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6-9-16 Newz:: Expandable Space Station, Turn times, FHA news  

Time-lapse video of the International Space Station expandable habitat

Excerpt: On Saturday, May 14, NASA successfully completed the deployment of the first expandable habitat on the International Space Station. With help from the ground, NASA astronaut Jeff Williams began inflating the Bigelow Expandable Activity Module (BEAM) at 9:04AM ET.

He opened the valve 25 times to inject air into the module in short bursts, according to NASA. Time in between allowed the BEAM to expand and stabilize, as the NASA and Bigelow Aerospace teams monitored the module’s internal pressure. The BEAM was expanded to its full size seven hours later, at 4:10PM ET.

http://www.theverge.com/2016/5/30/11812844/this-time-lapse-video-of-the-beam-inflating-on-the-international-space-station-is-awesome

My comment: WoW!!!

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United States Spy Town Auction

It’s not the first time that an entire American town has gone on the auction block, but it might be the most unusual. Sugar Grove Station, West Virginia was originally a United States Navy military base to support part of the National Security Agency’s surveillance operation. Though the array of giant parabolic dishes that continue to track location and content of international telecommunications activity is still in operation and not part of the sale, they are completely obscured from view behind thick forest on their ridgetop one mile distant. When it became unnecessary to house related analytical staff at the base, it was retired in the fall of 2015 and put up for auction to the highest bidder over $1 million.

Built between 1960 and 2014, the fenced and gated rural town has private full-service utilities to support as many as 500 people on over 120 acres. Included are 80 homes on tree-lined residential streets in like-new condition, a swimming pool, bowling alley, youth daycare center, community center with fireplace which was designed to function as a restaurant with bar, a gym, full-sized indoor basketball court, tennis and racquetball courts, a football field, large playground with kiddie pool, and twelve guest cabins for visitors. There are also several large buildings for multiple use as well as a four-section hobby building for working on cars, woodworking shop and other creative pursuits. For community safety, a police station and fire station are already in place.

https://www.toptenrealestatedeals.com/homes/weekly-ten-best-home-deals/2016/06-06-2016/1/ 

https://en.wikipedia.org/wiki/Sugar_Grove_Station

Read more!!

Posted in: AMCs, appraisers, FHA, forecast, future, lender appraisals, Mortgage applications, mortgage loan volume, state appraiser regulators, Strange homes, unusual home

What is a reasonable turn time from assignment acceptance to report delivery for a non-complex SFR?

My comments: I guess a lot of appraisers are busy now. Too bad the poll did not include longer times. I am at 2-3 weeks now. AMCs that promised their lender clients 1-2 days turn times without giving a significant increase in the appraisal fee are in trouble ;> As we all know, turn time depends mostly on how busy we are and significantly changes over time. Residential lender appraising is a boom and bust business.

Posted in: Uncategorized

6-2-16 Newz -Zestimate way off on Zillow CEO’s home, The Most Mansions, Replace Dodd-Frank?

Zillow CEO sold his home for 60% of the Zestimate.

There is nothing wrong with Zestimates, unless you want to know what your home is worth.

From Jonathan Miller’s Housing Notes

Note: Scroll down the linked page to read this section

Excerpts:

The day after the home sold for $1,050,000, the Zestimate showed a value of $1,750,405. This indicates that their CEO took a 40% haircut on the value of his home which was exposed to the market for a reasonable time and sold for 19% below its list price. But of course he didn’t dump the property. It couldn’t have been worth anything close to the Zestimate since the property was exposed to the market for a reasonable period of time and sold well below the list price which was well below the Zestimate.

The people at Zillow are smart and built a strong ground breaking brand, but that doesn’t always mean they are making the right decisions. Little did I know, when I met one of the founders at a party the day before they launched a decade ago, how much disruption they would cause. I innocently asked the question, “So, what do you do?” And in the response I heard things like “Expedia” and “Rhymes with Pillow.” Their intro to the public began with the “Zestimate” which unleashed a property narcissism within us as we have checked the value of our homes and compared those values to the houses of friends, colleagues, neighbors, celebrities, etc. That search tool was later de-emphasized as they focused on listings and building a nationwide property database.

Read this Most Interesting article, including Miller’s “insider” comments at:

http://www.millersamuel.com/note/may-27-2016/?goal=0_69c077008e-65219836a6-116855313

 

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Also, read this article from Inman about Zillow:

Excerpt:

Citing the chasm between the sales price of Rascoff’s former home and the property’s Zestimate may be one way for real estate professionals to show clients that Zestimates are, as Zillow says, only a conversation starter for pricing a home, not the final word on its value.

