Appraiser/Educator Bryan Reynolds is recovering from COVID-19
10-20 UPDATE: For lots of Covid analysis and news, go to my new covidscienceblog.com
A very, very funny appraiser video!
For lots more appraisal topics, Click Read More below!
10-20 UPDATE: For lots of Covid analysis and news, go to my new covidscienceblog.com
A very, very funny appraiser video!
For lots more appraisal topics, Click Read More below!
April 1 Wednesday Facebook Poll results:
Doing interiors 142 – 57%
Turn down interiors 80 – 32%
Transiting away. 28 – 11%
Total 250
—————————-
Bradford software customers – Started April 30, last Monday
I took this survey.
Q1 Have you been been accepting new appraisal assignments? (check all that apply) (1,087 responses)
Responses
– I do Desktops using the new COVID-19 Flexibility Desktop addendum 29.35% 319
– I do Drive-bys using the new COVID-19 Flexibility Exterior addendum 49.22% 535
– I do traditional 1004s with interior and exterior inspections 65.96% 717
– Not doing appraisals during the pandemic crisis 8.92% 97
Q2 Did you know lenders will accept a desktop or drive-by in lieu of a traditional 1004 with interior inspection?
Yes 83.90% 912
No 16.10% 175
Q4 Would you complete an appraisal that included interior photos
completed by a homeowner if you could verify the photos were taken
inside the home?
Yes 72.13% 784
No 27.87% 303
Many thanks to Jeff Bradford for this data!!
Appraiser Recovers From COVID-19(Opens in a new browser tab)
To read about lots more appraisal topics, continue reading below!
By Ryan Lundquist
Excerpts: I can see the headlines now. “Prices rose despite the coronavirus,” or “The housing market shows strength in March despite the pandemic.” But let’s step back and think critically about glowing stats from March and what they really tell us. I hope this will be helpful. Any thoughts?
Five good comments
#3. 3) What to watch right now: If you want to see the current market, watch what is happening in the listings and pendings rather than recent sales in March. Are listings moving or sitting? Are we seeing more price reductions? Are properties spending less or more time on the market? What is the sentiment among buyers and sellers? Who is gaining or losing power? Has there been a change to the number of listings and pendings? Do sellers have to give more credits to buyers? Are contracts getting bid up? Are contracts falling apart more often? We need to ask these questions in every neighborhood and price range. My advice? Look to neighborhood stats and let the numbers inform your narrative about what is happening in the market.
Go to the end to see his last comment.
To see the other 4 comments, click here
Covid-19 Residential Appraisers Tips on Staying Safe
Appraiser Covid Survey Results April 2020
For Covid Updates, go to my Covid Science blog at covidscienceblog.com
To read more of this long blog post, click Read More Below!!
Fun video – Take a 3 minute break!
One Day More – A Quarantined Broadway LipSync
Fantastic!! Made me smile. Regular people.
Many thanks to John Regan, a long time subscriber and big opera fan!
To watch click here
Covid-19 Residential Appraisers Tips on Staying Safe
To read more of this long blog post, click Read More Below!!
THIS IS THE MARCH 27, 2020 OLD POST. SIGNIFICANT APPRAISAL CHANGES SINCE THAT DATE. UPDATED 11-8-20
NOTE: This information is changing on a daily, and often hourly, basis. The amount of information is almost overwhelming. What you read today may change tomorrow. Most of the info below is summary with more details in the monthly newsletter next week. Also, lots more on personal COVID-19 such as data availability, safety, etc. I am spending 10+ hours per day trying to keep track of it so I can let you know.
Per Fannie, this is a “fluid event”. There are many questions about health and safety for the appraiser and the borrower (and their contacts if infected) when doing interior inspections.
There is lots of appraisal misinformation online. It is not a good source unless it includes a link to the correct information or the source that can be located online. I only use email chat groups that I have used for many years, such as National Appraisers Forum To read more, click here
Covid-19 Residential Appraisers Tips on Staying Safe
For Covid Updates, go to my Covid Science blog at covidscienceblog.com
To read more of this long blog post, click Read More Below!!
March 20, 2020
There are many, many issues which seems to be changing on a daily basis. I wrote this yesterday. There have already been changes I am sure. I am including links to relevant information below
The big refi boom is causing lots of desperate lenders and AMCs trying to find appraisers.
You don’t need more info on keeping safe as it is available all over. What I discuss today is shift from interior inspections to drivebys, forms, what lenders are saying, what real estate agents are doing, the market changes (maybe), liability, etc.
What are lenders and AMCs doing?
Some direct lenders, such as Citibank, are sending out emails about what they recommend. On the other side AMCs are acting like nothing has happened and sending out email blast low fee appraisal request. FYI, it is a lot easier for one lender to change. AMCs work for many lenders.
Info on what Citibank is recommending from VaCAP:
Many are fearful exterior only appraisals will be the end of the traditional appraisal as we know it. Right or wrong, exterior only appraisals are a possibility that may be acceptable in certain situations. VaCAP does not believe it will end traditional appraisals with interior inspections. The profession has been down this road before. It will not fly long term, especially if the market turns downward.
Some lenders are establishing COVID-19 protocols to follow and some have remained quiet on the subject. There are rumors that one lender has instructed appraisers not to inquire as the health of the occupants of the home due to privacy laws. Others like Citibank have developed their own protocol on how appraisers should handle COVID-19 concerns. There is great flexibility to the appraiser. See Citibank’s protocol below:
Worth reading. To read more, click here
Covid-19 Residential Appraisers Tips on Staying Safe
For Covid Updates, go to my Covid Science blog at covidscienceblog.com
Appraiser Recovers From COVID-19
To read more of this long blog post, click Read More Below!!