10 Appraisal Myths

By on November 29, 2024   /   AI, appraisal, appraisal business, Appraisal fees, appraisal management company, Economic analysis, future, Highest and Best Use, liability, retirement, ROVs   /   Leave a comment
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Newz: 10 Appraisal Myths, AMCs – Appraiser Ripoffs –  AMC Junk Fees

November 29, 2024

What’s in This Newsletter (In Order, Scroll Down)

  • LIA – Intended Use and User
  • Don’t Fall for These 10 Real Estate Appraisal Myths
  • Extraordinary 4-Story Megamansion With Rooftop Putting Green and 2 Pools Lists for $78 Million
  • Now What? On a New Trump Administration
  • Outrage Over Connect by ValueLink’s New Monthly “Junk Fee”
  • Mortgage applications increased 6.3 percent from one week earlier

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10 Real Estate Appraisal Myths

By Tom Horne

Excerpts: In this week’s post, I dispel some common appraisal myths that have been around for years.

10 Appraisal Myths

Myth #1: All real estate appraisers are the same

Myth #2: Appraisals are the same as the Zillow Zestimate

Myth #3: The appraisal always comes in at the contract price

Myth #4: The appraiser is working for the buyer

Myth #5: Cost always equals value

Myth #6: Comps must be within one mile of the subject property

Myth #7: Agents and appraisers cannot talk

Myth #8: Appraisals and home inspections are the same

Myth #9: Assessed value will equal market value

Myth #10: The “new” appraisal methods are better than the old

To read more, Click Here

My comments: I’m sure you have heard some, or all, of these questions. I have heard them. Read the full post to see the answers you can use.

This blog post is written for newer real estate agents, but a good reminder of what many other people think. For example, when I say I am a real estate appraiser, many people ask if I have any listings. They think I am an agent and don’t know what appraisers do. Unfortunately, that is the main reason appraisers have difficulty when trying to communicate appraisal issues. Few listened to appraisers speaking out about fraud before the 2008 crash. What did we residential lender appraisers get to “fix” the problem? AMCs.

I don’t know why the appraisal associations have never done much to let people know about what appraisers do.

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Appraisers – Protect against Being Sued

By on October 25, 2024   /   AMCs, bias, humor, liability   /   Leave a comment
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Newz: Protect Against Being Sued, DOJ Sues Rocket Mortgage, Solidifi AMC and Appraiser, Scary Places

October 25, 2024

What’s in This Newsletter (In Order, Scroll Down)

  • Dealing with Unhappy Buyers as an Appraiser (LIA ad)
  • Protect Against Any Grounds for Suing an Appraiser with Defensible Reports
  • A Billionaire Built a Cliffside Version of Versailles. Now It’s Asking $108 Million
  • DOJ Sues Rocket Mortgage, Solidifi AMC and appraiser – Bias
  • Halloween: Paranormal/Haunted places where I live and How to find what is near you. You may be surprised!
  • Very funny Halloween appraiser cartoon
  • Ghosts Are Scary, but 95% of Americans Are More Afraid of Home Repairs (2024 Data)
  • How to Avoid Unexpectedly Buying a Haunted House—Because It Could Happen to You
  • 32 of the most haunted places in America
  • White House Ghost Stories
  • Mortgage applications decreased 6.7 percent from one week earlier
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    Humor for Appraisers

    Statute of Limitations for Suing an Appraiser

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Protect Against Any Grounds for Suing an Appraiser with Defensible Reports

Excerpts: … appraisers can be sued for several reasons, including negligence, errors and oversight, failure to notice underlying issues, or even fraud. While lawsuits against appraisers can be serious, they are rare when compared to the number of complaints to the state appraisal boards, which are much more commonplace and can also have serious consequences.

Therefore, the best defense for a real estate appraiser against a lawsuit or an appraisal board complaint is an accurate, defensible appraisal report.

