Land Surveys in 1784 – Alexander Hamilton vs. Thomas Jefferson
11 Secret Spaces Hiding in Famous Places
Bob Hope’s UFO Home Sells for $13 Million
Excerpt: At long last, Bob Hope’s UFO house has sold for $13 million, after first being listed in early 2013 with a price tag of $50 million. Having gone through a couple of price cuts over the last three years, the most recent cut lowered the ask to $25 million. But with no comps available, how does one actually price a concrete space ship? Seems that when $25 million was thrown at the wall, $13 million stuck.
My comment: Tough appraisal including measuring and the listing history ;>
My comment: Wow!! I had no ideas these cities had high winds, especially those not in hurricane areas.
Popular (and sometimes strange) real estate listings
Take a break and check out these listings!!
The 4 Most Interesting Home Listings of 2016 – Fun Video
Video is 2 minutes and 40 seconds long and very entertaining!!
Can’t describe it. You just gotta see it!!
2016’s top 10 most popular (and sometime strange) homes for sale
Here are 3 of them
No. 1 is the country’s biggest fixer-upper – over 60,000 sq.ft. in Texas. Price: Listed for $3.6 million
5. The cave dwelling, Undisclosed address, Festus, Missouri. Price: Listed for $314,900
10. The ‘Amityville Horror’ house, 108 Ocean Ave, Amityville, New York. Price: Listed for $850,000, entered into contract in November
Beautiful airports and Victorians under $200,000
Unique and Beautiful Airports Around the World
Architecture that redefines what it means to travel in style.
All I can say is WoW!! Take a break for a few minutes and look at these photos…
Affordable homes from all over the country (Hint: No fixers)
Just scroll down the pages.
7 Victorians under $200,000 (No tiny homes)
8 homes under $100,000 (Hint: no fixers)
My comment: Wow!! Those Victorians in my city would be way over $1,000,000 on lots under 5,000 sq.ft. !!!
Sadly, The Appraisal Institute is now working against its local chapters by Jonathan Miller, posted 12/9/16
Read more!! →
Beautiful and unusual places
What are the most popular links in these newsletters? Weird properties, very expensive homes, etc. Plus Appraiser goes to jail (not many of these today), Freddie and Fannie no-appraisal loans. LIA’s Claudia Says ads are also very popular. Sorry, USPAP, ASB, AQB, ASC etc. are not very popular but I put them in just to let you know what is happening, even if you don’t care much ;> Here are two:
10 of the Most Beautiful Libraries on Earth
Take a break and a look at these beautiful and unusual libraries!!
From all over the world, including the Chicago Public Library
Chicago Public Library, by SOM
Chicago’s new Chinatown library branch has no sharp edges. The pebble-shaped building is wrapped in glass and marked by solar-shading fins that are meant to reduce heat and glare. The library’s curvy, three-sided shape is built around feng shui principles and designed to align with the avenues outside the building. Inside, the two-story structure is centered around a light-filled atrium.
No links for more info, but you can google the names.
Carmel, Indiana, America’s King of Roundabouts
9 Amazing Things Disguised as Boring Things
Look twice-these seemingly mundane objects are hiding something.
Narnia hid behind a wardrobe. Doctor Who’s Tardis was disguised as a blue police call box. With no signage and no flags, these out of the ordinary things are hidden away disguised as something utterly banal. In some cases, these things are camouflaged on accident; in others, they are secreted away so that only those in the know can find them.
Either way, the world is full of seemingly mundane places that are more than meets the eye. It reminds us to stay curious-one has to always be on the lookout for wonder. Here are nine places in the Atlas that may seem boring at first glance but are actually amazing once you take a closer look.
