6-26-20 Newz: Lot Size Mistakes – Reconsideration of Value- Unusual Mailboxes

Lot size mistakes 

By Ryan Lundquist

Excerpts: I’ve seen it happen twice lately where Tax Records lists the lot size, but it’s actually incorrect. In one instance Realist showed the lot was five acres when in fact it was only two acres. In another example it said two acres when it was less than one. Yikes.

My advice? Thankfully most of the time we can trust the lot size in Tax Records, but it’s still a good idea to quickly double-check just to be sure. After all, listing the wrong lot size in MLS or an appraisal could lead to litigation, right? What we can do is view the plat map to see if there is anything abnormal as well as try to piece together the lot size (easy to do if it’s a rectangle)…

To read more, click here

Short with good map illustrations. Plus many, many appraiser comments. I guess it is a hot topic!!

My comments: Also check out Ryan’s local recent market video for some good ideas on how to show market conditions. Plus, all his graphs illustrating his local market.

When I want to know the lot dimensions to determine lot size, I always get a copy of the legal description (usually from the recorded deed). Assessor’s office maps are for assessment purposes and do not always match the legal description. Google Maps is a good way to determine parcel size if the site boundaries are clear.

When an owner asks about lot dimensions and lot line locations (usually a dispute with a neighbor), I always give the same answer: “I Always Assume the Fences Are Not on the Property Line. Hire A Surveyor! ”

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6-12-20 Newz: AMC Fined $2.8 Million – Terrible Agent Photos – Accuracy of Opinions

Can You Measure the Accuracy of An Opinion?

Excerpt: Two appraisals are completed on the same property. Each appraiser has a different opinion of the market value. Which one is accurate? Can they both be accurate?

Occasionally, I read articles or hear of companies that refer to the appraiser’s “accuracy rate”. I’ve always wondered how this is possible to measure. After all, an appraisal is an opinion of market value. Interestingly, if you look up the word “opinion” on www.dictionary.com, one of the definitions is, “a personal view, attitude, or appraisal.” Another is, “The formal expression of a professional judgement”. Can an opinion, or a person’s professional judgement be measured?

To read more, click here

My comment: I used to do a lot of relocation appraisals, where 2 or 3 appraisals were done on the same home. If the appraisals had the same values, it was suspicious. We were usually within 5%. Our accuracy was judged on how close we were to the sales price 60-90 days in the future. Very challenging appraisals!!

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3-13-20 Coronavirus & Inspections – AVMs & Wonder Bread – Toilet Race

Appraiser’s (Changing) Role

Q&A with Mark Verrett, Chief Innovation Officer at Accurity Valuation

Excerpts: WRE: How can appraisers adapt to meet the profession demands?

Verrett: I think there are several ways to adapt to these challenges. The first is to work toward diversifying your practice away from 100 percent mortgage business niches. Our firm is a leader in green valuation, rural valuation, valuation consulting and litigation support and we help our offices diversify into those spaces. However, this solution isn’t for everyone….

To directly take on the challenges facing appraiser relevancy in the mortgage space, significant change is required. Appraisers need to unite to create a like-minded national voice that is not rejecting proposed changes for the profession, but rather working with stakeholders (regulators, lenders, clients, etc.) in conceptualizing, testing, tweaking, and ultimately modernizing the appraisal process on the mortgage side.

The appraisal community has a tough assignment in their role in this modernization. To be useful in the discussion, we need to challenge ourselves to be creative and open-minded, yet diligent in maintaining or, even better, improving the quality of the valuation being produced. I think it is extremely important for appraisers to listen and understand the needs of their clients and to creatively develop solutions that meet those needs.

Worth reading with some good ideas. To read more, click here

My comment: Accurity has franchisees and some very savvy appraiser officers and directors.

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3-6-20 Newz: Refi Mania – Corelogic AMC – Coronavirus & Housing Market

CoreLogic attributes its 4Q growth from shift to an AMC

Excerpt: Organic growth trends accelerated during the quarter boosted by market share and pricing gains. One example of accelerated momentum on the organic growth front relates to our new collateral valuation services model.

As you know, we successfully completed our AMC transformation last December. Our new service model has attracted significant market interest and we’ve recently secured major new contracts with two of the top 10 US mortgage originators. These wins together with a host of other new contracts for our reimagined service model are expected to generate strong double-digit underlying AMC revenue growth with higher margins in 2020.

To read more, click here

NOTE: Long article. Search for amc (21 references)

My comment: More staff appraisers? google corelogic AMC for more info.

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Giant Roadside Curiosities

Just For Fun and Escape!!

Excerpts: American highways have something for everyone. Lots of litter. License plates galore. And, if you take the right route, a dinosaur car wash, or a supper club in the biggest fish you’ve ever seen.

To read more, click here

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1-24-20 Newz: Amrock suspends CA fee appraisers – Neutrality – Missle Silos

8 Funny Quotes About Appraiser Work Stress

Just For Fun!!

