To Drive or Not To Drive, That is the Question!!Excerpt: The argument of using MLS photos or shooting your own photos has been debated by appraisers for the last few decades. You, as appraisers, want to be sure the comparables you are using are of the correct house and also look as the MLS illustrates. Most importantly, you want to make sure the house is still standing. The listing agent’s job is to sell the house. As the salesperson they will highlight all the positives and leave the negatives up to the imagination. This is one of the main reasons it is extremely important to not solely rely on MLS when utilizing comparables.
Click here to read the full post, plus over 50 comments from appraisers. Add your own comments!!
My comment: this issue has been going on for decades and is still controversial. Especially in rural areas!! Note: the post is a sorta promo for proxpics, a photo taking service, but the appraiser comments are great. Covid-19 Residential Appraisers Tips on Staying Safe For Covid Updates, go to my Covid Science blog at covidscienceblog.com Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!! To read more of this long blog post, click Read More Below!! |
Sorry, home appraisers, bots are coming for your jobs
NOTE: This post was published in December 2018. This topic has been going on for a very long time since AVMs started in the 1970s.
Federal regulators are looking to change appraisal rules to allow for more automated appraisals
Excerpt: Such a change could prove lucrative for upstart property valuation companies that use algorithms, artificial intelligence and drones to value homes. If these rule changes had been in effect last year, roughly 214,000 additional home sales, or some $68 billion worth, could have traded hands without an appraiser. Bots replacing appraisers?
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Plan to Reduce Human Appraisals May Lead to ‘Wildly Inaccurate’ Estimates
From NAR:
Excerpt: Automated home evaluations likely would take the place of in-person appraisals for qualifying properties-a move appraisers warn could lead to inaccurate estimates and more sellers who are unrealistic about home value.
Covid-19 Residential Appraisers Tips on Staying Safe
For Covid Updates, go to my Covid Science blog at covidscienceblog.com
Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!
To read more of this long blog post, click Read More Below!!
Are Sheds Outbuildings?
Excerpts: Often, when appraising homes, I see MLS listings that call a shed an out building. Ask any appraiser and they will likely say that a shed is not an outbuilding. So, are sheds outbuildings?…
In appraising properties, there is a big difference in value between a shed and a large outbuilding. Most of the time, at least in my market, sheds really do not add any significant market value to a home. However, a large out building can add tens of thousands of dollars in value to a home…
Well written and worth reading:
My comments: I never really thought about this before, even though I see a lot of “sheds”…
Covid-19 Residential Appraisers Tips on Staying Safe
For Covid Updates, go to my Covid Science blog at covidscienceblog.com
Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!
To read more of this 11-8-18 long blog post with many topics, click Read More Below!!
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A Map of every building in AmericaExcerpts: Classic maps answer questions like: How do I get from Point A to Point B? These data images, instead, evoke questions – sometimes, simply: What’s that? City and building maps for appraisers
We found fascinating patterns in the arrangements of buildings. Traditional road maps highlight streets and highways; here they show up as a linear absence.
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In the August 8 2018 issue of this email newsletter, I published the link
Visualizing the Hidden ‘Logic’ of CitiesExcerpt: Some cities’ roads follow regimented grids. Others twist and turn. See it all on one chart.
Excerpt: In Chicago or Beijing, any given street is likely to take you north, south, east, or west. But good luck following the compass in Rome or Boston, where streets grew up organically and seemingly twist and turn at random.
Fascinating!! Check it out at:
Covid-19 Residential Appraisers Tips on Staying Safe For Covid Updates, go to my Covid Science blog at covidscienceblog.com Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!! To read more of this long blog post with many topics, click Read More Below!! ===========================================
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Buy This Book!! Valuation by Comparison, Second Edition by Mark Ratterman, MAI, SRA
I reviewed it in the July, 2018 issue of the paid Appraisal Today.
One of the best books I have ever read for residential appraisers. (There are only a few that I recommend.)
More info and how to purchase at:
Appraisal Adjustments Yes, No, Maybe(Opens in a new browser tab)
Covid-19 Residential Appraisers Tips on Staying Safe
For Covid Updates, go to my Covid Science blog at covidscienceblog.com
Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!
To read more of this long blog post with many topics, click Read More Below!
A Spoon Full of Sugar (when dealing with annoying borrowers, AMCs, neighbors, etc.)Excerpt: Remember when you were a kid? No, not a goat. You know, a young human. Remember your parents giving you that thick, pink, nasty tasting medicine, called an antibiotic? While we hated the taste, we needed the medicine. And, after a few days, we began to feel better.
When it comes to appraisals, the information they provide can help to protect us from making a bad financial decision. However, there are times when the results of an appraisal may leave a bad taste in the mouths of those reading the report.
Covid-19 Residential Appraisers Tips on Staying Safe For Covid Updates, go to my Covid Science blog at covidscienceblog.com Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!! To read more of this long 10-4-18 blog post with many topics, click Read More Below!!
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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…
Covid-19 Residential Appraisers Tips on Staying Safe
For Covid Updates, go to my Covid Science blog at covidscienceblog.com
Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!
To read more of this 9-13-18 long blog post with many topics, click Read More Below!!
Schizophrenic Adjustments
By Dave Towne
Excerpt: Appraisers, I’ve written in the past about what I believe are strange ways to report adjustments in appraisals, and suggested ’rounding’ is a perfectly acceptable way to report them. This is largely due to buyers and listing agents thinking and listing in $100 increments – not down to exact dollar amounts.
During the past couple of weeks, I ‘came in contact with’ two separate appraisals done by different appraisers on totally different properties, in different market areas.
What struck me was the incredibly precise adjustments made for only certain items in these reports, while the rest of adjustments were ’rounded’ to even dollars. Here are the examples:
Click here to read more:
My comment: I love the image at the top of this post….. sorta creepy but very appropriate ;> Who do you think it represents?
Covid-19 Residential Appraisers Tips on Staying Safe
For Covid Updates, go to my Covid Science blog at covidscienceblog.com
Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!
To read more of this 8-23-20 long blog post with many topics, click Read More Below!!
Reconciliation – Paint a Picture with WordsBy Rachel Massey, SRA
Excerpts: The reconciliation is precisely the place we want to avoid any boilerplate…Appraisers relationships with their clients has similarity with other relationships, but mainly in that we have to really communicate with each other to avoid misunderstanding. This goes for the engagement of services and why we are being hired in the first place, and also goes for communicating our assignment results. In this article, the focus is on the reconciliation section of a written report. Reconciliation for appraisers is very important.
Read the article, and the comments at:
My comment: Excellent, well written article, as usual, from Rachel Massey. FYI, Rachel is a regular contributor to the paid Appraisal Today. Covid-19 Residential Appraisers Tips on Staying Safe For Covid Updates, go to my Covid Science blog at covidscienceblog.com Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!! To read more of this 7-19-20 long blog post with many topics, click Read More Below!! |
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NOTE: Please scroll down to read the other topics in this long blog post on history of appraising, price declines, dining rooms, mortgage origination stats, etc.
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.
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Changes in turn times and fees when biz slows downAppraisers 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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