Appraisal Report certifications

Certifications: Understanding What You’re Signing

By Tim Andersen, MAI
Excerpt: Next is another declaration to aid in the transparency of the analyses behind the appraisal. “I have performed no (or the specified) services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.” Here, the intent is to prevent the client from perceiving the appraiser is in any way biased for or against the subject property by disclosing any relationship the appraiser may have with the property.

Occasionally appraisers appraise the same property numerous times for different entities. This component of the Certification discloses the appraiser has received knowledge of the property from having provided a past service involving the property. Because of the use of the word services, it is clear if the appraiser has provided any services relating to the property, the appraiser must disclose them.

My comment: When I used to teach USPAP (before the Appraisal Foundation mandated what to teach) I always spent time on the 1004 certifications. I suspect that was the first time that attendees read them. I make my own certifications for my non-lender appraisals.

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 8-9-18 blog post with many topics, click Read More Below!!

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6-28-18// Newz .Appraiser Impostor Video, Unusual Motels/Hotels, Switch Off USPAP

Appraiser Imposter Captured on Video!!!

Click here to see the video of the imposter and the owner’s comments. Note: You may have to wait for the ad to finish. Worth the wait!!

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Imposter posing as appraiser, utility workers target Phoenix neighborhood
Excerpt: Last Wednesday, as construction workers bustled inside Huddleston’s home near 22nd Street and Glendale Avenue, a woman came to her door claiming to be an appraiser for the bank.

Huddleston said the woman told her she was there to take pictures, and had arranged the time with Kacia’s husband, Bryan.
“She knew my husband’s name, and as I was in the midst of texting my husband to see if she was supposed to be here, she walked right in,” said Huddleston.

My comment: Have you inspected the wrong house? I have definitely knocked on the wrong door, but never went inside… so far ;>

Stories of Surprising Roadside Hotels

It’s check-in time for your memories of unforgettable travel lodgings.

Just For Fun!!

Excerpt: Lots of interesting places!! Here are a few:
Red Caboose Motel Ronks, Pennsylvania
The guest rooms are actual train cabooses. Think tiny houses on rails.

The Atomic Inn Beatty, Nevada
“It was alien and bunker-themed, and was decorated with atomic bomb art.”

Wigwam Village #2 Cave City, Kentucky
Stay in a teepee.

Movie Manor
Monte Vista, Colorado
“It’s in a drive-in theater and you can watch movies from your bed.”

Click on the Motel/Hotel name for photo and more info

My comment: Back in the 60s I traveled between California and Oklahoma regularly, using Route 66, before the Interstate was completed. Lotsa strange motels!! Before motels morphed into chains that looked the same. There are still a few of these “old timers” left.

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13 Very strange bathrooms for appraisers

13 of the Craziest/Coolest Public Bathrooms

Just For Fun!!

Excerpt: We know, there is a lot to hate about public restrooms, but we’ve found they can actually be a very unexpected but very potent source of inspiration. We’ve never seen tile layouts like the ones in public facilities-and that’s why we like them. Overlapping squares with zigzag edges? A woven look with a whopping five different colors and two different tile sizes?

My comment: Wow! Vibrant colors and tiles….

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 6-14-20 long blog post with many topics, click Read More Below!!

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6-7-18 Newz//Square footage. Novelty Architecture. Appraisal Fraud

It’s not all about square footage in real estate

By Ryan Lundquist

Excerpt:
Myth: Extra square footage is always worth more.
Factors:
1) Single story vs two story
2) 55+ Community
3) Layout
4) Dangerous to always adjust

Worth reading, plus appraiser comments at:

Goofy Buildings: Revisiting the Heyday of California’s ‘Crazy’ Novelty Architecture – Giant hats, portly pigs, and drive-thru donuts.

Just For Fun!!

Excerpts: In the 1930s, a British traveler in Southern California wondered if the local architects had gone a little nuts. It was either that or he had stumbled into a fantasy universe. There was something trippy about the roadside shops he saw along the way…

The unusual businesses he saw weren’t on some Hollywood backlot, but were California’s classic coterie of mimetic architecture-that is, buildings shaped like, well, anything but buildings. According to Cristina Carbone, a professor of art and architectural history at Bellarmine University in Louisville, Kentucky, the practice dates back to at least the Renaissance.

Fascinating!! Lots of photos and interesting comments at:

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5-17-18 Newz//New Fannie Forms. Appraisal Waiver saves up to 2 weeks. Golden State Killer House Survey

$1 listing prices

Excerpts: 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.