Excerpts: Real estate appraisal is an exciting and enjoyable profession—for the most part. But every appraiser knows that the job can be stressful at times, especially for those who are self-employed. If you’re having a hectic or frustrating day on the job, it helps to have a sense of humor. Here are some super funny quotes about work stress that we hope will brighten your day.

A few quotes

“‘Yay! It’s the weekend!’ Said nobody who is self-employed.”

“There cannot be a stressful crisis next week. My schedule is already full.” ­— Henry Kissinger

Very creative gifs! Sorry, they don’t work in these emails. To see them, click here

My comment: Very Funny and Realistic!

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1-17-20 Newz: Appraisal Creep – Spot Value – MLS Most Popular Words – Competency

Appraisal Creep – The Hidden Reason Why House Prices Are Too High 

Excerpts: Appraisal values should not be influenced by the price of the listing, but could a bias exist that proves otherwise? “Does the typical appraisal protect you from overpaying for a house?” asks John Wake in his article, The Hidden Reason Why House Prices Are Too High (And Income Growth Is Too Low) — Appraisal Creep.

The study looked at houses where two appraisals were done, one after they were foreclosed on and Fannie took ownership, and a second appraisal when they were under contract. Both appraisals were done within 6 months of each other and no repairs were made to the houses in the meantime. After adjusting for general house price appreciation between the first and second appraisals, the study found the second appraisals were 4.2% higher than the first appraisals…

The study made a few suggestions. The one I mentioned in the Forbes.com piece was not giving the appraiser the contract price. On one hand, the contract price holds a lot of information in it. On the other hand, releasing the contract price seems to skew the resulting appraisals a lot.

Appraisal Buzz short interview To read more, click here

Read lots more analysis and graphs in his very good Forbes article, To read more, click here

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1-10-20 Newz: Unique Bathrooms – Manufactured Homes – Appraisal Modernization

10 Unique Bathrooms

Excerpt: The world is filled with remarkable restrooms. Some of them are no longer open to the public, such as the Stufetta del Bibbiena, a small bathing chamber with erotic-art-covered walls in the Vatican’s Papal Apartments. Others have been transformed into something totally new, like the London coffee shop that was once a Victorian urinal. But there are plenty of breathtaking bathrooms that are publicly accessible and just waiting to be wetted. These are 10 of the world’s most opulent and bizarre bathrooms.

Here are a few

  • Two story bathroom
  • Berlin Wall urinal
  • World’s Most beautiful public toilet

To read lots more info and see the good fotos To read more, click here

My comments: FYI, bathrooms are one of the very most popular topics in these free appraiser weekly emails. I have no idea why ;>

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12-20-19 Newz: Appraiser Wins Lotsa Pizzas – $1B Appraisal Error – Past and Future

Good News: Appraiser wins $100 worth of Aurelio’s pizza every month for next five years

Just For Fun!!

Excerpt: Alvin “Chip” Wagner thought he received a crank call when Aurelio’s Pizza CEO Joe Aurelio phoned to tell him he’d won 60 months of free pizza in honor of the chain’s 60th anniversary.

“I had the call on speaker and my wife said, ‘I think this is really Joe,’” Wagner said.

To read more, click here

My comment: I have known Chip for many years. He deserves pizza plus a little big of fame ;> Appraiser in the Good Newz!! Thanks to Jonathan Miller for this Fun link!!

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12-6-19 Newz: Appraisal Shelf Life – AVMs – Neighborhood Analysis

What’s the Shelf Life of An Appraisal?

Except: All of this has let me to the question du jour. What is the shelf life of an appraisal? I am asked on a regular basis, “How long the appraisal is good for?”. The simple answer is, one day. Namely, the effective date of the report. Real estate appraisals reflect the appraiser’s opinion of value of the property being appraised, based upon a specific point in time. Why?

Real estate values are changing every day. Like food, there are external forces that affect the value of a home, and how rapidly it changes. Does that mean that the appraised value will be dramatically different the day after the effective date of the appraisal? Probably not. However, no appraiser can see into the future to know what tomorrow will bring.

To read more, see fotos and comments click here

My comment: I love these very creative articles. I have no idea how he does mashups of appraisals and all types of other topics! Plus I thought I understood food shelf life. Now I know a lot more ;> Creative videos and animated gifs, etc. Lotsa fun!!

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11-22-19 Newz: Appraisal Fees – Previous Careers – Dungeon

What Was Your Previous Career Before You Got Into Appraisal?

Excerpts:

The Top 3

  • Real estate sales (14%)
  • Mortgage lending (8%)
  • Insurance (5%)
  • Assistant or admin work (5%)
  • Banking (1%)
  • Others: 63%

To read more, click here Check out the respondent comments and a list of some of the many previous careers

My comment: I was a chemist before I started appraising. Really like learning about science in school, but 7 years of lab work was too boring. I felt trapped inside. Saw an ad for “appraiser assistant” at the local county offices. “Work in the field.” I had never heard of it, so read a book about it at the library (1974). I got the job and still love appraising!! I didn’t see many science careers on the “Other” list. But, I think it prepared me well for appraising as I was trained to be very objective and analytical.

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