Parcel, Deed and Tax Data Differences for Appraisals

Newz: Parcel, Deed and Tax Data Differences, New URAR, Probate/Estate Appraisals

June 6, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA AD Problem with An Affidavit
  • The Difference Between Parcel Data, Deed Data, and Tax Data
  • Nautilus House in Naucalpan, Mexico
  • Brains, Bytes, and Bracketing: Why Appraisers Need Both Carbon and Silicon in Their Toolkit By Ernie Durbin
  • What’s new in the New URAR?
  • How Probate Appraisals Really Work By Tom Horn
  • An Appraiser’s Musings on Adaptive Reuse By Hal Humphreys
  • Mortgage applications decreased 3.9 percent from one week earlier

————————————————————–

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news

—————————————————————-

—————————————————————–

The Difference Between Parcel Data, Deed Data, and Tax Data

Excerpts: Parcel, deed, and tax assessor data — what’s the difference between them, and which type of data do you need?

What Is Parcel Data?

Parcels, or property boundaries, can be defined as a shape or polygon and displayed on a map. These mapped areas comprise parcel data, and they might also show points of latitude and longitude, streets, or zip codes. Parcel data also includes ownership details, acreage, and the boundaries for the parcels.

What Is Deed Data?

Deed data include the information contained within a property deed. Unlike parcel data, deed data is not map-based although the data points can be overlaid on a map. A property deed is a legal document that transfers ownership of real estate and is required for real estate transactions, legal proceedings, and tracking property ownership history.

What Is Tax Data?

Tax data are collected by the county tax assessor. Tax data include property identification, addresses, current and past property ownership, legal descriptions, property features, property values, and taxes.

As you can see, these three real estate data types have some level of overlap. However, boundary data are required for mapping purposes and deed and tax data are critical for businesses providing legal, mortgage, and titling services.

To read more, Click Here

My comments: Read more details. Very good information. This article was written by ATTOM data, who provides all the types of data above. You can read the Mortgage sections of the article to see how it affects mortgages and appraisers.

When I started my first appraisal job at an assessor’s office in 1975, I was very lucky. I appraised the land for every parcel, improved or not. I had great training on the topics above.

I went to the county records to find, read and understand deeds.

I learned how to read assessor’s parcel maps, as that is how I found the properties I appraised. I attended a 3 day class by a property surveyor to understand how they determined property maps.

When I started my appraisal business in 1975 the chief appraiser one of the local lenders I worked for required that the appraisers read title report including the deeds for every property. You initialed the report.

I doubt if many appraisers got the training that I received. I was very, very lucky.

The deeds also include easements and other restrictions. When I am not sure the parcel map has correct dimensions or there may be easements, I obtain a copy of the deed’s legal description and run down the property lines (length, angle, etc.

In my city, there are many Victorians side by side on narrow lots with garages in the rear that use the driveway between the homes for access. A client wanted to get her parking rights between her house and the neighbor. Her neighbor did not have a car now so she could use the full driveway. I told her the neighbor could sell or rent her home and her driveway parking might be gone. There was a recorded driveway easement. I told her to get a survey. She purchased a car that fit into her half of the driveway.

Another time my client and a neighbor were not in agreement on the location of a fence. I told them I assume fences are not on the property boundary, unless I have a survey. They got one and resolved their dispute.

—————————————————————————————-

Nautilus House in Naucalpan, Mexico

Excerpts: Architect’s statement: At the end of the turn-around is the piece of land, with upward topography, where the Nautilus was built. It is limited by three of its adjoining properties because each of them has high buildings. The fourth adjoining property if to the west and has wide views of a green area with mountains in the horizon.

The construction area was defined since the first studies at the back of the piece of land, leaving the pedestrian and car access at the front as well as only one façade, the so called fifth façade in architectonic language.

The social life of this dwelling place flows inside the Nautilus without any divisions. Going up the spiral stairs, continuing through the hall, going through the television room sheltered in the Nautilus belly flows the space up the spiral stairs to the study room, where you can view the mountain’s landscape.

Behind the Nautilus is wrapped the intimate and service area: bedrooms, walking closets, bathrooms and the kitchen.

To read more plus see fascinating phots, Click Here

My comment: This is one of my favorite “unique” homes.