Topics include:

1. Why is it important to create a highly defensible appraisal report? Mel Black: Real estate appraisers need to be prepared when the bright spotlight comes shining down on their work. They need to be prepared for issues that arise in a board complaint or civil lawsuit…

2. To ensure their report is defensible, what should real estate appraisers focus on at the beginning of an assignment? MB: There are a number of things to consider at the beginning of an assignment. As an appraiser, you want to look at assignment selection. You want to look at your competency to handle the assignment. You want to make sure you are able to define the problem and create an appropriate scope of work.

3. Once you’ve accepted the assignment, what are some things to focus on when developing the appraisal?

4. While you’re developing the appraisal, how do you find the best comparable sales information to include to ensure it’s highly defensible?

5. How can you prepare your workfile or appraisal report for a question about adjustments for the differences between the comparable and the subject property?

To read lots more about all 8 suggestions, Click Here

My comments: Information in the blog post is from Mel Black, a Certified Residential Appraiser, licensed real estate broker, and a practicing attorney who provides regular counsel on compliance matters and other industry-related law for appraisers and brokerage services, about creating defensible appraisal reports and why they are necessary in fighting legal battles or against appraisal board complaints.

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FHA Appraisal ROV Q&As

By on October 18, 2024   /   ADUs, AMCs, Fannie, FHA, liability, Mortgage interest rates, ROVs, UAD   /   Leave a comment
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Newz: FHA ROVs, Avoiding Court, ADUs and Sq.Ft.

October 18, 2024

What’s in This Newsletter (In Order, Scroll Down)

  • Avoiding Court: A Common Sentiment Among Appraisers By Claudia Gaglione, Esq.,
  • FHA Q&A on ROV Policy
  • One of America’s Biggest Homes Hits the Market for $195 Million
  • UAD/URAR Threat, Opportunity, Confusion, Part 2 By George Dell, MAI, SRA
  • Why didn’t the appraiser add the ADU in the square footage? By Ryan Lundquist
  • Choosing the Right Appraisal Management Companies (AMCs): A Guide for Appraisers
  • Mortgage applications decreased 17.0 percent from one week earlier
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Q’s and A’s Now Available from Appraisal Review and ROV Industry Briefing Webinar

FHA INFO 2024-70

October 10, 2024

FHA Posts Appraisal Review and Reconsideration of Value Policy

Questions and Answers from Industry Briefing Webinar

Today, the Federal Housing Administration (FHA) posted a questions and answers document that addresses inquiries received from stakeholders regarding FHA’s Mortgagee Letter (ML) 2024-07, Appraisal Review and Reconsideration of Value (ROV), announced in FHA INFO 2024-24 on May 1, 2024.

To prepare mortgagees and other stakeholders for the implementation of the ROV policy, FHA hosted a live webinar on August 8, 2024. During this webinar, FHA subject matter experts briefed participants on the ROV policy and processes and addressed questions submitted prior to and during the webinar. Due to time constraints, not all questions were answered during the webinar; therefore, today’s FHA INFO includes a summary of the questions addressed during the webinar as well as those that were not.

Mortgagees are reminded that while the provisions outlined in ML 2024-07 may be implemented immediately, they must be implemented for FHA case numbers assigned on or after October 31, 2024, as announced in ML 2024-16. Additionally, the technology updates announced in FHA INFO 2024-43, will also be available in FHA Connection (FHAC) beginning October 31, 2024.

The questions and answers and recording of the ROV webinar are available for viewing on HUD’s Single Family Housing Archived Webinars web page.

To read the full Q&As (PDF), Click Here

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Appraiser and Real Estate Agent Communication

By on September 6, 2024   /   AMCs, appraisal, Appraisal fees, Economic analysis, non-lender appraisals   /   Leave a comment
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Newz: Disturbing AMC Violations, Appraiser and Real Estate Agent Communication

September 6, 2024

What’s in This Newsletter (In Order, Scroll Down)

  • Top 10 Things Appraisers Wish Real Estate Agents Understood
  • Divorce Appraisal Red Flags
  • Carmel’s Iconic and Artistic ‘Owl House’ $3,750,000
  • Housing Market Update: August 2024
  • Please! Not Another Highest and Best Use Question?!
  • Appraisal Regulation Compliance Council Exposes Disturbing AMC Violations
  • Mortgage applications increased 1.6 percent from one week earlier

Real Estate Agents and Comparable Sales – Tips for Appraisers

Appraisal Business Tips 

Humor for Appraisers

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Top 10 Things Appraisers Wish Real Estate Agents Understood

McKissock Survey

Excerpts: Survey question: “What’s one thing you wish real estate agents knew about the appraisal process?”