Here are a few:
1. Brooklyn Townhouse Secret Subway Exit
3. Mystery Soda Machine – insert 75 cents and see what you get
4. The Lonely Parking Meter
The only parking meter in Winters, CA
My comment: Just For Fun!! We all work in the field and discover strange things. This article will make me look closer at what I see ;>
Disciplinary Process-How It Works, Your Rights & Likely Outcomes
by Robert Weinstock, JD, MBA, CBA, CVA
While the number of licensed real estate appraisers nationwide has decreased, the number of complaints filed against appraisers has increased. For example, in my home state of California, complaints against appraisers have increased by 40% even though the number of appraisers has declined, according to the California Bureau of Real Estate Appraisers (BREA)….
The following is an actual 2015 disciplinary action against an appraiser in which the appraiser lost his license and was required to reimburse the state for its investigation and prosecution costs in the amount of $125,828. In addition, if the applicant should care to reapply for a new license, he shall be required to pay an additional $115,828.
The Revolutionary Concept of Standard Sizes Only Dates to the 1920s
Nearly everything in your home is a certain size, thanks to German architect Ernst Neufert.
Excerpt: Almost every kitchen counter in the United States is 36 inches tall. And 25 inches deep. Eighteen inches above the counters are the cabinets, which are 16 inches deep.
Where do these sizes and dimensions come from? Have they always been so exact?
Building standards, as these numbers and rules are often known, are everywhere, helping shape everything from your kitchen cabinets and the sidewalk in front of your house to the layout of your favorite restaurant. Despite their prevalence, building standards really only came into being in the last century. A major turning point in their wild proliferation arrived in the 1920s, when the German government made the then-radical decision to standardize the size of office paper.
My comment: Fascinating!! Lots more info and images at the link below.
Do you have questions about using Collateral Underwriter® (CU™)? Register to attend the upcomingAsk the Expert webinar on September 27, 2 p.m. to 3 p.m. ET. Additional webinars and eLearning courses are available on the CU web page.
Have you heard about CU’s easier-to-use design and layout coming later this year? Check out the preview. You can also view the new CU infographic for an overview of CU’s powerful features. CU gives you the feedback you need, when you need it, with a CU risk score, alerts, and messages provided real-time in the Uniform Collateral Data Portal® (UCDP®). For all the latest news and resources, visit the CU web page.
Scheer Motion to Dismiss Coester vs Scheer Lawsuit
Excerpt: More CVMS Fraud and Coester’s Fraudulent Activities Revealed
Robert Scheer, former Coester Senior VP, has filed a motion to dismiss Coester vs. Scheer lawsuit. There are also whispers in the appraisal community that Brian Coester’s motion to dismiss the lawsuit against him was denied. Looks like Scheer vs. Coester lawsuit is going to trial. Scheer continues to reveal more dirt against Coester while appraisers continue to flood social media with comments, and sometimes with humorous reactions…
This article includes the motion to dismiss.
Previous post on this topic: Coester Allegedly Engaged in Fraud Sued by Former Senior VP
Dollhouse Real-Estate: Inside the Elite Market for Miniature Homes
Priced as high as hundreds of thousands of dollars, these elaborate dollhouses count sex therapist Ruth Westheimer and a member of Qatar’s royal family as collectors
Excerpt: This Victorian-style home features four bedrooms, one bathroom and ornate period details like a clawfoot bathtub, crystal chandeliers and mahogany fireplaces. It is currently on the market, fully furnished, for $149,000. Since the home is roughly 18 square feet, the price comes to about $8,278 per square foot.
My comment: Thanks to Jonathan Miller for this Fun Link!!
Doll houses will never be the same for me ;>
Coming in the October 2016 issue of Appraisal Today
How to get higher appraisal fees !!!
- Why AMC fees started going up last year.
- Comparison of AMCs, direct lenders and non-lender fees. Why they are very different.
- How to find out what AMCs are say they are paying and what appraisers are really getting.
- Lots of fee negotiating tips
Not just a lot of ranting. Practical advice on how to successfully make more money during this Boom that will not last forever.
To read the full article, plus 2+ years of previous issues, subscribe to the paid Appraisal Today.
