Appraisal News and Business Tips

Mortgage applications

6-15-17 Newz// Appraisers Replaced by Data Analysis, Very Unusual Hotels

8 of the Most Unusual Hotels in the Netherlands

Proof the Dutch can convert nearly anything into a place to stay the night.

Excerpt: n industrial crane or wooden wine barrel would be unremarkable objects anywhere else. But in Holland, these unexpected structures have been transformed into one-of a-kind hotels, made habitable and even luxurious with some loving restoration and redesign. Prefer to spend the night in a tilted cube house or the rumored birthplace of a secret shadow government? The Dutch have got you covered there, too. Here are eight hotels in the Netherlands that offer visitors a unique place to stay.

My comment: Very Interesting. Good for a quick break from writing up appraisals. I love appraising but hate writing up the those darn reports ;>
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The Highest Home Price Increases Around the World

Excerpt: When it comes to the world’s fastest-rising prices for luxury residential real estate, don’t look to the United States.

Read more!!

6-8-17 Newz// Appraisal Waivers, Blue Bathrooms, Corelogic buys Mercury Network

 The Sunken World Hiding Under the Water’s Surface

27 drowned places that used to be above ground.
Excerpt: here is an entire submerged world hidden just below sea level, largely out of sight to terrestrial beings today. The Earth’s shores are lined with sunken cities, flooded crypts, drowned forests, and submerged structures that have been lost underwater over the millennia, overtaken by nature or human development.

Rising sea levels and flooding caused by earthquakes, landslides, changing tides, melting glaciers, or manmade dams have wiped entire villages off the map. And sometimes, when the water recedes, these submerged cities and landscapes reemerge from the depths, an eerie glimpse at the invisible sunken world.

http://www.atlasobscura.com/lists/sunken-cities-flooded-drowned 

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Appraiser shortage = appraisal waivers??

Excerpt:
Key government agencies finally addressed the critically growing appraisal shortage crisis that’s hampering the mortgage process, highlighting two alternative options to help areas that are facing a shortage.
Particularly, the alternative options are aimed at helping rural areas that are struggling with the availability of state certified and licensed appraisers.

Read more!!

5-11-17 Newz:: Zillow Sued, Value of Views, Portable Architecture

Portable Architecture You Can Roll, Wear, Tow, or Float

A sauna on skis and 11 other dwellings made to move.

Excerpt: Some of the examples are ideal for recreation, such as the compact-cute, California-made Golden Gate 2 camper, with a rounded timber frame, portholes, and a spot for a surfboard. For lovers of winter sports, the Nomad Sauna, which was built on a lake in Norway, includes an internal ice-hole for intensely refreshing breaks from the heat.
It is not all fun and games-others are designed for important, practical use. It can also be used to provide shelter during a crisis, or for protection in extreme weather.
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Sleeping lawyer at mortgage fraud trial

Excerpt: A businessman will get a new trial on mortgage fraud charges because his defense attorney was seen sleeping by the judge, witnesses and the federal court jurors who convicted him last year.
U.S. District Judge Donetta Ambrose ruled James Nassida was denied a fair trial because Stan Levenson dozed during the October trial. Levenson has acknowledged that he fell asleep because he was taking cold medicines that made him drowsy.
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What are views worth?

To figure out the premium that these vistas can command, the realtor.com® data team compared the prices for all the homes for sale on our site that highlight these sought-after panoramas, and then compared them to similar-size properties in adjacent ZIP codes with no view to speak of.

Here are a few:
4. Chicago, IL: Lake Michigan
Median list price for homes with views: $525,000
Killer view premium: 96.8%

1. Manhattan, NY: Central Park
Median list price for homes with views: $3,795,000
Killer view premium: 39.9%

My comment: Percent of value varies widely. Of course, the total dollar amounts vary even more! I love data!!

Read more!!

4-20-17 Newz// The Narrowest House, State Appraisal Boards, Low Housing Inventory

Keret House- The world’s narrowest house makes for an awkward, four-foot-wide living space.