Read more!!

ChatGPT for Appraisers

Newz: Appraisers using ChatGPT,
Appraiser Salaries, PAREA Problems

May 16, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA ad: Appraisal Used in Divorce Case – Now What
  • The Power of AI Is Not Absolute Using Chat GTP for Appraisers
  • Retired Maine Railroad Caboose
  • [Updated 2025] What’s the Average Real Estate Appraiser Salary?
  • Indemnification Clauses: What Appraisers Should Know
  • Treasury yields surge, but Fed rate cut odds decline after U.S.-China tariff pause. Mortgage rates may be poised to rise following de-escalation of tariff tensions
  • The PAREA Program: Costly Promises, Empty Support
  • Mortgage applications increased 1.1 percent from one week earlier

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news

————————————————————–

 

 

——————————————————————-

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news

 

——————————————————–

The Power of AI Is Not Absolute
Appraisers Using ChatGPT

Excerpts: With the great power of artificial intelligence comes the responsibility to fact-check.

Artificial intelligence (AI), particularly ChatGPT, has captured the attention of professionals across various industries, including residential appraisal. With ChatGPT now reaching more than 100 million weekly users, according to OpenAI CEO Sam Altman, it’s clear that AI is poised to become a mainstay in our digital toolkit.

ChatGPT is an AI chatbot, powered by a large language model (LLM), which can comb through a vast amount of information and generate text in response to a question or prompt. This ability led me to explore its potential in “seeing” and evaluating property photos, which ultimately inspired me to create the RoboRater tool.

There were some early hiccups — and a learning curve — when I began prompting the AI tool to apply Uniform Appraisal Dataset (UAD) quality and condition ratings to what it “saw” in property photos. And then, in November 2023, Open AI introduced a feature allowing pro users to develop a custom generative pre-trained transformer (GPT), which led to a breakthrough. It enabled me, with no coding background, to tailor a specific version of ChatGPT that excels at assessing kitchen quality and condition ratings from photos, complete with insightful supporting commentary.

ChatGPT as a Writing and Public Relations (PR) Assistant

ChatGPT can also be an invaluable writing assistant and PR specialist, especially in sensitive communication scenarios like Reconsiderations of Value (ROV). It can skillfully rephrase blunt feedback into professional, constructive commentary.

Other topics:

Enhancing Clarity in Technical Reporting

Optimizing Appraisal Business Operations

Navigating the Limitations

To read more, Click Here

My comments: This is the most practical article I have read for appraisers using ChatGPT with good appraiser examples. I am going to start using it soon! Tim Andersen, the USPAP expert, recently wrote an article for Appraisal Today using ChatGTP.

AI does not always work out well.

For example. State Bar of California admits it used AI to develop exam questions.

Nearly two months after hundreds of prospective California lawyers complained that their bar exams were plagued with technical problems and irregularities, the state’s legal licensing body has caused fresh outrage by admitting that some multiple-choice questions were developed with the aid of artificial intelligence.

Read more!!

Surplus vs. Excess Land for Appraisers

Newz: Surplus vs. Excess Land, Interest Rate Drop? GSE Oversight?

May 2, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA ad: Am I Still on the ‘Do Not Use’ List?
  • Surplus Land vs. Excess Land: What Appraisers Needs to Know
  • 5 Mind-Boggling Optical Illusion Houses That Have To Be Seen To Be Believed
  • Fed officials offer differing signals on timing of potential interest rate cuts
  • Fed seen cutting policy rate by a full percentage point this year
  • The Balancing Act: How Appraisers Can Navigate Supply Shortages, Interest Rates, and Tariffs
  • A Cry from the Appraisal Trenches: The Fall of GSE Oversight
  • Mortgage applications decreased 4.2 percent from one week earlier

Surplus vs. Excess Land for Appraisals

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news


———————————————————

Surplus Land vs. Excess Land: What Appraisers Needs to Know

By Kevin Hecht

Excerpts: Land valuation is a fundamental aspect of real estate appraisal, influencing property transactions, development decisions, and investment strategies. A key part of the process involves distinguishing between the land that supports the property’s current use and any additional land that may—or may not—have independent value.

