appraisal business

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What is most often overlooked by appraisers?

By Ann O'Rourke on June 5, 2020 / adjustments, appraisal business, Appraisal fees, bifurcated appraisals, commercial appraisal, Coronavirus, desktop appraisals, Fannie, fees, lender appraisals, Mortgage applications, unusual home, USPAP, weird homes / Leave a comment

Tags: adjustments, appraisal business, appraisal fees, appraisal waivers, bifurcated appraisals, Coronavirus, Fannie, mortgage loan volume, strange house, unusal homes, USPAP

Excerpt: We recently asked our appraisal community, “What’s the ONE thing that is most often overlooked by appraisers?” We received a wide variety of answers ranging from big-picture oversights to specific details. The most common answer we received was “Highest and Best Use.”…

Highest and Best Use (HBU)

This was the top answer, which was written in by about 8% of survey respondents “First question when doing an appraisal is the highest and best use. If there are two very different opinions of value on a property, different HBU is often the reason.”…

Obsolescence

Obsolescence is another item mentioned by multiple survey respondents. Appraisers cited both external obsolescence and functional obsolescence as being frequently overlooked.

“External obsolescence for the subject property – When I’m reviewing appraisals, I see this more often than other oversights. When I was performing retrospective reviews for FNMA, their biggest complaint was that appraisers did not point out external obsolescence for the subject and/or its impact on marketability (if there was an impact).”

“Functional obsolescence – Appraiser focus has changed over the years as subject functionality has changed.”

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Covid-19 Residential Appraisers Tips on Staying Safe

Appraiser Recovers From COVID-19

By Ann O'Rourke on April 10, 2020 / appraisal business, appraisal regulations, Coronavirus, Fannie, FUN, humor, Mortgage applications / Leave a comment

Tags: appraisal business, appraisal fees, appraisal regulations, Coronavirus, humor, mortgage loan volume

Appraiser/Educator Bryan Reynolds is recovering from COVID-19

I had a bit of a difficult time with this podcast. We like to think we’re invincible, immune, unaffected, but that’s silly. We are, at the end of the day, all vulnerable. This chat with my long time friend and partner, Bryan Reynolds, brought that realization home, in stark reality and made it tangible and personal. Appraiser Recovers From COVID-19.

People, we damn near lost Bryan. Please give this podcast a listen. I’ve posted it here, largely unedited. This podcast is the epitome of authentic.

Hal Humphreys

Partner Appraiser eLearning

The Appraisal Update – Episode 40 | Bryan Reynolds and COVID19

To listen, click go to https://podcasts.apple.com/us/podcast/the-appraisal-update-episode-40-bryan-reynolds-and-covid19/

My comment: Listen to this podcast!! I saw the last podcast live on March 26. Hal Humphreys was the moderator, speaking from his front yard. He said that Dave had coronavirus. I am so glad that he is recovered! To watch his webinars, go to https://www.youtube.com/channel/UClb6iDQvzQqj4GOiKSCp8EA

10-20 UPDATE: For lots of Covid analysis and news, go to my new covidscienceblog.com

A very, very funny appraiser video!

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Appraiser Recovers From COVID-19(Opens in a new browser tab)

Appraiser Covid Survey Results April 2020

By Ann O'Rourke on April 9, 2020 / appraisal business, cat, Coronavirus, Fannie / Leave a comment

Tags: appraisal business, Coronavirus, Fannie

Survey Results April 2020

April 1 Wednesday Facebook Poll results:

Doing interiors 142 – 57%

Turn down interiors 80 – 32%

Transiting away. 28 – 11%

Total 250

—————————-

Bradford software customers – Started April 30, last Monday

I took this survey.

Q1 Have you been been accepting new appraisal assignments? (check all that apply) (1,087 responses)

Responses

– I do Desktops using the new COVID-19 Flexibility Desktop addendum 29.35% 319

– I do Drive-bys using the new COVID-19 Flexibility Exterior addendum 49.22% 535

– I do traditional 1004s with interior and exterior inspections 65.96% 717

– Not doing appraisals during the pandemic crisis 8.92% 97

Q2 Did you know lenders will accept a desktop or drive-by in lieu of a traditional 1004 with interior inspection?

Yes 83.90% 912

No 16.10% 175

Q4 Would you complete an appraisal that included interior photos

completed by a homeowner if you could verify the photos were taken

inside the home?

Yes 72.13% 784

No 27.87% 303

Many thanks to Jeff Bradford for this data!!

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Covid-19 Residential Appraisers Tips on Staying Safe

Covid humor for appraisers

By Ann O'Rourke on April 1, 2020 / appraisal business, Appraisal Foundation, Coronavirus, Fannie, FHA, unusual homes, va / Leave a comment

Tags: Appraisal Foundation, Coronavirus, Fannie, FHA, unusal homes, va

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

Appraisal Business Tips

Humor for Appraisers

COVID Risk When Appraising Apartments and Commercial Properties

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

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Covid-19 Residential Appraisers Tips on Staying Safe

Covid-19 and appraisals. March 20 2020

By Ann O'Rourke on March 20, 2020 / appraisal business, Coronavirus, va, weird properties / Leave a comment

Tags: appraisal business, Coronavirus, va, weird properties

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

Appraisal Business Tips

Humor for Appraisers

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!!

Covid-19 Residential Appraisers Tips on Staying Safe

Coronavirus and Appraisals March 13 2020

By Ann O'Rourke on March 13, 2020 / AMCs, appraisal business, Appraisal fees, appraisal management company, AVMS, future, lender appraisals, Mortgage applications, mortgage loan volume, unusual homes, weird properties / 1 Comment

Tags: AMC, appraisal business, appraisal fees, appraisal management company, future, mortgage loan volume, unusal homes, unusual buildings

Appraiser’s (Changing) Role

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.

Appraisal Business Tips

Humor for Appraisers

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

Appraiser Covid Survey Results April 2020

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Which Appraisal Clients are used the most?(Opens in a new browser tab)

Building A Secure Appraisal Business

By Ann O'Rourke on February 28, 2020 / adjustments, appraisal business, data, weird properties / Leave a comment

Tags: adjustments, appraisal business, weird properties

Building a Secure Appraisal Business

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.

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Urban, Suburban, Rural in Appraisals

By Ann O'Rourke on February 14, 2020 / adjustments, appraisal, appraisal business, appraisal how to, appraisal regulations, data, E&O, Mortgage applications, mortgage loan volume, unusual homes, weird properties / Leave a comment

Tags: adjustments, appraisal, appraisal how to, appraisal regulations, mortgage loan volume, statistics, strange house, weird properties

Urban, Suburban, Rural?

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)

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Appraiser Work Stress Humor

By Ann O'Rourke on January 24, 2020 / AMCs, appraisal business, appraisal management company, FUN, humor, Mortgage applications, real estate market, Strange homes, USPAP, weird properties / Leave a comment

Tags: adjustments, appraisal management company, humor, unusal homes, unusual buildings, USPAP

8 Funny Quotes About Appraiser Work Stress

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)

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