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

By on June 9, 2016   /   AMCs, appraisers, FHA, forecast, future, lender appraisals, Mortgage applications, mortgage loan volume, state appraiser regulators, Strange homes, unusual home   /   Leave a comment
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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!! →

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Builder gets “favorite” appraiser for higher value

By on May 18, 2016   /   AMCs, lender appraisals, mortgage loan volume  
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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!!

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5-5-16 Newz .Using listings .CU update .Low inventory and stats

By on May 4, 2016   /   AMCs, appraisal business, Appraisal fees, appraisal management company, appraisers, Fannie, fees, FHA, forecast, future, lender appraisals, Mortgage applications, mortgage loan volume, state appraiser regulators, Strange homes, unusual homes, weird homes   /   2 Comments
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Collateral Underwriter Update from Fannie Mae

Source: Appraisal Buzz

Excerpt:

The Buzz staff recently asked Zach Dawson, Director of Collateral Policy and Strategy, Fannie Mae, to provide appraisers with an update on the development of Collateral Underwriter.

A few of the questions:

– Buzz: Can you bring us up to date on CU? What have you learned from this data initiative?

– Buzz: Can you tell us more about AQM and the objectives of that project?

– Buzz: How many appraisers does Fannie Mae refuse to accept appraisals from?

https://www.appraisalbuzz.com/collateral-underwriter-update/

My comment: Definitely hits the Hot Topics!! Nothing much new, but good to directly from Fannie Mae, in writing…

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Can Living Near a Starbucks Boost Your Home Value?

Excerpt:

It seems that being close to a Starbucks does have a marked effect on home values, particularly in the East, according to a Zillow report.

Between 1997 and 2014, homes within walking distance, or one-quarter mile, of a Starbucks appreciated 96 percent. Compared to the national average for the same time period, 65 percent, it seems having a barista close by is a smart real estate move.

http://www.forbes.com/sites/zillow/2015/08/19/starbucks-boost-home-values/#4084f9eb2c70

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Does a new Whole Foods or Trader Joe’s in Your Neighborhood Increase Your Home Value?

Excerpt:

A 2015 study by the real estate information company RealtyTrac analyzed this trend. The study included 4 million homes located in a ZIP code with either a Whole Foods or Trader Joe’s location, finding that average property values in a ZIP code with Trader Joe’s appreciated by about 40 percent since they were purchased, while homes with a Whole Foods in the ZIP code appreciated by nearly 34 percent, which matches the national average increase according to the survey.

http://realestate.usnews.com/real-estate/articles/does-the-new-whole-foods-in-your-neighborhood-increase-your-home-value

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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.

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Do you still enjoy appraising after all the new rules?

By on April 21, 2016   /   AMCs, appraisal business, appraisal management company, lender appraisals   /   2 Comments
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Poll: Now that we have been living for some time with all the new rules governing residential appraisal, do you still enjoy doing the actual appraisal work?
www.appraisalport.com

My comments: Hmmm…. All the analyses (Appraisal Foundation, Appraisal Buzz, etc.) about the appraiser “shortage” don’t seem to mention this. How many appraisers are working for AMCs? Low fees are mentioned sometimes. They also don’t mention the “brain drain” of experienced appraisers not willing to work for AMCs. Many appraisers that I know do little, if any, AMC work.

Who wants more appraisers? AMCs. Supply and Demand. The more appraisers there are, the more the fee competition, and the lower fees.

Once again, they also just look at “appraisers” There few problems with commercial appraiser “shortages” due to the issues above because they don’t work for AMCs, although fees are low in many areas, including where I live. Definitely no trainee problems.

Direct lenders have increased requirements, but you know what they are and don’t get 5-15 pages of “requirements” plus call backs. Yes, there are shortages in rural areas that are not close to a metropolitan area where appraisers travel from (less than 2 hour drive, one way, for example). Shortages of rural appraisers is nothing new. It has always been that way.

I wrote about this issue in the November 2015 issue of the paid Appraisal Today: “Staying positive with unreasonable fees and Scope Creep from AMCs”

I also spoke about it on a Dustin Harris 12/13/15 podcast, “How to Stay Happy as an Appraiser”

Click here to listen

http://theappraisercoach.libsyn.com/075-how-to-stay-happy-as-an-appraiser-with-ann-orourke

 

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4-21-16 Newz .Levitating houses .Murders in house .Unhappy appraisers

By on April 21, 2016   /   AMCs, appraisal business, Appraisal fees, Appraisal Foundation, appraisal management company, appraisers, Fannie, FHA, forecast, lender appraisals, Mortgage applications, mortgage loan volume, Podcasts, Strange homes, unusual homes, USPAP, weird homes   /   Leave a comment
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Levitating houses?

Excerpts:

… One architect’s proposed solution for low-lying cities that have trouble with flooding. Inspired by amphibious houses, Lira Luis’ concept asks: what if buildings could avoid flooding simply by not touching the ground at all?

As sea levels rise, some low-lying cities have started experimenting with floating buildings and amphibious houses. But one architect has another unlikely sounding suggestion: What if buildings could avoid flooding simply by not touching the ground at all?

Architect Lira Luis thought of the concept as she was working on another installation that happened to be on water and required invisible, easily removable attachments. She started using magnets for the attachments, and when she accidentally held the magnets the wrong way, she noticed that they repelled each other even through a layer of water.

Click here to read. A bit “techie” but fascinating.

http://www.fastcoexist.com/3058400/this-architect-is-trying-to-build-houses-that-can-levitate

Thanks to Matt Cook for posting this Most Interesting Link!!