Commonly, a square footage adjustment is made based on lot size differences among comparable properties without one key distinction – whether the difference in land is surplus or excess land. This fails to consider whether the extra land has value independent of the subject property.

Surplus land and excess land are often confused. Surplus land is land which adds no value independently of the property being appraised. Excess land, on the other hand, has value because it can be divided and sold separately. These distinct differences must be accounted for in an appraisal.

Here we will discuss what constitute excess and surplus land, common methods used to identify each, and why it matters….

Methods for Identifying Surplus vs. Excess Land

Residential appraisers commonly make a dollar per square foot adjustment for differences in lot size among comparable properties without distinguishing whether the land is surplus or excess. The problem with this approach is that it fails to consider highest and best use where excess land—land that can be independently sold or valued—creates a premium.

This question cannot be answered without evaluating zoning and legal restrictions of the property.

For example, just because a property is large enough to support a second structure, zoning may prohibit multiple residences on a single lot or there may be legal restrictions in terms of land coverage and minimum square footage requirements. If this were the case, it would be considered surplus land.

When determining if land is excess land, appraisers must consider legal permissibility, physical possibility, financial feasibility, and profitability.

To read more, Click Here

My comments: Read this blog post. Residential appraisers can easily make a mistake on this topic and get into trouble.

—————————————————————————————-

5 Mind-Boggling Optical Illusion Houses That Have To Be Seen To Be Believed

Excerpts: Photo above info:

2. 8198 Uphill Rd, Joshua Tree, CA

Price: $17,950,000

The Invisible House: This mirrored mansion is the brainchild of film producer Chris Hanley and Frank Gehry collaborator Tomas Osinski, who designed the home to seemingly vanish into its desert surroundings.

At first glance, you might not notice the 5,470-square-foot residence staring back at you. Nestled on 67.5 acres, the shimmering structure was created with the intent of connecting its residents with the desert through the mirrored glass exterior. The three-bedroom estate’s interior is just as astonishing featuring retractable glass walls; a 100-foot, heated indoor swimming pool; and a 224-square-foot, white wall designed for movie screenings.

Whether you are looking for a home that quite literally disappears into the Arizona desert or one that mirrors its landscape in the Hamptons, these works of jaw-dropping art not only offer a captivating design but a remarkable setting.

From California to New York, we found five optical illusion abodes that will leave you wondering if they are playing tricks on your eyes.

To read more, Click Here

My comments: Click on the addresses for the listing. I have written about some of these before. I am fascinated by these types of homes. Now you can see 5 of them in one link. My favorite is the home in the photo above.

Read more!!

Time Adjustment Changes for Appraisers

Newz: Time Adjustments, 2025 ASC Appraiser Data Analysis, Fannie Fraud

April 25, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA ad – Weather Impact
  • I Went Down to the Crossroads – Time Adjustments By Tim Andersen, MAI
  • Occidental Treehouse Named California’s Most Wish-Listed Airbnb
  • Analysis of 2025 ASC Appraisal License Data By Chase Pursley
  • Fannie Mae Fraud and Abuse Exposed By Jeremy Bagott, MAI
  • Appraiser Growth and Profitability: Key Things to Focus On By Isaac Peck, Publisher
  • Mortgage applications decreased 12.7 percent from one week earlier

————————————————————————————————

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news


—————————————————————————————-

I Went Down to the Crossroads

Time Adjustments

By Tim Andersen, MAI

Excerpts: Is real estate appraisal, with the issue of more detailed time adjustments, at another cross roads now? In the past, appraisers simply smoothed changes in sales prices over time by measuring prices as of January 1st, then again as of December 31st. If they went up an average of six percent (6%) annually, then the appraiser made a one-half percent adjustment each month.

This protocol inflates prices at six percent (6%) per year, true. But it does not reflect the fact that for the first three quarters of the year prices may have increased at twelve percent (12%) per year, then in the last quarter went flat with a zero percent (0%) price change.

In this example, consider that a comparable sale going under contract at the beginning of the fourth quarter of the year would merit no time adjustment whatsoever. Nevertheless, the appraiser using the smoothing technique will adjust that sale upward at one-half percent per month over a time span when the market is actually flat. That appraiser is merely filling forms, not appraising. How so?

To read more, Click Here

My comments: Very good article on the “new” time adjustment techniques. Interesting music analysis and how it applies to appraising.

