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This blog has all my free weekly email newsletters since 2012. Plus other topics. Please note that the original email newsletter subject line has been significantly shortened. To see the original email newsletters, click here to go to the newsletter archives. The newsletter has been sent out weekly since June, 1994. To subscribe to the free email newsletters and receive them on the date they are first issued, go to www.appraisaltoday.com and sign up in the big Yellow Box!!

Looking for a topic? Use Search box on the right side. There are hundreds of posts on this blog, starting in 2012. 

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Posted in: Uncategorized

Fannie Requiring Appraisal Floor Plans Coming?

Are Floor Plans in Your Future?

By Dave Towne
Excerpts: In the Selling/Servicer Guides of FNMA and Freddie Mac, both GSE’s identify a ‘sketch’ to be a diagram of the subject as measured by the appraiser which shows exterior walls, and includes the dimensions. That’s it. They don’t even say that room labels are needed, but most appraisers include those.
Including a ‘sketch’ in reports as an exhibit is an additional Assignment Condition, beyond what USPAP requires in Standard 2, per the Assumption and Limiting Conditions on the residential forms. Both GSE’s require a more detailed diagram including interior wall locations when interior design abnormalities are discovered, and reported – which they call a “Floor Plan”.
I’ve talked with representatives from both GSE’s recently. Their line of thinking, at the present time, is a “Floor Plan” should be provided as an exhibit in the appraisal report even though the report signing appraiser was not physically present at the subject property when data was gathered. Their line of thinking is also slanted to having third parties provide the subject property data, believing appraisers are more valuable as ‘analysts instead of as observers and detailers of the property characteristics.
Thus the evolution to the new 1004 (Desktop) and 1004 (Hybrid) report forms, with different Scope of Work and Assumption and Limiting Condition statements in each version. (These forms are in your software forms package now.)
To read more and watch the video, click here
My comments: Read this post, watch Danny Wiley’s remarks in a video, and read many appraiser comments. Quite a while ago, Fannie started requiring detailed floor plans. This did not last very long, but I continued doing rough floor plans manually. I still do them but do not include the floor plans in the appraisal sketch. It keeps me from missing a small room, bathroom, etc. Of course, when there are floor plan functional problems, I put the details in the appraisal sketch. In my area, tandem rooms are common (usually from additions). They cannot be included as bedrooms.
When I used to do relocation appraisals, I always included a full interior floor plan with walls and doors. This was standard practice in my area. Doing an interior floor plan with walls and doors takes a lot of time, both measuring and using my sketch software.

Appraisal Business Tips 

Humor for Appraisers

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on liability, FSBOs, Real estate agents comments, appraisal business, unusual homes, mortgage origination stats, etc.

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Pie Shaped Home in Deerfield IL

2 beds, 2.5 baths 1,600 sq ft 3,920 sqft lot
Known as the “pie house,” this structure was designed to fit an oddly shaped lot and measures only 3 feet wide at its tip. Inside, the two-bedroom home resembles most suburban dwellings—although there are some interesting angles at play. It has been featured on The Tonight Show with Jimmy Fallon, The Chicago Tribune and media from around the world. This iconic 2 bedroom 2.5 bathroom home on a corner lot is much larger than it appears with a smart design so that only the powder room and closets are in the narrow end of the home.
To read more and see lots of interesting photos, click here

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Why You Should Never Buy A House Near A School, And 32 Other Secrets, Stories, And Advice From Real Estate Agents and Brokers

Excerpt:
5. Clients should check an area’s police records if they’re concerned.
8. Agents are regularly targeted by super-creepy fake clients.
9. And a lot of realtors and agents carry pepper spray and stun guns because of it.
12. If you’re selling your home, be sure to install security cameras.
18. Google the address first and see if any news articles come up.
24. Beware of cat owners. (very funny animated gif)
To read more details on the 32 tips, and see lots of fun animated gifs, click here
My comment: Good look at real estate sales, written for consumers primarily. I got a few ideas, such as google the address for news. Appraisers could give similar advice, but don’t do it for free. We have many fewer personal risks and strange people contacts than agents. We are not salespersons and don’t have to be “nice” to everyone. We don’t see everyone as a prospect for a sale.
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New in the December issue of Appraisal Today – Available December 1, 2021!

