Appraisal News and Business Tips

real estate market

1-24-20 Newz: Amrock suspends CA fee appraisers – Neutrality – Missle Silos

By on January 24, 2020   /   AMCs, appraisal business, appraisal management company, FUN, humor, Mortgage applications, real estate market, Strange homes, USPAP, weird properties   /   Leave a comment
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8 Funny Quotes About Appraiser Work Stress

Just For Fun!!

Excerpts: Real estate appraisal is an exciting and enjoyable profession—for the most part. But every appraiser knows that the job can be stressful at times, especially for those who are self-employed. If you’re having a hectic or frustrating day on the job, it helps to have a sense of humor. Here are some super funny quotes about work stress that we hope will brighten your day.

A few quotes

“‘Yay! It’s the weekend!’ Said nobody who is self-employed.”

“There cannot be a stressful crisis next week. My schedule is already full.” ­— Henry Kissinger

Very creative gifs! Sorry, they don’t work in these emails. To see them, click here

My comment: Very Funny and Realistic!

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1-17-20 Newz: Appraisal Creep – Spot Value – MLS Most Popular Words – Competency

By on January 17, 2020   /   AMCs, appraisal business, real estate market, USPAP, weird properties   /   Leave a comment
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Appraisal Creep – The Hidden Reason Why House Prices Are Too High 

Excerpts: Appraisal values should not be influenced by the price of the listing, but could a bias exist that proves otherwise? “Does the typical appraisal protect you from overpaying for a house?” asks John Wake in his article, The Hidden Reason Why House Prices Are Too High (And Income Growth Is Too Low) — Appraisal Creep.

The study looked at houses where two appraisals were done, one after they were foreclosed on and Fannie took ownership, and a second appraisal when they were under contract. Both appraisals were done within 6 months of each other and no repairs were made to the houses in the meantime. After adjusting for general house price appreciation between the first and second appraisals, the study found the second appraisals were 4.2% higher than the first appraisals…

The study made a few suggestions. The one I mentioned in the Forbes.com piece was not giving the appraiser the contract price. On one hand, the contract price holds a lot of information in it. On the other hand, releasing the contract price seems to skew the resulting appraisals a lot.

Appraisal Buzz short interview To read more, click here

Read lots more analysis and graphs in his very good Forbes article, To read more, click here

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1-10-20 Newz: Unique Bathrooms – Manufactured Homes – Appraisal Modernization

By on January 10, 2020   /   adjustments, AMCs, appraisal business, appraiser shortage, Mortgage applications, mortgage loan volume, real estate market, unusual homes   /   Leave a comment
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10 Unique Bathrooms

Excerpt: The world is filled with remarkable restrooms. Some of them are no longer open to the public, such as the Stufetta del Bibbiena, a small bathing chamber with erotic-art-covered walls in the Vatican’s Papal Apartments. Others have been transformed into something totally new, like the London coffee shop that was once a Victorian urinal. But there are plenty of breathtaking bathrooms that are publicly accessible and just waiting to be wetted. These are 10 of the world’s most opulent and bizarre bathrooms.

Here are a few

  • Two story bathroom
  • Berlin Wall urinal
  • World’s Most beautiful public toilet

To read lots more info and see the good fotos To read more, click here

My comments: FYI, bathrooms are one of the very most popular topics in these free appraiser weekly emails. I have no idea why ;>

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12-20-19 Newz: Appraiser Wins Lotsa Pizzas – $1B Appraisal Error – Past and Future

By on December 20, 2019   /   AMCs, appraisal business, appraisal management company, bad appraisers, FUN, Mortgage applications, mortgage loan volume, real estate market, unusual homes   /   Leave a comment
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Good News: Appraiser wins $100 worth of Aurelio’s pizza every month for next five years

Just For Fun!!

Excerpt: Alvin “Chip” Wagner thought he received a crank call when Aurelio’s Pizza CEO Joe Aurelio phoned to tell him he’d won 60 months of free pizza in honor of the chain’s 60th anniversary.

“I had the call on speaker and my wife said, ‘I think this is really Joe,’” Wagner said.

To read more, click here

My comment: I have known Chip for many years. He deserves pizza plus a little big of fame ;> Appraiser in the Good Newz!! Thanks to Jonathan Miller for this Fun link!!

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12-6-19 Newz: Appraisal Shelf Life – AVMs – Neighborhood Analysis

By on December 7, 2019   /   AMCs, appraisal business, appraisal how to, AVMS, computers, marketing, Mortgage applications, mortgage loan volume, real estate market, Strange homes   /   Leave a comment
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What’s the Shelf Life of An Appraisal?

Except: All of this has let me to the question du jour. What is the shelf life of an appraisal? I am asked on a regular basis, “How long the appraisal is good for?”. The simple answer is, one day. Namely, the effective date of the report. Real estate appraisals reflect the appraiser’s opinion of value of the property being appraised, based upon a specific point in time. Why?

Real estate values are changing every day. Like food, there are external forces that affect the value of a home, and how rapidly it changes. Does that mean that the appraised value will be dramatically different the day after the effective date of the appraisal? Probably not. However, no appraiser can see into the future to know what tomorrow will bring.

