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

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.


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

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

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

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!!

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

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

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!!

3-10-15 Newz – Pulling permits, Fannie FAQs, Refi revival etc.

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.

Read more!!

Newz 3-3-15 Abandoned places, Late appraisal, Cost vs value, Fees

Spam blockers are going wild!!! I have made some changes in subject line and some changes in newsletter content so more subscribers will get this newsletter. I can’t even mention some of the changes as using the words may send this email to spam!!!
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17 abandoned places around the world
Take a break from your appraisals with these Interesting Links!!
 
Here are a few:
1.  House of the Bulgarian Communist Party – Mount Buzludzha, Bulgaria
9. Michigan Central Station – Detroit, Michigan, United States
10. Sarajevo Olympic Bobsleigh and Luge Track – Sarajevo, Bosnia and Herzegovina
Good for taking an appraisal break!!
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Newz 2-25-16-True cost of low fees, FHA appraisals, Worst street names, Appraisers with guns

20 worst street names

Excerpt:

I’m sure the folks on Cannibal Road are lovely people, I just won’t be attending any of their dinner parties. These are the streets that you don’t want to find yourself driving down – trust us, no good can come from a stroll on Buckets of Blood Street. Proceed with caution..

http://heavy.com/comedy/2012/12/the-20-worst-street-names/

Thanks (again) to Jonathan Miller for this great link!!

What are the strangest street names you have seen?

POST YOUR STRANGE STREET NAMES BELOW AND READ OTHER COMMENTS!!

My comment: Yes, there is an O’Rourke Street in a nearby city!!

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How many appraisers are doing FHA appraisals now?

From www.appraisalport.com

My comment: I suspected that most appraisers will do them even with all the additional work required. Only 13% have given up FHA appraisals.

Read more!!

The True Cost of lower appraisal fees

I do lots of private appraisals. Lately my ratio is probably 80-90% private easily. I have a pretty good sense of what the market will bear for private work, namely estate appraisals. In no way am I saying to charge more or fix prices, but remember that consumers are used to putting down a good chunk of change for mortgage appraisals. We know the appraiser does not see the full fee, but the consumer pays the full fee. Thus I find it puzzling why an appraiser would quote well below the market rate.

One other thought. There are always clients who want to pay less. I used to put up weekly posts on Craigslist years ago to try to attract private work. But you know what I found? Everyone and their mom wanted a big discount. It was like I was competing for the lowest bid, so I stopped posting their entirely. The moral of the story? As business owners and professionals, we choose our clients and we are in charge of our fees too. Just know the market and price accordingly (which is what we would tell Realtors to do with their listings).

Here is an image I made to help show the real cost of accepting lower fees from AMCs as well as undercharging for private work. Again, this is not about price fixing, but rather the financial consequences of the current AMC situation, accepting lender work at a below market rate, and charging under market rate for private work. There is a huge cost. When looking at the numbers, if we charge below market, we might end easily working for weeks more each year (some well over one month). Yikes.

Many thanks to Ryan for these great comments and graphs. He posted this on Facebook and an appraiser email chat group.

Newz: 2-18-16 No amcs – Banks fined – College degree

Toronto’s Half House

Willy Wonka would love this weird half-a-home

Excerpts:

No, this isn’t a trick of Photoshop. Nor is it the world’s nastiest spite house; rather, this bonafide half-home shares more with its nail house brethren after witnessing a history of blight and zoning changes.

The lone row home at 54 1/2 Saint Patrick Street dates back to Toronto’s slums in the late 19th century. Built somewhere between 1890 and 1893, this bay-and-gable relic from a bygone era once was a one of six identical, structurally intertwined homes on what was then known as Dummer Street

This begs the question: how does half a building cleave away so cleanly only to leave the rest of it standing?

Read more at: Be sure to click on photo full screen to see it better

http://www.atlasobscura.com/places/toronto-s-half-house

 More photos and info atClick here Link was too long to post…

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