  • 2021 year-end tax planning for appraisers It’s not too late to save on your 2021 taxes! Lots of ways to save money in this article.
  • Marketing with holiday gifts and cards – An easy and Most Excellent Marketing Tool. I’m working on my annual 60+ holiday cards now! My most effortless marketing by far.
  • Think carefully before signing a Records Affidavit by Claudia Gaglione, Esq.
  • An Appraiser Gets Audited by the IRS! My Story by Ann O’Rourke It was a Very Bad Experience. A random audit of all my personal and business records. Poor mileage records, auditor inspected my home office, etc. Many many hours getting receipts, etc.
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“For Sale By Owner” Listings tend to be used by Rural and Lower-Income Sellers

Over three-year period, 4-6% of all monthly listings nationwide were offered directly by owners
Excerpts: “Our research shows that homes put on the market directly by owners are a small but consistent part of the housing ecosystem,” said Zillow economist Alexandra Lee. “We see that these types of listings are more heavily used by rural, lower-income sellers, a demographic that appears to value flexibility to sell their home on their own terms.”
The research found that in 2021, 24% of rural sellers did not use an agent, compared to 16% of suburban and 20% of urban sellers. Additionally, across all markets, FSBOs are listed at prices 18% lower than properties represented by agents. This trend is likely attributable to location and size of the home, rather than the home being sold at a discounted price. The median listed price for a FSBO home is $292,810. The median price of a home listed with a seller’s agent is $355,777.
FSBOs can be found in every state in the country, providing an option for some buyers searching for a home at a lower price point.
To read lots more, including stats in some cities, click here
My comments: Interesting and worth reading. Zillow research. I am so glad there are few FSBOs where I work. Almost all sales are through the MLS. FSBOs are not exposed to the market. I have only used them a few times when I was desperate for a comp similar to the subject. If a local agent I know personally is involved with helping the seller, I am more comfortable maybe using them.
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533 sq.ft., 10 ft. wide house on 1,200 sqft lot in Mamaroneck, NY

Excerpt: After losing his home and his business, Nathan Seely was given a 1,200-square-foot plot of land by his neighbor Panfilo Santangelo in Mamaroneck, NY in 1932. Seely, who is reputed to be one of New York’s first African-American home builders, created something unforgettable—even beautiful—on the tiny plot of land.
Using recycled materials, including chicken coops and railroad ties, Seely built a home and a piece of history that’s been lovingly maintained and updated by the Seely and Santangelo families ever since.
It has also achieved historic recognition. The Skinny House in Mamaroneck was placed on the National Registry of Historic Places in 2015.
Only 10 feet wide, 533 sq.ft. and 27-foot tall. Sold for $245,000 in 2019.
To read more, click here
My comment: I regularly appraise homes on 20-25 ft wide lots, and lots around 2,000 sq.ft. but never one on such a small lot for a detached home.
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Gratitude and Being Thankful

Being Thankful
In 2017 I received this from an old friend. It “spoke” to me, especially as an appraiser and business person. This is a different, very personal, way to look at what we can be thankful for in our daily lives.
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Be Thankful
These words from an unknown poet remind me to be thankful on Thanksgiving and all the other days, too.
Be thankful that you don’t already have everything you desire.
If you did, what would there be to look forward to?
Be thankful when you don’t know something,
for it gives you the opportunity to learn.
Be thankful for the difficult times.
During those times, you grow.
Be thankful for your limitations,
because they give you opportunities for improvement.
Be thankful for each new challenge,
because it will build your strength and character.
Be thankful for your mistakes.
They will teach you valuable lessons.
Be thankful when you’re tired and weary,
because it means you’ve made a difference.
It’s easy to be thankful for the good things.
A life of rich fulfillment comes to those who are also thankful for the setbacks.
Gratitude can turn a negative into a positive.
Find a way to be thankful for your troubles, and they can become your blessings.
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Gratitude By George Dell, SRA, MAI, ASA, CRE
Excerpts: Why should I have gratitude? Ugh!
My clients want me to hit the number . . . And be ethical about it! Pressure, pressure, pressure.
For me, the problem was the way I looked at things. I saw gratitude as a way of giving thanks for what had been given me. I see things differently today.
For me giving thanks is different from being grateful. Once again, my self-oriented brain got tricked into doing good for me. I was outsmarting myself. Gimmie, gimmie, gimmie, then I will thank you. But there were some things I didn’t know. I didn’t know what I didn’t know. It turns out gratitude is a tool. A method for making my own life better. Even better. . . it made the lives of those around me better. And they behaved better also. Unbelievable!
Once again, modern brain-body science jumps ahead and teaches me things. I am told there are seven scientifically proven benefits of gratitude. They say gratitude is one of the most misunderstood free tools for a better life. There’s no money involved. And the benefits are amazing.
To read more, click here
My comments: Today is the day after Thanksgiving, but these are thoughts we should have every day. I can always count on George Dell for original ways of looking at appraising! His follow-up post Does Gratitude Make Me Money? is worth reading.
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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. I have been following this data since 1993. 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 7 AM to noon, Pacific time.