Philip Gray, a San Leandro, California-based appraiser, is taking this approach. Bringing up the Zestimate of the property Rascoff recently offloaded will help him deal with the frequent pushback he receives from homeowners “who think Zillow is the magic 8-ball,” he said.

https://www.inman.com/2016/05/18/zillow-ceo-spencer-rascoff-sold-home-for-much-less-than-zestimate/

My comments: One of my most popular blog postings, even today, is from a few years ago, is about Zillow. I regularly have people tell me what Zillow said their house was worth. Of course, I say that it is not very accurate, but it is hard for an appraiser to compete with a free “number”. Guess maybe I should write up something for consumers. Now I have something to say ;>

Read more!!

Posted in: FHA, lender appraisals, Mortgage applications, mortgage loan volume, Strange homes, unusual homes, weird homes, zillow

Zillow CEO sold his home for 60 percent of the Zestimate

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Zillow CEO sold his home for 60 percent of the Zestimate

There is nothing wrong with Zestimates, unless you want to know what your home is worth.

From Jonathan Miller’s Housing Notes

Note: Scroll down the linked page to read this section

Excerpts:

The day after the home sold for $1,050,000, the Zestimate showed a value of $1,750,405. This indicates that their CEO took a 40% haircut on the value of his home which was exposed to the market for a reasonable time and sold for 19% below its list price. But of course he didn’t dump the property. It couldn’t have been worth anything close to the Zestimate since the property was exposed to the market for a reasonable period of time and sold well below the list price which was well below the Zestimate.

The people at Zillow are smart and built a strong ground breaking brand, but that doesn’t always mean they are making the right decisions. Little did I know, when I met one of the founders at a party the day before they launched a decade ago, how much disruption they would cause. I innocently asked the question, “So, what do you do?” And in the response I heard things like “Expedia” and “Rhymes with Pillow.” Their intro to the public began with the “Zestimate” which unleashed a property narcissism within us as we have checked the value of our homes and compared those values to the houses of friends, colleagues, neighbors, celebrities, etc. That search tool was later de-emphasized as they focused on listings and building a nationwide property database.

Read this Most Interesting article, including Miller’s “insider” comments at:

http://www.millersamuel.com/note/may-27-2016/?goal=0_69c077008e-65219836a6-116855313

————————————

Also, read this article from Inman about Zillow:

Excerpt:

Citing the chasm between the sales price of Rascoff’s former home and the property’s Zestimate may be one way for real estate professionals to show clients that Zestimates are, as Zillow says, only a conversation starter for pricing a home, not the final word on its value.

Philip Gray, a San Leandro, California-based appraiser, is taking this approach. Bringing up the Zestimate of the property Rascoff recently offloaded will help him deal with the frequent pushback he receives from homeowners “who think Zillow is the magic 8-ball,” he said.

https://www.inman.com/2016/05/18/zillow-ceo-spencer-rascoff-sold-home-for-much-less-than-zestimate/

My comments: One of my most popular blog postings, even today, is from a few years ago, is about Zillow. I regularly have people tell me what Zillow said their house was worth. Of course, I say that it is not very accurate, but it is hard for an appraiser to compete with a free “number”. Guess maybe I should write up something for consumers. Now I have something to say ;>

AT_final_rev_newslet

Posted in: zillow

How do you normally prefer to get most of your CE credit?

How do you normally prefer to get most of your CE credit?
My comments: I have always wondered about this. I started long before online classes were available. I have lots of CE available where I live, so have always taken live classes. I also like to hear about local issues. I seldom take online classes. But, I sometimes take like “synchronous” classes that are “live”, which I do like. I regularly take webinars, but many don’t offer CE credit.
Posted in: appraisal classes

5-26-16 Newz AQB college degree .Living tree architecture .AMC violations

8 Extraordinary Pieces of Architecture Grown From Living Trees

Excerpt:

We usually use trees as building material in the form of struts and planks. But all over the world, people have found ways to create dwellings, bridges, and sculptures out of trees without even cutting them down. Using trees to create living structures is much slower to build (read: grow) than traditional methods, but it creates some truly fantastical natural creations. Take a look at some of the world’s coolest feats of arbortecture.

http://www.atlasobscura.com/articles/8-extraordinary-pieces-of-architecture-grown-from-living-trees

My comment: All I can say is WoW!! Great photos plus some text info. Just Click On It!!

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Celebrity names not adding to appeal for home buyers?

May. 16, 2016 – 3:00 – Douglas Elliman Broker Chris Leavitt on the challenges celebrities face trying to sell their homes.

Very funny commercial before the short 4 minute video – Fox news.

Another great one from Jonathan Miller. I guess he watches a lot of tv and tweetlings, when not doing lotsa graphs and other stuff ;>

http://video.foxbusiness.com/v/4895807387001/celebrity-names-not-adding-to-appeal-for-home-buyers

Read more!!

