5-11-17 Newz:: Zillow Sued, Value of Views, Portable Architecture

By on May 11, 2017   /   adjustments, AMCs, Appraisal fees, appraisal management company, data, Fannie, humor, lender appraisals, Mortgage applications, mortgage loan volume, Strange homes, unusual home, unusual homes, zillow   /   1 Comment
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Portable Architecture You Can Roll, Wear, Tow, or Float

A sauna on skis and 11 other dwellings made to move.

Excerpt: Some of the examples are ideal for recreation, such as the compact-cute, California-made Golden Gate 2 camper, with a rounded timber frame, portholes, and a spot for a surfboard. For lovers of winter sports, the Nomad Sauna, which was built on a lake in Norway, includes an internal ice-hole for intensely refreshing breaks from the heat.
It is not all fun and games-others are designed for important, practical use. It can also be used to provide shelter during a crisis, or for protection in extreme weather.
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Sleeping lawyer at mortgage fraud trial

Excerpt: A businessman will get a new trial on mortgage fraud charges because his defense attorney was seen sleeping by the judge, witnesses and the federal court jurors who convicted him last year.
U.S. District Judge Donetta Ambrose ruled James Nassida was denied a fair trial because Stan Levenson dozed during the October trial. Levenson has acknowledged that he fell asleep because he was taking cold medicines that made him drowsy.
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What are views worth?

To figure out the premium that these vistas can command, the realtor.com® data team compared the prices for all the homes for sale on our site that highlight these sought-after panoramas, and then compared them to similar-size properties in adjacent ZIP codes with no view to speak of.

Here are a few:
4. Chicago, IL: Lake Michigan
Median list price for homes with views: $525,000
Killer view premium: 96.8%

1. Manhattan, NY: Central Park
Median list price for homes with views: $3,795,000
Killer view premium: 39.9%

My comment: Percent of value varies widely. Of course, the total dollar amounts vary even more! I love data!!

Read more!! →

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2-9-17 Newz// Dodd Frank repeal?, Secret Places, CU ratings manipulation

By on February 9, 2017   /   adjustments, Collateral Underwriter, Mortgage applications, mortgage loan volume, Strange homes, Trumpish speculations, unusual home, unusual homes, weird properties   /   Leave a comment
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11 Secret Spaces Hiding in Famous Places

Thousands of people pass through these destinations each day unaware there’s a hidden gem tucked inside.
Here are a few:
– Secret Apartments in the New York Public Library
– Secret Compartment in Leonardo da Vinci Statue – Italy
– Vanderbilt Tennis Club at Grand Central Terminal – New York
– Gustave Eiffel’s Secret Apartment – Paris
My comment: Just for Fun. Fascinating!! Good fotos and info. New York seems to have a lot of secret places…
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FREE ASC/Appraisal Foundation Webinar from Network of State Appraisal Organizations
On January 18th, NSAO sponsored a webinar with Jim Parks with the Appraisal Subcommittee and David Bunton with The Appraisal Foundation. The webinar received glowing reviews by those who attended and is available to those who missed it. The NSAO looks forward to other webinars in the future. These webinars are only possible because of your membership with VaCAP and other State organizations.

Read more!! →

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11-10-16 Newz// CFPB and Dodd Frank Going Down?, Zillow, Man caves

By on November 10, 2016   /   adjustments, appraiser shortage, data, Mortgage applications, mortgage loan volume, weird homes, zillow   /   Leave a comment
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How Man Caves Took Over America’s Basements

Excerpts:

A man cave usually develops in spare rooms, such as bedrooms, offices, finished basements, or recreation rooms. The garage, another traditionally masculine space, is more often a workshop or place to make repairs. Its connotation with work (often frustrating and unsavory as any viewer of Home Improvement can attest) as well as its thermal issues (it’s rarely cooled or heated like the rest of the house) demarcate it from the man cave, an interior space.

While men have always had their sacred spaces in the home such as the garage or study, the domesticity of the 19th and early 20th century overall implied that the home was, of course, the woman’s place. In the previous centuries, men sought refuge outside the home in establishments such as gentlemen’s clubs (think more country club than strip club), and male-only social clubs and establishments such as the Freemasons.