Mortgage applications increased 1.8 percent from one week earlier

WASHINGTON, D.C. (November 24, 2021) – Mortgage applications increased 1.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 19, 2021.
The Market Composite Index, a measure of mortgage loan application volume, increased 1.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 0.1 percent compared with the previous week. The Refinance Index increased 0.4 percent from the previous week and was 34 percent lower than the same week one year ago. The seasonally adjusted Purchase Index increased 5 percent from one week earlier. The unadjusted Purchase Index decreased 0.4 percent compared with the previous week and was 4 percent lower than the same week one year ago.
“The financial markets continue to discern the Federal Reserve’s policy path in the coming months in light of the current high growth, high inflation environment. Despite a fair amount of rate volatility last week, mortgage rates were higher, with the 30-year fixed rate increasing 4 basis points to 3.24 percent,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Despite the increase in rates, refinance applications rose slightly, driven by a 2 percent gain in conventional refinances. Borrowers continue to lock in mortgages in anticipation of higher rates in the future. Refinance applications were still more than 30 percent below a year ago, when the 30-year fixed rate was 32 basis points lower.”
Added Kan, “Purchase activity increased for the third straight week, as housing demand remains robust, even as the housing market approaches the typically slower holiday season. Both conventional and government loan applications increased, and the average loan size for a purchase loan was at $407,200, continuing its ongoing 2021 run of being mostly above $400,000.”
The refinance share of mortgage activity increased to 63.1 percent of total applications from 62.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 3.4 percent of total applications.
The FHA share of total applications decreased to 8.6 percent from 8.9 percent the week prior. The VA share of total applications decreased to 10.3 percent from 10.8 percent the week prior. The USDA share of total applications decreased to 0.4 percent from 0.5 percent the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased to 3.24 percent from 3.20 percent, with points decreasing to 0.36 from 0.43 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.  The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $548,250) increased to 3.28 percent from 3.26 percent, with points decreasing to 0.26 from 0.39 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.27 percent from 3.23 percent, with points decreasing to 0.34 from 0.41 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 2.59 percent from 2.56 percent, with points decreasing to 0.34 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 5/1 ARMs increased to 3.00 percent from 2.89 percent, with points increasing to 0.32 from 0.16 (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
Ann O’Rourke, MAI, SRA, MBA
Appraiser and Publisher Appraisal Today
1826 Clement Ave. Suite 203 Alameda, CA 94501
Phone 510-865-8041
Posted in: appraisal business, george dell, humor, liability, real estate market

How to Respond to a Reconsideration of Value for Appraisers

How to Respond to a Reconsideration of Value (ROV) Request

By McKissock
Excerpts: While the ROV process is an appeal process, it is not to be used for changing the value or altering other assignment results simply because someone is dissatisfied with the outcome. Similar to performing an appraisal assignment, your role as an appraiser is to respond impartially, objectively, and without bias to an ROV request.
When you receive a reconsideration of value request, there are proven ways to handle these requests, adhere to USPAP and applicable regulatory requirements, and preserve a rock-solid relationship with your client. Best practice is to respond in a professional manner, remain positive, respond accurately and timely, and always operate ethically.
Twelve tips for responding to an ROV request. Here are the first five:
1. Confidentiality
2. Pause before responding
3. Meet deadlines, if attainable
4. Take the ROV seriously
5. Start with a positive
To read about all the tips, click here
My comment: Comprehensive with good tips. Well written. Read this if you do ROVs.
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2-16-17 Newz .Land surveys in 1784 .Common appraisal errors

The First Appraisal – About 3,200 Years Ago

Appraisal Business Tips 

Humor for Appraisers

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on AMCs, FHA changes, surveying, unusual homes, mortgage origination stats, etc.

