Appraisal News and Business Tips

Fannie

3-7-19 Newz: Digitally-Doctored Listing Photos – Mermaids and Camels at Open Houses – Manufactured Home Webinar

By on March 7, 2019   /   adjustments, appraisal business, appraisal how to, Fannie, mortgage loan volume, real estate market, Uncategorized, unusual home   /   Leave a comment
Tags: , , , , , ,

7 Women in the Building Business, Including an Appraiser

Excerpt: In 1986, when Dina Miller, her brother, Jonathan, and other family members founded the real estate appraisal firm Miller Samuel, “there were very few female appraisers,” said Ms. Miller, 56, whose specialty is specialty work – determining the value of a common hallway that a co-op shareholder wants to buy, for example, and handling stratospherically expensive property, including the top-floor apartment at 432 Park Avenue.

Scroll down the page to Dina Miller

My Sister, My Business Partner Gets Her New York Times Due By Jonathan Miller
Excerpt: The New York Times weekend real estate section has a cover story The Boss? You’re Looking at Her: 7 Women in the Building Business and my sister Dina was one of them. I’m very proud of her. She, myself and my wife are the principals of our firm Miller Samuel we co-founded with our parents in 1986. Dina is not a public person like I seem to be but has often said her brother (me) “never met a microphone he didn’t like” which I wear as a badge of honor. Congrats to my sister for her well-deserved recognition.

My comment: Not often an appraiser is featured in an article in a major national publication!! Hardly ever is it a female appraiser.

—————————————————————–

Read more!! →

Back to Top

1-24-19 Newz: AVMs vs. Appraisers- New Fannie Formz?- Future of Res Appraising

By on January 24, 2019   /   AMCs, appraisal business, appraisal management company, AVMS, Fannie, forecast, hybrid appraisals, lender appraisals, mortgage loan volume, real estate market, UAD, USPAP, zillow   /   Leave a comment
Tags: , , , , , , , , , ,

AVMs vs. appraisers

Excerpt: Different AVMs are designed to deliver different types of valuations. And therein lies confusion.

Consumers don’t realize that there’s an AVM for nearly any purpose, which explains why different algorithms serve up different results, said Ann Regan, an executive product manager with real estate analytic firm CoreLogic. “The scores presented to consumers are not the same version that is being used by lenders to make decisions,” she said. “The consumer-facing AVMs are designed for consumer marketing purposes.”

Written for consumers, but very well written and worth reading.

My comment: How often does someone tell you what Zillow says their home is worth? What do you say? I say Zillow works well on tract homes built in the past 10 years. This article discusses AVMs, regulators, appraisers, etc.
——————————————————————————

Read more!! →

Back to Top

12-13-18 Newz:// Futuristic Homes / Declining Prices? / Coester?

By on December 13, 2018   /   adjustments, Fannie, lender appraisals, Mortgage applications, mortgage loan volume, real estate market, Strange homes, threshold, unusual homes, weird homes   /   Leave a comment
Tags: , , , , , , , , ,

Futuristic Houses With Some Weird Architectural Designs

Just For Fun!!

Excerpts: You may have watched Transformers, robots that transforms to a vehicle. Well, that’s exactly how these house designs are made. Futuristic? Sure it is. Considering that we need space to build our homes, now we can just take our homes to wherever it is we like. It transforms from a box to a home. How cool is that?

Some of these sleek, weird houses look like they’ve been ripped out of the twenty-second century and some look like they’re from the next millennium. Get ready to move into the freaky saucer homes of tomorrow.

—————————————————————————-

Fannie Appraiser Update: Special Edition for Rural Appraisal

December 2018

Excerpt: Get tips for appraising rural properties, learn more about our manufactured housing appraisal policy, read about recent appraisal policy updates, and more in the latest Fannie Mae Appraiser Update.

We love hearing from you! Please continue to use the Contact Us form for appraisers to share what’s on your mind and to submit feedback and questions on appraisal topics.

