weird homes Archives - Appraisal Today

4-19-18 Newz//Corelogic acquires a la mode, USPAP Q&A problems, Earth-Friendly Homes

By Ann O'Rourke on April 19, 2018 / Appraisal Standards Board, lender appraisals, Mortgage applications, mortgage loan volume, Strange homes, unusual home, USPAP, weird homes / Leave a comment

Tags: appraisal how to, Appraisal Standards Board, Fannie forms, mortgage loan volume, real estate market, unusal homes, USPAP

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Earth-Friendly Homes and Buildings for Earth Day, Sunday, April 22

Just For Fun!!

Click on the fotos of lots of ecofriendly buildings for more info. Fascinating, sometimes Weird, and Fun!!

A few: Mathematical Puzzle House, paper house, skyscrapers, Recycled Concrete Tube House, etc.

http://www.ecofriendlyhouses.net/ecofriendlyhouses.html

Appraisal Institute Requests Appraisal Standards Board to Rework Q&As

Excerpts: The Appraisal Institute in an April 13 letter to the Appraisal Standards Board formally requested changes to or the retraction of Q&A 2018-12, Employing an Extraordinary Assumption when a Client Provides Inspection Data and Q&A 2018-13, Appraisal Reporting – Certifications and Signatures.

The Appraisal Institute believes this advice is antiquated and out-of-step with appraisal practice and long-standing USPAP principles about not dictating the form, format or style of an appraisal report. Perhaps most concerning to AI is the apparent inclusion of additional requirements in this advice rather than in USPAP itself.

https://www.appraisalinstitute.org/ano/appraisal-institute-requests-appraisal-standards-board-to-rework-qas-/

My comment: I completely agree with the AI’s issues with Q&A 2018-12 and -13. The certification issue has been around since USPAP required that the “previous 3 years” be included in the certification. The ASB needs to modify USPAP itself as I don’t think it addresses these current issues in appraising very well. Unfortunately, the new edition was effective 1/1/18. 2 years to wait.

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4-12-18 Newz//What’s a Comp?, Multiple offers way over list, Rotating House

By Ann O'Rourke on April 12, 2018 / adjustments, AMCs, Appraisal Foundation, appraisal how to, Appraisal Qualifications Board, Fannie, fees, forecast, lender appraisals, listings, Mortgage applications, real estate market, Strange homes, unusual home, unusual homes, weird homes / Leave a comment

Tags: AMC, Appraisal Foundation, appraisal how to, appraisal management company, Appraisal Qualifications Board, appraiser shortage, real estate market, strange house, unusal homes

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What’s a comp?

By George Dell, MAI, SRA

Excerpts: Our education tells us a comp is similar and competitive. So how do we measure “comparability”? If our job entails studying market data to get an answer … might it be important to know exactly how to describe a comp?

So what’s the issue? Why should we care? I am a highly trained expert. I have a license. “Trust me. I know a good comp when I see one.”

https://georgedell.com/what-is-a-comp/

My comments: George is writing a longer article than his blog posts for the May issue of the paid Appraisal Today. I often wish his blog posts were longer, but they are designed to be short ;>

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4-5-18 Newz//Weird home interiors, Reduced AQB requirements and state regulators, Data analytical tools

By Ann O'Rourke on April 5, 2018 / adjustments, Appraisal Foundation, Appraisal Qualifications Board, appraisal waivers, appraiser shortage, data, evaluations, lender appraisals, Mortgage applications, mortgage loan volume, new appraisers, real estate market, rental market, state appraiser regulators, Strange homes, trainees, unusual home, weird homes / Leave a comment

Tags: adjustments, appraisal how to, Appraisal Qualifications Board, appraiser shortage, lenders, mortgage loan volume, new appraisers, real estate market, strange house, trainees, unusal homes

The rage of Airbnb rentals (and stuff to keep in mind about value)

By Ryan Lundquist

Excerpts: The owner has a cash cow. Her second unit is bringing in $3,300 per month as an Airbnb rental, and it’s paying her mortgage. Since these types of rentals are all the rage right now, let’s talk about some important details to keep in mind from a value perspective. This isn’t meant to be exhaustive, but I wanted to share some things on my mind. I’d love to hear your take in the comments.