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Posted in: AMCs, appraisal, appraisal how to, FHA

Zillow Quits Buying Homes – Their AVM Did Not Work Well!

A ‘Fail’ Stamp vector over a white background.

Zillow Quits Buying Homes – AVM Did Not Work Well!!!

Two appraisers comment – Jonathan Miller and Ryan Lundquist

Goodbye Zillow
By Ryan Lundquist
Some of the topics:
  • Failure despite massive price increases
  • Zillow losing isn’t about the market
  • The school of hard knocks
  • Public perception
  • Cannot smell the cats: I gave a quote to Money.com last week, and I was especially excited they used my “Zillow cannot smell if 20 cats live there…” line.
To read more, click here
My comment: I love the “20 cats” comment. I appraised a house with at least that many cats. They were on all the tops of dressers, cabinets, etc., Very Creepy! I still have nightmares about it sometimes. A volunteer owned it for a local animal shelter. She had a large outdoor enclosure. Did not smell, but…
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By Jonathan Miller

Zillow Offers As A Proxy For ‘Big Data’ Shows The Lack Of Qualitative Analysis

Yes, big data usually infers ‘quantitative’ analysis, as in “relying on numbers.” The Zestimate legacy of profound inaccuracy finally reached a devastating conclusion with the collapse of Zillow Offers this week and the loss of hundreds of millions in shareholder…
Yes, big data usually infers ‘quantitative’ analysis, as in “relying on numbers.” The Zestimate legacy of profound inaccuracy finally reached a devastating conclusion with the collapse of Zillow Offers this week and the loss of hundreds of millions in shareholder equity. Zillow never figured out the qualitative part that enables the actual precision in the pricing of a home sale.
To read more, click here
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This Just In: The ‘A’ in ‘Zillow’ Stands for ‘Accuracy’
Excerpt: Yet it would seem unlikely that Zillow Offers used something completely separate and conceptually very different from their ‘Zestimate’ because it would be quite expensive and extremely difficult to keep a radical new valuation concept a complete secret. All we know at this point is whatever valuation methodology they used was a complete fail. And to go a step further their Zestimate valuation methodology has long been a complete failure in the accuracy department. But it hasn’t been a complete failure in the consumer credibility department at all.
To read more and see fun videos, click here

Zillow (in) accuracy(Opens in a new browser tab)

Appraisal Business Tips 

Humor for Appraisers

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To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on unusual homes, mortgage origination stats, etc.

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Dr. Seuss House aka The Goose Creek Tower

Read more!!

Posted in: appraisal business, AVMS, bias, zillow

Appraiser Retirement?

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Appraiser Retirement?