Topics include:
Adjustments, Comps, Cost Approach, etc. tips relevant for most appraisers.
Click here to download the Update PDF
My comment: Even if you don’t appraise rural homes, there are some good tips in this document for all of us! Who never gets a weird house to appraise?
—————————————————————————-
Education

Read more!! →

Back to Top

10-25-18 Newz// Maps streets-buildings – Warming Oceans – Actionable Education

By on October 25, 2018   /   appraisal business, Appraisal Foundation, appraisal how to, Appraisal Standards Board, appraisal waivers, Fannie, forecast, george dell, Mortgage applications, mortgage loan volume, real estate market   /   Leave a comment
Tags: , , , , , , , ,

A Map of every building in America

Excerpts: Classic maps answer questions like: How do I get from Point A to Point B? These data images, instead, evoke questions – sometimes, simply: What’s that?

We found fascinating patterns in the arrangements of buildings. Traditional road maps highlight streets and highways; here they show up as a linear absence.

—————————————-

In the August 8 2018 issue of this email newsletter, I published the link

Visualizing the Hidden ‘Logic’ of Cities

Excerpt: Some cities’ roads follow regimented grids. Others twist and turn. See it all on one chart.

Excerpt: In Chicago or Beijing, any given street is likely to take you north, south, east, or west. But good luck following the compass in Rome or Boston, where streets grew up organically and seemingly twist and turn at random.

Fascinating!! Check it out at:
——————————————————————————

Read more!! →

Back to Top

9-27-18 Newz//Two Appraiser Brains? -Fannie Waivers – Frank Lloyd Wright Homes

By on September 27, 2018   /   adjustments, appraisal how to, Appraisal Qualifications Board, appraisal waivers, commercial appraisal, Fannie, george dell, mortgage loan volume, real estate market, unusual homes   /   Leave a comment
Tags: , , , , , ,

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.
————————————————————————-

7 Fantastic Frank Lloyd Wright Homes

Excerpt: 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

————————————————————————-

Read more!! →

Back to Top

9-6-18 Newz//School Premiums – Cabin Fever – Appraiser Diversity

By on September 6, 2018   /   adjustments, appraisal how to, appraisal waivers, appraiser shortage, Fannie, mortgage loan volume, real estate market, unusual home, unusual homes, weird homes   /   Leave a comment
Tags: , , , , , ,

Where Are the Largest Public School Real Estate Premiums in U.S.?

Excerpt: Coastal cities and their suburbs dominated the California list, with America’s most expensive prime public school areas dotting California-from the mansion-speckled towns around Silicon Valley to the affluent school district of Rancho Santa Fe, outside of San Diego.

Note:  This article focuses on California, Washington state and New York city.

Click here to see a map of the school ratings where you appraise, used to live, live now, etc. Definitely accurate for my city. Yes, being in some districts make a difference in value… Fascinating!!

https://www.greatschools.org/

==========================================

Read more!! →

Back to Top

8-30-18 Newz// Form or Not? – Apocalyptic Architecture – CU-Just a Machine

By on August 30, 2018   /   adjustments, appraisal how to, Collateral Underwriter, Fannie, statistics, Strange homes, weird properties   /   Leave a comment
Tags: , , , , , , , , , , ,

To Form or Not To Form? What will it be? A new 1004?

By George Dell
Excerpt: What’s the difference between a form and a data entry page? Will “forms software” even be necessary? Will the result require less appraiser expertise – or more? Will it encourage the “form-filler” people, or will it require some real understanding of problem identification, data selection, predictive methods, and communication? Will the transmittal require both an electronic data stream and human actionable views?

Will it require appraisers at all? Or will the “data analysts” simply create the ultimate model.

These are big questions. From my point of view, some of the answers are obvious. But first, let’s outline how we can even ask the right questions . . .

My comment: Fannie Mae has been planning on revising the forms. I have known George for quite a while, heard him speak and taken his class. Looks like people are finally starting to pay attention to what he says about stats, data, etc.!! His blog posts are fine, but sometimes you want more. The September issue of the paid Appraisal Today will have George’s 6 page article, “Why, Why, Why? Why do we put “stats”, “graphs”, “data,” and “science” together?”
===========================================

Read more!! →

Back to Top

8-9-18 Newz//No more 1004MC?? ;Witch Windows ;North Dakota Waivers?