My comment: This is very relevant for predicted increases in sea levels. I live in a low-lying coastal city in San Francisco Bay. Recently, part of the city’s flood maps were revised to 100 year flood levels, requiring flood insurance if you have a federally insured loan. As usual, all the complaints from owners were about having to buy flood insurance. My house is about 5-6 feet above typical high tide now. When there are very high “King” tides (high tide plus heavy rains), it is closer to high tides. Flood maps for all coastal areas in the country are being revised.

Read more!! →

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4-7-16 Newz .Verifying sales .Big data .Weird bathrooms

By on April 7, 2016   /   adjustments, AMCs, appraisal, appraisal business, Appraisal fees, appraisal management company, data, forecast, future, Mortgage applications, mortgage loan volume, Podcasts, rental market, Strange homes, Uncategorized, unusual home, unusual homes, USPAP, weird homes   /   Leave a comment
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8 Bizarre Bathrooms from Around the World

“From pop-up toilets in city streets to a bathroom surrounded entirely by an aquarium, these public and private bathrooms are beyond bizarre-and you need to see them!”

Take a break from appraising and check these out. Definitely Weird!!

http://blog.rismedia.com/2016/keepin-it-weird-8-bizarre-bathrooms

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Recent acquisitions of appraisal and title companies

Another great commentary from Dave Towne. Thanks again, Dave!!

From the article in Housingwire.com:

First American Mortgage Solutions, a subsidiary of First American Financial Corporation, acquired Forsythe Appraisals, supplementing its existing valuation capabilities.

Forsythe Appraisals is one of the largest independent residential appraisal company in the United States and offers real estate valuation solutions with nationwide coverage.

Under the acquisition, Forsythe’s management team, including President and CEO John Forsythe, Senior Director of Customer Development Tim Forsythe and Chief Appraiser Alan Hummel, will continue to lead those operations.

http://www.housingwire.com/articles/36672-first-american-mortgage-snaps-up-valuation-veteran-forsythe-appraisals

Read more!! →

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3-17-16 Newz .Pulling permits .Fannie FAQs .Refi revival

By on March 17, 2016   /   adjustments, AMCs, appraisal, appraisal business, Appraisal fees, appraisal management company, appraiser shortage, Fannie, fees, forecast, future, lender appraisals, Mortgage applications, mortgage loan volume, trainees   /   Leave a comment
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Appraisal and Property Related Frequently Asked Questions (FAQs)

February 12, 2016

This FAQ document provides responses to common questions related to Fannie Mae’s property eligibility and appraisal policies. Following the FAQs, the Attachment on page 10 provides Guidelines for Using Market Conditions Addendum to the Appraisal Report (Form 1004MC).

https://www.fanniemae.com/content/faq/appraisal-property-report-faqs.pdf   

My comments: This document does not have a lot of new material, but it is always good to read this so you can cut and paste some of Fannie’s comments into your reports as an explanation. In this month’s paid Appraisal Today I had two articles on the 1004mc form:

1004MC – the good, the bad, and what Fannie says

Statistical errors in the 1004MC by George Dell, MAI, SRA – He has been fighting with Fannie since the form was first required in April 2009

 More articles are coming soon in the paid Appraisal Today on how to handle the issues.

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Tiny ‘Harry Potter-looking’ homes under construction in North Texas

Excerpt:

Builder Rudy Rivas’ newest house would fit inside the master bedroom of the custom homes he constructs in North Texas.

The average new home being built in America is more than 2,700 square feet – the biggest ever.

So why’s a Dallas custom builder starting a 180-square-foot house?

Read more!! →

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Poll – Do you still enjoy appraisal work after all the new rules?

By on March 12, 2016   /   AMCs, appraisal business, Appraisal fees, appraisal management company, fees  
Tags: , , , ,

Poll: Now that we have been living for some time with all the new rules governing residential appraisal, do you still enjoy doing the actual appraisal work?

www.appraisalport.com

My comments: Hmmm…. All the analyses (Appraisal Foundation, Appraisal Buzz, etc.) about the appraiser “shortage” don’t seem to mention this. How many appraisers are working for AMCs? Low fees are mentioned sometimes. They also don’t mention the “brain drain” of experienced appraisers not willing to work for AMCs. Many appraisers that I know do little, if any, AMC work.

Who wants more appraisers? AMCs. Supply and Demand. The more appraisers there are, the more the fee competition, and the lower fees.

Once again, they also just look at “appraisers” There few problems with commercial appraiser “shortages” due to the issues above because they don’t work for AMCs, although fees are low in many areas, including where I live. Definitely no trainee problems.

Direct lenders have increased requirements, but you know what they are and don’t get 5-15 pages of “requirements” plus call backs. Yes, there are shortages in rural areas that are not close to a metropolitan area where appraisers travel from (less than 2 hour drive, one way, for example). Shortages of rural appraisers is nothing new. It has always been that way.

I wrote about this issue in the November 2015 issue of the paid Appraisal Today: “Staying positive with unreasonable fees and Scope Creep from AMCs”

I also spoke about it on a Dustin Harris 12/13/15 podcast, “How to Stay Happy as an Appraiser”

Click here to listen

http://theappraisercoach.libsyn.com/075-how-to-stay-happy-as-an-appraiser-with-ann-orourke

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

By on March 12, 2016   /   AMCs, appraisal business, appraisers, Fannie, fees, FHA, future, lender appraisals, Mortgage applications, mortgage loan volume, Strange homes, unusual homes, weird homes   /   Leave a comment
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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!! →

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