Based on the answers we received, appraisers wish that agents knew the following:

  • The appraisal process is complex and takes time
  • Appraisers do not assign value
  • Appraisers are unbiased and must follow guidelines
  • Appraisers need their input and cooperation
  • How to select appropriate sales comps
  • The importance of providing accurate and detailed info in their listings
  • How to determine correct GLA (gross living area)
  • How renovations and upgrades affect value
  • How to prepare for the appraisal appointment
  • FHA/VA/USDA guidelines

Sample appraiser answers:

“How complex it really is. We don’t just pull numbers out of the air—they are market supported adjustments backed by ‘many angles“

Some brokers regard the appraiser as an adversary, who potentially can ruin their deal and end up without commission. They should learn that the appraiser is neutral and cooperating can be a benefit.”’ of research.”

“Entering an occupied home without agent or home owner present is a liability issue for appraisers—[we] need someone present to observe what we do.”

To read more, Click Here

My comments: Read the blog post and maybe get some good ideas for answering agent questions!

Many years ago a top local agent asked me why I was driving around taking photos. I explained they were similar homes (comps) I may be using in an appraisal. I realized she did not know much about what appraisers do.

When I started my appraisal business in 1986 I did presentations at all the local real estate offices, usually during their marketing meetings. I explained what appraisers do and how agents and appraisers can work together. They liked the information.

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AI and Appraisers

By on August 30, 2024   /   AI, appraisal, appraisal management company, liability, Mortgage interest rates   /   Leave a comment
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August 30, 2024

What’s in This Newsletter (In Order, Scroll Down)

  • New AMC client. They’ve asked me to provide a list of other AMCs I work with and how long I’ve been working with them before they accept me. Is this a common requirement?

  • AI Appraisals: Embracing the Future Appraisal

  • 5 Enormous Mansions, With Wildly Different Architectural Styles—Priced at Under a Million Bucks

  • Is appraisal accuracy measured by contract price?

  • Redfin Reports 6 of Every 7 People With Mortgages Have an Interest Rate Below 6%

  • 110 Nightmarish Home Inspector Scenarios

  • Mortgage applications increased 0.5 percent from one week earlier

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AI Appraisals: Embracing the Future Appraisal

By Jim Amorin

Excerpts:

Image Recognition

AI can analyze property images to identify features and property conditions, and even estimate dimensions with remarkable accuracy. This technology accelerates the inspection process, allowing appraisers to focus their expertise on more nuanced aspects of the valuation where their experience and judgement are most critical.

While some may worry about image recognition taking away from the appraisers’ skills, it is more useful to see it as a supplement to your own eyes. The visioning capabilities (image recognition) of AI can reinforce your own observations. Using the generative capabilities of a large language model such as ChatGPT coupled with the visioning tools, some of the narrative description of the property can be streamlined for the appraiser.

Enhanced Reports

Another appraiser leveraged AI tools to generate detailed market analysis reports. These reports included data visualizations and trend analysis that provided clients with a deeper understanding of the market, ultimately enhancing the appraiser’s service quality and client satisfaction.

Summary

AI is not a threat to appraisers but a powerful ally. By leveraging AI’s capabilities, appraisers can enhance their efficiency, accuracy, and overall service quality. The unique judgment, expertise, and contextual understanding that appraisers bring to their work are irreplaceable. Embracing AI as a tool will ensure that appraisers continue to play a vital role in the real estate industry, delivering unparalleled value to clients and shaping the future of real estate appraising.

To read more, Click Here

My comments: Amorin’s new book is very well written and understandable. Craig Gilbert wrote an extensive review of the book “The Generative Shift: A Thorough Examination of AI” and interviewed Amorin, in the July, 2024 issue of Appraisal Today.

