Are Human Appraisers Being Phased Out? Federal Regulators Vote to Loosen Requirements
Covid-19 Residential Appraisers Tips on Staying Safe
To read more of this long blog post, click Read More Below!!
Covid-19 Residential Appraisers Tips on Staying Safe
To read more of this long blog post, click Read More Below!!
Excerpt: The problem (lack of a definition) stems from the fact that U.S. statistical agencies (the Census Bureau and Office of Management and Budget) do not provide a systematic definition for suburbs. They offer classifications for metropolitan areas and micropolitan areas, a classification of urban and rural areas, and a category of principal cities, but nothing of the sort for suburbs. But, suburb not well defined for appraisals.
Very interesting with a good table To read more, click here
My comment: Appraisers have to identify on forms if a property is urban/suburban/rural. Also percent built up. Rural can affect loans sometimes. I have never seen any clear definitions. Now I know why!
Covid-19 Residential Appraisers Tips on Staying Safe
To read more of this long blog post, click Read More Below!!
By Rachel Massey
Excerpt: Often, buyers and sellers are under the impression that it is simple to price a house by its square footage. Nothing is further from the truth, unless of course, all the comparable properties considered are within a couple square feet of each other and have the same quality and condition and are in the same immediate neighborhood with no variation in the value of the site.
Underneath all is the land. This means that a house that sits on a hypothetical 60×120 sqft site should have the same underlying value if the house were 1,000 sqft or 2,000 sqft. If land is selling for $50,000 for this 7,200 sqft lot, then the value of the land does not change in value because it has a larger or a smaller house on it.
For more information and to check out the graphs click here
My comment: Good explanation and graphs. Written for buyers and sellers but a good explanation when you are trying to explain why Price per sq.ft. often is not reliable. Also, a very good blog post marketing to buyers, sellers and real estate agents.
Covid-19 Residential Appraisers Tips on Staying Safe
When 1,000 square feet doesn’t count in an appraisal(Opens in a new browser tab)
What is Included in Appraisal Square Footage?(Opens in a new browser tab)
Tax records and Square Footage in Appraisals(Opens in a new browser tab)
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Should we raise the deminimus to $2 million? Or $5 million?By George Dell
Excerpt: To simplify this discussion, let’s note two facts: Appraisers can perform ‘evaluations’, normally using the same scope of work as an unlicensed “evaluator”. What’s the difference? It appears to me that there is one key difference. The question is then: Which part of the service is not required? Is it the integrity/ethics, or the performance (such as using the right data and analysis)?
It appears to me that since unlicensed persons can charge less, have less tax/fee burden (for licensing, education, and errors/omissions insurance- the less ethical, less responsible ‘evaluator’ can always outbid the licensed appraiser every time.
Read the full blog post and appraiser comments. What do you think? Add your comments.
My comments: Interesting analysis by George, of course!! Credit unions are proposing to raise the commercial deminimus to $1,000,000. I didn’t know they made commercial loans. Guess they forgot about the commercial crash in the late 1980s.
As long as Fannie and Freddie (and their investors) require res appraisals, it won’t have a big effect on residential. The FIRREA deminimus in 1989 was $200,000. No effect on much of anything, even though we thought the Sky Was Falling.
The usual Mortgage Cycle: Good Business = lower requirements. Bad Business = higher requirements.
Covid-19 Residential Appraisers Tips on Staying Safe For Covid Updates, go to my Covid Science blog at covidscienceblog.com To read more of this long blog post, click Read More Below! |
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Best TED Talks for AppraisersHere is a sample:
Grit: The power of passion and perseverance by Angela Duckworth.
Her rousing treatise on the power of grit and determination. These valuable qualities can help you become your best self in relation to your appraisal career. Coming up with accurate estimates and choosing the right comps to use can be frustrating – but keeping calm and pushing through will mark you as an appraisal professional that folks will seek out for the hardest (and most lucrative) jobs.
My comments: Angela Duckworth is one of my favorite TED speakers. I listen to a lot of podcasts. The TED Radio Hour is one I listen to a lot. It combines several TED talks on the same topic with references on how to listen to the full TED talks. Fascinating!!
“TED is a nonprofit devoted to spreading ideas, usually in the form of short, powerful talks (18 minutes or less). TED began in 1984 as a conference where Technology, Entertainment and Design (TED) converged, and today covers almost all topics – from science to business to global issues – in more than 100 languages.”
Covid-19 Residential Appraisers Tips on Staying Safe For Covid Updates, go to my Covid Science blog at covidscienceblog.com To read more of this long blog post, click Read More Below!! |
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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, click Read More Below!!
To Drive or Not To Drive, That is the Question!!Excerpt: The argument of using MLS photos or shooting your own photos has been debated by appraisers for the last few decades. You, as appraisers, want to be sure the comparables you are using are of the correct house and also look as the MLS illustrates. Most importantly, you want to make sure the house is still standing. The listing agent’s job is to sell the house. As the salesperson they will highlight all the positives and leave the negatives up to the imagination. This is one of the main reasons it is extremely important to not solely rely on MLS when utilizing comparables.
Click here to read the full post, plus over 50 comments from appraisers. Add your own comments!!
My comment: this issue has been going on for decades and is still controversial. Especially in rural areas!! Note: the post is a sorta promo for proxpics, a photo taking service, but the appraiser comments are great. 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, click Read More Below!! |
Sorry, home appraisers, bots are coming for your jobs
NOTE: This post was published in December 2018. This topic has been going on for a very long time since AVMs started in the 1970s.
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, click Read More Below!!