—————————————————————————————-

Occidental Treehouse Named California’s Most Wish-Listed Airbnb

Excerpts: Nestled among towering redwoods in western Sonoma County, the Spectacular Spyglass Treehouse in Occidental has earned the title of California’s most wish-listed Airbnb, part of the vacation rental platform’s roundup of top-trending stays in each U.S. state.

Perched high in the forest canopy, the Spyglass Treehouse — designed and built by Artistree Home — offers guests the rare chance to sleep among the redwoods without sacrificing luxury.

The one-bedroom retreat features a king-size bed, high-speed Wi-Fi, floor-to-ceiling windows with panoramic forest views, a cedar hot tub and an indoor infrared sauna.

To read more, Click Here

My comments: A cabin near the redwoods was one of the first places I lived after moving to San Francisco from Oklahoma in 1968. I became fascinated with redwoods. Very close to my cabin was a small redwood grove. I used to go there and lie down to watch the trees. Later I traveled and saw redwoods that were much larger. I am now living about 5 miles from redwood groves to visit

Read more!!

Manufactured Home Appraisals

Newz: Appraisal Cartoon, Manufactured Homes,
Homes Lacking Insurance

NOTICE: Our Email was down from April 3 – April 9.

Our apologies for any bounced emails.

April 11, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA ad Protecting My Appraisal Report
  • Appraising Manufactured Homes – What Fannie Says, Demographics
  • The Vermont Earth Home, the Dome Home, the Vermont Mud Hut…
  • Very funny appraisal cartoon – Magician Explains Time Adjustments!
  • How Many U.S. Homes Lack Insurance?
  • What Are the Appraiser Independence Requirements?
  • Mortgage applications increased 20.0 percent from one week earlier

—————————————————–

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news

—————————————————————————————————-

 


Appraising Manufactured Homes – What Fannie Says, Demographics

Excerpts: MH Advantage is an innovative homeownership option that pairs affordable financing with specially designated manufactured housing features typical of site-built homes.

Completing an MH Advantage appraisal requires the knowledge and experience to fully understand the unique construction process of this type of manufactured home. Appraisers must know the manufacturers’ and federal, state, and local requirements for both construction and installation.

The requirements for an MH Advantage appraisal are similar to the requirements for a standard manufactured home. Featured differences include:

Appraisers must include photos of the HUD Data Plate, HUD Certification Labels, and MH Advantage Sticker as well as the driveways, sidewalks, and detached structures located on the site.

To read more, Click Here

————————————-

Manufactured Homes: An Alternative Means of Housing Supply – Demographics

Excerpts: Manufactured homes play a measurable role in the U.S. housing market by providing an affordable supply option for millions of households. According to the American Housing Survey (AHS), there are 7.2 million occupied manufactured homes in the U.S., representing 5.4% of total occupied housing and a source of affordable housing, in particular, for rural and lower income households.

Given that most manufactured homes were produced in the 1990s, a significant portion of the existing manufactured home stock — approximately 72.2% — was built before 2000. Consequently, 7.7% of these homes are classified as inadequate compared to 5% of all homes nationwide. About 2% are considered severely inadequate and exhibit “major deficiencies, such as exposed wiring, lack of electricity, missing hot or cold running water, or the absence of heating or cooling systems”. However, with proper maintenance, manufactured homes can be as durable as site-built homes.

The East South Central division (Alabama, Kentucky, Mississippi and Tennessee) have the highest concentration of manufactured homes, representing 9.3% of total occupied housing. The Mountain region follows with 8.5%, while the South Atlantic region holds 7.7%.

To read more and see excellent illustrations, Click Here

My comments: If you live in an area with manufactured homes, these two articles can help.

In my urban area I have appraised a few homes built in cities where there were very few manufactured homes.  In some areas there are many more. My brother lived in a semi-rural area, north of San Francisco. A while ago there was a major fire destroying many homes. Owners who wanted a quick rebuild, chose manufactured homes. They were allowed on many of the parcels for many years.

Read more!!

