Green Hornet – The First Lender Appraisal Form

The “Green Hornet” – first lender appraisal form in 1962 . A brief history, written by George Opelka in 2010. Worth reading

Excerpts: As a result of an early consulting-writing assignment with the U.S. (Savings and Loan) League, my Dad created appraisal form “#17-PRA” in 1962, which became the Green Hornet – The First Lender Appraisal Form.

The appraisal report form was presented to the Appraisal Committee of the U.S. League for review and consideration for adoption and use by savings and loan associations across the United States.

The form was initially presented on green paper with green ink strictly for marketing spin.

To read more, click here

My comment: Very interesting and worth reading!! Warning: there are two appraiser comments, but then long “spam” comments not worth reading.

New 1004 appraisal form?(Opens in a new browser tab)

———————————

Appraisal Adaptation and Modernization with George Opelka, including personal information on the Green Hornet: 27-minute video

Excerpt: An interview with Joan Trice, Founder of Allterra Group, LLC, and George Opelka, ACI General Manager. We sat down with George Opelka to discuss the modernization of the appraisal industry and the adaptation that’s still yet to come.

What is the history with certain appraisal software? What are some of the lasting impacts of the pandemic? Where does this leave the future of modernization in the industry? These questions and much more will be answered by George Opelka while he shares on this evolving subject.

To watch, click here

My comment: Worth watching. A fascinating history of the Green Hornet, the first appraisal form. George is a good speaker who has been around appraisers since he helped his dad when he was young. When working for ACI, he followed all the appraisal changes over the years. I don’t always listen to long videos, but I could not stop listening to this one!

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!!

—————————————————————————–

Read more!!

Should Appraisers Pay to Be on AMC List

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!

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

Read more!!

Which Appraisal Clients are used the most?

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.

To read the results and appraiser comments click here

Marketing and Management Tips for Appraisers

Read more!!

Interview with The “Millionaire Appraiser”

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!!

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

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)

Read more!!

What’s the appraisal definition for suburban?

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 ;>

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

Read more!!

Fannie Update on Covid alternative appraisals

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.

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

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. 

Read more!!

Terrible Real Estate Agent Photos for Appraisers

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

Appraisal Humor

Appraisal business tips

For lots more appraisal topics, Click  Read More below!

Read more!!

What is most often overlooked by appraisers?


 

 

 

 

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

Appraisal Humor

Appraisal business tips

For lots more appraisal topics, Click  Read More below!

Read more!!

Swiss guesthouse built into side of mountain Appraisers and Houses

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

Appraisal Humor

Appraisal business tips

For lots more appraisal topics, Click  Read More below!

Read more!!

Value, Accuracy, and Misleading for Appraisers

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.

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

Appraisal Humor

Appraisal business tips

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

Read more!!