Appraisal Waivers save up to 2 weeks time

From 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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5-3-18 Newz//Federal Enforcement of USPAP? Public Restroom App. Unusual Houses & Buildings

How Lenders and Appraisers Can Work Better Together Through Increased Transparency

By Wes Costello
Excerpts: The relationship between lenders and appraisers has never been quite right. The association was scared by improprieties of the few that led to a fallout of the many, with each party retreating behind walls of mistrust and perceived regulatory requirement. Recently, communication is civil but has been described as resembling two parties of a legal arrangement who speak to each other on an as-needed basis….

Anyone who has directed appraisal management knows that they are only as good as the appraisers they partner with. This makes it vital to value each member of your appraisal panel as an integral partner in your company’s business.

My comment: Well written and worth reading, plus the comments, of course. The author is a Senior Vice President of Quality Management & Collateral Risk at AnnieMac Home Mortgage… He is a Pennsylvania Certified Real Estate Appraiser.

Public Restroom App by Charmin: Find Clean Bathrooms!

Excerpt: A clean nearby public bathroom can be hard to find. But not all restrooms are created equal.

With SitOrSquat we put clean public toilets on the map. Literally. Clean locations have a green “Sit” rating. Less desirable ones have a red “Squat.”

So, the next time nature calls and you need to find a nearby restroom, SitORSquat will help you know where to go.

My comment: Thanks to appraiser Jerry Walsh for this great tip. He has used it for years. I am downloading it today!! I coulda used this 40 years ago when I started appraising in rural areas….. Better than The Bushes or Behind A Tree ;>

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7 Strange home remodeling projects for appraisers

7 Strange home remodeling projects for appraisers
Excerpt: There’s a huge difference between decorating for your own pleasure and spiffying up your home to sell. If you’re staying put and pining for a purple bathroom, go for it! The resale value of your eclectic tastes don’t apply.
3. Too much purple or yellow
4. Too much cold white
7. A statement door that makes too much of a statement
To see all of them plus photos and details click here:

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 data, weird interior design, mortgage origination stats, Covid tips for appraisers, etc.

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Water heaters and home loan appraisals

 

Things to know about water heaters during real estate transactions

By Ryan Lundquist
Excerpt: Let’s have a quick conversation about water heaters. During a real estate transaction does the water heater need to be raised or not? What are lenders asking appraisers to look for? Does it matter if it’s gas or electric, or if it’s located in the garage or house? Here’s some things to know. Anything to add?

Worth reading… especially if you have to check them for FHA, etc. Plus, read the comments.

http://sacramentoappraisalblog.com/2018/03/08/things-to-know-about-water-heaters-during-real-estate-transactions

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 beach towns, $2,358 PSF home, appraisal waivers, mortgage origination stats, Covid tips for appraisers, etc.

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Do Appraisers Need Magical Adjustments?

The Magical Appraiser Wand

By George Dell
Excerpt: Can you just give me some magical software which will calculate my adjustments?

I get asked questions like this often. Can you just show me how to do a graph a client wants? Can you just give me your class stuff so I don’t have to come all that way? So often, the question degrades into something like “Why does the regression software give stupid answers?” I pushed the magic button!

People do not like the answer. You’re paid to do an analysis, not wave a magic wand, or push a magical appraisal button. We have another name for that, it’s called an AVM.   In addition to a point value prediction, AVMs can be tested for reliability. This is called the FSD (Forecast Standard Deviation). The AVM. It gets results. It’s fast. It’s cheap. And it provides a measure of reliability – the FSD.

Why would a client want something slower and more expensive with no measure of reliability? Why hire a pesky appraiser?

Click here for the answer!!

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

Covid-19 Residential Appraisers Tips on Staying Safe

COVID Risk When Appraising Apartments and Commercial Properties

Covid-19 Residential Appraisers Tips on Staying Safe

Covid Airborne Transmission Inside Homes

How to reduce Covid airborne transmission risk

Physical distancing – 3 ft. vs. 6 ft. vs. 13 ft. vs. ??? – new research

 

ADD LINKS FOR HUMOR AND BIZ TIPS

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 , mortgage origination stats, Covid tips for appraisers, etc.

 

 

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 waivers, air bnb , mortgage origination stats, Covid tips for appraisers, etc.

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Is Appraising Dying? Appraisals Replaced by Computers?

Is the Appraisal Profession Dying?

By George Dell
Excerpts: Yes. Appraisal as we know it is dying.
Can it be saved?  No.
So what should I do?  What should “we” do?

To answer these questions, we need to look at causes and conditions. Some of these are obvious.
– Judgment is good; Analysis is better.
– Human generalization is excellent; Computation is fast…

So what can we do? If we cannot be saved. If computers are faster. If we have complete data. If we too have software.  If we too can provide results instead of opinions…  Leads to an obvious question: Can an experienced appraiser do these things as well as, or better than those others?

Worth reading at:

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 hybrid appraisals, bpos, waivers, mortgage origination stats, Covid tips for appraisers, etc.

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