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MLS Manipulation: appraisers watch for it

The broker who extorted “The Jills” exposed an industry secret: MLS manipulation is widespread

Excerpt: When One Sotheby’s agent Kevin Tomlinson was charged with extorting Coldwell Banker star brokers “the Jills” over manipulating the Multiple Listing Service, it exposed what many agents claim is a common practice in the industry. This one, however, was particularly egregious, market pros said.

My comment: nothing new for appraisers. When I googled “MLS manipulation” lots of links came up.

Appraisal Business Tips 

Humor for Appraisers

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

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

To read more of this long 9-28-18 blog post with many topics, click Read More Below!!

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Posted in: Appraisal fees, MLS, mortgage loan volume, Podcasts, real estate market, unusual home, weird homes, zillow

Married appraisers working together

Working Together in an Appraisal Business – Is it for you?

Excerpt: We are a husband and wife appraisal team.  We are both real estate appraisers and have been working together now for 12 years. My husband has had his business for 30 years but I was formerly a school teacher.  I joined him in 2006.  I will admit that I wasn’t sure at first if it would work but we have been going strong ever since.  I have reached out to other appraisers who also are married and work together.  They have shared some of their stories with me as well as tips and advice for working together.  If you are considering working together as appraisers or other forms of business here are a few tips:

1. Keep work life and home life as separate as possible…
Click here for more advice:

My comment: my husband Zeke worked part time in my appraisal business for many years. He was not an appraiser but was great at collections. Once a mortgage broker owed us money. Zeke was a very big guy. He put on his black suit with a black shirt and tie and said he was here to collect what we were owed. He came back with all the cash…

Appraisal Business Tips 

Humor for Appraisers

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

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

To read more of this 9-13-18 long blog post with many topics, click Read More Below!!

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Posted in: appraisal business, commercial appraisal, lender appraisals, mortgage loan volume, real estate market, unusual home, unusual homes

Appraising Cabins

 

Why We Love Cabins

Excerpt: Set against the chaos and complexity of contemporary life, the dream of eloping to the woods to live out a simple and unfettered existence is an increasingly tempting fantasy. The perfect wooden cabin plays a large part: appealing not just for their material honesty, attractive geometry, and breathtaking surroundings, cabins are, at least in popular imagination, a symbol of unity between man and nature, the humble abode of adventurous pioneers and poets-and, more recently still, the object of our wanderlust.
Great photos and info at:
My comment: When I first moved to the Bay Area in the late 1960s I rented a small cabin in the Santa Cruz mountains. It was high in the mountains with a great view of the distant ocean. I had to learn to use a chain saw and an axe to split wood, be careful using water during the dry season so I didn’t run out of water in the water tank, etc. I drove up and down a very steep, long and narrow one lane road my cabin. When winter storms knocked down trees and blocked the road, I helped a neighbor cut and remove them. I will never forget lying on the ground staring up into a grove of redwood trees nearby. I still have a great fondness for redwood trees. Of course, now it is fully developed with a lot of big homes…

Appraisal Business Tips 

Humor for Appraisers

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

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

To read more of this 9-6-18 long blog post with many topics, click Read More Below!!

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Posted in: adjustments, appraisal how to, appraisal waivers, appraiser shortage, Fannie, mortgage loan volume, real estate market, unusual home, unusual homes, weird homes

New 1004 appraisal form?

 

To Form or Not To Form? What will it be? A new 1004?

By George Dell
Excerpt: What’s the difference between a form and a data entry page? Will “forms software” even be necessary? Will the result require less appraiser expertise – or more? Will it encourage the “form-filler” people, or will it require some real understanding of problem identification, data selection, predictive methods, and communication? Will the transmittal require both an electronic data stream and human actionable views?

Will it require appraisers at all? Or will the “data analysts” simply create the ultimate model.

These are big questions. From my point of view, some of the answers are obvious. But first, let’s outline how we can even ask the right questions . . .

My comment: Fannie Mae has been planning on revising the forms. I have known George for quite a while, heard him speak and taken his class. Looks like people are finally starting to pay attention to what he says about stats, data, etc.!! His blog posts are fine, but sometimes you want more. The September issue of the paid Appraisal Today will have George’s 6 page article, “Why, Why, Why? Why do we put “stats”, “graphs”, “data,” and “science” together?”

Appraisal Business Tips 

Humor for Appraisers

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

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

To read more of this 8-30-18 long blog post with many topics, click Read More Below!!

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Posted in: adjustments, appraisal how to, Collateral Underwriter, Fannie, statistics, Strange homes, weird properties

Very Strange Appraisal Adjustments

Schizophrenic Adjustments

By Dave Towne
Excerpt: Appraisers, I’ve written in the past about what I believe are strange ways to report adjustments in appraisals, and suggested ’rounding’ is a perfectly acceptable way to report them. This is largely due to buyers and listing agents thinking and listing in $100 increments – not down to exact dollar amounts.

During the past couple of weeks, I ‘came in contact with’ two separate appraisals done by different appraisers on totally different properties, in different market areas.

What struck me was the incredibly precise adjustments made for only certain items in these reports, while the rest of adjustments were ’rounded’ to even dollars. Here are the examples:

Click here to read more:

My comment: I love the image at the top of this post….. sorta creepy but very appropriate ;> Who do you think it represents?

Appraisal Business Tips 

Humor for Appraisers

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

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

To read more of this 8-23-20 long blog post with many topics, click Read More Below!!