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Subscribers get, FREE: past 18+ months of past newsletters plus 4 Special Reports, plus 2 Appraiser Marketing Books!!
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If you are a paid subscriber and did not get the September 2016 issue, emailed September 1, 2016, please send an email to email@example.com and we will send it to you!! Or, hit the reply button. Be sure to put in a comment requesting it ;>
APPRAISERS IN THE NEWS. THE ARTICLES BELOW ARE ABOUT FEES, TURN TIMES, APPRAISER SHORTAGE, ETC. THEY WERE WRITTEN FOR LENDERS, REAL ESTATE AGENTS, HOME OWNERS, AND THE GENERAL PUBLIC. All allow comments, which can be very interesting!!
5 things to consider about higher appraisal fees and longer turn-times By Ryan Lundquist. Written for real estate agents and home owners
Excerpt: 4) Not Getting All the Money: A loan officer I spoke with was frustrated that his Borrowers were paying $550 for conventional appraisals and $750 for jumbo appraisals – and still experiencing longer turn-times. When he told me the Appraisal Management Company (AMC) he uses though, that’s where the problem comes in. This AMC regularly pays appraisers $350, which means they’re pocketing 40% of the fee the Borrower thinks is going to the appraiser. A few days ago on Facebook there was an appraiser who had an offer from an AMC to appraise a property for $850, but the AMC was charging the Borrower $1,385. Let’s remember appraisers are supposed to be paid “customary and reasonable” fees under Dodd-Frank, but a reasonable fee is what the appraiser gets – NOT what the Borrower pays.
My comments: Well written – for real estate agents and home owners, but has good explanations for everyone. (Ryan’s blog is primarily marketing for his appraisal business.) This article also discusses the decline in the number of appraisers in California, with data, but is relevant for many other states.
Appraiser Shortage? By Greg Stephens, SRA, MetroWest AMC
Reprinted from a June 2016 mortgage magazine. Written for lenders.
Excerpt: A topic very relevant to mortgage professionals has been receiving increasing attention lately-the question whether there is or is not a shortage of appraisers? Regulators, as well as market participants, have been weighing in, and depending upon who you talk to, the answers vary. The problem so far is that most of the discussion has been anecdotal.
What also needs to be included in stakeholder discussions on the topic is the status of future appraisers in the pipeline to replace the aging population of practicing appraisers.
To answer the question-not only whether there is a current shortage, but also if there is the potential for a shortage either in the near future (three to five years) or perhaps even longer, I conducted some in-depth research to glean as much factual information as possible.
My comments: This article has some good data on declines in number of trainees, problems with ASC data,lenders not allowing trainees to sign on their own, etc. Written for mortgage lender publication. Of course, it does not discuss low fees, scope creep, and treating appraisers “poorly” as a reason for the shortage of appraisers willing to work for many, or all, AMCs.
Need an appraisal right away? It may cost more than you’d expect. By Ken Harney. Written for the general public. Syndicated in national newspapers.
Excerpt: The problem is part work overload, part resentment over fees. In many markets, diminishing numbers of experienced appraisers are available – and willing – to handle requests for their work on tight timetables and at fees sometimes lower than they earned a decade or more ago.
The net result: The system is getting gummed up. …. A recent survey of agents by the National Association of Realtors found that appraisal problems were connected with 27 percent of delayed closings, up from 16 percent earlier this year.
In some cases, panicked lenders and management companies are offering appraisers fat bonuses and “rush fees” to meet deadlines. The extra charges can range from $200 to $1,000 or more, turning $500 appraisals into $1,200 or $1,500 expenses, which typically get paid by home buyers.
My comment: Harney has been a nationally syndicated real estate columnist for a long time.
HOW TO USE THE NUMBERS BELOW. Appraisals are ordered after the loan application. These numbers tell you the future for the next few weeks. For more information on how they are compiled, go to https://www.mba.org
Note: I publish a graph of this data every month in my printed newsletter, Appraisal Today. For more information or get a FREE sample issue go to www.appraisaltoday.com/productsor send an email to firstname.lastname@example.org . Or call 800-839-0227, MTW 8AM to noon, Pacific time.
