Married appraisers working together

By on September 14, 2018   /   appraisal business, commercial appraisal, lender appraisals, mortgage loan volume, real estate market, unusual home, unusual homes   /   Leave a comment
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Working Together in an Appraisal Business – Is it for you?

Excerpt: We are a husband and wife appraisal team.  We are both real estate appraisers and have been working together now for 12 years. My husband has had his business for 30 years but I was formerly a school teacher.  I joined him in 2006.  I will admit that I wasn’t sure at first if it would work but we have been going strong ever since.  I have reached out to other appraisers who also are married and work together.  They have shared some of their stories with me as well as tips and advice for working together.  If you are considering working together as appraisers or other forms of business here are a few tips:

1. Keep work life and home life as separate as possible…
Click here for more advice:

My comment: my husband Zeke worked part time in my appraisal business for many years. He was not an appraiser but was great at collections. Once a mortgage broker owed us money. Zeke was a very big guy. He put on his black suit with a black shirt and tie and said he was here to collect what we were owed. He came back with all the cash…

Appraisal Business Tips 

Humor for Appraisers

Covid-19 Residential Appraisers Tips on Staying Safe

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Appraising Cabins

By on September 6, 2018   /   adjustments, appraisal how to, appraisal waivers, appraiser shortage, Fannie, mortgage loan volume, real estate market, unusual home, unusual homes, weird homes   /   Leave a comment
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Why We Love Cabins

Excerpt: Set against the chaos and complexity of contemporary life, the dream of eloping to the woods to live out a simple and unfettered existence is an increasingly tempting fantasy. The perfect wooden cabin plays a large part: appealing not just for their material honesty, attractive geometry, and breathtaking surroundings, cabins are, at least in popular imagination, a symbol of unity between man and nature, the humble abode of adventurous pioneers and poets-and, more recently still, the object of our wanderlust.
Great photos and info at:
My comment: When I first moved to the Bay Area in the late 1960s I rented a small cabin in the Santa Cruz mountains. It was high in the mountains with a great view of the distant ocean. I had to learn to use a chain saw and an axe to split wood, be careful using water during the dry season so I didn’t run out of water in the water tank, etc. I drove up and down a very steep, long and narrow one lane road my cabin. When winter storms knocked down trees and blocked the road, I helped a neighbor cut and remove them. I will never forget lying on the ground staring up into a grove of redwood trees nearby. I still have a great fondness for redwood trees. Of course, now it is fully developed with a lot of big homes…

Appraisal Business Tips 

Humor for Appraisers

Covid-19 Residential Appraisers Tips on Staying Safe

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News: 1004MC not required by Fannie

By on August 16, 2018   /   1004MC, appraisal classes, george dell, mortgage loan volume, real estate market, weird homes   /   Leave a comment
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Bye-bye 1004MC, Hello Analysis

By Rachel Massey, SRA, AI-RRS
Excerpt: What does this mean to the residential practitioner operating in the mortgage space? It means that the requirement for analyzing the market remains, and it is now up to the practitioner to support their opinion, without the benefit of a flawed format. Appraisers can now choose how they present their analysis, which may include multiple sources to support an opinion. Fannie Mae is clear that the one-unit housing trends section should reflect properties that are directly competitive with the property being appraised. The following information relates to several different ways to support trends, but is not an exhaustive list.

Read the full article here:

My comment: FHA and VA still require 1004mc, plus some lenders and AMCs. Freddie is expected to drop the requirement.

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

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U.S. Land use map for appraisers

By on August 2, 2018   /   AMCs, appraisal business, mortgage loan volume, real estate market, statistics, USPAP, weird properties   /   Leave a comment
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Here’s How America Uses Its Land

Excerpt: What can be harder to decipher is how Americans use their land to create wealth. The 48 contiguous states alone are a 1.9 billion-acre jigsaw puzzle of cities, farms, forests and pastures that Americans use to feed themselves, power their economy and extract value for business and pleasure.

One of the many interesting tidbits:
The U.S. is becoming more urban-at an average rate of about 1 million additional acres a year. That’s the equivalent of adding new urban area the size of Los Angeles, Houston and Phoenix combined. U.S. urban areas have more than quadrupled since 1945.

Click here for very interesting graphics and more analysis:

Appraisal Business Tips 

Humor for Appraisers

Covid-19 Residential Appraisers Tips on Staying Safe

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7-5-18 Newz//Busy or Not?, Prices Dropping, Appraiser Hot Dog Stand

By on July 5, 2018   /   AMCs, appraisal business, Appraisal fees, fees, lender appraisals, real estate market, USPAP   /   Leave a comment
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Who’s busy and who’s not?

Varies widely around the country. Maybe it depends on housing affordability? See articles below. But, it is really hard to say what causes the geographic variation for appraisers.

Many areas have seasonal variations, but now we are in the traditionally strong summer months, so it is clearer that some areas have less appraiser work.

How do you tell if it is down? AMCs dropping fees. Fewer emails, phone calls, etc.  Other appraisers complaining.
What about steady to increasing biz? Decent fees, turning down work, etc.

Changes in turn times and fees when biz slows down

Appraisers just don’t seem to understand that AMCs work for lenders and try to do what they want.

Why do AMCs/lenders want faster turn times?
AMCs work for lenders. They are competing on turn times primarily, like they always have. Business is very competitive and is declining.

Value pressure?
Is there more value pressure from some of your AMC clients?
Some lenders want to close as many loans as possible and keep profits from dropping.

Why do AMCs drop fees?
Direct lenders have their own fee panels don’t send out bid request to lots and lots of appraisers. Their fees don’t change dramatically. They have never focused on changing appraisal fees frequently. AMCs need lower appraisal fees to keep their profits up, just like you do. I have always thought of AMCs as very large appraisal companies that mostly fee out all their appraisals.

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Why do appraisal clients complain

By on June 21, 2018   /   appraisal business, Appraisal fees, marketing, mortgage loan volume, real estate market, rental market, weird properties   /   Leave a comment
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Why do clients complain?

By George Dell
Excerpts: … As you might guess, there are issues with general sloppiness and just plain errors. But the gloomy, uneasy complaints are about two basic issues: 1) poor selection of comps; and, 2) lack of “support” for adjustments. Let’s look at each of these two issues, and what might be solutions. Why do appraisal clients complain?

Comparable Selection

We have been taught to select sales which are competitive, similar, and therefore comparable. Unfortunately, those three words are used circularly to define each other. USPAP is of no help either. Although the word “comparable” is used dozens/hundreds of times – it’s never defined.

No wonder we have problems. This one word, this one concept – so central to the “process” of valuation – no one seems to know what one is! (Except me: You can trust me – I know a good comp when I see a good comp.)

For lots more interesting comments, click here:

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

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5/31/18 Newz//Crash in 2020? Floating Homes. Rate changes since 1900s

By on May 31, 2018   /   appraisal business, forecast, Mortgage applications, mortgage loan volume, real estate market, unusual home, weird homes   /   Leave a comment
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Floating Homes the Ultimate Water View

Excerpts: For many, floating is something new and adventurous,” said Max Funk, co-editor of “Rock the Boat: Boats, Cabins and Homes on the Water” (Gestalten, 2017). The book reveals an explosion of creativity in buoyant architecture, including an egg-shaped floating cabin in England, floating spas (with working saunas) in Finland and the United States, and floating geodesic domes in Slovenia.

Outside of Seattle, where houseboat construction is being curtailed because of the potential impact on local salmon populations, Ms. Bethell said, the most prominent areas in North America for floating homes are the San Francisco Bay Area; Vancouver, British Columbia; Key West, Fla.; and Portland, Ore.; where the number of floating homes has doubled since 2012.

My comment: In the San Francisco Bay Area they are in several marinas, including in my city, Alameda. In the past, they were anchored around the bay, but were moved to marinas due to pollution concerns. When I moved here in 1968, I visited one anchored off Sausalito in a protected bay with no sewage storage.

2018’s Hottest Backyard Amenity: Detached Living Spaces

Excerpt: The reason for their rise in popularity? Privacy, for one. There’s no one-and no surrounding noises from your disruptive family or neighbors-to make you lose your focus. It’s all you, the shed and whatever your No. 1 priority is for the day. Not to mention, if you have a lush and peaceful backyard, the view is a plus.

So, what do these look like? Anything you can imagine. From hobbit hole-style sheds to more contemporary glass structures, these can take the form that best suits your needs. And what are they used for? That depends on you…

http://blog.rismedia.com/2018/detached-living-spaces

My comment: a great way to get some peace and quiet plus privacy ;>

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5-24-18 Newz//UAD and Fannie Form Changes. Floating Island. Refis dropping

By on May 24, 2018   /   adjustments, AMCs, appraisal business, appraisal how to, appraisal management company, data, Fannie, Freddie, lender appraisals, marijuana license, real estate market, state appraiser regulators, Strange homes, weird homes, weird properties   /   Leave a comment
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It’ll never sell that high (but then it did)

Excerpt: There’s no way it’s going to sell that high. Have you ever thought that in real estate? Well, let’s talk about a property that many said would never sell at $4.1M, but then it did. I definitely have some takeaways about this lofty condo in Downtown Sacramento (CA), and I hope non-locals will relate to the commentary. (My note: median home sale price is $367,500)

Details and lots of graphs at:

My comment: The median home sale price is $367,500. This is definitely an outlier for the area.

A floating Pacific island is in the works with its own government, cryptocurrency and 300 houses

Just For Fun!!

Excerpts: The Floating Island Project plans to create off-shore housing that uses its own currency and operates outside of government regulations.
– The project is a pilot program in partnership with the government of French Polynesia.
– A long-term vision for the project is hundreds of new countries floating on the ocean.

As well as offering a home for the displaced, the self-contained islands are designed to function as business centers that are beyond the influence of government regulation.

Check out the video and lots more details at:

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5-17-18 Newz//New Fannie Forms. Appraisal Waiver saves up to 2 weeks. Golden State Killer House Survey

By on May 17, 2018   /   adjustments, appraisal how to, Appraisal Qualifications Board, appraisal waivers, hybrid appraisals, real estate market, unusual home, unusual homes   /   Leave a comment
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$1 listing prices

Excerpts: A $1 house listed in Edmond, OK, has stirred up a huge hubbub among home buyers, home sellers, real estate agents, and others: Come on, is that even real? There must be a catch.

In other words: After less than a week, the home is under contract. While Hukill won’t share specifics until the deal is officially done, he says, “we ended up a little bit above what the sellers initially thought they’d get.”

Which begs the question: Should more home sellers consider pricing their home at $1?

My comment: interesting discussion of the pros and cons.

Appraisal Waivers save up to 2 weeks time

From Fannie Mae’s May 15 2018 Selling News
Save your borrowers time and money with a PIW

Did you know that a property inspection waiver (PIW) can save you up to two weeks in loan cycle time while saving your borrower the expense of an appraisal? A PIW can both reduce costs and shorten the loan origination process by eliminating the need to obtain and review an appraisal, removing the chance of any appraisal-related delays.
Exercising a PIW offer will also give you Day 1 Certainty®, freedom from reps and warrants on property value, condition, and marketability. Learn more about these benefits and more on the PIW page.
My comment: And I was thinking that Hybrid Appraisals were a big market… No way to beat No Appraisals…

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5-10-18 Newz//Market Value Fallacies. Broken Mortgage Market. Crazy Appraiser Stories

By on May 10, 2018   /   adjustments, AMCs, appraisal how to, appraisal management company, data, hybrid appraisals, Mortgage applications, mortgage loan volume, real estate market   /   Leave a comment
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Is it all a big lie? Are there really 6 fallacies of market value?

By George Dell, MAI, SRA, ASA

Excerpts: Some ten years ago, we saw the start of the economic meltdown. Were appraisers to blame?  Some tried to pin the blame that way. But was there a big lie underneath? The required (federally insured) definition of value has seven distinct elements. Were appraisers doing what they were told?
Seeking entertainment for my Stats, Graphs, and Data Science¹ classes, it seemed fun to see if these assumptions had not been religiously followed.  This led to a PowerPoint slide entitled:
 “Dell Operative definition of market value”
Check it out at:

My comment: Interesting comments plus some humor ;>

In the Trenches, Crazy Appraiser Stories

Just For Fun!!

Excerpt: You’ve all got them… The crazy car chases, the surprising living conditions, the exotic assignments and the unique collectors. Here are a few of our stories we found buzz worthy.
This was a beautiful 3,200 sq ft home with all the extras. After measuring…
The Stories plus 10 comments with more stories.
My comment: I love the foto of the crazy appraiser!!

Which of us does not have a weird experience… or lots of them ;>

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