Fannie

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

Should Appraisers Pay to Be on AMC List

By Ann O'Rourke on August 28, 2020 / adjustments, AMCs, appraisal business, appraisal management company, cost approach, COVID, Fannie, fauci, new appraisers / Leave a comment

Tags: adjustments, appraisal business, appraisal management company, Coronavirus, Fannie, mortgage lending, mortgage loan volume, new appraisers, unusal homes

By Dustin Harris

Excerpt: Should appraisers pay to be on an AMC’s approved appraiser list? Is this one way to get new clients? If an AMC solicited you, would you check it out?

Now, I work for some AMCs that, frankly, you might not choose to work for. That’s fine. It’s a choice we all make. Understand that most of the areas I work are rural, so AMCs are generally willing to pay more because of this. Some AMC are very demanding. Yet, when I meet those demands, I get a lot of well-paying jobs from them.

To read more, plus lots of appraiser comments, and listen to the podcast, click here

My comment: A never-ending very controversial topic ever since AMCs took over residential lender appraisals after the mortgage crash around 2008!

To read the results and appraiser comments click here

Which Appraisal Clients are used the most?

By Ann O'Rourke on August 7, 2020 / adjustments, appraisal business, appraisal how to, Coronavirus, COVID, Fannie, Mortgage applications, unusual home / Leave a comment

Tags: adjustments, appraisal business, appraisal how to, Coronavirus, COVID, Fannie, mortgage loan volume, unusal homes

Survey: Which Appraisal Clients Make Up the Majority of Your Client Base?

Excerpt: What types of clients do property appraisers serve? Do most of their assignments come from lenders vs. non-lenders? To help answer these questions, we recently asked our real estate appraisal community, “What type of appraisal client makes up the majority of your client base?” Or, which Appraisal Clients are used the most?

While most appraisers said that the majority of their work comes from lenders (most often through AMCs), some said the bulk of their client base is made up of other types of appraisal clients, such as attorneys or private individuals.

Marketing and Management Tips for Appraisers

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

Interview with The “Millionaire Appraiser”

By Ann O'Rourke on July 31, 2020 / appraisal business, Fannie, humor, hybrid appraisals, Mortgage applications, unusual homes / Leave a comment

Tags: appraisal business, Coronavirus, Fannie forms, Hybrid appraisals, unusal homes

Excerpt: How does one reach such a milestone? Terrence dropped out of school at what age? What advice can he offer to appraisers? These questions and much more will be answered by Terrence Bilodeau as he shares about his life’s journey and how he runs his business. The 23-minute Interview with The “Millionaire Appraiser”, Terrence Bilodeau, includes 2-minute introductory comments and a brief ad. Very good interview.

Read the appraiser comments below the video on the Vimeo website. (not many comments on Buzz web site).

Interview with The “Millionaire Appraiser”. I wrote about him in the June 19 issue of this email newsletter, using a recently published CNBC article. He was grossing $280,000 per year. It was very popular with my subscribers. Link to the article I used click here:

To read more, click here

My comment: This guy works way too hard!!

What Is An Appraiser?(Opens in a new browser tab) Humor

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

Appraisal Process Challenges(Opens in a new browser tab)

Crazy Appraiser Stories!!(Opens in a new browser tab)

What’s the appraisal definition for suburban?

By Ann O'Rourke on July 10, 2020 / adjustments, appraisal business, Appraisal Foundation, Coronavirus, Fannie, forecast, george dell, Mortgage applications, real estate market, USPAP, weird properties / Leave a comment

Tags: adjustments, appraisal business, Appraisal Foundation, appraisal how to, Coronavirus, Fannie, Fannie forms, mortgage lending, mortgage loan volume, USPAP, weird properties

Excerpts: The U.S. hasn’t had a formal definition for what constitutes a suburb. A new data analysis comes closer to defining America’s most popular neighborhood type. (Suburban appraisal definition is tricky.) What’s the appraisal definition for suburban?

The United States is a land of suburbs, with just one problem: No one’s quite clear what a “suburb” is.

It’s a question of semantics with real-world implications, as government programs, political campaigns and developers try to spend money in the “suburbs,” where a majority of Americans say they live despite the category having no formal definition.

For some people, it’s obvious: A suburb is a smaller city on the periphery of a larger city. Or it’s a sprawling neighborhood filled with vast swathes of single-family homes. Still other more dated conceptions of suburbia in the popular mind involve the people who live there: allegedly white, middle class and socially homogenous.

Now a new team of researchers believe they’ve cracked the code…

To read more, click here

My comments: Of course, if you do residential lender appraisals this is a Very Big Issue due to lender “requirements” such as no rural properties. Lots and lots of online discussion about this for a long time. Post this topic on your favorite Internet chat site or email list… and wait for the wide variety of opinions!!

———————————————————–

My Favorite Definitions

(This has been floating around for many years…)

Rural Suburban Urban

If you stand naked on the front porch and the neighbors can’t see you… it’s rural.
If you stand naked on the front porch and the neighbors call the cops on you… it’s suburban.
If you stand naked on the front porch and the neighbors ignore you… it’s urban.

