Fun video – Take a 3 minute break!
One Day More – A Quarantined Broadway LipSync
Fantastic!! Made me smile. Regular people.
Many thanks to John Regan, a long time subscriber and big opera fan!
To watch click here
Covid-19 Residential Appraisers Tips on Staying Safe
To read more of this long blog post, click Read More Below!!
March 20, 2020
There are many, many issues which seems to be changing on a daily basis. I wrote this yesterday. There have already been changes I am sure. I am including links to relevant information below
The big refi boom is causing lots of desperate lenders and AMCs trying to find appraisers.
You don’t need more info on keeping safe as it is available all over. What I discuss today is shift from interior inspections to drivebys, forms, what lenders are saying, what real estate agents are doing, the market changes (maybe), liability, etc.
What are lenders and AMCs doing?
Some direct lenders, such as Citibank, are sending out emails about what they recommend. On the other side AMCs are acting like nothing has happened and sending out email blast low fee appraisal request. FYI, it is a lot easier for one lender to change. AMCs work for many lenders.
Info on what Citibank is recommending from VaCAP:
Many are fearful exterior only appraisals will be the end of the traditional appraisal as we know it. Right or wrong, exterior only appraisals are a possibility that may be acceptable in certain situations. VaCAP does not believe it will end traditional appraisals with interior inspections. The profession has been down this road before. It will not fly long term, especially if the market turns downward.
Some lenders are establishing COVID-19 protocols to follow and some have remained quiet on the subject. There are rumors that one lender has instructed appraisers not to inquire as the health of the occupants of the home due to privacy laws. Others like Citibank have developed their own protocol on how appraisers should handle COVID-19 concerns. There is great flexibility to the appraiser. See Citibank’s protocol below:
Worth reading. To read more, click here
Covid-19 Residential Appraisers Tips on Staying Safe
For Covid Updates, go to my Covid Science blog at covidscienceblog.com
Appraiser Recovers From COVID-19
To read more of this long blog post, click Read More Below!!
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.
Covid-19 Residential Appraisers Tips on Staying Safe
For Covid Updates, go to my Covid Science blog at covidscienceblog.com
Appraiser Covid Survey Results April 2020
To read more of this long blog post, click Read More Below!!
by Joshua Walitt
Excerpt: Like many of you, I got my start as a real estate appraiser in residential mortgage work. At the time, residential mortgage work was all that I knew, and for a time, all that I thought I could do!
As a residential real estate appraiser focusing heavily on 1004 work, I had blinders on and I had not adequately considered the many, many opportunities available to me. As I developed as a professional, I began to realize that the potential career paths, types of work, and the different roles available to a real estate appraiser vary widely. I think too often as appraisers we severely limit ourselves into what we can or can’t do and define the services we can offer to the marketplace far too narrowly.
The industry is changing, and I like to think of myself as being part of the change, rather than being apart from the change. As appraisers, we each need to ask ourselves: “Do I want to be a part of the change that is taking place in the industry, or will I be apart from it?” Either way, as things change in life and in business (and they will!), we are all faced with a choice about how we will adapt to the changes and overcome the obstacles we encounter along the way. As the appraisal industry continues to evolve and change, it’s important that we appraisers understand that we are capable of providing a very wide range of services in a variety of roles.
For example, here is a list of valuation-related services that appraisers are suited for and can diversify into…
To read more, click here
My comment: worth reading with lots of ideas. I have been writing about this since 1992.
Which Appraisal Clients are used the most?(Opens in a new browser tab)
To read about lots more appraisal topics, continue reading below!
By Tim Andersen, MAI
Excerpt: QUESTION: Can you help me to understand the differences between urban, suburban, and rural? Where I live and work, everything is essentially one big megalopolis for 30 miles in every direction. Therefore, in my reports, I tend to refer to everything as suburban. A reviewer called me on this, but I can’t figure out why. Please set me straight.
ANSWER: At one time, a location was urban if there were high-rise office buildings and no houses close by, suburban if there were merely low-rise office buildings and many houses nearby, and rural if there were no office buildings and lots of farms, ranches, and vacant land close by. However, that was back in the day, so we need new definitions….