Excerpt: Designed by Polish architect Jakub Szczęsny, the Keret House in Warsaw is wedged inside a four-foot crevice, nicknamed a “cushion of air,” between two buildings. The Keret House stretches over 30 feet tall but is simultaneously only 28 inches wide at its narrowest point-thinner than a stovetop-and just four feet wide at its widest.
My comment: Check out the fotos and full article. Wow!! I have written about narrow houses in this weekly email before, but this is definitely the narrowest!!
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When You Get Notice of a State Complaint…

By Ted Whitmer
If you are an appraiser, it is likely that at some point in your career you will receive notice that a complaint was filed against you. In one particular busy year in Texas, roughly one in six residential appraisers were filed against with the Texas Appraiser Licensing and Certification Board. When you run the number of complaints in one year against the number of appraisers, one can expect a complaint every eight to ten years.

Read more!!

4-6-17 Newz .VA Appraisers Congress Hearing .Appraiser and Timeshare Scam .Fourth Approach

Assessing VA Approved Appraisers and How to Improve the Program for the 21st Century – House Committee on Veterans’ Affairs Subcommittee on Economic Opportunity April 4, 2017

Link to video of hearing: https://youtu.be/uoVmYOq4HQY  (scroll forward past the logo)
Witnesses included:
– NAR 2016 Real Property Valuation Committee Chair
– Vice President, Appraisal Institute
– Chief Revenue Officer, Clear Capital

My comment: I have always been surprised that so few appraisers are interested in doing VA appraisals. Guess they like working for AMCs with hassles and low fees. Every week, at the bottom of every free email newsletter, I include the MBA origination stats, including VA, which is similar in volume to FHA. This week FHA and VA are very similar – around 11% of originations.

I wrote an article about the plusses and minuses of VA appraising in my Paid Appraisal Today newsletter, available to paid subscribers (see below). What I really like about VA is that you are helping veterans, not a lender trying to make a deal however they can. I noticed that a Representative O’Rourke was one of the first speakers in the video ;>
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Federal Court Permanently Bars California Man From Preparing Property Appraisals

Appraiser prepared thousands of appraisals in conjunction with timeshare donation scheme

Read more!!

3-16-17 Newz: Appraiser indicted, Public records sqft, 3-D printed house

3D Map Shows America’s Most Expensive Housing Markets

Excerpt: Which U.S. housing market is the most expensive?
 It seems like the question should have a single, straightforward answer. But with varying definitions of what constitutes a housing market and with different ways of measuring home value, the question is not so clear cut.
Using data from Zillow, this 3D map shows the cost of housing by U.S. county. The height of each area represents the average price per square foot of its homes.
My comment: Fascinating graphic. Lots of counties well under $100 per sq.ft. My urban county: $477. Other CA rural counties under $150. Warning: Can Be Addictive ;> I love Microcosm graphics!!
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Top 10 Affordable Small Towns Where You’d Actually Want to Live, 2017 Edition
Excerpt: But does this (small towns) mean you have to trade excitement for enervation? As the city-dwelling comedian Lenny Bruce once said, “I hate small towns, because once you’ve seen the cannon in the park, that’s it.” So we focused on life beyond the cannons-small towns offering up rich cultures and a surprising amount of fun side diversions.

Read more!!

3-2-17 Newz .Appraiser identity theft .Data shows no appraiser shortage

HUD Fraud Alert: Appraiser Identity Theft

 Excerpt: Most of the schemes happened when an FHA roster appraiser provided his or her personal identification number (PIN) for the desktop appraisal software to a colleague or supervisor. Providing the PIN was often rationalized because

* It was needed to keep the process timely,
* A fast turnaround was requested by the lender, or
* It was a contingency for when the roster appraiser was away or unavailable.
While these actions may seem innocent enough, they raise severe risks for misuse because the appraiser can never be sure the PIN will only be used with his or her knowledge and for legitimate purposes. Over the last couple of years, OIG has received more than a dozen reports of identity theft by colleagues or supervisors. Following are some case examples of the various schemes.
The identity theft examples were in IL, CA and WA
Click here to read the 2-page Fraud Bulletin:

My comment: Read the bulletin for more info. There was a lot of this reported when trainees were used in the last boom. All the appraisers were sentenced to 3-5 years in prison.

