9-28-17 Newz//Fees up or down?, Credit easing, San Francisco Castle

By on September 28, 2017   /   AMCs, appraisal management company, Fannie, lender appraisals, Mortgage applications, state appraiser regulators, Strange homes, unusual homes, weird homes   /   Leave a comment
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Albion Castle – A 140 year old castle with underground caves hidden in San Francisco.

Just For Fun!!

Excerpt: When Bill Gilbert was growing up near Candlestick Park, all the kids said that Albion Castle was haunted. Gilbert himself wasn’t sure, but every time his parents took him to eat at the at the old Dago Mary’s restaurant across the street, he would look at the gates that front the 145-year-old stone structure and wonder. Little did he know that as an adult, he would own the keys to the castle (literally).
My comment: It was listed in 2009 for $2,950,000 (a very bad market). The six-story square tower has four bedrooms, two bathrooms and 1,436 sq.ft. It sold for 11/2011 for $890,000 and has been rehabbed. It needed a lot of work!!
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Info on the history and historic photos

My comment: It was listed in 2009 for $2,950,000 (a very bad market). The six-story square tower has four bedrooms, two bathrooms and 1,436 sq.ft. It sold for 11/2011 for $890,000 and has been rehabbed. It needed a lot of work!!

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9-21-17 Newz//Pivot- Not enough Appraisers To Too Many Appraisers, Appraising New Home In Old Neighborhood

By on September 21, 2017   /   adjustments, AMCs, appraisal business, Appraisal fees, appraisal how to, appraisal management company, commercial appraisal, fees, future, lender appraisals, Mortgage applications   /   1 Comment
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How do we value a brand new house in an old neighborhood?

By Ryan Lundquist
Excerpt: Tip #5. The wrong one & modern homes: Just because something is brand new does not mean it’s going to fetch top dollar. If it’s the wrong type of house for the neighborhood, buyers might actually pay less for the property. It’s like when someone builds a plain earth-tone stucco tract home in a classic area with Tudors and Bungalows. Despite being new it might actually sell with a price discount if it doesn’t have any hint of era charm for the neighborhood. On the other hand there are modern homes popping up all over Sacramento (CA) and beyond that seem to defy this idea. These homes definitely don’t blend into the neighborhood at all in terms of design, but they’re still fetching high prices. Keep in mind though modern homes tend to carry wide appeal, so they are often able to break the mold of the neighborhood and still command a price premium because of their style. In short, modern homes are not vibeless tract homes, so it’s not really the same thing.
Click here to read the other 4 great tips plus some interesting comments!!

http://sacramentoappraisalblog.com/2017/07/26/how-do-we-value-a-brand-new-house-in-an-old-neighborhood/ 

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8-24-17 Newz .Fannie Freddie appraisal waivers, AVMs and HELOCS, Passwords

By on August 24, 2017   /   AMCs, AVMS, Fannie, fees, Freddie, lender appraisals, Mortgage applications, trainees   /   Leave a comment
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The Traveling Apprentices of Germany

 And you thought appraiser trainees have it rough!!

Just For Fun ;>
Excerpts: They hitchhike across Europe, instantly recognizable in the wide-bottomed, corduroy trousers, white shirts and colored jackets that identify them as bricklayers, bakers, carpenters, stonemasons and roofers.
While on the road, journeymen are not supposed to pay for food or accommodations, and instead live by exchanging work for room and board. In warm weather, they sleep in parks and other public spaces. They generally carry only their tools, several changes of underwear, socks and a few shirts wrapped into small bundles that can be tied to their walking sticks – and that can also double as pillows.
In an adaptation of the old rules to modern times, journeymen do not carry devices like cellphones that allow them to be found. They carry digital cameras, if they like, and write emails from public computers.
My comment: Fascinating with great photos!! Yes, there are women travelers now…

Passwords: What if Everything You Know Is Wrong?

By Shelly Palmer
Excerpt:  According to the Wall Street Journal, Bill Burr (the man who wrote the NIST memo back in 2003 that recommended the cryptic craziness and frequent replacement guidelines) has had an epiphany. “Much of what I did I now regret,” said Mr. Burr, 72 years old, who is now retired. If the reporting is accurate, he had very little evidence upon which to base the NIST’s recommendations. (Sort of makes me think about the USDA Food Chart I grew up with. But that’s for another article.) Why were Mr. Burr’s assumptions wrong?…
Do what the experts are now telling you to do. Start using the longest passwords possible. I would not use correcthorsebatterystaple, but “passwordswedontneednostinkinpasswords” will absolutely do the job.