By on August 9, 2018   /   adjustments, appraisal how to, appraisal waivers, Fannie, mortgage loan volume, Strange homes, unusual home   /   Leave a comment
Tags: , , , , , , , , ,
Advertise with us. Very good open rates!
————————-

———————————————————————

Markets slowing down. Price declines??

Housing market is showing signs of cracking: ‘Anything-goes list-price strategy is no longer working
Excerpt: But the slowdown is also tied to overheated prices. Even in the hottest markets, there is a limit to affordability, and that limit is clearly now being hit.

In pricey Southern California, sales of both new and existing homes fell sharply in June compared with a year ago, according to CoreLogic. Demand is still quite strong, and while prices continue to gain, more listings are showing price reductions.

My comment: If I knew when the prices peak, I would be rich and get the Nobel Prize!! It is very tricky. Beware of price declines starting. Keep close watch on lots more listings than pendings. Few, or no, offers way over list. The bottom of the market is easy to see. Fast declines, then stabilizes for quite a while.
——————————————–

The problem of overpricing in real estate

By Ryan Lundquist

 

Excerpts: Overpricing is a problem. You’d think in such a “hot” market that it wouldn’t be an issue, but it is. I’m not trying to dog sellers, but let’s talk about some of the most common pricing mistakes right now. I hope this helps.

5) Sales instead of comps: The most common pricing mistake I see is pricing according to a sale down the street that really isn’t comparable. So a seller says, “I know that house is totally remodeled with a pool, but someone’s going to pay the same amount for my house.” My advice? Price according to similar homes that are actually getting into contract rather than dissimilar properties. Be careful about hijacking price per sq ft figures too.

My comment: Written for real estate agents, but helpful for appraisers. I encountered this when doing a retrospective estate appraisal for a house that will be listed. The owner kept going on and on about a home nearby that sold for $1,100,00 that was “smaller” than hers. Fortunately, I was not doing current value ;>

———————————————————————

Read more!! →

Back to Top

7/19/18 Newz//Price declines? .History of Appraisals .Whale House

By on July 19, 2018   /   AMCs, appraisal business, Appraisal fees, appraisal how to, Fannie, fees, Mortgage applications, unusual home   /   Leave a comment
Tags: , , , , , ,

The History of Appraisals

By Ed Pinto
Excerpt: Many say “history always repeats itself” and in the case of appraisals, it may be for the best. We sat down with Edward Pinto, the Co-Director of AEI’s Center on Housing Markets and Finance as he shares with us his discoveries from the original FHA forms.

Dating back to the 1900’s Ed found the tools needed to bring the appraisal process back to how they were originally called for – based off of the market value and the information proved by the expert, the appraiser.

Very interesting and worth reading:

My comments: I have published several articles in my paid Appraisal Today about the history of appraising, going back to the Bible: the Book of Moses!! I have been inspired to republish them in the September issue of the paid Appraisal Today.

Read more!! →

Back to Top

6-14-18 Newz//New Fannie Selling Guide, AMC Changes, Crazy Restrooms

By on June 14, 2018   /   AMCs, Appraisal Foundation, appraisal management company, appraisal waivers, Fannie, hybrid appraisals, mortgage loan volume, USPAP, weird properties   /   Leave a comment
Tags: , , , , , , , , ,

Dodd-Frank rollback weakens appraisal standards

Excerpts: Under the new law… smaller banks and credit unions will now be free to waive an appraisal for rural properties valued under $400,000, when they can’t find an appraiser in a timely manner.

Most loans are sold into the secondary market. It is a fairly narrow provision. They are basically looking at rural areas where banks are holding the loans in their portfolio.

…continuing concerns with what has been a pendulum swinging back to regulatory relief and loosening risk-management requirements. This is part of that wave.

Read more here:
My comment: good analysis by Bill Garber of the Appraisal Institute. Worth reading.

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….

Read more!! →

Back to Top