Very interesting, especially the history!!

http://www.atlasobscura.com/articles/how-the-man-cave-took-over-americas-basements

My comment: I live in California, where there are few basements. I do see garage “man caves”. But, they are not as fixed up as basements, mostly with a tv, beer fridge and some tools. Sometimes I see bedrooms set up as computer rooms.

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Collection and Verification of Residential Data in the Sales Comparison Approach APB Valuation Advisory #8

Voluntary Guidance on Recognized Valuation Methods and Techniques:

My comments: This is advisory and not part of USPAP. Finally the Appraisal Practices Board has 48 pages of practical advice for practicing residential appraisers, the vast majority of appraisers. It discusses what different types of clients want, such as Fannie, VA, Rels, relocation, data, data collection, CU, etc. Scope of work examples are included. The last 17 pages are about verification. Worth reading.

https://www.appraisalfoundation.org/imis/docs/Valuation-Advisory-8-Collection-and-Verification-of-Residential-Sales-101716.pdf

Read more!! →

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Newz// Accessory Dwelling Units .FHA webinar .Analysis of FHA 4000.1 changes

By on October 13, 2016   /   adjustments, appraisal business, FHA, Mortgage applications, mortgage loan volume, weird properties   /   Leave a comment
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Why It’s Impossible to Know a Coastline’s True Length

Measuring around bodies of water is a mathematically impossible

Excerpt:

Imagine, for a moment, that you and your friend have been given a seemingly straightforward task: to measure the coastline of Puget Sound, in Washington State. Resources are tight, so you’ve got a yardstick, while your friend has a foot-long ruler. You each walk along, laying your measuring stick along the edge of the water, following the the ins and outs of the shore as best you can. When you’re finished, you compare notes-and you’re shocked. While you ended up with a respectable 3,000 miles, your friend and his foot-long got a way higher number, somewhere around 4,500 miles.

You guys aren’t crazy. You’re victims of the coastline paradox, a tricky mathematical principle that messes with cartographers, stymies government bureaus, and makes it impossible to know exactly how big our world truly is.

http://www.atlasobscura.com/articles/why-its-impossible-to-know-a-coastlines-true-length

My comment: Fascinating article!! Looking at the Big Picture. All appraisers take measurements. It seems so easy… most of the time…

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Webinar Title: NEW
FHA Appraisal Essentials – An In-Depth Look
Date/Time:
Pre-recorded: September 14, 2016 / Duration: 115 minutes
Registration Link:
Description:
This pre-recorded webinar provides an in-depth look at a variety of property appraisal topics such as: property acceptability criteria; minimum property requirements; property defects; appraiser responsibilities and requirements; and, much more. The webinar is targeted primarily to FHA roster appraisers, underwriters, processors, and other appropriate mortgagee staff involved with the appraisal review and mortgage approval process.
 
Special Instructions:
This webinar is now available 24/7 for viewing.

NOTE ON LINK: it looks like you are registering for the September live session. Just fill it out and a link to the webinar will appear.

Read more!! →

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8-25-16 Newz://What are C&R fees when fees are changing?, 8 colorful cities, Flooded appraiser donations

By on August 25, 2016   /   adjustments, appraisal classes, Appraisal fees, Collateral Underwriter, Fannie, forecast, Mortgage applications, mortgage loan volume, weird homes, weird properties   /   Leave a comment
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Donation Fundraising for Louisiana Appraisers

Thanks (again) to Dave Towne for this info!!

Excerpt:

The Louisiana Real Estate Appraisers Coalition (LAREAC) has started a fund raising campaign using PayPal, which will be used to equally provide donated funds to affected appraisers who are suffering as a result of the massive flooding last weekend. PayPal is being used because its administrative fee is less than another more-well-known crowd funding web site.

There are approximately 8-10 presently known appraisers who have had their homes nearly destroyed in the flood.

http://appraisersblogs.com/donation-disaster-louisiana-appraisers

My comment: last week I wrote about donations to Bill Cobb, whose house was flooded. It is great that this donation method is done also.

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8 Colorful Cities that Look Like They Were Designed by Crayola

See the world in a whole new light through these vibrant locales.

Just for Fun!!!

