Hobbit Houses in Charlevoix, MichiganJust For Fun!!Excerpts: Growing up in northern Michigan in the early 1900s, Earl Young was obsessed with boulders. Glacial boulders, to be exact-ones moored in fields, forests, and on lake coastlines across the state thanks to the slow march and retreat of glacial ice during the Precambrian age.
The homes he designed will stop you in your tracks, as one did the last time I was there, passing by on a bike. Call them “mushroom houses,” “hobbit houses,” “boulder houses”; everyone has a different name for them. They’re often described concisely, if vaguely, as “organic.” Though some see Frank Lloyd Wright’s influence, they’re distinctly Young.
Fascinating! Lots of fotos and info at:
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ASB Adopts Changes to USPAP for 2020-21Excerpt: The current written report options (Appraisal Report and Restricted Appraisal Report) are being retained for 2020-21. One of the more significant revisions is that use of the Restricted Appraisal Report will be permitted when there are intended users in addition to the client. An appraiser will be required to identify these additional intended users by name in the report.
The Foundation will be authoring a Summary of Changes document about the pending revisions to USPAP within the next several weeks. They will also be producing a recorded webinar on the changes. The new USPAP becomes effective on January 1, 2020, so there is still plenty of time to learn about the changes to USPAP before they go into effect.
Click here for the full blog post:
My comment: Many thanks Dan Bradley at McKissock for this blog post! I will be writing about the new USPAP in my paid newsletter, but learned many years ago to wait until a few months before it is adopted. That is when appraisers want to know about it ;>
I never used Restricted Reports because other intended users could not be added. Now I have another reporting option to use.
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Do You Have Two Appraiser Brains?By George Dell
Excerpt: One appraiser brain says you must be “independent, impartial, and objective.” (USPAP) It wants to be good. It wants integrity and to sleep peacefully at night.
But there’s another brain. It’s primal and wants to survive. It has other responsibilities: meet the bills, feed the family, pay the mortgage, and pay government taxes/fees. And recorded in this brain is that part of the standards which say: Do what your clients expect; do what everyone else does. As paraphrased, the sole guides to an acceptable scope of work.
Worth reading. Short. Plus the comments.
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7 Fantastic Frank Lloyd Wright HomesExcerpt: Dubbed by the American Institute of Architects as the “greatest American architect of all time,” Wright designed more than 1,100 buildings, 532 of which were eventually built. From his early designs in the low-slung Prairie School style to the efficient, affordable Usonian style inspired by the Great Depression, everything Wright created aimed to create spaces that he described as “eloquent and humane.”
Photos and info at:
https://www.realtor.com/news/trends/frank-lloyd-wright-homes-on-the-market ————————————————————————-
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$1 listing pricesExcerpts: A $1 house listed in Edmond, OK, has stirred up a huge hubbub among home buyers, home sellers, real estate agents, and others: Come on, is that even real? There must be a catch.
In other words: After less than a week, the home is under contract. While Hukill won’t share specifics until the deal is officially done, he says, “we ended up a little bit above what the sellers initially thought they’d get.”
Which begs the question: Should more home sellers consider pricing their home at $1?
My comment: interesting discussion of the pros and cons. |
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Appraisal Waivers save up to 2 weeks timeFrom Fannie Mae’s May 15 2018 Selling News
Save your borrowers time and money with a PIW
Did you know that a property inspection waiver (PIW) can save you up to two weeks in loan cycle time while saving your borrower the expense of an appraisal? A PIW can both reduce costs and shorten the loan origination process by eliminating the need to obtain and review an appraisal, removing the chance of any appraisal-related delays.
Exercising a PIW offer will also give you Day 1 Certainty®, freedom from reps and warrants on property value, condition, and marketability. Learn more about these benefits and more on the PIW page.
My comment: And I was thinking that Hybrid Appraisals were a big market… No way to beat No Appraisals…
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What’s a comp?By George Dell, MAI, SRA
Excerpts: Our education tells us a comp is similar and competitive. So how do we measure “comparability”? If our job entails studying market data to get an answer … might it be important to know exactly how to describe a comp?
So what’s the issue? Why should we care? I am a highly trained expert. I have a license. “Trust me. I know a good comp when I see one.”
My comments: George is writing a longer article than his blog posts for the May issue of the paid Appraisal Today. I often wish his blog posts were longer, but they are designed to be short ;>
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The rage of Airbnb rentals (and stuff to keep in mind about value)By Ryan Lundquist
Excerpts: The owner has a cash cow. Her second unit is bringing in $3,300 per month as an Airbnb rental, and it’s paying her mortgage. Since these types of rentals are all the rage right now, let’s talk about some important details to keep in mind from a value perspective. This isn’t meant to be exhaustive, but I wanted to share some things on my mind. I’d love to hear your take in the comments.
Topics:
1) Airbnb rent vs. market rent
2) Lenders and market rent
3) Investors & seller expectations
4) The fine print and a 12% tax
Click here to read the details, plus the appraiser comments:
My comment: This stuff gives me a headache ;> These seem to be everywhere now, especially room rentals. The Local Politics can be a mess. I look at the income as a business. Very different than renting by the month or year (at much lower daily rates), unless it is in a popular vacation rental market. |
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11 Trends Every Appraiser Should Watch for in 2018Excerpt: Here are a few:
3. Potential revision of the URAR form
5. Is the $100,000 market disappearing?
6. Housing bubble conversations
Click here for more info:
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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.
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…
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No bath tubs?Excerpts: For years, the common wisdom among both brokers and designers was that every home needed a tub. But changing lifestyles and the demand for more space are now driving some homeowners to swap out their tubs for chic, high-end showers.
There is no definitive data on whether ripping out a tub could harm resale value – or any way to quantify how many people are doing that – said Jonathan J. Miller, president of the appraisal firm Miller Samuel. But “for a young family, not having a tub is an issue,” he added, “so the risk of impacting the value rises as the apartment size rises.”
My comment: Just something to think about… I often see bath tubs that are seldom used. But rarely see a home with no tub.
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A Tour of the World’s Most Delightful Domes17 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 |
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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. |
Are you paying unseen add-on fees for your appraisal?By Ken Harney, nationally syndicated real estate writer
Excerpt: Are you getting fleeced on appraisal charges when you buy a house or refinance? Could you be paying as much as double what the appraiser is receiving for actually doing the work, with the excess going to an undisclosed third party?
Many appraisers say yes. And they’re eager to let consumers know that when the appraisal charge is $500 or $800 or $1,000, they’re frequently being paid just a fraction of that. The rest is going to an “appraisal management” company…
Read the full article here and add your comments:
My comment: Finally, someone is writing about the AMC Consumer Ripoff!! I have been saying since 2008 that the best way to “fight” AMCs is to let consumers know they are getting ripped off!! Appraisers complain about how AMCs treat appraisers and low fees, but don’t seem to focus on consumers, who are paying much more.
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