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Posted in: adjustments, appraisal business, appraisal how to, forecast, george dell, lender appraisals, mortgage loan volume, Reviews, weird properties

News: 1004MC not required by Fannie

Bye-bye 1004MC, Hello Analysis

By Rachel Massey, SRA, AI-RRS
Excerpt: What does this mean to the residential practitioner operating in the mortgage space? It means that the requirement for analyzing the market remains, and it is now up to the practitioner to support their opinion, without the benefit of a flawed format. Appraisers can now choose how they present their analysis, which may include multiple sources to support an opinion. Fannie Mae is clear that the one-unit housing trends section should reflect properties that are directly competitive with the property being appraised. The following information relates to several different ways to support trends, but is not an exhaustive list.

Read the full article here:

My comment: FHA and VA still require 1004mc, plus some lenders and AMCs. Freddie is expected to drop the requirement.

Appraisal Business Tips 

Humor for Appraisers

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

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

To read more of this 8-16-20 long blog post with many topics, click Read More Below!!

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Posted in: 1004MC, appraisal classes, george dell, mortgage loan volume, real estate market, weird homes

Appraisal Report certifications

Certifications: Understanding What You’re Signing

By Tim Andersen, MAI
Excerpt: Next is another declaration to aid in the transparency of the analyses behind the appraisal. “I have performed no (or the specified) services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.” Here, the intent is to prevent the client from perceiving the appraiser is in any way biased for or against the subject property by disclosing any relationship the appraiser may have with the property.

Occasionally appraisers appraise the same property numerous times for different entities. This component of the Certification discloses the appraiser has received knowledge of the property from having provided a past service involving the property. Because of the use of the word services, it is clear if the appraiser has provided any services relating to the property, the appraiser must disclose them.

My comment: When I used to teach USPAP (before the Appraisal Foundation mandated what to teach) I always spent time on the 1004 certifications. I suspect that was the first time that attendees read them. I make my own certifications for my non-lender appraisals.

Appraisal Business Tips 

Humor for Appraisers

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

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

To read more of this long 8-9-18 blog post with many topics, click Read More Below!!

Read more!!

Posted in: adjustments, appraisal how to, appraisal waivers, Fannie, mortgage loan volume, Strange homes, unusual home

U.S. Land use map for appraisers

Here’s How America Uses Its Land

Excerpt: What can be harder to decipher is how Americans use their land to create wealth. The 48 contiguous states alone are a 1.9 billion-acre jigsaw puzzle of cities, farms, forests and pastures that Americans use to feed themselves, power their economy and extract value for business and pleasure.

One of the many interesting tidbits:
The U.S. is becoming more urban-at an average rate of about 1 million additional acres a year. That’s the equivalent of adding new urban area the size of Los Angeles, Houston and Phoenix combined. U.S. urban areas have more than quadrupled since 1945.

Click here for very interesting graphics and more analysis:

Appraisal Business Tips 

Humor for Appraisers

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

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

To read more of this 8-2-18 long blog post with many topics, click Read More Below!!

Read more!!

Posted in: AMCs, appraisal business, mortgage loan volume, real estate market, statistics, USPAP, weird properties

7/26/18// Newz .Funny Appraisal Ad, IL C/R Survey, Basements and GLA

The best appraisal ad I have ever seen – cats playing instruments, song appraisal re-title contest, etc.

 Just For Fun!

Short Excerpt: … submit a favorite song title– be it classical, jazz, rock, religious, country, or whatever- adapted to the appraisal business. Here are a few examples for starters (with a little literary license):
  • Appraising Pink Houses (John Cougar Mellencamp)
  • Measuring the House that Built Me (Miranda Lambert)
  • What Goes Up, Must Come Down (Spinning Wheel by Blood Sweat & Tears, describing the housing market)
  • Everything Happens to Me (Frank Sinatra)
Subject  line: Wednesday Wild Ideas from Intercorp
If you didn’t open it, or “opted out” of getting ads, Click here to read the full “ad” and see the cats!!

My comments: I have been doing ads for my newsletters since 1992. Boring. Boring. Boring. Yesterday’s Intercorp ad was the best I have ever seen!! Of course, my favorite is the cat playing cello. I play electric cello so I can amplify and use effects in my experimental music band, playing together for 8 years ;> Here’s link to a gig:  https://www.youtube.com/watch?v=Dk8zXPJ6hVA

AI Education

Great Spaces: Lakefront Living Goes Luxe

Just For More Fun!

Excerpt: To celebrate summer, in this month’s edition of Great Spaces, we’re highlighting some seriously serene lakefront properties, from Minnesota all the way to sunny Florida.
Click here to see the fotos:

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Posted in: adjustments, appraisal how to, commercial appraisal, humor, statistics, trainees, unusual home, unusual homes

Reconciliation for appraisers

Reconciliation – Paint a Picture with Words

By Rachel Massey, SRA
Excerpts: The reconciliation is precisely the place we want to avoid any boilerplate…Appraisers relationships with their clients has similarity with other relationships, but mainly in that we have to really communicate with each other to avoid misunderstanding. This goes for the engagement of services and why we are being hired in the first place, and also goes for communicating our assignment results. In this article, the focus is on the reconciliation section of a written report. Reconciliation for appraisers is very important.

Read the article, and the comments at:

My comment: Excellent, well written article, as usual, from Rachel Massey. FYI, Rachel is a regular contributor to the paid Appraisal Today.

Appraisal Business Tips 

Humor for Appraisers

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

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

To read more of this 7-19-20 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 history of appraising, price declines, dining rooms, mortgage origination stats, etc.

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Posted in: AMCs, appraisal business, Appraisal fees, appraisal how to, Fannie, fees, Mortgage applications, unusual home