enough part of the housing inventory.”
Worth reading. Lots more analysis and data here from the original report:
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AQB/AARO Spring Conference, Seattle, WashingtonFrom Appraiserville by Jonathan Miller’s Housing Notes
Scroll down past the interesting graphs and video to Feedback: AQB/AARO Spring Conference, Seattle, Washington May 2018 – Peter Gallo
Here are appraiser Peter Gallo’s notes from the conference. I have placed a sampling of them below. His fill notes are a good summary of the issues appraisers are facing today:
Excerpts: “There is also a focus on redefining the term “inspection” as hybrid appraisals and other alternate valuations address an inspection differently from what the current definition describes.”
Scott [Reuter] from Freddie Mac… “There is a joint GSE (Fannie & Freddie) effort to redesign the current appraisal form (1004) underway. He described the current form as “archaic” and that they are in the first quarter of the first year of a three-year effort to revise the form (so they are at the very beginning of this process). They are considering all options including that there might not be a form at all, but it could even be some sort of online schematic or portal for a give and take of information. He said that the will be a lot of outreach to stakeholders and the pursuit of modernization will involve a lot of listening. He also mentioned that “big data is here to stay”.
My comments: What is an inspection? Not defined in USPAP. Some appraisers use “observation”. Discussed in a USPAP advisory opinion. At least they gave a 3 year timeline for form changes.
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HOW TO USE THE NUMBERS BELOW. Appraisals are ordered after the loan application. These numbers tell you the future for the next few weeks. For more information on how they are compiled, go to www.mbaa.org
Note: I publish a graph of this data every month in my paid monthly newsletter, Appraisal Today. For more information or get a FREE sample issue go to https://www.appraisaltoday.com/products.htm or send an email to info@appraisaltoday.com . Or call 800-839-0227, MTW 7AM to noon, Pacific time.
Mortgage applications decreased 2.7 percent from one week earlierWASHINGTON, D.C. (May 16, 2018) – Mortgage applications decreased 2.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 11, 2018. The Market Composite Index, a measure of mortgage loan application volume, decreased 2.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3 percent compared with the previous week. The Refinance Index decreased 4 percent from the previous week to its lowest level since August 2008. The seasonally adjusted Purchase Index decreased 2 percent from one week earlier. The unadjusted Purchase Index decreased 2 percent compared with the previous week and was 4 percent higher than the same week one year ago. The refinance share of mortgage activity decreased to 35.9 percent of total applications, its lowest level since August 2008, from 36.3 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 6.5 percent of total applications. The FHA share of total applications increased to 10.3 percent from 10.1 percent the week prior. The VA share of total applications decreased to 10.3 percent from 10.4 percent the week prior. The USDA share of total applications increased to 0.8 percent from 0.7 percent the week prior. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) decreased to 4.77 percent from 4.78 percent, with points remaining unchanged at 0.50 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) increased to 4.73 percent from 4.65 percent, with points decreasing to 0.35 from 0.36 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.78 percent from 4.80 percent, with points increasing to 0.76 from 0.75 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 4.20 percent, with points increasing to 0.53 from 0.48 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week. The average contract interest rate for 5/1 ARMs increased to its highest level in the history of the survey, 4.09 percent, from 4.00 percent, with points increasing to 0.56 from 0.43 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week. The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100. |
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