There are other variations, of course, that are not suitable for this newsletter ;>

Covid-19 and Appraisers FREE Newsletter(Opens in a new browser tab)

Fannie Update on Covid alternative appraisals

By Ann O'Rourke on July 3, 2020 / adjustments, Coronavirus, Fannie, liability, Mortgage applications, mortgage loan volume, real estate market, unusual home / Leave a comment

Tags: adjustments, Coronavirus, Fannie, mortgage lending, mortgage loan volume, real estate market

Fannie Update on Covid alternative appraisals. Excerpt: Through mid-May, about 15% of Uniform Collateral Data Portal® (UCDP®) appraisals completed after our announcement used the flexibilities, either desktop or exterior-only. As you know, circumstances vary widely across the country, and the uptake of the flexibilities reflects this. The highest percentages of appraisals using the flexibilities are around 40% in some northeastern states, while the lowest percentages are around 10% in some of the less impacted states…

We found that appraisers have used the flexibilities correctly about 90% of the time. Appraisers have done a great job identifying external obsolescence for desktops and exterior-only appraisals, as well as leveraging their local knowledge, maps, aerial photos, and other data sources. We’ve been pleasantly surprised to find that, although not required, about 35% of nontraditional reports include a sketch pulled from prior reports, assessors records, or other sources. Also, the supporting comments in the nontraditional reports have been even better on average than those in traditional reports.

Worth reading. 5 pages and well written. Also includes comments on “one mile rule” and flood zones. To read more, click here

My comments: There are very few of these done in the Bay Area. 10% sounds about right. However, now we are now in a major virus surge in some states – opened too soon and people in some areas did not do social distancing, hand washing and wear face coverings. Use of the alternative reports may increase in some states, and decrease in the northeast.

These appraisals are not easy to learn how to do, and are very different than doing full 1004 with interior inspections. In the June issue of the paid Appraisal Today I have lots of information on them, including useful references. See the ad below.

Click the link below for a church converted to a home, Value Difference Between Streets, Avenues & Boulevards…?, Millions of American Homes at Greater Flood Risk Than Government Estimates, New Study Says, random thoughts of an appraiser, mortgage origination stats.

Terrible Real Estate Agent Photos for Appraisers

By Ann O'Rourke on June 12, 2020 / adjustments, AMCs, appraisal, Fannie, FUN, humor, Mortgage applications, statistics, unusual homes, weird homes / Leave a comment

Tags: adjustments, appraisal, Fannie, mortgage loan volume, unusal homes

Just For Fun and Oddities!!

If M C Escher had tried interior design.

<< 4 bedrooms, 2 bathrooms, and extensive opportunities for open plan off-roading.

Inexplicably bad property photographs.

It’s that simple

Don’t miss the Very Funny Captions!!

To see more, click here

For lots more appraisal topics, Click Read More below!

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.”

To read lots more, click here

For lots more appraisal topics, Click Read More below!

Swiss guesthouse built into side of mountain Appraisers and Houses

By Ann O'Rourke on May 29, 2020 / adjustments, Coronavirus, Fannie, lender appraisals, Mortgage applications, real estate market, unusual home / Leave a comment

Tags: adjustments, appraisal how to, Coronavirus, Fannie, mortgage loan volume, real estate market, strange house

This 170-year-old Swiss guesthouse built into the side of a mountain is best accessed by a cable car.

Excerpt: The guesthouse and restaurant is quite literally built into a cliff, and its back wall is made up of the rock itself.

Its precarious perch makes it difficult to get to, and it’s only accessible after a steep hike along a mountain path or via cable car (the piano in the living room was brought in by helicopter). It’s been around for 170 years, and was originally a home for farmers; the guestbook goes back to 1940.

To check out the interesting fotos and brief description click here

For lots more appraisal topics, Click Read More below!

What to Do When Your Appraisal Is Under Review(Opens in a new browser tab)

Value, Accuracy, and Misleading for Appraisers

By Ann O'Rourke on May 15, 2020 / Appraisal fees, commercial appraisal, Coronavirus, desktop appraisals, Fannie, FHA, lender appraisals, Mortgage applications, real estate market, unusual homes, USPAP, webinars / Leave a comment

Tags: appraisal fees, appraisal regulations, Coronavirus, Fannie, FHA, mortgage loan volume, real estate market, unusal homes

On Value, Accuracy, and Misleading…and How They are Different From What You Might Think!

By Tim Andersen, MAI

Excerpt: Let’s start this musing by addressing the issues of value, accuracy, and misleading. You might have looked at them differently in the past. Then we’ll tie these in the idea of the value conclusion in an appraisal being right or correct.

State appraisal boards level charges against appraisers. It is very common for appraisers to defend themselves against these charges by insisting their value is “right”. Or, they assert they have properly supported their value conclusion, or something similar. In reality, this argument is utterly irrelevant and carries no weight with the appraisal board.

IRRELEVANT!?

When it comes to value, accuracy, and misleading, the appraiser’s value opinion alone is irrelevant and weightless. This is because TAF has given state appraisal boards specific instructions. Those instructions are that the appraiser’s value conclusion is not to be a part of the board’s investigation. Nor is it to be a part of its deliberations. Therefore, it is not to be part of the appraiser’s defense since it is not part of the charges against the appraiser.

To read more, click here

My comment: Tim is a regular contributor to the paid Appraisal Today. He is The USPAP Expert and helps appraisers stay out of trouble with their state boards!! Tim also has an interesting podcast – link is on the top of the page.

To read about lots more appraisal topics, continue reading below!