To read more, click here
My comment: This is a tricky issue. This post has some good tips. Tim is a regular contributor to the paid Appraisal Today with much longer articles, focusing on USPAP, lender appraising, state board complaints, etc. He reviews lots of lender form appraisals and wants to help appraisers write better reports. More info at https://theappraisersadvocate.com/
10-20 UPDATE: For lots of Covid analysis and news, go to my new covidscienceblog.com
What’s the appraisal definition for suburban?(Opens in a new browser tab)
For lots more appraisal topics, Click Read More below!
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. Appraiser Work Stress Humor is what we all need!!
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!
Which Appraisal Clients are used the most?(Opens in a new browser tab)
Terrible Real Estate Agent Photos for Appraisers(Opens in a new browser tab)
To read about lots more appraisal topics, continue reading below!
By Tim Andersen, MAI
Excerpt: To appraise a property, and then report it according to USPAP, is a requirement USPAP demands and the states enforce. All too often, reviewers see in reports boilerplate (especially in the reconciliation) such as: “In my professional opinion, the value of the subject is $XXXXXX”. In the light of competency, look closely at SR1-6(a) and (b), the reconciliation standards rule. What is a Competent Appraiser?
If there is nothing more in the reconciliation than this single (essentially meaningless) sentence, the appraiser has not complied with SR1-5(a) and (b), thus evidenced a lack of competency. In turn, the appraiser certified to a lie, in that, in not complying, the appraiser omitted preparing the report in accordance with Standards 1 and 2 of USPAP. To add insult to injury, the appraiser has violated SR2-1(b) in that the above statement and certification, with no other context or explanation, are misleading. Three serious USPAP violations might stem from these 11-words.
Therefore, relative to the concept of competency, the deeper meaning is that the above 11-words are capable of generating three charges from the state. In addition, they can generate questions from reviewers. When appraisers appraise the property credibly, and then report the results of that appraisal in a non-misleading manner, they avoid both attention from reviewers and from the state. Thus, in turn, they save not only time and money, they show themselves to be competent. They appear more professional. Professionals can and do charge more for their time and efforts, right? Let us, therefore, be professionals.
My NOTE: This blog post starts with USPAP competency standards and includes an analysis of Competency and the Fannie forms Neighborhood section.
To read more, click here
My comment: Tim Andersen is definitely a USPAP Expert! He writes, speaks, teaches classes, etc. on USPAP topics. He also helps appraisers get their appraisals more USPAP complaint. He focuses on residential appraisal issues – state boards, reviewers, AMCs, etc.
Covid-19 Residential Appraisers Tips on Staying Safe
Which Appraisal Clients are used the most?(Opens in a new browser tab)
To read about lots more appraisal topics, continue reading below!
Unique BathroomsExcerpt: 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. These 10 Very Unique Bathrooms for Appraisers are fascinating and unique!
Here are a few
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 ;>
Covid-19 Residential Appraisers Tips on Staying Safe
Very unusual bathrooms for appraisers(Opens in a new browser tab)
To read about lots more appraisal topics, continue reading below!
Covid-19 Residential Appraisers Tips on Staying Safe
To read more of this long blog post, click Read More Below!!
Very unusual bathrooms for appraisers(Opens in a new browser tab)
A Very Strange Story!!
Excerpt: The 1,570-square-foot house built in 1978 on 2 acres in an unincorporated area of the county was recorded in 2019 tax rolls with a market rate value of more than $987 million and an overestimate of about $543 million in taxable value. In reality, the property should have only had a 2019 taxable value of $302,000, according to county property records.
That error — which the Wasatch County assessor explained possibly occurred when a staff member may have dropped their phone on their keyboard — has resulted in a countywide overvaluation of more than $6 million and revenue shortfalls in five different Wasatch County taxing entities.
To read lots more, click here
My comment: Wow!! Makes AMC and client complaints (and appraiser typos) fade away in comparison!! $1 Billion Appraisal Error
Covid-19 Residential Appraisers Tips on Staying Safe
To read more of this long blog post, click Read More Below!!