10-19-17 Newz// Appraisal Waivers, Crooked Houses, High-Low Home Prices

By on October 19, 2017   /   appraisal business, appraisal waivers, Collateral Underwriter, evaluations, Fannie, unusual home, unusual homes, USPAP   /   Leave a comment
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The Asymmetrical Charm of Crooked Houses

They’re like regular buildings, but with a twist.
Excerpt: THE BUILDINGS THAT OFTEN GET the most praise (one famed tower in Pisa not withstanding) are those that stand up straight, refuse to bend or bow over time. But those buildings are boring. The really compelling constructions are those buildings that, despite looking like they are slowly keeling over, continue to stand, and continue to be used.

Some whimsical tourist traps have been purpose-built at odd angles, but it’s the buildings that were never meant to lean that are far more fascinating. Whether due to construction errors, shifting ground, or just the accumulated weight of time, some buildings have become crooked masterpieces of architectural fortitude. Take a look at some of the most stunning crooked houses in the world.

My comment: Just For Fun!! Good fotos and descriptions.

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9-28-17 Newz//Fees up or down?, Credit easing, San Francisco Castle

By on September 28, 2017   /   AMCs, appraisal management company, Fannie, lender appraisals, Mortgage applications, state appraiser regulators, Strange homes, unusual homes, weird homes   /   Leave a comment
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Albion Castle – A 140 year old castle with underground caves hidden in San Francisco.

Just For Fun!!

Excerpt: When Bill Gilbert was growing up near Candlestick Park, all the kids said that Albion Castle was haunted. Gilbert himself wasn’t sure, but every time his parents took him to eat at the at the old Dago Mary’s restaurant across the street, he would look at the gates that front the 145-year-old stone structure and wonder. Little did he know that as an adult, he would own the keys to the castle (literally).
My comment: It was listed in 2009 for $2,950,000 (a very bad market). The six-story square tower has four bedrooms, two bathrooms and 1,436 sq.ft. It sold for 11/2011 for $890,000 and has been rehabbed. It needed a lot of work!!
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Info on the history and historic photos

My comment: It was listed in 2009 for $2,950,000 (a very bad market). The six-story square tower has four bedrooms, two bathrooms and 1,436 sq.ft. It sold for 11/2011 for $890,000 and has been rehabbed. It needed a lot of work!!

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9-14-17 Newz:// No Appraisal Waivers, How Many Comps Are Enough?, Ugliest House

By on September 14, 2017   /   appraisal, appraisal business, appraisal how to, data, Freddie, future, lender appraisals, Mortgage applications, mortgage loan volume, statistics, unusual home, unusual homes, weird homes, zillow   /   Leave a comment
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Google Street Views – First Big Update with Lots More Big Data!!

Excerpt: The car-top rig includes two cameras that capture still HD images looking out to either side of the vehicle. They’re there to feed clearer, closer shots of buildings and street signs into Google’s image recognition algorithms.
Those algorithms can pore over millions of signs and storefronts without getting tired. By hoovering up vast amounts of information visible on the world’s streets-signs, business names, perhaps even opening hours posted in the window of your corner deli-Google hopes to improve its already formidable digital mapping database
My comment: Fascinating article. Check it out. I use Street Views a lot, but sometimes the images are fuzzy and are hard to figure out. Looking forward to improvements, but on the minus side, more data available that field appraisers provides now.

36 Appraisal Organizations Send Letter to Party Leaders of House Committee on Financial Services and Senate Committee on Banking, Housing and Urban Affairs on “No Appraisal” Waivers

Excerpt: 36 industry groups are attempting to prevent the Fannie Mae and Freddie Mac (GSE’s) from issuing appraisal waivers by sending a letter to the chairs and ranking members of the Senate Banking, Housing and Urban Affairs Committee, and the House Financial Services Committee addressing its concerns. AI recommends the halt of the waivers until the GSEs can demonstrate that the proposed program does not harm the consumer, is properly monitored, and integrates proper safeguards to prevent fraud.
We are writing this letter to raise concern over the new appraisal waiver programs recently implemented by Freddie Mac and Fannie Mae (the ” Government Sponsored Enterprises.”)  We believe these programs will create unnecessary and unacceptable risks for taxpayers and homeowners, and they come at a time when markets are at all-time highs – when risk mitigation should be tantamount. We ask you to call on the Federal Housing Finance Agency (FHFA) to prevent the Enterprises from implementing the appraisal waiver programs until they can demonstrate the appraisal waiver program:

My comment: Worth reading. Read the names of all the organizations that sent the letter. I can’t remember when so many appraisal organizations agreed on anything!!