I have not used AI for my appraisals but follow its use in other applications, such as medical. For example, I have had many mammograms over the years. A recent study found that an artificial intelligence system has an accuracy rate of about 90 percent, compared to an overall average of 80 percent by radiologists. “Notably, when radiologists used this tool as a second reader, their performance improved,” says Dr. Moy. “So we want to reach that sweet spot where we use both.”

A friend had dense breasts. Her mammograms never detected the small tumors scattered through both breasts before her breast removal surgery, where they found them. Bad News

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Types of Appraisal Values

By on August 9, 2024   /   AMCs, appraisal business, ROVs   /   Leave a comment
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Market Value and Appraised Value: Exploring Various Appraisal Values

By Jo Traut

Excerpts: You’ve probably been asked about the difference between “market value and appraised value” by clients seeking a mortgage. However, from the perspective of the valuation profession, this isn’t an accurate question. We don’t provide an appraised value of a property. Instead, we provide an informed, objective opinion of the value of the property based on several factors and criteria as well as the type of value we’re asked to provide. Learn more about the different appraisal values and the factors that go into each.

Summary

Value in real estate is an opinion on a property’s worth influenced by market conditions and perceptions, distinct from price and cost. It includes various types, such as market value and intangible value, each serving different appraisal and financial purposes.

While most appraisals aim to determine an opinion on market value, not all appraisals are centered on this. Depending on the specific appraisal assignment, different types of value may be considered. Let’s examine eight different types of value and provide a high-level overview of each.

Understanding Market Value

Market value is the most frequently sought value in real property appraisals and can have various definitions. Most often, it is defined as the most probable price a property should sell for under typical conditions. This price assumes a reasonable exposure time on the market, with both buyer and seller acting prudently and without duress.

Types of Value (Partial List)

  • Assessed Value
  • Investment Value
  • Insurable Value
  • Value in Use
  • Book Value
  • Intangible Value

To read more, Click Here

My Comments: Read this article! It is the best article I have read on different types of values, plus other comments. Most appraisers use the “Fannie Mae” definition of market value. For non-lender appraisals, I have made up my own definitions, depending on what the client wants to know about their property.

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8-9-24 What’s in This Newsletter (in Order, Scroll Down)

  • Market Value and Appraised Value: Exploring Various Appraisal Values
  • Tappable Equity Reaches Record High
  • 5 Move-In Ready Homes Priced Under $100K
  • Lack of Fee Transparency: Exposing the AMC Exploitation
  • Implementation date for Reconsideration of Value updated to October 31 by GSEs and FHA
  • Home Appraisal Price-Gap Analysis Shows That Home Appraisals Were Higher Than Sale Prices 51% of the Time
  • Mortgage Applications increased 6.9% from one week earlier

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AVM Accuracy?

By on June 28, 2024   /   AI, AMCs, appraisal business, appraisal reviews, Fannie, Freddie, liability   /   Leave a comment
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Bank AVMs Are As Wildly Inaccurate As A Zestimate – But Will Be Regulated As Legitimate Values

By Jonathan Miller

June 24, 2024

Excerpts:

  •    AVMs are incredibly inaccurate and are being misused in property valuation
  •    AVMs don’t consider the condition of a home
  •    The mortgage industry’s push toward automation has reduced valuation accuracy

AVM or Automated Valuation Models have been incorrectly seen as the human-less way to value property. The technology has been drifting into mortgage lending reliance for more than a decade because it has been marketed as having the ease of “pushing a button.”

The Zestimate product by Zillow introduced the consumer to the concept nearly twenty years ago…

The recent ruling to regulate the credibility of AVMs by the OCC and FDIC essentially legitimized the use of AVMs in lending. The driver behind this final rule was to eliminate potential bias in valuations by replacing appraisers with AVMS. Yet the Urban Institute study Revisiting Automated Valuation Model Disparities in Majority-Black Neighborhoods said: But even with data improvement and artificial intelligence, we still find evidence that the percentage magnitude of AVM error is greater in majority-Black neighborhoods. This finding indicates that we cannot reject the role historic discrimination has played in the evaluation of home values.