Topics:

1) Airbnb rent vs. market rent

2) Lenders and market rent

3) Investors & seller expectations

4) The fine print and a 12% tax

Click here to read the details, plus the appraiser comments:

http://sacramentoappraisalblog.com/2018/03/30/the-rage-of-airbnb-rentals-and-stuff-to-keep-in-mind-about-value/

My comment: This stuff gives me a headache ;> These seem to be everywhere now, especially room rentals. The Local Politics can be a mess. I look at the income as a business. Very different than renting by the month or year (at much lower daily rates), unless it is in a popular vacation rental market.

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3-29-18 Newz//Last Minute Tax Tips, FHFA-Value of AMCs, Time Capsule Homes

By Ann O'Rourke on March 29, 2018 / adjustments, AMCs, appraisal business, appraisal how to, appraisal management company, Barry Bates, lender appraisals, real estate market, Strange homes, unusual home, unusual homes, weird homes / Leave a comment

Tags: adjustments, AMC, appraisal how to, appraisal management company, forecast, lenders, mortgage loan volume, real estate market, strange house, unusal homes, weird properties

New FHFA report says AMCs are not much different than direct lender appraisals – value added??

From the March 2018 paper (“Are Appraisal Management Companies Value-Adding? – Stylized Facts from AMC and Non-AMC Appraisals”:

“In this paper, we study whether there are any systematic quality differences between appraisals associated and unassociated with appraisal management companies (AMCs). We find that compared to non-AMC appraisals, AMC appraisals on average share a similar degree of overvaluation despite being more prone to contract price confirmation and super overvaluation.

“AMC appraisals also share a similar propensity for mistakes, despite employing a greater number of comparable properties. Our evaluation employs relatively simple statistical comparisons, but the results indicate no clear evidence of any systematic quality differences between appraisals associated and unassociated with AMCs.”

Note: FHFA is the Federal Housing Finance Agency, established by the Housing and Economic Recovery Act of 2008 (HERA) and is responsible for the effective supervision, regulation, and housing mission oversight of Fannie Mae, Freddie Mac (the Enterprises) and the Federal Home Loan Bank System, which includes the 11 Federal Home Loan Banks (FHLBanks) and the Office of Finance. Since 2008, FHFA has also served as conservator of Fannie Mae and Freddie Mac.

http://dsnews.com/daily-dose/03-26-2018/fhfa-examines-the-value-of-appraisal-management-companies

Read appraiser comments here:

http://appraisersblogs.com/questioning-amcs-value-adding-claims

Link to the report. Worth reading… or skimming ;>

https://www.fhfa.gov/PolicyProgramsResearch/Research/PaperDocuments/wp18-01.pdf

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3-22-18 Newz//The Way Things Used To Be, Can the Appraisal Profession Be Saved?, Cultural/Religious Effects on Value

By Ann O'Rourke on March 22, 2018 / adjustments, appraisal how to, future, lender appraisals, mortgage loan volume, real estate market, Strange homes, unusual home, unusual homes, weird homes / Leave a comment

Tags: appraisal how to, appraisal regulations, appraisal waivers, future, lenders, mortgage loan volume, real estate market, strange house, unusal homes, weird properties

Can the Appraisal Profession be Saved?

By George Dell, MAI, SRA

Excerpt: What does it mean “Can the profession be saved?” Does anyone else care except us?

The second question first. Who might care? Clients who have developed a trust for you and who are comfortable with the traditional ways of doing things. There is a group of us and of them who like doing things as always. It’s comfortable, requires little change, and is a ‘safe’ way of doing things.

But who might not care? We can break these down into two subgroups: 1) those that dislike our getting in the way of their deal; and, 2) those who genuinely want something different, more modern. For now, let’s dismiss the first group, and consider those who do want a better product, a better service.