Appraisers and Firearms

Newz: Appraisers and Firearms,Future of Home Finance and GSEs, Q1 2025 Fannie Mae Appraiser Update – New URAR

April 4, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA ad: A Family Feud and Intended Use
  • Experiences with Firearms as an Appraiser: When Tenants Behave Unexpectedly in “Their Area”
  • Billionaire Opendoor Founder’s Three-Winged ‘Propeller Home’ Hits the Market for $40 Million
  • Appraisal Institute Scandal – Widespread Fraud Uncovered
  • Housing Market Shows Early Signs of Spring By Kevin Hecht, SRA
  • Reshaping Home Finance: The Future of Fannie Mae, Freddie Mac, and U.S. Mortgage Policy By Rob Chrisman
  • Originator jobs; Stated income loans; DOGE shifts its attention; Fannie lawsuit; clear path for rates By Rob Chrisman
  • Q1 2025 Fannie Mae Appraiser Update! – New UAD Sample Reports and Ratings, Time Adjustments
  • Mortgage applications decreased 1.6 percent from one week earlier

 

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news

——————————————————————————–

————————————-

Experiences with Firearms as an Appraiser: When Tenants Behave Unexpectedly in “Their Area”

Excerpts: Appraisers often find themselves in a wide variety of settings and situations. I mean, we are entering people’s homes, somewhere that most people see as their comfort zones and a place they are not open to having a stranger poke around in. We as professionals understand this and usually try to make it as quick and painless as possible. There are those moments where it turns into a “memorable experience” and homeowners or tenants feel like they must make it known we are not welcome.

I personally am batting .1000 this year on multi-family properties, where tenants have felt it was necessary for me to get the message, by brandishing a firearm. I will share the following two situations, how I personally managed it, explain why I do not personally carry a concealed firearm, and ask you readers to tell me if this is common or for similar memorable experiences.

For more information and to read the appraiser comments, Click Here

My comments: My first appraisal-related job was with the Monterey (California) County Assessor’s office. It was transitioning to computerized valuation. I was a temporary “appraiser assistant” hired to go to properties to see if the county appraisal records needed updating.

In those days (mid-1970s), properties were reappraised regularly to increase the assessments and property taxes were increased.

I knocked on the door and was met with a man carrying a shotgun. He said: Go away assessor! I don’t remember the city, but it was not in a rural area. I left and told my supervisor to find someone else to do the inspection.

I have never owned a firearm and would never carry one. No one I knew owned a firearm except for my husband, who had firearm training when he was teaching horticulture at a state prison. I would not allow a firearm in our house but still keep a baseball bat by my front door “just in case”.

But, recreational firing at a target was on my “bucket list”. An appraiser friend took me to a local firing range. I tried handguns, rifles and shotguns. Some worked like machine guns with many bullets fired at one time. I really liked it the best. Next time I go to Las Vegas I will try out real machine guns. Trying to hit a target did not appeal to me. Ya never know until you try!

Of course, I have had many encounters with dogs. One was when I was appraising the house of an appraiser I knew. I was met with small dogs biting my ankles. When the owner put the dogs away I continued with the appraisal. Another time, in a rural area, 3 large Dobermans broke down the door of a mobile home and ran toward me. I managed to get in my car. I told the lender to get another appraiser.

When markets crashed I did a lot of foreclosure appraisals. I made a lot of noise opening the door and loudly saying I was an appraiser for the lender and needed to come inside. I never had a problem. But some appraisers requested that a police officer accompany them when the home looked “sketchy” to them from the outside.

Read more!!

Climate Change and Home Values

Newz: Waivers Increasing, The New URAR: Markets vs. Neighborhoods , Climate Change and Home Values

February 7, 2025

What’s in This Newsletter (In Order, Scroll Down)

  • LIA AD: Should I consider this an actual claim?

  • How Climate Change Could Upend the American Dream – Declining Home Values

  • A Sporty Paradise in Your Own Backyard: 5 Homes With Awe-Inspiring Athletic Amenities – From Hockey Rinks to Boxing Rings

  • Trump’s War on DEI: Immediate Effects for Appraisers

  • The Full Measure: January 2025 Housing Market Insights for Appraisers

  • Waivers Increasing and Trends Over Time

  • There Goes the Neighborhood…The New URAR: Markets vs. Neighborhoods

  • Mortgage applications increased 2.2 percent from one week earlier.

————————————————————————————–

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!