AVM software is built by humans who have inherent biases. The void in representation by the appraisal industry over the past decade on the AVM issue, to talk about those 200 feral cats living in the house being valued, has enabled AVMs to be legitimized by the federal government.

During my career, I have observed that valuation accuracy has become weaker as technology has expanded in the mortgage process. The wiz-bang concept that the appraisal of a property can be completed at the push of a button is missing the realities of valuation.

To read more, Click Here

My comments: Worth reading. Miller was involved in AVM history and, as usual, has some very interesting stories plus lots of Zillow comments.

For pro-AVM information from AV Metrics and to see how they test AVM accuracy, Click Here I have been following them for many years.

Miller used to send out a very long post once a week. I often just scrolled fast through most of it to get to the appraisal section, but I missed a lot that was worth reading. Now, he has divided it into daily posts.

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NOTE: Please scroll down to read the other topics in this long blog post on Mortgage appraisal reviews, AI and ChatGPT, freddie and fannie mortgage forecast, unusual homes, mortgage origination stats, etc

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What is a Complex Residential Property?

By on June 21, 2024   /   AMCs, appraisal, Appraisal fees, liability   /   Leave a comment
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How to Identify a Complex Residential Property

By Dan Bradley

Excerpts: A complex one-to-four family residential property is defined as a property that meets at least one of the following criteria:

  •   The property to be appraised is atypical
  •   The form of ownership is atypical
  •   The market conditions are atypical

Some of the key physical features that can make an appraisal assignment complex include:

  •  Size (significantly larger or smaller than typical for market)
  •   Floor plan (there may be functional obsolescence)
  •   Unique custom features
  •   Quality of workmanship or construction (higher or lower than the norm)
  •   Architectural design
  •   Adequacy of HVAC, electrical systems, well and/or septic
  •   Additional living unit(s)
  •   Non-conforming zoning
  •   Mixed-use property (for example, it is used as both a business and residence)
  •   Waterfront properties

Keep in mind that what is considered a complex residential property in one market might not be considered complex in another market. For example:

  •  A mansion in Beverly Hills is not atypical; a mansion located somewhere in rural America might be
  •  A log cabin in the mountains of Virginia is common; a beach-front log cabin in VA, not so much
  •  Manufactured or mobile homes with additions are common in rural areas, but generally not in cities

To read more, Click Here

My comments: Read this short article and keep it available. Very good lists of the factors.

Why do you want to know about this topic? Business is slow now, which is a good time to try appraising unusual homes. But, a fast turn time is not a good idea unless you are very familiar with the subject’s complexities. Do you have another appraiser who can help you? Don’t risk your appraisal license by getting in “over your head”. I get regular calls from appraisers who said “yes” but did not have anyone to advise them.

Very few appraisers, if any, would have experience on all these types of properties. For example, I have appraised many life estates, but no homes with a leasehold (ground lease) in a market area where such interests are uncommon. I have only appraised homes where the subject and all the nearby homes are leaseholds. I get advice for appraising it.

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Appraisers Riding the Waves of Up and Down Mortgage Rates

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NOTE: Please scroll down to read the other topics in this long blog post overpriced homes, appraising 3,000 years ago, AMCs good bad ugly, unusual homes, mortgage origination stats, etc

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Appraisal Institute Counters Flawed Appraiser Bias Narrative

By on April 19, 2024   /   AMCs, appraisal modernization, modernization, non-lender appraisals   /   Leave a comment
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Appraisal Institute Counters Flawed Appraiser Bias Narrative

Excerpts: In reality, appraisers have a great story to tell, but we have a long way to go to refocus the terribly flawed “appraiser bias” narrative onto facts and science.

Last week’s email from Cindy Chance, the CEO of the Appraisal Institute, marks an important and long overdue shift in the organization’s approach to addressing accusations of bias in the appraisal profession. For too long, appraisers have faced sweeping claims that their valuations are biased against certain groups, despite appraisers’ ethical standards, rigorous training, and lack of financial stake in transactions.