My comment: Very interesting article!! Plus the Fun Cartoons ;> Passwords are a Pain.. I think one of the most popular passwords is “password”. Looks like finally there is another way.

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8-10-17 Newz// Fannie-Appraiser Future, AMC goes down, Delightful Domes

By on August 10, 2017   /   AMCs, appraisal business, Appraisal Qualifications Board, Fannie, forecast, mortgage loan volume, real estate market, weird properties   /   1 Comment
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A Tour of the World’s Most Delightful Domes

17 half-spheres that do round right. Just For Fun!

Excerpt: Employing massive hemispherical roofs first became popular with the ancient Romans-most famously the iconic Pantheon, built in the 2nd century. Since then, the feature has taken many forms across the globe, providing cover for everything from ancient tombs to futuristic houses. The circular nature of domes has special significance in religious houses such as churches and mosques, where it represents the eternal, with no beginning and no end.

http://www.atlasobscura.com/lists/domes-architecture-world-tour 

TC Valuations (AMC) Ceasing Operations!

Paying appraisers $ .25 on the dollar!!

Excerpt from letter sent to appraisers: It is with much regret, that I write this letter to inform you that TCV has commenced an orderly wind up and liquidation of operations. Unfortunately a significant downturn in revenue and the loss of part of our volume with two key clients in the second quarter of 2017, has forced the company to wind up its operations.
Read the full letter plus lots of comments at

My comment: There will be more AMCs going down, particularly small ones. In 1993, when the appraisal business crashed and I had way too many employees, I almost went out of business. But, I had no uncollected billings, even from mortgage brokers. Why? I always carefully monitor my accounts receivable. My assistant called all my clients every day until they paid. My husband, a very large man, wearing black clothes (Gangsta style ;>), went to a local mortgage broker’s office and left with a full payment check. It may be time to write a collections article for the paid Appraisal Today…  predictions are for more small AMCs Going Down.

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8-3-17 Newz// Forest Guitar, Wells Fargo-no AMCs, Creepy Scope

By on August 3, 2017   /   AMCs, appraisal business, Mortgage applications, Strange homes, weird properties   /   Leave a comment
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Forest Guitar made of trees, dedicated to a man’s lost love.

Excerpt: Breaking up the flat agricultural areas of Argentina’s Pampas is a guitar formed entirely out of trees. Stretching for 2/3 of a mile, the multi-colored instrument was created by one Argentine farmer to memorialize his wife who tragically died at the age of 25.
My comment: Just for Fun ;> Fascinating photo and brief writeup.

Scope Creep Causes Creepy Scope

By George Dell, MAI, SRA

Excerpt: …scope creep has turned into scope running. I’m sure many appraisers, particularly residential people will agree. He (David Braun) points out that as the reviewers ask for more, appraisers are finding ways to not be specific. This has turned into a self-perpetuating loop:  “As the providers, users, and enforcement bodies have differing opinions on the proper level of the scope required . . .”

My comment: Interesting blog post. Short. Worth reading.

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6-28-17 Newz// Octagon house craze, Reproducibility Crisis, AMC Technology Efficient?

By on June 29, 2017   /   AMCs, appraisal, appraisal management company, Mortgage applications, Strange homes, unusual homes   /   Leave a comment
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Octagon House Craze in the 1800s

Excerpt: If you were a forward-thinking individualist in 1800s America, building an eight-sided abode was a great way to show it. The octagon house was a cutting-edge design at the time, believed to be a more efficient use of space, energy, and cost than the conventional square.

… Thousands of these geometric oddities were built by the time the trend hit its peak in the 1860s.

My comment: Wow!! I have never appraised an octagon house, but have seen a few from the outside. Have measured octagon turrets on Victorians.

Top cities where the number of million dollar homes is skyrocketing

Excerpt: In large swaths of the country, a cool million has mostly come to represent the new standard for good, upper-middle-class housing. “In more markets than ever before, the million-dollar mark is the new benchmark for that green lawn and white picket fence,” says Javier Vivas, manager of the realtor.com® economic research team.
  1. Denver CO
  2. Santa Rosa CA
  3. Boulder CO
  4. Truckee CA
Click here get the full list and read the comments on the cities – very interesting!!