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How much value does a huge backyard shop add?
Another good post from Ryan Lundquist!!

Read more!!

2-23-17 Newz// Transportation failures, Polluted Cities, Appraisers Age

With Trump changes in the news, guess I need to put something in this email newsletter ;>


Big Banks Could Get Back in the Mortgage Market in a Big Way
Excerpt: For the past six years, there has been a quiet revolution in the mortgage market: Big banks like JPMorgan (NYSE: JPM), Bank of America (NYSE: BAC) and Citibank (NYSE: C) have moved out and nonbank lenders such as Quicken, loanDepot and Caliber Home Loans have moved in – in a big way.
The revolution went largely unchallenged, but that may be about to change if the Trump administration removes regulations on the big banks and stops sending bad loans back to the banks for repayment. Deregulation would open the door for big banks to move back in.
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The Least Polluted U.S. Cities (and the Dirtiest)
Least polluted
1-Naples FL
2-Salem OR
10 – Salinas CA
Most polluted
1-Philadelphia PA
2-Los Angeles CA
10- Milwaukee WI
My comment: Worth reading. Very interesting results and a well written article!!
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5 Spectacular Transportation Failures

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2-16-17 Newz .Land surveys in 1784 .Common appraisal errors

 Land Surveys in 1784 – Alexander Hamilton vs. Thomas Jefferson

Metes and bounds vs. Meridians

Excerpts:
In 1784, Thomas Jefferson and Alexander Hamilton squared off over the best way to divvy up newly American territory.
The two factions also had different ideas about how to divide the land. Jefferson and his allies wanted to use an innovative system of land division, which would use meridians and other abstract geographical reference points to measure out uniform parcels of land. Hamilton and his allies thought that would take too long. As long as settlers had been grabbing up land in America, they’d operated according to a principle of free settlement-essentially, first-come, first-serve. Hamilton wanted to divide up the land using the more traditional “metes and bounds” system, in which landmarks and other features of a piece of land are used to describe its borders.
The Public Land Survey System was created because, in the 1780s, the new United States of America needed money. The Revolutionary War had left the federal government with debts, and its leaders planned to raise funds by selling off land where American colonists had yet to settle.
My comment: Fascinating!! We all study how our country is divided geographically in our basic appraisal classes. George Washington was also a land surveyor. Surveyors were the predecessors to appraisers. RICS (Royal Institute of Chartered Surveyors), the largest international appraisal association was founded in London in 1868.
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Common Appraisal Errors – Part 1
by Joshua Walitt, SRA, MNAA
Excerpts on adjustments: You don’t need to write a book. In fact, most adjustments can be summarized relatively succinctly. Consider the following when summarizing your adjustments:
* What specifically is the difference between the subject and the comp? This is normally apparent for garages and GLA, but may not be as easily discerned for condition or quality. In other words, regarding quality-related components, what specific characteristics make the comp different from the subject?

Read more!!

2-9-17 Newz// Dodd Frank repeal?, Secret Places, CU ratings manipulation

11 Secret Spaces Hiding in Famous Places

Thousands of people pass through these destinations each day unaware there’s a hidden gem tucked inside.
Here are a few:
– Secret Apartments in the New York Public Library
– Secret Compartment in Leonardo da Vinci Statue – Italy
– Vanderbilt Tennis Club at Grand Central Terminal – New York
– Gustave Eiffel’s Secret Apartment – Paris
My comment: Just for Fun. Fascinating!! Good fotos and info. New York seems to have a lot of secret places…
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FREE ASC/Appraisal Foundation Webinar from Network of State Appraisal Organizations
On January 18th, NSAO sponsored a webinar with Jim Parks with the Appraisal Subcommittee and David Bunton with The Appraisal Foundation. The webinar received glowing reviews by those who attended and is available to those who missed it. The NSAO looks forward to other webinars in the future. These webinars are only possible because of your membership with VaCAP and other State organizations.

Read more!!

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