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12-29-16 Newz .CHANGE YOUR TEMPLATES .Beautiful fireplaces .Very old maps

CHANGE YOUR TEMPLATES!! SET UP NEW SUBDIRECTORIES IF YOU FILE ON YOUR COMPUTER!!

Don’t be like me in early 2016 and:
– Have a buncha early 2016 stuff in my 2015 computer subfolders. I file my electronic appraisal copies, and my photos, by year. Last year I did not get 2017 subfolder set up for a few months and put a few months of 2017 appraisals into my 2015 subfolder.  NOT good!!
– Not change all my appraisal report templates, especially those pesky condo templates.
– Keep writing 2016 on my personal checks. Business checks are done in Quickbooks, which keeps track of the current date.
When deciding what to write about in my newsletters, I just look in the mirror as I am an appraiser!! It also reminds me of what I need to do. Of course, most of us procrastinate on paper files, such as for bookkeeping receipts, etc…. instead of throwing them in a box for months ;>
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2016 – what happened of interest to appraisers?
Not much new happened in 2016. Mostly the same old stuff – shortage of appraisers, AQB trying to reduce requirements, turn times and fees up, etc.
What’s new
– Trump possible changes/uncertainty – dump CFPB, Dodd-Frankenstein, etc. No one knows what will happen regarding appraisals, lending, etc. Maybe I will get a lower marginal tax rate someday!!
– Mortgage rates increase some in late 2016, but still well below previous low rates. Lower mortgage volume predicted for 2017.
– Fannie’s Property Inspection Waiver
– Freddie’s plan for fewer appraisals
– Revised FHA handbook
Of course, the most popular topics in these email newsletters are weird houses and buildings, real estate agent humor, and appraisers going to jail (not many now) ;> Not a lot of clicks on AQB changes, etc.

Read more!!

Posted in: unusual homes, weird homes

12-22-16 Newz//: Strange real estate listings, Turn times

Popular (and sometimes strange) real estate listings

 Take a break and check out these listings!!

The 4 Most Interesting Home Listings of 2016 – Fun Video

Video is 2 minutes and 40 seconds long and very entertaining!!

Can’t describe it. You just gotta see it!!

http://www.realtor.com/videos/video-the-4-most-interesting-home-listings-of-2016/943a657f-f1fc-4290-b608-fe158002f548

……….

2016’s top 10 most popular (and sometime strange) homes for sale

Here are 3 of them

No. 1 is the country’s biggest fixer-upper – over 60,000 sq.ft. in Texas. Price: Listed for $3.6 million

5. The cave dwelling, Undisclosed address, Festus, Missouri. Price: Listed for $314,900

10. The ‘Amityville Horror’ house, 108 Ocean Ave, Amityville, New York. Price: Listed for $850,000, entered into contract in November

http://www.housingwire.com/articles/38783-here-are-2016s-top-10-most-popular-homes-for-sale

Read more!!

Posted in: Appraisal fees, Mortgage applications, mortgage loan volume, unusual home, unusual homes, weird homes, weird properties, zillow

Appraisal average turn times by state in business days, a very wide range

Direct lender –  average turn times by state in business days, a very wide range:
ALABAMA
10
  MINNESOTA
          9
ARKANSAS
0
  MISSOURI
  17
ARIZONA
16
  MISSISSIPPI
  10
CALIFORNIA
10
  NORTH CAROLINA
  14
COLORADO
24
  NEW HAMPSHIRE
  20
CONNETICUT
9
  NEW JERSEY
11
DISTRICT OF COLUMBIA
4
  NEW MEXICO
  20
FLORIDA
8
  NEVADA
  2
GEORGIA
9
  NEW YORK
  16
IDAHO
10
  OHIO
  17
ILLINOIS
10
  OREGON
  31
INDIANA
14
  PENSYLVANIA
  11
KANSAS
14
  RHODE ISLAND
  15
KENTUCKY
13
  SOUTH CAROLINA
  12
LOUISIANA
7
  TENNESSEE
  14
MASSACHUSETTS
12
  TEXAS
  12
MARYLAND
13
  VIRGINIA
   8
MAINE
28
  WASHINGTON
  19
MICHIGAN
 13
  WISCONSIN
  12
Note: some states had little or no data and were not included.
FYI, the January 2017 issue of Appraisal Today includes this article: “Is the New AMC business model broken?”, which discusses AMCs and why they are obsessed with 3 day turn times, among many other topics…
Posted in: AMCs

12-15-16 Newz// Unique Airports, Deregulation and Appraisers, Victorians Under $200k

Beautiful airports and Victorians under $200,000

Unique and Beautiful Airports Around the World

Architecture that redefines what it means to travel in style.