My comment: In my small city in the San Francisco Bay Area, with a median price of around $850,000, many properties are listed just under $1,000,000 and sell over list. Starter homes are $750,000 to $800,000 (2 bedroom/1 bath, built before 1940, maybe updated kitchen and bath, 1000 sq.ft.) No, we did not get on the list. Already have too many over $1,000,000.. I am soo glad I bought my  house in 1985 for $135,000!!

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6-22-17 Newz//McMansions .Credit Risk Increasing .Freddie – No Appraisals

By on June 23, 2017   /   AMCs, Appraisal fees, appraisal management company, mortgage loan volume, unusual homes   /   Leave a comment
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What If McMansions Ruled the World?

Excerpt: Whether on the gleefully snarky blog McMansion Hell or in haunting photos of cul-de-sacs abandoned during the recession, McMansions-those ersatz chateaux of modern suburbia-are frequent targets of urbanists’ ire, derided as symbols of the wastefulness and isolation of suburban sprawl.
But what if the McMansion could be put in the service of urbanism instead?
My comment: Fascinating!!
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Appraiserville

Housingwire Gave Appraisers A Long Overdue Win

By Jonathan Miller
Excerpt: After a snarky trying-to-be-coy blog post that tried to win on a technicality that there was an appraiser shortage, many appraisers, including myself, took to the streets (the comments section) to voice our outrage. It was based on an amazingly misinformed Urban Institute post that doesn’t understand the appraiser role in mortgage lending, which was even more infuriating.
Housing Wire’s editor reached out to Jonathan Miller for the appraisers’ side of the story – He handed our long besieged industry a rare “win, include” and I am grateful for his honesty and for the opportunity to voice my view on their platform.

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5-25-17 Newz: Lenders’ AMC problems, Arms-length Transactions, Incredible Private Islands

By on May 25, 2017   /   adjustments, AMCs, appraisal business, Fannie, lender appraisals, mortgage loan volume, unusual home, unusual homes, USPAP, zillow   /   Leave a comment
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3 incredible private islands

Just for Fun – very short video
A few tidbits
– Locations: Key Largo  (FL), Washington state and Long Island NY
– Space for 110 ft. yacht
– Lowest price: $11 million
– Tennis court that doubles as a helicopter pad

http://www.realtor.com/videos/video-the-ultimate-getaway-you-can-own-one-of-these-3-incredible-private-islands/ac74f30c-de71-43ba-bae1-e54d8336a7ae 

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Analyzing the subject’s sales history

By Josh Wailitt
Short video. Worth watching. Check out some of the other videos in his USPAP errors series at www.appraiserelearning.com
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Arm’s-Length Transactions, Part 1

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5-18-17// Newz, AVM/BPO Problems, Castles in America, Cherry Picking Comps

By on May 18, 2017   /   adjustments, AMCs, unusual home, unusual homes, USPAP, weird homes, zillow   /   Leave a comment
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Castles in America

Excerpts:
Roger Declements likes to build his castles the medieval way.
He starts with stone – up to 1,000 tons of it – and then constructs two parallel walls. After years of work, sometimes an entire decade, these walls add up to what he considers “the most advanced, strongest and most comfortable” abode a person can have.
In the United States, where there are no authentic medieval castles, imitation ones are few and far between. But interest in them has grown, in part because of the popularity of books and shows like “Vikings,” “Downton Abbey,” “Game of Thrones” and the Harry Potter series.

My comment: Very interesting article with good photos plus some info on castles in Europe for comparison. FYI – article is in the New York Times, which only allows a few free articles before requiring a subscription.

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Cherry-picking comps & being connected to the neighborhood

By Ryan Lundquist
Excerpts: On paper it looked like value was going to be so much higher. Why? Because comps to the north were easily 10-20% higher, and even Zillow came in $100,000 above the appraisal (ahem). The big cause of such a legitimately lower appraisal boiled down to one thing. Location. Today I want to show a situation where a small section of the neighborhood was blocked off from the rest, and it was a big deal for value. Have a look below and let me know what you think. Anything to add?
Methodology when only 5 sales in 5 years: When appraising something in this section, there were zero sales over the past 2 years and otherwise only 5 sales in the previous 5 years. This means I had to really study older sales to understand how value works…

My comments: Lots of good ideas. Very well written with good analysis and excellent use of graphs and annotated maps. I regularly go back in the past for comps and analysis. Making market conditions adjustments is very easy. I also use percent adjustments, which tend to be stable over time.

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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!!

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