Posted in: appraisers, FHA, forecast, future, lender appraisals, Mortgage applications, mortgage loan volume, state appraiser regulators

5-19-16 Newz: Fannie CU 3.2 – Inflated appraisals – Professional attire

5 of the oldest homes in the country (listings) Video

Worth waiting for the commercial to end. Very short video. All were built before George Washington was born, back to the 16th century.

http://www.realtor.com/videos/video-time-travel-through-five-of-the-oldest-homes-in-the-u-s-/17cbb54f-71b3-4170-a8af-17864c820fde?playlist_id=ec2ed8e8-16a1-46f8-a91e-c6753b0417e0

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Professional attire for appraisers from Dave Towne, of course…

Recommended new attire to please all AMC’s who demand that ‘we’ dress professionally.

But this actually looks best with white shorts and silver edged flip flops!


Read more!!

Posted in: appraisal management company, Collateral Underwriter, forecast, future, humor, lender appraisals, Mortgage applications, mortgage loan volume, unusual home, unusual homes

Builder gets “favorite” appraiser for higher value

Inflated numbers: Are builders, lenders and appraisers working together? (in Atlanta, GA)

Excerpts:

A local banker is blowing the whistle about what he calls improper dealings in a metro subdivision.

One official told Channel 2 Consumer Investigator Jim Strickland that on the surface, it smacks of the housing crisis all over again.

(Editor’s note. The first appraisal did not “make value”).

“And he (the builder) said, ‘I want you to go with my preferred lender, Brand Mortgage. They’ve never had a problem getting the value needed,'” he said.

In a filing with federal regulators, Brand Mortgage admits it has partial ownership of its own appraisal firm, Valuation Management Group.

VMG dispatched a different appraiser.

“And they came back with a value $25,000 higher than the original appraisal. The same as the sale price, coincidentally,” Laymac said.

Check out the article and the short video of the news story. Worth waiting for the commercial to be over.

http://www.wsbtv.com/news/2-investigates/inflated-numbers-are-builders-lenders-and-appraisers-working-together/276808445

My comment. Nothing new. I quit doing new home tract appraisals many years ago. Builders have been pressuring appraisers for inflated values for as long as I have been appraising – in good and bad markets. They try to get higher appraisals so they can increase their prices. Borrowers, including appraisers, just want to get their purchase loans. No comments below the original story. What do you think? Post your comments below!!

Posted in: AMCs, lender appraisals, mortgage loan volume

5-12-16 Newz .Geographic competency .Killing home values .Fair housing

The Most Insane Property Description Ever

Short descriptions, click here for some humor!! Reminds me of the times I am driving to the subject, hoping the house ahead is not the one I am appraising… Probably not the Most Insane, but definitely reality-based!!

http://www.thebrokeagent.com/blog-1/2016/4/the-most-insane-property-description-ever

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These Neighborhood Amenities Can Kill Your Property Value

Excerpt: In real estate, the phrase “cash is king” is oft overused. However, if you’re struggling to sell a house in a bad ‘hood, then you already know that in reality, location is king. Purchasing a home in a great area, or an area that is up-and-coming, can help maximize the value of your home investment.

So what can tear your property value down faster than a tree through the roof? The following infographic from Realtor.com offers insight-and some will surprise you!

Link to original article:

http://blog.rismedia.com/2016/these-neighborhood-amenities-can-kill-your-property-value

My comment: Of course, the effect on value varies by location – cemeteries for example.

Read more!!

Posted in: appraisal, appraisal business, appraisers, Collateral Underwriter, Fannie, forecast, future, lender appraisals, listings, Mortgage applications, mortgage loan volume, real estate market, Strange homes, unusual home, unusual homes, weird homes

What is the farthest you have traveled to complete an appraisal and still be considered geographically competent?

Poll from www.appraisalport.com

Thanks again to Steve Costello, AppraisalPort Relationship Manager, for sending me these Most Interesting weekly poll results

5-12-15 poll on distance-geog competent

My comments: Many commercial appraisers cover wide geographic areas. Some do the entire U.S and sometimes other countries. Fortunately, the “wing dippers” – appraisers flying in for a few days from other parts of the country to appraise a commercial property – definitely declined after licensing. I somehow had a “bad attitude” about helping them…

As we all know, distance from the subject is not the best “only” criteria. If you work in a rural area, usually you have to drive long distances.

But, I know many appraisers here in the San Francisco Bay Area who work in many counties. Travel distance does not always mean much if you work in a more urban area. Huge variations among all the cities. I cut down my area to be more profitable – driving time is lost money. Appraisers sell our time. I don’t work in San Francisco, 10 miles from my office. Very tricky to appraise. I decided not do appraisals that required crossing a long bridge.

Posted in: appraisers, lender appraisals