As Chance acknowledges, the Institute should have done more to advocate for appraisers and make the public aware of their professionalism. This public acknowledgement of an obligation to counter the flawed “appraiser bias” narrative is an encouraging first step. Appraisal organizations like the Appraisal Institute should advocate for appraisers, as advocacy is a key membership benefit. Industry groups should also step up to support appraisers.

Importantly, Chance points out that claims of appraiser bias contradict what appraisers actually do. Their role is to provide impartial, data-driven opinions of value. She explains how pioneering research in psychology revealed that all humans have cognitive biases, but professionals like appraisers are trained to minimize bias through rigorous methodology. In fact, appraisers’ discipline protects homebuyers and the industry from irrational biases.

Chance suggests the Institute will undertake communications grounded in facts and science to reframe the false narrative around appraiser bias. With their scientific expertise and ethical standards, appraisers have a strong basis to counter the accusations. Chance’s leadership in publicly addressing the issue and committing to advocate for appraisers represents an encouraging change of direction for the Institute.

To read more, including the full document, Click Here

My comments: Read it. Note: it can be “dense” with very long paragraphs. This is, by far, the best writing I have seen on bias related to appraisals. I have been saying for a while that all humans are biased in some way. It is human nature.

When I read it last week, I was going to put a link to it in this newsletter. Now that appraisersblogs has published the full document, you can read and make comments.

For a long time, since AI dropped out of the Appraisal Foundation, I have said, “I am a 35-year member of AI. I stay because my MAI is very, very valuable (similar to CPA).” Plus, I have an excellent local chapter.

I have been reading Cyndi Chance’s emails to members and following her activities to reach out to local chapters since she started last fall.

I am so glad that AI is now taking on the bias issue. I recently took USPAP plus two California bias classes in a two week period. After I finished them, I thought of giving up my license (CA is not a mandatory state) and maybe quitting appraisal. After a rough weekend, I decided not to leave. Finally, I now see there is hope!

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NOTE: Please scroll down to read the other topics in this long blog post on non-lender appraisals, forms to reports modernization, AMCs, earthquake risk, unusual homes, mortgage origination stats, etc.

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NAR Appraiser Survey July, 2023

By on September 15, 2023   /   adjustments, ADUs, AMCs, appraisal how to, Fannie, non-lender appraisals   /   Leave a comment
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NAR Appraiser Survey July, 2023

In July 2023, NAR Research conducted a survey of all 9,800 appraiser members and 50,000 randomly-selected residential-focused non-appraiser members.

The survey results had a comparison of 2022 and 2023, which was very interesting.

  • Appraiser Topics
  • Greatest challenges in business
  • Lesser challenges with business
  • Valuations
  • Comfort with valuation tools
  • Radius in which appraisals are conducted
  • Radius by area type (rural, small town, urban, resort, suburban)
  • How often asked to conduct appraisals outside geographic area/Property type of expertise

Sample: Greatest challenges in business

(AMCs) in general among their greatest challenges. This year, this option was broken into three separate AMC-related issues. Forty-four percent cite at least one of these, with 28 percent specifically citing AMC requests for revisions.

This year, however, the single greatest challenge, cited by almost half (47 percent), is “fee pressures,” which, based on comments, is also related in many cases to pressure from AMCs. This is up sharply from 27 percent last year.

One-quarter (26 percent) cite technology fees (not an option in 2022). Appraisers are less likely this year to cite expanding regulations/interpretations of regulations, lender requirements, pressure from real estate agents/brokers, and liability concerns.

The 21 percent who cite other challenges are most likely to cite lack of business/slow market, rising interest rates, low fees, and to reiterate pressure from AMCs.

A very good graphic is included for each section.

To read the report, click here

My comments: Read the appraiser sections in the long report. Fortunately, appraiser results are in the first section. I read the full survey. Most of the questions were for all NAR members, both appraisers and non-appraiser members. Some may be of interest to you. Much of the appraiser results were what we already sort of suspected, but it is good to see actual survey results.

NAR Appraisal Survey 2022

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NOTE: Please scroll down to read the other topics in this long blog post on  GSE Appraisal Independence Update, Private money lender appraials, ADUs, adjustments, unusual homes, mortgage origination

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