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9-7-17 Newz// Appraisers Helping Appraisers, SBA needs appraisers, It’s OK to Say No

By on September 7, 2017   /   appraisal how to, Mortgage applications, Strange homes, unusual homes   /   Leave a comment
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Help Texas Appraisers Affected by Hurricane Harvey!

This fundraising campaign is co-sponsored by Mark Skapinetz (What’s It Worth Appraisal Services), Joe Mier (Joseph Mier & Associates), Lori Noble (The Noble Appraiser), Jonathan Miller (Miller Samuel Inc. Real Estate Appraisers & Consultants) and Phil Crawford (Voice of Appraisal).
As of 6pm 9/6/17 (West Coast time), at least two appraisers have donated the cost of an appraisal fee. 125 appraisers had contributed a total of $9,646 in the past 5 days.
If you have been affected by storms, you can apply to these folks to be considered to receive funding:
Mark Skapinetz:  wiwapp@gmail.com
Phil Crawford:  info@voiceofappraisal.com
Lori Noble:  lori@trpcg.com
Thanks to Dave Towne for these email addresses!
More info at:
Click here to donate
My comments: I prefer to give to people I know as it very satisfying. I started doing it 5-6 years ago. A former employee of mine became disabled and unable to work. I sent her $200 a month until she passed last year. A musician friend (my mentor), who is 82 years old, was trying to live on a small Social Security check. He sent me a Christmas card that mentioned some of his paintings for sale. I purchased a few for $400. Recently another musician friend in San Francisco was being evicted from his apartment after living there for over 25 years. I have been helping him send his records, CDs, etc. to friends around the country by using my UPS account.
I don’t know anyone personally affected by the Harvey disaster, but I contributed $100 as to help appraisers directly. I prefer to do this instead of donating to a charity. I also donate to charities, particularly local ones. I have my Amazon Smile account set up to automatically donate to the local Meals on Wheels. My living trust includes a large donation to my local NPR station, which I listen to every day.

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7-20-17 Newz// Fannie data, USPS gyrocopters, Costar data

By on July 20, 2017   /   appraisal business, Collateral Underwriter, data, E&O, Fannie, mortgage loan volume, state appraiser regulators, Strange homes, unusual homes, weird homes, weird properties   /   Leave a comment
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When the U.S. Postal Service Used Gyrocopters to Deliver the Mail The flying machines hopped from roof to roof of post offices.

Excerpt: Sensing opportunity, the United States Postal Service-then the U.S. Post Office Department-decided to invest in the new technology. In 1937, Congress appropriated money to fund a series of experiments on autogyro mail delivery, and within a year the first flight-from Bethesda, Maryland to Washington, D.C.-was made.

My comment: Check out the photos (no videos in 1937). Very interesting!!

Why Fannie Mae Shouldn’t Keep Data Secret

Excerpt: Today’s lenders have access to massive amounts of data. According to (Richard) Hagar, government lenders have access to every recorded sale in most every county across the U.S. via information providers like CoreLogic. He believes appraisal adjustments should be cross-checked against sales metrics of the five million home sales that occur each year.
However, appraisers typically use Multiple Listing Service (MLS) for residential appraising. Data provided by MLS may vary from information shown by providers like CoreLogic. MLS has more detailed information that county records don’t contain. Oftentimes, though, MLS contains errors or missing data. In other words, both types of systems have errors, but not necessarily the same errors.
My comment: Controversial topic!! Fannie says that they want appraisers to be objective, not using Fannie’s data. For example, appraisers changing their building sketches to match public records sq.ft. to avoid underwriter/review hassles. I remember CMDC books (in california) back in the 1980s where appraisers submitted the first pages of their appraisals to go into a shared appraiser database. Before appraisers could get MLS access. Seems like that was okay…

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7-6-17 Newz: Tech Trends in 1776 .Arms-length transactions .Zillow vs. McMansions

By on July 6, 2017   /   appraisal, Strange homes, unusual homes   /   Leave a comment
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8 Hottest Tech Trends in 1776

Just For Fun!! Take a break from writing up those darn reports. Is there any appraiser who likes writing reports. Not me ;>

Excerpt: At that time, the “best” technology available was the printing press and the “best” social network required the use of “word of mouth” in Public Houses… But while all this was going on, there were a bunch of entrepreneurs and a few startups that changed the world.
  1. Underwater warfare
  2. Telling accurate time
  3. Underwater exploration
  4. Indoor plumbing
  5. Kitchen stove
  6. Electricity
  7. Mechanical motion
  8. Multitasking
My comment: check out this great article!! It is only 2 days after July 4, so I decided to include this very interesting article by Shelly Palmer one of my favorite tech writers!