What do you think? Post your comments!!

https://georgedell.com/can-appraisal-profession-saved/

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3-15-18 Newz//$2,358 PSF Small Tract House, Water Heaters, Affordable Beach Towns

By Ann O'Rourke on March 15, 2018 / appraisal how to, appraisal waivers, evaluations, lender appraisals, mortgage loan volume, real estate market, square footage, Strange homes, unusual home, weird homes / Leave a comment

Tags: appraisal how to, appraisal waivers, appraiser shortage, mortgage loan volume, real estate market, square footage, strange house, unusal homes

$2,358 per sq.ft. for small home in Sunnyvale CA

Excerpt: This home on Plymouth Drive in Sunnyvale, Calif. recently set the highest price per square foot ever recorded by the Multiple Listing Service. The two bedroom, two bath home – 848 square feet in size – sold in two days for $2 million. It had been listed for $1.45 million. That means it sold for $2,358 per square foot, which is the highest price per square foot in Sunnyvale recorded by MLS Listings which has data going back to Jan. 1, 2000.

https://www.mercurynews.com/2018/03/02/sunnyvale-home-shatters-new-record-with-enormous-price-tag/

My comment: It did have new paint inside and outside plus refinished hardwood floors ;> Check out the fotos for a boring tract house. I got Mine. I am sooo glad I bought my house in 1985 for $145,000, worth about $900,000 now!! Mine is twice the size of this one, but not close to Google or Facebook (30 miles away, but could take the employee Google bus which comes here.)

The World’s Best Affordable Beach Towns

Just For Fun!!

Excerpt:

Here are two, not too far away:

3. Tulum (Mexico) Luxury condos in new developments and single-family houses under $100,000

9. Dominical Beach (Costa Rica)

Check out all of them at:

https://www.realtor.com/news/trends/best-and-most-affordable-beach-towns-in-the-world

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3-1-18 Newz//”Just” a Residential Appraiser?, Turret Living, Price Fixing?

By Ann O'Rourke on March 1, 2018 / AMCs, appraisal business, appraisal management company, appraiser shortage, bad appraisers, mortgage loan volume, new appraisers, real estate market, state appraiser regulators, Strange homes, weird homes, weird properties, zillow / Leave a comment

Tags: AMC, appraisal business, appraisal how to, appraisal management company, Bad appraiser, mortgage loan volume, new appraisers, real estate market, strange house, trainees, unusal homes, unusual buildings, weird properties, zillow

I Am Not “JUST” a Residential Appraiser

By Rachel Massey, SRA

Excerpt: There is no doubt that moving to obtaining a certified general appraisal license opens doors to varied and interesting work. If it is in one’s capacity to obtain this level, it is a great idea. That said, the idea of being “just” a residential appraiser has got to stop.

A good professional residential appraiser who studies the market, knows how to analyze and solve a problem, and can communicate effectively and succinctly, is a very valuable appraiser at that!

Worth reading, plus read the comments and post your opinion.

http://appraisersblogs.com/not-just-residential-appraiser

My comment: Rachel wrote a much longer, very interesting article for the paid Appraisal Today March issue: “What being designated means to me”

When I started appraising in the late 70s, residential was somehow considered “inferior”. I guess it has been going on for a very long time. I have always thought that residential appraisers are experts in one type of property: 1-4 units. If you are testifying in court on a single family home and the opposing attorney’s appraiser is an MAI who appraises a few times a year, you will blow them away!!

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2-22-18 Newz//ASB Meeting Live Streaming, McMansions, Risky Appraisal Alternatives

By Ann O'Rourke on February 22, 2018 / appraisal business, appraisal how to, Appraisal Standards Board, bad appraisers, desktop appraisals, evaluations, hybrid appraisals, mortgage loan volume, real estate market, unusual home, unusual homes, weird homes / Leave a comment

Tags: appraisal business, appraisal regulations, Appraisal Standards Board, Bad appraiser, Hybrid appraisals, mortgage loan volume, strange house, unusal homes

Who Ordered All the McMansions? 10 Cities Where They’re Piled Highest

Excerpt: You know them when you see them.

The imposing, ostentatious structures looming over surprisingly wee plots of land. The crazily mismatched architectural styles. The hipped roofs, gabled roofs, and pyramidal roofs-all on the same house! The bank columns. The front yard Romanesque fountains. The puzzling profusion of window sizes and types. The gigantic, two-story front doors.

Click here for more info and where there are lots of them:

https://www.realtor.com/news/trends/metros-with-most-mcmansions

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