By An Anonymous Appraiser
Excerpt: …retired 2 months ago, and I am SO GLAD I did. I’ve had enough. I decided on an appraisal career because I found real estate, and especially the valuation of homes to be extremely fascinating and challenging, and although I had heard that the appraisal profession was making changes back 30+ years ago, I “assumed” it was becoming a more upstanding, professional occupation, in the eyes of the lenders, politicians and general public, similar in stature to doctors, lawyers and accountants. In other words, they would would hold the appraiser’s opinion via “trust in the professionals opinion”.
What we got, was 30+ years of complaints from the lenders and politicians who blamed appraisers for all of the lenders and political wrong doings. And the public believed them! Why? Because appraisers NEVER got together as an organization to support other residential appraisers! Oh yes, there was the Appraisal Society and the Appraisal Institute, of which I became a candidate, but when I realized that they catered to commercial appraisers, and recently to their own needs, I decided there was no reason for me to join. Besides when licensing came along, the license was the main criteria for selecting the appraiser.
To read more plus many appraiser comments, click here
My comments: Many appraisers are getting older and retiring now for various reasons.
I am 78 years old and have been appraising for 45 years. I love appraising!! (I have not done any lender res appraisals since 2005.) I have friends near my age who are still appraising and like it. They work for direct lenders mostly and do little AMC work.
What is “retirement” for fee appraisers? One of the great reasons to be a fee appraiser is choosing when, where, what you appraise, and whom you work for. In the past, I worked long hours 7 days a week on properties in a wide geographic area. It has been many years since I worked that hard. Many of us just fade away gradually ;>
I recently spoke with two 55-year-old female appraisers. They had both invested in real estate and were retiring early. I have known appraisers over the years who did this. Why aren’t there more? Risk avoidance, I guess. I invested in a duplex in 1986 ($120,000 purchase price). I am living there now after selling my large home. My tenants pay mortgage, insurance, and taxes.  I shoulda bought more when the prices were way down here!
I have written about appraiser retirement in my monthly newsletter many times over the years. Be sure you have “tail” insurance to cover any e&O claims after you retire. Mine is free from my E&O company. My most recent article is from May 2021, “Retirement: To Stay or Not to Stay. That is the question!!” Lots of issues to consider. Tip: don’t start taking Social Security until you are 70. I get $3,235 per month now, before the cost of living coming increases. The maximum is $3,985 per month.

Appraisal Business Tips 

Humor for Appraisers

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on unusual homes, Bias and ASC, real estate market, mortgage origination stats, etc.

 

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Posted in: appraisal business, Appraisal Subcommittee, bias, real estate market

Haunted House Appraisal Adjustments

Inspired by Italy, a Conical Home in Indiana

Excerpt: On the market for $424,900, the home consists of two main silolike buildings with shake conical roofs. Inside the round compound is a total of 3,111 square feet of living space.

The design was inspired by the trulli homes of the Itria Valley in Puglia, Italy. They were typically built from limestone and had conical roofs. The structures were chiefly designed as temporary shelters or storage areas in the 19th century. Today, they endure as charming residences in southern Italy. Back in Indiana, this home’s architect, Evans Woollen, combined details from trulli homes into his design.

“The house is a midcentury version of a 200-year-old village in Italy,” Landrigan says.

To read more and see lots of photos, click here

 

Top Ten Reasons Why It Is Great to be an Appraiser Humor

Appraisal Business Tips 

Humor for Appraisers

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on FHA 4000.1 changes, Liability, appraisal forms, unusual homes, Fun Halloween links, mortgage origination stats, etc.

 

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Posted in: adjustments, appraisal forms, FHA, liability, real estate market

Sewer vs. Septic for Appraisers – Don’t get into trouble!

Appraisal Business Tips 

Humor for Appraisers

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on unusual homes, Fannie new desktop form, GSEs to use desktops for purchases loans, Time management, Freddie Secret, Liability, mortgage origination stats, etc.

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Posted in: appraisal business, Fannie, Fannie Forms, Freddie, lender appraisals

Appraising Fixer-Uppers

What About Those Fixer-Uppers?

Insights from a Seasoned Appraiser
By Steven Vehmeier
Excerpt: We’re all familiar with the term “fixer-upper.” For many different reasons, properties can come on the market in less-than-par condition. The degree and cost to cure become an issue to buyers and sellers, and a challenge for appraisers. At some point, it’s no longer “normal market value minus cost to cure equals as-is value.”
The terms “entrepreneurial incentidddve” and “entrepreneurial profit” are typically discussed in terms of investment property, but the principles involved can also be applied to the many fixer-uppers—whether the buyer is a “purely investor type” or an “owner-occupied investor type.” Maybe a couple of new terms should be discussed: “sweat equity incentive” and “sweat equity profit.”
To read more, click here
My comments: Most of my appraisals are for estates (date of death). I have never appraised a home that was ready for sale when the person died: staged, new paint and floor coverings, yards cleaned up, etc. I very seldom have any repair estimates or structural pest control or home inspection report.
I always assume the home is empty of furniture and “broom clean,” which I learned doing lots of REOs in the past. If a home is cluttered with personal stuff, the price will be lower. But, it can be fixed easily and inexpensively. If it is a mess, I tell the executor to call me when it is cleaned out so I can see what the walls, floors, kitchen countertops, etc. look like.  If I can’t see, I disclose this in the appraisal and do my best to figure out a condition estimate.
Very few MLS listings here are not fixed up for sale. I look for “fixer”, “contractor”, “as is”, “handyman”, etc. in the description.