To read more, see fotos and comments click here

My comment: I love these very creative articles. I have no idea how he does mashups of appraisals and all types of other topics! Plus I thought I understood food shelf life. Now I know a lot more ;> Creative videos and animated gifs, etc. Lotsa fun!!

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11-29-19 Newz: Choosing Comps – VA and Bifurcated – Most Expensive Homes

By on November 29, 2019   /   appraisal business, appraisal how to, bifurcated appraisals, george dell, hybrid appraisals, Mortgage applications, real estate market, unusual homes, va, weird properties   /   Leave a comment
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By George Dell

Excerpt: This question caused me to rethink the relationship of ‘spiritual’ or ‘mental health’ principles to profitable business practices. From last year’s blog, the research showed benefits with: relationships, physical and emotional health, reduced anger/isolation, sleep, self-esteem, and even improved brain power! Cool.

So, do these things cost me money? Or do they help make more money?

Let’s start with the obvious: what’s in an appraiser’s required belief system: Standards, ethics, and conduct. Recall that USPAP requires you to be worthy. Worthy of belief. Credible.

So, what in that list helps me make more money?

To read more, click here

My comment: Very good appraisal comments for Thanksgiving and the upcoming holidays! Worth reading.

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11-22-19 Newz: Appraisal Fees – Previous Careers – Dungeon

By on November 22, 2019   /   adjustments, AMCs, appraisal business, Appraisal fees, appraisal management company, lender appraisals, Mortgage applications, real estate market   /   Leave a comment
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What Was Your Previous Career Before You Got Into Appraisal?

Excerpts:

The Top 3

  • Real estate sales (14%)
  • Mortgage lending (8%)
  • Insurance (5%)
  • Assistant or admin work (5%)
  • Banking (1%)
  • Others: 63%

To read more, click here Check out the respondent comments and a list of some of the many previous careers

My comment: I was a chemist before I started appraising. Really like learning about science in school, but 7 years of lab work was too boring. I felt trapped inside. Saw an ad for “appraiser assistant” at the local county offices. “Work in the field.” I had never heard of it, so read a book about it at the library (1974). I got the job and still love appraising!! I didn’t see many science careers on the “Other” list. But, I think it prepared me well for appraising as I was trained to be very objective and analytical.

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11-15-19 Newz: Adjustments – Angle Measurements – Zillow iBuying Problems

By on November 15, 2019   /   adjustments, appraisal business, bifurcated appraisals, real estate market, square footage, zillow   /   Leave a comment
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Accurate Measurements with Odd Angles

Excerpt: Imagine a 2,100 square foot, one and a half story house with an attached garage, porch, and deck. You probably imagined the typical bungalow. Now, imagine that house having 48 corners and only 4 of them are 90 degrees. I recently had an experience with just that house. Some architect, thinking they were Frank Lloyd Wright reincarnated, decided to build this house on a high bank cliff overlooking the Puget Sound. Don’t get me wrong, it was a pretty cool design, but I knew right away when I received the order for that appraisal that I was going to need some help.

To read more, click here Lots of reviews of the product, plus other similar products.

My comment: $19.95. An inexpensive product we all need!! They have been around for awhile, but most appraisers did not know about them. I appraise a lot of Victorians. Very useful!!

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10-18-19 Newz: What is Risk? – Fascinating Islands – Fees – Data Standards

By on October 18, 2019   /   Appraisal fees, data, Mortgage applications, real estate market, weird properties   /   Leave a comment
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What’s all this stuff about risk?

By George Dell

We seem to be hearing stuff about risk recently. Why?

Back in the old days, before internet but after the wheel – It was my challenge as a new appraiser to scratch together four or five comps, then put three of them on a form, or perhaps even all five on a table. We called the table a ‘grid,’ presumably because it looked like the grid on a bird cage.

I soon discovered I was free to fly around inside the grid cage all I wanted. I adjusted to what I had. I learned to live inside the cage.

Then flying electrons came. They flew right through the grid. There were many. Sometimes even a dozen or more. All claiming to be comp messages. It was too much. I had the five. Should be enough. Yep. That’s what my trainer said. That’s what my appraiser education said. And sure enough, it was on my test for my new appraiser license…

To read more, click here

My comment: Next month’s paid Appraisal Today will have a long article, “Adjust your adjustment, or adjust your attitude?  The Hype and the Reality” by George Dell. Very interesting!

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10-11-19 Newz: Appraisal Waiver Train – Multiple Offers – Secret Doors

By on October 11, 2019   /   adjustments, appraisal business, appraisal waivers, Mortgage applications, mortgage loan volume, real estate market, weird homes   /   Leave a comment
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Banks Are Driving the Appraisal Waiver Train

By Jonathan Miller

Excerpt: Look at the ASC members and their North Dakota waiver vote on July 9, 2019

Only FHFA and HUD voted against the North Dakota Waiver. Those specific agencies deal with appraisers first-hand and understand their role in the risk management process. The remainder are bank regulators or in the case of CFPD, represent consumer interests (and the agency has been gutted over the past several years to reduce its pro-consumer efforts).

In other words, banks are driving the waiver train. They want to remove a pain point from the mortgage process to grow more origination volume. The Federal government has already proved it will be willing to back up the banks if the economy collapses so why not keep pushing for removing of all pain points?

To read more, click here

My comment: Nothing new. Lenders have wanted to get rid of appraisals for decades. Impediments to The Deal.

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