Arm’s-Length Transactions, Market Value and Related Parties, Part 2 By Richard Heyn, SRA

Excerpt: So while a non-arm’s length transaction may be a red flag that can point to an above or below market value transaction, the bottom line is that ALTs may or may not take place at market value.
Another area of misconception among appraisers regarding ALTs involves the application of the term “related parties.” Unfortunately, the term “related parties” is not defined in any authoritative appraisal-related literature that I am aware. The term is, however, defined in accounting standards and by the Internal Revenue Service, most notably in the IRS guidelines for exchanges of like-kind properties.

My comment: the excerpt above is from part 2, above is the link for part 1. I have read several long threads online about this topic. Lots of confusion. Rich’s articles are Most Excellent. Read These Articles!

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6-28-17 Newz// Octagon house craze, Reproducibility Crisis, AMC Technology Efficient?

By on June 29, 2017   /   AMCs, appraisal, appraisal management company, Mortgage applications, Strange homes, unusual homes   /   Leave a comment
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Octagon House Craze in the 1800s

Excerpt: If you were a forward-thinking individualist in 1800s America, building an eight-sided abode was a great way to show it. The octagon house was a cutting-edge design at the time, believed to be a more efficient use of space, energy, and cost than the conventional square.

… Thousands of these geometric oddities were built by the time the trend hit its peak in the 1860s.

My comment: Wow!! I have never appraised an octagon house, but have seen a few from the outside. Have measured octagon turrets on Victorians.

Top cities where the number of million dollar homes is skyrocketing

Excerpt: In large swaths of the country, a cool million has mostly come to represent the new standard for good, upper-middle-class housing. “In more markets than ever before, the million-dollar mark is the new benchmark for that green lawn and white picket fence,” says Javier Vivas, manager of the realtor.com® economic research team.
  1. Denver CO
  2. Santa Rosa CA
  3. Boulder CO
  4. Truckee CA
Click here get the full list and read the comments on the cities – very interesting!!

My comment: In my small city in the San Francisco Bay Area, with a median price of around $850,000, many properties are listed just under $1,000,000 and sell over list. Starter homes are $750,000 to $800,000 (2 bedroom/1 bath, built before 1940, maybe updated kitchen and bath, 1000 sq.ft.) No, we did not get on the list. Already have too many over $1,000,000.. I am soo glad I bought my  house in 1985 for $135,000!!

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6-22-17 Newz//McMansions .Credit Risk Increasing .Freddie – No Appraisals

By on June 23, 2017   /   AMCs, Appraisal fees, appraisal management company, mortgage loan volume, unusual homes   /   Leave a comment
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What If McMansions Ruled the World?

Excerpt: Whether on the gleefully snarky blog McMansion Hell or in haunting photos of cul-de-sacs abandoned during the recession, McMansions-those ersatz chateaux of modern suburbia-are frequent targets of urbanists’ ire, derided as symbols of the wastefulness and isolation of suburban sprawl.
But what if the McMansion could be put in the service of urbanism instead?
My comment: Fascinating!!
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Appraiserville

Housingwire Gave Appraisers A Long Overdue Win

By Jonathan Miller
Excerpt: After a snarky trying-to-be-coy blog post that tried to win on a technicality that there was an appraiser shortage, many appraisers, including myself, took to the streets (the comments section) to voice our outrage. It was based on an amazingly misinformed Urban Institute post that doesn’t understand the appraiser role in mortgage lending, which was even more infuriating.
Housing Wire’s editor reached out to Jonathan Miller for the appraisers’ side of the story – He handed our long besieged industry a rare “win, include” and I am grateful for his honesty and for the opportunity to voice my view on their platform.

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

By on June 15, 2017   /   appraisal management company, data, forecast, lender appraisals, Mortgage applications, mortgage loan volume, statistics, Strange homes, unusual homes, weird properties   /   Leave a comment
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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.

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

By on June 8, 2017   /   appraisal business, Appraisal fees, appraisal management company, appraiser shortage, forecast, Mortgage applications, mortgage loan volume, state appraiser regulators, Strange homes, unusual homes, weird properties, zillow   /   Leave a comment
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 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.

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