Appraisal Business Tips 

Humor for Appraisers

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on unusual homes, mortgage origination stats, Fannie and condos, real estate market, fixer uppers, etc

 

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Posted in: adjustments, appraisal how to, Fannie, real estate market

What is Included in Appraisal GLA (sq.ft.)?

Stairway to Confusion – What is Included in GLA?

by C. Brett Bowen
Excerpt: There has been considerable discussion over the years about gross living area (GLA) measurement standards. The ANSI Z765 standard gets the lion’s share of the attention, and is the most widely referenced standard in the industry by far. It can also be the most difficult to interpret, particularly when it comes to stairs. Here’s why.
It is primarily important to recognize two very important facts:
 1) a standard is nothing more than the definition of a unit of comparison
 2) it is the appraiser’s responsibility to be consistent with that definition.
First, what do I mean when I say that a standard is nothing more than the definition of the unit of comparison? The unit of comparison for something is critical to the understanding of that thing.
Second, as an appraiser, consistency with the definition is actually more important than which definition is chosen.
To read more, click here
My comment: Worth reading. I have seldom used ANSI. The standards were developed for new home construction. I have appraised many homes on hillsides, with often only the garage at street level (or just a driveway). Many historic homes, on level streets, have different types of “basements” converted to living area: above grade, partly below grade, etc. If I worked in suburbia, ANSI would work better. I use what the local market tells me.

Appraisal Business Tips 

Humor for Appraisers

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on unusual homes, mortgage origination stats, sfr zoning, german appraisers, GLA, etc.

 

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Posted in: adjustments, appraisal business, real estate market, square footage

Appraisal Time Killers To Avoid!

Time Killers: The Biggest Time Management Challenges for Appraisers

McKissock – Survey
Excerpt: What’s one thing you wish you could STOP doing to save time in your workday?
Answering phone calls (28%)
“Phone calls usually are from another client and slow down the task I am trying to accomplish.”
“Phone calls interrupt train of thought and emails aren’t any better. It’s hard to work when parties are micromanaging your work.”
Providing status emails (23%)
“Some clients are sending multiple emails daily on the same property with status update requests. I know some of these are automated, and they can really be annoying and are clogging my inbox.”
“Often, almost everyone involved in the transaction calls or emails for a status. That includes two agents, the processor and loan officer. That situation is very burdensome.”
To read all the challenges plus appraiser comments, click here
My comments: Worth reading. Good tips. I have always had an office assistant to handle these types of problems, since my third month in business in 1986. I had never had a clerical job and was ready to quit appraising. I hired someone to help me. My current assistant has been with me for 18 years.

Appraisal Business Tips 

Humor for Appraisers

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on non-lender appraisals, home inspector strange thinks, appraisal license problems, unusual homes, mortgage origination stats, etc.

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Posted in: appraisal business, state appraiser regulators

6 Appraiser Tips on Increasing Productivity

6 Ways to Streamline Your Appraisal Workflow

Excerpt:
#6. Reduce revision requests
A revision will waste 15 minutes minimum. To reduce revision requests, track your clients’ common questions, and include that information in all reports when applicable. If you work for a lot of different lenders or do a lot of appraisals for lending-related purposes, those clients and intended users are probably asking some of the same questions over and over.
For example, if your clients often ask about septic, go ahead and include a comment about the septic system in your initial report. In other words, answer the question before they ask it.
To read more plus get 5 more tips, click here
My comments: Short and well written, worth reading. I have been writing about time management in my Appraisal Today monthly newsletter since June 1992, the first issue. Saving time is a very hot topic now when everyone is very busy. All of my many articles are available free to paid subscribers. They are much longer than this blog post, of course.

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