—————————————————-

—————————————————-

How Climate Change Could Upend the American Dream

Declining Home Values

Excerpts: Americans have long accumulated wealth by owning their homes, but a new study predicts that spiking insurance rates and climate disasters now herald an era of widespread losses.

One little-discussed result is that soaring home prices in the United States may have peaked in the places most at risk, leaving the nation on the precipice of a generational decline. That’s the finding of a new analysis by the First Street, a research firm that studies climate threats to housing and provides some of the best climate adaptation data available, both freely and commercially. The analysis predicts an extraordinary reversal in housing fortunes for Americans — nearly $1.5 trillion in asset losses over the next 30 years.

Climate change is upending the basic assumption that Americans can continue to build wealth and financial security by owning their own home. In a sense, it is upending the American dream.

To read more, Click Here

My comments: I hear about, and see, more listings that are including climate risk levels. I have not seen discussions on the future of home values in risky areas. I live 10 miles from a very risky area – Oakland CA hills. I am too far away to be at risk. My insurance company, State Farm, is requesting a 22% increase in homeowner’s insurance. Insurers have been not renewing individual homes for various reasons. Will I have to pay the same rates as the Oakland hills, which is very high risk and had a major fire in 2001?

I quit doing appraisals in the Oakland hills about 15 years ago due to high personal risk if a fire starts while I am there. Narrow, winding, one lane roads. Very difficult to escape from fire. Most of my city has risks from sea level rise and some parts have flooding risks, but my home is not included fortunately.

How will appraisers make adjustments for risky homes?

Read more!!

“Death Stairs” for Appraisers

Newz: New URAR Training, “Death Stairs”, Catastrophe and Climate Risk

November 22, 2024

What’s in This Newsletter (In Order, Scroll Down)

  • LIA Buyer says value too high
  • The Rise of the ‘Death Stairs’! Inside ‘Perilous’ Home Trend Taking the Internet by Storm — and How To Conquer It Safely
  • Infinity Symbol-Shaped Circular House Hits the Market for the Unique Price of $3,399,888
  • ARCC (Appraisal Regulation Compliance Council) Podcast with Guest Mark Calabria – AVMs, GSEs, and more
  • NAR Chief Economist Lawrence Yun Forecasts 9% Increase in Home Sales for 2025 and 13% for 2026, with Mortgage Rates Stabilizing Near 6%
  • Catastrophe and Climate Risk Is Only Increasing – Lender and Servicer issues
  • New Uniform Residential Appraiser Report Training (for lenders but useful for appraisers)
  • Mortgage applications increased 1.7 percent from one week earlier

 

———————————————————-

The Rise of the ‘Death Stairs’! Inside ‘Perilous’ Home Trend Taking the Internet by Storm—and How To Conquer It Safely

Excerpts: Thrill-seekers who are in desperate need of an adrenaline boost need look no further than their own home for their next dose of action—that is, if they are (un)lucky enough to be in possession of a set of “death stairs.”

While walking down a flight of stairs has not historically been considered the most death-defying of acts, one group of social media users is on a mission to change that misconception by highlighting the most dangerous, baffling, and downright weird step designs across the world, starting in their own homes.

In a now-viral Facebook group, which is named “Death Stairs,” hundreds of users have been sharing images of the most mind-boggling steps they have come across, from those so steep that few would dare to descend them, to edgy designs that appear near-impossible to mount.

To read more, Click Here

My Comments: Appraisers see some strange stairs. I have seen many. Usually DYI. I really hate the very narrow spiral staircases – often the only access to a part of the home. And old exterior wood stairs with very shaky hand rails.

————————————————————————-

Read more!!

New URAR For Appraisals

Newz: New URAR, GSEs Update Appraisal Market Areas Requirements, Lender Redlining

November 8, 2024

What’s in This Newsletter (In Order, Scroll Down)

  • Claudia Says: Navigating Value Revisions in Appraisals

  • The New URAR: Embracing New Beginnings

  • $19.8 Million Cape Cod Estate Next to Kennedy Family’s Famed Hyannis Port Compound Hits the Market

  • CFPB and Justice Department Take Action Against Fairway for Redlining Black Neighborhoods in Birmingham, Alabama

  • October 2024 Real Estate Market Update: A Balancing Act of Hope and Hurdles

  • What can we expect for the future of the appraisal and the country?

  • GSEs Update Appraisal Market Area Requirements

  • Mortgage applications decreased 10.8 percent from one week earlier

—————————————————————————————-

The New URAR: Embracing New Beginnings

By Jo Traut

Excerpts:

What’s New with the New URAR?

Think of the new URAR like upgrading from a basic flip phone to a modern smartphone. The old flip phone did its job—making calls and sending texts—but the new smartphone offers so much more. It’s customizable, adaptable to various apps and functions, and streamlines your daily tasks.

Similarly, the new URAR goes beyond a static, one-size-fits-all approach. It’s dynamic and data-driven, tailored to different property types and appraisal assignments, ultimately allowing us as appraisers to provide clearer and more comprehensive reports .

Why the Change?

The existing URAR has been dependable, much like an old-school flip phone. But as technology advances and standards evolve, the mortgage industry requires a more versatile tool. This redesign addresses current inefficiencies, meeting the rising demand for improved reports, as well as enhancing the experience for both appraisers and report readers.

To read more, Click Here

My comments: Read this blog post! Definitely the best practical appraisal advice I have read on new URAR. Includes links to relevant technical details.

No more 30-40 page appraisal SFR reports that is not what GSEs (and most appraisers) wanted. No more outdate “forms” reports that do not change fast enough to accommodate GSE (and USPAP) changes.

Both URAR and UAD acronyms are used in articles and references I have read. I like that the GSEs kept the same name for the reports (formerly “forms”)

URAR – Uniform Residential Appraisal Report

UAD – Uniform Appraisal Dataset

I will be writing more about the new URAR upcoming changes in future issues of this weekly newsletter and my monthly newsletter.

—————————————————–

———————————————————————————–

—————————————————————————————-

$19.8 Million Cape Cod Estate Next to Kennedy Family’s Famed Hyannis Port Compound Hits the Market

Excerpts: 7 bedrooms, 7.5 baths, 9,629 sq.ft. 3 Acre lot, Built in 1914

Adjacent to the famed Kennedy Compound in the exclusive Hyannis Port enclave, the eight-bedroom mansion, known as Port View, has just become available “for the first time in a quarter century,” according to the listing.

The seaside, 9,629-square-foot residence sits right next to the home where President John F. Kennedy and wife Jacqueline Kennedy Onassis famously spent their summers sailing the waters of Nantucket Sound.

Some of the most impressive features found throughout the 26-room estate’s open floor plan include high ceilings, ornate architectural details, an imperial staircase, and six fireplaces.

“The whole interior views to the water,” she said. “It’s like being on a ship with front row ocean views. You are just drawn to it.”

Built in 1914, the Cape Cod mansion has been thoughtfully modernized over the years to retain its historic integrity.

Period details include exposed-beam ceilings and preserved mahogany inlay floors. French doors from the main living and dining areas give way to an enormous patio with waterfront views.

To read more, Click Here

To see the listing, with 28 photos, Click Here

————————————————————————————————————-

CFPB and Justice Department Take Action Against Fairway for Redlining Black Neighborhoods in Birmingham, Alabama

Top mortgage lender to pay a $1.9 million penalty and provide $7 million in loan subsidies

Oct. 15, 2024

Excerpts: Today, the Consumer Financial Protection Bureau (CFPB) and the Justice Department (DOJ) took action to end Fairway Independent Mortgage Corporation’s illegal mortgage lending discrimination against majority-Black neighborhoods in the greater Birmingham, Alabama area. The CFPB and DOJ allege that Fairway illegally redlined Black neighborhoods, including through its marketing and sales actions.

Fairway’s actions discouraged people from applying for mortgage loans in the Birmingham metropolitan area’s Black neighborhoods. If entered by the court, the settlement announced today would require Fairway to pay a $1.9 million civil penalty to the CFPB’s victims relief fund. Fairway would also be required to provide $7 million for a loan subsidy program to offer affordable home purchase, refinance, and home improvement loans in majority-Black neighborhoods.

To read more, Click Here

My comments: How much money did Fairway make vs. what an appraiser makes for an appraisal. More lenders in the news vs. “biased” appraisers!

Read more!!