WASHINGTON, D.C. (September 21, 2016)
Mortgage applications decreased 7.3 percent from one week earlier,
according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 16, 2016. The prior week’s results included an adjustment for the Labor Day holiday
The Market Composite Index, a measure of mortgage loan application volume, decreased 7.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 15 percent compared with the previous week. The Refinance Index decreased 8 percent from the previous week to the lowest level since June 2016. The seasonally adjusted Purchase Index decreased 7 percent from one week earlier. The unadjusted Purchase Index increased 15 percent compared with the previous week and was 3 percent higher than the same week one year ago.
The refinance share of mortgage activity increased to 63.1 percent of total applications from 62.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 4.4 percent of total applications.
The FHA share of total applications increased to 10.2 percent from 9.6 percent the week prior. The VA share of total applications decreased to 11.6 percent from 12.0 percent the week prior. The USDA share of total applications remained unchanged from 0.7 percent the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to its highest level since June 2016, 3.70 percent, from 3.67 percent, with points increasing to 0.38 from 0.36 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 3.69 percent from 3.64 percent, with points decreasing to 0.29 from 0.36 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.56 percent from 3.50 percent, with points decreasing to 0.23 from 0.27 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week
The average contract interest rate for 15-year fixed-rate mortgages increased to 2.99 percent from 2.97 percent, with points increasing to 0.35 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 5/1 ARMs increased to 2.96 percent from 2.87 percent, with points
decreasing to 0.26 from 0.37 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.
How many appraisers are increasing their fees?
Poll: In the past year, have your standard fees for a typical non-complex assignment? www.appraisalport.com
My comment: Good news that the majority of responses were for increased fees. But, less than $50 annual increase is low. If you work for AMCs, your fees will drop when business slows down, assuming you are not getting very low fees now. If you don’t ask for higher fees now, or drop AMCs that insist on low fees, you are losing lots of money. I keep increasing my fees by $50 every 3-4 months and am still below other local appraisers’ fees. Remember, there is little or no AMC “loyalty” to appraisers. They will not remember you when business slows down and you really need work.
WHAT DO YOU THINK? POST YOUR COMMENTS AND READ OTHER COMMENTS AT www.appraisaltodayblog.com
McMansion Hell in Roseville CA
Just for Fun!!
Excerpt: Nothing in this world is a better metaphor for what politicians and marketers like to call “The American Dream” than the Californian tract house. Imagine – you too, could have your own sloppily put together plot of land on a nice street lined with other sloppily put together plots of land.
But you, of course, want your sloppily put together plot of land to be different from the sloppily put together plots of land of your peers. Now, your houses may have been built at the same time with the same plan by the same builder, but damn are you not determined to find a way to stand out from the crowd.
Finally, after the nth hour of HGTV, it dawns on you: the windows.
My comment: check out other interesting stuff on this web site. I didn’t even know there were any McMansions in Roseville!!
Three statisticians go hunting. They see a deer and the first one
shoots, hitting three feet left of the deer. The second one shoots, hitting three feet right of the deer. The third one leaps up in joy, yelling, “we got him!”
Thanks to Scott Jura for this great joke! Posted on a yahoo appraiser discussion group.
Ex-appraiser sentenced to 6 years for mortgage fraud
Excerpt: A Pittsburgh federal jury convicted Jason Moreno, 33, on five counts of wire fraud and two counts of conspiracy in September 2013.
A former appraiser, Moreno overstated housing values and glossed over problems such as a den of black snakes in one house’s basement so that others in the scheme could obtain loans for more than the properties were worth.
U.S. District Judge Nora Barry Fischer resentenced Moreno on Monday to six years in prison and three years of probation.
Court documents from 1/16. Lots of very interesting details: