Are residential appraisers inferior?

By on March 1, 2018   /   AMCs, appraisal business, appraisal management company, appraiser shortage, bad appraisers, mortgage loan volume, new appraisers, real estate market, state appraiser regulators, Strange homes, weird homes, weird properties, zillow   /   Leave a comment
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I Am Not “JUST” a Residential Appraiser

By Rachel Massey, SRA
Excerpt: There is no doubt that moving to obtaining a certified general appraisal license opens doors to varied and interesting work. If it is in one’s capacity to obtain this level, it is a great idea. That said, the idea of being “just” a residential appraiser has got to stop.

A good professional residential appraiser who studies the market, knows how to analyze and solve a problem, and can communicate effectively and succinctly, is a very valuable appraiser at that!

Worth reading, plus read the comments and post your opinion.
My comment: Rachel wrote a much longer, very interesting article for the paid Appraisal Today March issue: “What being designated means to me”
When I started appraising in the late 70s, residential was somehow considered “inferior”. I guess it has been going on for a very long time. I have always thought that residential appraisers are experts in one type of property: 1-4 units. If you are testifying in court on a single family home and the opposing attorney’s appraiser is an MAI who appraises a few times a year, you will blow them away!!

Appraisal Business Tips 

Humor for Appraisers

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on turret living, price fixing, seasonal price changes, mortgage origination stats, Covid tips for appraisers, etc.

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What Causes Appraisal Revisions?

By on January 18, 2018   /   AMCs, appraisal business, Appraisal fees, appraisal how to, appraisal management company, hybrid appraisals, Mortgage applications, mortgage loan volume, USPAP   /   Leave a comment
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Most Common Errors and Requests For Appraisal Revisions

Excerpt: Over the years, as the Chief Appraiser for a national Appraisal Management Company (AMC), my team has seen many unique appraisal assignments and experienced many interesting requests for revisions. Of course, we’ve seen our fair share of requests to provide an additional supporting comp or two, or to address how the subject’s opinion of value that is over/under the indicated Predominant Value of the Neighborhood impacts value, too.

While we see those common requests for revision regularly, the most common requests for revision, are of the much simpler or generic variety. Additionally, those requests seem to be easily avoidable with just a little more patience by the client in the ordering process and from the Appraiser in their own report production and QC processes. Here is a list of our “Top 5” revision request items that we see on a regular basis:

1. Correct the spelling of the borrower and/or seller’s name.
Note: This error revision runs at a 50:50 pace. Half the time the error was initiated on the customer’s part when they placed the order while the other half is an Appraiser input error.

Read 4 more common requests plus almost 30 comments (somewhat controversial article) at:

My comment: I have to carefully check names on every one of my non-lender appraisals. For unknown reason I have typos on names. People don’t like it when their names are misspelled ;>

Lender and AMC revision requests(Opens in a new browser tab)

Appraisal Business Tips 

Humor for Appraisers

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on scope creep, USPAP, hybrids, appraiser independence, mortgage origination stats, Covid tips for appraisers, etc.

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More Terrible Real Estate Agent Photos for Appraisers

By on January 11, 2018   /   AMCs, appraisal management company, real estate market, USPAP, weird homes   /   Leave a comment
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Terrible Real Estate Agent Photos

Just For Fun!!

Most Excellent Photos and Very Creative Captions!!
Very, very funny and weird!!
You just gotta see them! Cannot be described.

Appraisal Business Tips 

Humor for Appraisers

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on USPAP, Appraiserville, mortgage rates in 2018, mortgage origination stats, Covid tips for appraisers, etc.

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National MLS Database for Appraisers?

By on January 4, 2018   /   AMCs, appraisal business, Appraisal Qualifications Board, CU, data, Fannie, Mortgage applications, new appraisers, real estate market, unusual home   /   Leave a comment
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A National MLS Database? 

Excerpt: Instead of considering the consolidation of the governance and management structures of the MLS, thereby providing coast-to-coast cooperation among brokers, we should instead focus on MLS data and technology infrastructure, and support the movement toward a national database system.

This would create a vast information network available to application developers who, until now, couldn’t offer tools to agents and brokers without expensive and time-consuming customization for every individual MLS.

NOTE: THIS WAS PUBLISHED IN 1-18. THEY KEEPT TRYING IN 2020!!

My comment: The author is vice president of Business Development for Realtors Property Resource® (RPR®), created by NAR. More info at www.narrpr.com . Very interesting and worth reading. Poor real estate data has been a problem forever. Non-standardized MLS data is a nightmare for appraisers. This database would be accessible to appraisers, CU, and AVMs I assume. Of course, we all know how accurate MLS data is…

Appraisal Business Tips 

Humor for Appraisers

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on bath tubs, new appraisal forms,, mortgage origination stats, etc.

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12/28/17 Newz//Home prices since 1870, Change your templates!!, Very unusual airports

By on December 28, 2017   /   AMCs, appraisal business, appraisal management company, appraisal waivers, real estate market, weird properties   /   Leave a comment
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CHANGE YOUR TEMPLATES!!, computer folders, etc.

  • Appraisal template(s) forms, and narrative appraisals, proposals/bids, etc.
  • Set up new (sub) folders on your computer for 2018, such as 2018fotos and 2018appraisals. Every year, starting January 1, I keep using 2017 on my personal checkbook. I am setting up  about 10 checks with the year already on them so I finally will get this right ;>
  • Note: this depends on what you have already set up. Or, maybe it is time to think about setting up folders if you have difficulty finding files.

RECORD YOUR 1/1/18 AUTO ODOMETER READING AND DON’T LOSE IT!!

For your mileage log. I also always go to my mechanic for oil change, etc. to get an “official” odometer reading, which the IRS prefers. I learned a lot after miserably failing my IRS audit of my “recreated” mileage log as I did not have one.

Is Your Life Integrated? – George Dell

Tools for work, tools for life.

Excerpt: This time of the year for many is a time of reflection and hope. My reflection today is how some principles of our profession may be principles of a successful life; what those principles may be, and how they’ve contributed to my joy and sense of satisfaction and service.

Very interesting. Worth reading!!

My comment: I have known George for many years. He has appraisal ideas I have never seen anywhere else. He is a regular contributor to the paid Appraisal Today.

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12-21-17 Newz//: AMC appraisal fraud, Fannie Appraiser Update, CoStar vs Xceligent

By on December 21, 2017   /   AMCs, Appraisal Standards Board, bad appraisers, Fannie, Fraud, Strange homes, unusual home, unusual homes, USPAP, weird homes   /   Leave a comment
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The Three Most Fascinating Homes In 2017

Just For Fun!!

Very unusual… and two are very low priced ;>
You just gotta see this 2 minute FUNNY video!!
Death and Breakfast, House with Big Cave, and Very Old Historic House

https://www.realtor.com/videos/video-behold-the-most-fascinating-homes-of-the-year/db7fb804-6cd6-4556-887c-49410eb6d77a

The Appraisal Standards Board has issued new Q&As for December 2017, dated 12/19/17:

Note: personal property and M&E not included in the list below
– Communicating Assignment Results Without an Appraisal Report
– Workfile Requirements When Communicating Assignment Results
– Adding an Intended User
– Assignment Conditions versus Client Conditions
– Proposed Construction Employing an Extraordinary Assumption
– Proposed Construction Employing a Hypothetical Condition

https://appraisalfoundation.sharefile.com/app/#/share/view/seea70b822d24fa59?

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10-5-17 Newz//Increasing home prices in disaster-prone areas. USPAP and Desktop Evaluations

By on October 5, 2017   /   AMCs, appraisal business, Appraisal fees, commercial appraisal, evaluations, fees, Freddie, real estate market, USPAP   /   Leave a comment
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Home Prices Rising Twice as Fast in U.S. Cities with Highest Natural Hazard Risk Than in Lowest-Risk Cities

 Homeowners in Highest-Risk Cities Have More Equity, Longer Homeownership Tenures
 Appreciation Slower in Florida and Louisiana Cities with Highest Flood Risk, Bucking Trend

Excerpt:
ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, recently released its 2017 U.S. Natural Hazard Housing Risk Index, which found that median home prices in U.S. cities in the 80th percentile for natural hazard risk (top 20 percent with highest risk) have increased more than twice as fast over the past five years and over the past 10 years than median home prices in U.S cities in the 20th percentile for natural hazard risk (bottom 20 percent with lowest risk).

Click here to see a Heat Map of all U.S counties – what does your look like? Search by type of disaster. Plus lots more analysis. Very interesting!!

My comment: Overall high risk counties are scattered all over the country. The article mentions strong economies and scenic locations. I live in Earthquake Country. When I first started appraising here, I was surprised that it did not matter. There is no discount even for being on a fault line. Why? Lots of people want to live in the San Francisco Bay Area. The fault line closest to me (about 10 miles away) is on the top of hills with very good Bay views. There are 3 in the Midwest and east. The large New Madras earthquake fault area in the midwest is on the map as Moderate (last earthquake in the 1800s). Two other small areas in NC and PA are on the map.

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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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