Excerpt:

Many cities are known for their distinctive profiles and unique landmarks, but all across the globe there are regions that are landmarks in and of themselves thanks to their insane colorations. From a all-blue town in Spain that is a leftover from a Smurf marketing stunt, to a Venetian island that looks as though it was born of an intense acid trip, some of the most colorful locations in the world aren’t the biggest, just the most eye-popping. Check out eight cities and towns that offer vibrantly colorful views which are just as unforgettable as any big city skyline.

My comment: None are in the U.S. Too conservative I guess…

Great article with lots of photos and comments!!

http://www.atlasobscura.com/articles/8-colorful-cities-that-look-like-they-were-designed-by-crayola

Read more!! →

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7-21-16 Newz//Bracketing-AMC staff appraisers-Appraiserville

By on July 21, 2016   /   adjustments, AMCs, appraisal business, appraisal management company, Mortgage applications, mortgage loan volume, USPAP, weird properties   /   1 Comment
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8 Spooky New York Places That Should Be in the New Ghostbusters Movie

There’s something strange in these neighborhoods.

Excerpt: Here is one, but you gotta see the photos and the other 7!!

The Morris-Jumel Mansion

On a hill overlooking the Harlem River, the stately Morris-Jumel mansion is not only Manhattan’s oldest home but supposedly one of its most haunted. Its macabre history started after owner Stephen Jumel died in 1832. His wife Eliza was rumored to have had a hand in the death-there was some suspicion afoot that she orchestrated the carriage accident that killed him….

Take a break from typing appraisal reports and check it out!!

http://www.atlasobscura.com/articles/8-spooky-new-york-places-that-should-be-in-the-new-ghostbusters-movie

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The Shrinking of the American Lawn

As houses have gotten bigger, yard sizes have receded. What gives?

Excerpts:

The American house is growing. These days, the average new home encompasses 2,500 square feet, about 50 percent more area than the average house in the late 1970s, according to Census data. Compared to the typical house of 40 years ago, today’s likely has another bathroom and an extra bedroom, making it about the same size as the Brady Bunch house, which famously fit two families.

This expansion has come at a cost: the American lawn.

As homes have grown larger, the lots they’re built on have actually gotten smaller-average area is down 13 percent since 1978, to 0.19 acres. That might not seem like a lot, but after adjusting for houses’ bigger footprints, it appears the median yard has shrunk by more than 26 percent, and now stands at just 0.14 acres. The actual value lies somewhere between those two numbers, since a house’s square footage could include a second (or third) floor. Either way, it’s a substantial reduction.

Read the full story at: Very interesting!!

http://www.citylab.com/navigator/2016/07/the-shrinking-of-the-american-lawn/490157/

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There Go My Brackets

From the Illinois Appraiser June 2016

Excerpt:

Is it a USPAP violation to fail to bracket or end up with a tight bracket?

Read more!! →

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Bracketing and USPAP

By on July 21, 2016   /   adjustments, lender appraisals, USPAP   /   16 Comments
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There Go My Brackets

From the Illinois Appraiser June 2016
Excerpt: Is it a USPAP violation to fail to bracket or end up with a tight bracket?
USPAP is silent on bracketing. For that matter, so is Illinois law. Here’s what Fannie Mae says;
“When there are no truly comparable sales for a particular property because of the uniqueness of the property or other conditions, the appraiser must select sales that represent the best indicators of value for the subject property and make adjustments to reflect the actions of typical purchasers in that market.”
Not a word about bracketing.
While comforting for an underwriter to see the collateral fall snugly into place, bracketing is still a guideline. This hasn’t stopped AMCs and lenders from complaining to the Board about missed brackets or huge ranges. There just isn’t a law against having a sloppy bracket, nor should there be.
Something else from Fannie Mae;
“It should be noted that the indicated value in the Sales Comparison Approach must be within the range of the adjusted sales price of the comparables that are reported in the appraisal report form.”
Read here for the full article:

Check out the other very interesting articles such as AMC fair housing Myths and Evaluations. Link to the original newsletter.

My comment: I have never “bracketed” anything except the value when I used to do appraisals for Fannie Mae loans. I have no idea why lenders are requiring bracketing for everything with an adjustment. Just another Stupid Scope Creep I guess. Works ok in conforming tracts with lots of sales and minimal adjustments, but goes downhill quickly after that. Of course, the entire appraisal review-by-computer assumes that all houses are in conforming tracts. As do the Fannie forms, of course.
AT_final_rev_newslet
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7-15-16 Newz//CU Crumbles-Refi mania-Urbanization since 3700 BC

By on July 14, 2016   /   adjustments, Collateral Underwriter, forecast, Mortgage applications, mortgage loan volume, real estate market, regression, weird properties   /   Leave a comment
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The history of urbanization, 3700 BC – 2000 AD

Watch as the world’s cities appear one-by-one over 6,000 years

Fascinating!! Take a break from appraising and check this out!!

By 2030, 75 percent of the world’s population is expected to be living in cities. Today, about 54 percent of us do. In 1960, only 34 percent of the world lived in cities.

Urbanization didn’t begin in the 1960’s. But until recently, tracking its history much further back than that was a challenging task. The most comprehensive collection of urban population data available, U.N. World urbanization prospects, goes back only to 1950. But thanks to a report released last week by a Yale-led team of researchers, it’s now possible to analyze the history of cities over a much longer time frame.

http://metrocosm.com/history-of-cities/

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419.99 Mile Marker

Just For Fun

When zealous marijuana enthusiasts kept stealing the “Mile 420” highway marker, the State of Colorado got creative.

Another obscure factoid from atlasobscura.com ;>

Since the recreational use of marijuana was made legal in Colorado in 2012, the “Mile 420” post became a hot commodity. So hot, it kept disappearing – and the Colorado Department of Transportation got tired of replacing it.

Check out the photos (and try not to click on too many of the other weird stuff) at:

http://www.atlasobscura.com/places/41999-mile-marker

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Refis skyrocketing per Zillow – Brexit

Read more!! →

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Do your listing comparables have any effect on your final opinion of value?

By on May 4, 2016   /   adjustments, appraisers, future, lender appraisals, listings   /   2 Comments
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Another great poll from www.appraisalport.com.
My comments: I have always looked at listings, pendings, expired, etc. to tell me what is happening in the market today. Sales are the past.

Recent articles below in the May 2016 issue of the Paid Appraisal Today discuss using listings, particularly in markets that are declining or increasing. Lenders, of course, are way behind. They are just now complaining about low appraisals on purchases and want appraisers to use pending sales. Also, having no closed sales higher than the listing price is ok!!

  • Practical tips on qualifying the 1004MC and preparing a Market Conditions Summary – most examples are declining markets
  • No man’s land & the aggressive real estate market
  • How to handle rapidly increasing prices in your market

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4-28-15 Newz .Revision requests .Stunning churches .FHA letters

By on April 27, 2016   /   adjustments, AMCs, appraisal business, FHA, forecast, future, lender appraisals, Mortgage applications, mortgage loan volume, Strange homes, unusual homes, weird homes   /   Leave a comment
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Stave Churches Are All Wood, Dragons, and Beauty

These austere churches mix Nordic dragons with Christian saints.

Excerpt:

Some of the most stunning churches in the world are also some of the simplest. Stave churches are wooden houses of worship that combine the austere, peaked architecture of Christianity with the Nordic designs and motifs of a Viking great hall.

Stave churches are characterized by the “staves,” or thick wooden posts, that hold them up. Using the same woodworking prowess that made the Vikings such adept shipbuilders, traditional stave churches were often built using nothing more that expertly crafted joints and joins, with no nails or glue. The only stones used were in the base of the structures.

Take a break from appraising and Check out the beautiful fotos and interesting article at:

http://www.atlasobscura.com/articles/stave-churches-are-all-wood-dragons-and-beauty

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Game of Thrones-style mini kingdom in Oregon

Excerpt:

Let’s set the scene: You’re perched overlooking the mountains in your own 8,881-square-foot castle set on 700 acres dotted with trees and natural rock formations. All you can see for miles is your own lush, unspoiled property – this is your mini-kingdom. Your home, an ode to nature with curved walls and cloud-shaped windows, is easily a setting from an episode of Game of Thrones. But you aren’t the Lord of Winterfell, you’re certainly not scheming like CerseiLannister, and this home for sale in Ashland, OR, is not in the Seven Kingdoms but instead a fantasy-worthy getaway called Shining Hand Ranch.

Read more!! →

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