All I can say is WoW!! Take a break for a few minutes and look at these photos…

http://www.atlasobscura.com/articles/photos-of-the-worlds-most-unique-and-beautiful-airports

……………………………..

Affordable homes from all over the country (Hint: No fixers)

Just scroll down the pages.

7 Victorians under $200,000 (No tiny homes)

http://www.realtor.com/news/trends/victorian-homes-under-200k/

8 homes under $100,000 (Hint: no fixers)

http://www.realtor.com/news/trends/black-friday-bargain-homes-under-100k/

My comment: Wow!! Those Victorians in my city would be way over $1,000,000 on lots under 5,000 sq.ft. !!!


Sadly, The Appraisal Institute is now working against its local chapters by Jonathan Miller, posted 12/9/16
Read more!!

Posted in: Appraisal Foundation, Appraisal Qualifications Board, Appraisal Standards Board, commercial appraisal, Strange homes, Trumpish speculations, unusual home, unusual homes, USPAP

12-15-16 What do I think about speculations on deregulation and appraisals?

For awhile after the election I thought deregulation meant getting rid of appraisals. Of course, lenders would love this.

But, why did we still have appraisals after the deminimus of $250,000 in 1989? Investors, who purchase the residential loans wanted them. Will they trust CU, BPOs, AVMs, etc. etc. Not very soon, if ever. Many thanks to the long conversation I had with long time reader and Michigan appraiser David Fishman. It reminded me of 1989 FIRREA and what it meant. Not sure if they will cut way back on commercial appraisal requirements, though.
Posted in: Trumpish speculations, Uncategorized

12-8-16 Newz .Beautiful libraries .Roundabouts .Sales contract amendment

Beautiful and unusual places

What are the most popular links in these newsletters? Weird properties, very expensive homes, etc. Plus Appraiser goes to jail (not many of these today), Freddie and Fannie no-appraisal loans. LIA’s Claudia Says ads are also very popular. Sorry, USPAP, ASB, AQB, ASC etc. are not very popular but I put them in just to let you know what is happening, even if you don’t care much ;> Here are two:

10 of the Most Beautiful Libraries on Earth

Take a break and a look at these beautiful and unusual libraries!!

From all over the world, including the Chicago Public Library

Excerpt:

Chicago Public Library, by SOM

Chicago’s new Chinatown library branch has no sharp edges. The pebble-shaped building is wrapped in glass and marked by solar-shading fins that are meant to reduce heat and glare. The library’s curvy, three-sided shape is built around feng shui principles and designed to align with the avenues outside the building. Inside, the two-story structure is centered around a light-filled atrium.

No links for more info, but you can google the names.

https://www.wired.com/2016/09/settle-10-beautiful-libraries-earth

…………………………

Carmel, Indiana, America’s King of Roundabouts

Read more!!

Posted in: FHA, Freddie, Mortgage applications, mortgage loan volume, unusual home, unusual homes, weird homes, weird properties

12-1-16 Newz//Funny listing fotos, ADUs, Time to complete 1004

Are Granny Flats Undervalued?

by Kathy Price-Robinson, The Appraisers Research Foundation

Excerpt:

Whether you call them granny flats, in-law units, or something else, residential accessory dwelling units (ADUs) on residential properties excite municipal planners, homeowners, and others for social and environmental reasons. They are “green” by nature because of their small size and can provide great benefits to the owner.

But they can also perplex appraisers and other real estate professionals because of erroneous perceptions and various institutional policies that complicate lending on properties featuring ADUs.

To help clarify the estimation of value of residential properties with accessory units, researchers Martin J. Brown and Taylor Watkins conducted a study to test an income-based approach to valuation of properties with ADUs.

http://www.workingre.com/granny-flats-undervalued/

My comment: I appraise these types of units often in my city. Typically they are not legal. I consider them similar to detached bonus rooms, offices, guest quarters. If legal, the income approach would work to determine the added value of the ADU. Of course, income from airbnb, etc. vs. “regular” rentals is another big issue. The article does not address non-legal ADUs, the vast majority of them. FYI, The Appraisers Research Foundation has been around for a long time and regularly publishes (and gives grants for) research papers. For more info, go to http://www.appraiserresearch.org/ To see their other research, click on Research Results in the top menu bar.

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Poll: On average, how long does it take you to complete a 1004 interior inspection appraisal report, including inspection and drive time?

Read more!!

Posted in: appraisal, Fannie, forecast, Freddoe, lender appraisals, Mortgage applications, mortgage loan volume, unusual homes

12-1-16 How long does it take you to complete a 1004 report?

Poll: On average, how long does it take you to complete a 1004 interior inspection appraisal report, including inspection and drive time? www.appraisalport.com survey. This week’s poll is C/R fees in your area. Maybe future pools did will ask about typical AMC fees or how long it took pre-HVCC.

12-1-16-poll-on-time-to-complete-appraisal

My comments: For many appraisers, driving time is long. Two years ago I started working almost exclusively in my small town. Driving time is very low. However, I very seldom appraise tract homes. My appraisal reports are very similar to pre-HVCC. I average about 5 hours per appraisal.

Posted in: appraisal

11-24-16 Newz// Thanksgiving and USPAP

NO WORKING ON THANKSGIVING!!
USPAP VIOLATION!!
THE APPRAISAL POLICE ARE WATCHING YOU!!!

=====================================

Thanksgiving – What are you giving thanks for?

Instead of writing about what is good about appraising, this year I write about looking at your personal life, which is much more important.

When you sit down at the Thanksgiving dinner table with your family and friends (or dining alone or with your pets) what do you say you are grateful for? Take a few minutes now to think about what you will say. I know that I have almost always just said something that was sorta lame because I did not think about it ahead of time.

What am I thankful for this year? Good health. I always say that the richest person in the world would give everything they owned for good health. My health is better today than it was 20 years ago, in my 50s. I lost 40 pounds, workout every day, and walk with a friend. One of my brothers died in June at the age of 65 (liver failure due to hepatitis C). There will be an empty plate at the Thanksgiving dinner table. I am grateful every day that I am alive.

If you are a Baby Boomer, please get tested for Hepatitis C. There is a cure now.
Posted in: Uncategorized

11-17-16 Newz// Modernizing appraisals, Wacky kitchens, Drones

Modernizing Appraisals: A Regulatory Review and the Future of the Industry

I watched this very interesting live 2-hour session Wednesday, November 16, 2016 – Subcommittee on Housing and Insurance (Committee on Financial Services) Hearing.

I usually check email, etc. when listening to something like this. Not this time. I tried doing one email and lost a few comments. I feverishly scribbled 16 pages of notes.

Here are a few tidbits:

  • Very large room with speakers (and some other people in the back) and the Congress members on the other side. Empty seats in the middle.
  • The Usual Representation: Appraisal Institute, ASC, AF, NAHB, a group helping people with foreclosures, and Joan Trice. Each with their own agenda except for Joan Trice, the author of the (in) famous appraisal regulatory graphic that I put in last week’s newsletter.
  • The Big Issue – appraiser shortage affecting consumers – takes longer to close – FHA switch to certified, low fees, long training, lenders not allowing trainees to sign, etc.
  • Lots of anti-AVM comments from congress persons mostly Federal vs. state regulations. Too many appraiser regulators.
  • Each group had an agenda from its organization, of course, except Joan Trice.
  • Big shortage of appraisers in rural areas. Congress person said there were no appraisers available in his county with a population of 25,000 to 35,000.
  • No mention of Trump’s plan to dump Dodd-Frank. Way too uncertain and controversial, I guess. No questions from the other people in the room.

I will write up my full report and analysis in the December issue of Appraisal Today, including a few humorous quips, which are buried in my notes somewhere. The Big Gorilla, Fannie Mae and its CU, was not speaking to answer the AVM and data questions

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Would You Cook in One of These Wacky Kitchens?

Take a break and check out these weird kitchens, including links for more info. FYI, the Flintstone house was listed but never sold and is not on Airbnb. Spend a night there!!

http://blog.rismedia.com/2016/would-you-cook-in-one-of-these-wacky-kitchens

Read more!!

Posted in: appraiser shortage, Freddie, weird homes, zillow
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