Apps for Appraisers

By on August 18, 2023   /   appraisal business, appraisal forms, data, Fannie Forms, Freddie, non-lender appraisals, real estate market   /   Leave a comment
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7 Must-Have Apps for Appraisers

By: McKissock

Excerpts:

1. Dragon Anywhere

Dragon Anywhere is a dictation and speech-to-text app that allows you to create, edit, and share documents from your mobile device. This professional-grade dictation service could save you tons of time on typing reports and taking notes in the field. The company boasts a 99% accuracy rate as well as powerful voice editing capabilities. Dragon is very well-liked among appraisal professionals, making it number one on our list of must-have apps for appraisers.

6. Genius Scan

This app gets a lot of love from appraisers. Genius Scan makes it easy to scan, upload, and share documents using your mobile devices. It can even scan handwriting and convert it into text. This tool is excellent for making copies of tax records, floor plans, etc. Over 200 million users and thousands of small businesses are currently using Genius Scan. This app could be a lifesaver for your workfile creation.

To read about the other 5 apps, click here

My comments: Worth checking out. When business is slow is an excellent time to look for new apps, learn how to use your MLS and forms software, etc. etc. Dragon has been around a long time and is popular with commercial appraisers.

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Lenders Not Using AMCs for Appraisals

By on July 1, 2023   /   appraisal, appraisal business, Fannie Forms   /   Leave a comment
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Lenders Not Using AMCs for Appraisals

By: McKissock June 23, 2023

Excerpts: Some appraisers seek alternate ways to find work outside of appraisal management companies (AMCs). One strategy is to pursue opportunities to be engaged directly by financial institutions and banks by being included on their fee panel. To help you get started, we asked our appraisal community, “What advice can you offer on how to identify financial institutions and banks that engage appraisers directly, without involving AMCs?” Here’s what they said.

Below are helpful tips on how to find financial institutions and banks that engage appraisers directly on fee panels. In a nutshell, our survey respondents recommended that you should:

  • Look for small, local banks and lenders.
  • Network to build relationships.
  • Join the Mercury Network.
  • Simply ask around!

To read more, click here

My comments: Short and worth reading. When I started fee appraising in 1986, my first client was a small local bank with a few nearby branches. After AMCs took over, the bank continued to do their own appraisal management. Their volume went up and down with mortgage rates, but they always had some appraisals to fee out. Even today, their regular fee appraisers get some work.

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Chat GPT For Fannie Form Appraisal Reports

By on May 19, 2023   /   appraisal business, Fannie Forms, hybrid appraisals, non-lender appraisals, UAD   /   Leave a comment
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Chat GPT For Fannie Form Appraisal Reports

By Dustin Harris

Excerpts: The world of real estate appraisal is constantly evolving (much to our dismay sometimes), and as professionals in this field, it is crucial to stay ahead of the curve by embracing innovative tools and technologies. ChatGPT is an advanced AI language model developed by OpenAI that can be used to streamline the appraisal writing process.

Can ChatGPT, and other AI models, actually assist appraisers in writing summary appraisal reports? The answer is, Yes! Here are some examples of real-life prompts I have used with success.

“Rewrite the following description of a house and property using brevity and professional language”

“Summarize all of these property descriptions into one, easy-to-read format with a professional tone for a real estate appraisal report.”

“I am a real estate appraiser completing an appraisal. For my square footage adjustment, I used a combination of paired-sales and sensitivity analysis to determine $65 a square foot was appropriate, but I did not adjust for differences between the subject and comparables if the difference was less than 100 square feet. Write a description of where the adjustment came from that I can use in the report.”

To read more, click here

My comments: Thanks to Dustin for writing this! I have been reading about using Chat GPT for appraisal marketing and narrative reports, but this is the first I have read about form reports.

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What Are Fannie’s New Appraisal Online Formats?

By on May 5, 2023   /   appraisal business, Fannie Forms, state appraiser regulators   /   Leave a comment
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Fannie’s New Appraisal Online Formats

By Brent Owen

Excerpts:

To Be Or Not To Be (a form), That Is The Question

The first thing to notice is that the ‘form’ isn’t really a form anymore. It is more of a complex decision tree or flow chart, where ‘yes/no’ questions trigger new sections and required data and supplements. For instance, answering ‘yes’ to a question about noted deficiencies will create a new section where details are needed regarding the deficiency which include further questions about whether or not repair is required and if so, the estimated costs of those repairs and section to provide a photo of the deficiency. All of that is integrated into the URAR itself. It is through the use of this decision tree model that the GSEs are able to use the same ‘form’ for almost any residential property type conceivable.

The Never-ending Story

It is also apparent that the report will be far longer than its predecessor. Appendix D-1 contains a sample URAR of a simple single family residence with no site value, cost approach, or income approach, with only 3 sales and very limited commentary and no additional addenda (with photos, maps, and graphs integrated into the URAR). The report was 21 pages, and would still be at least double the length of the current URAR without the integrated photos, map, and graphs.

That in and of itself isn’t necessarily a problem. After all, my typical reports are more than 40 pages long. It’s not the length of the report which is of ultimate importance, it is the time necessary to develop the appraisal that is key. My sense so far is that there will be some additional time necessary (beyond the expected additional time necessary to become proficient with the new format and associated technology).

To read more plus appraiser comments, click here

My comments: Read this article! A good analysis in one location. I have read lots of very short comments, but this one is much longer. Unfortunately, Fannie has not provided separate information for appraisers. The announcement included many pages as it was for everyone: appraisers, forms vendors, lenders, AMCs, etc., with lots of very detailed information.

Appraisers – The Past and The Future

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What Do Appraisers Look For in a Sales Contract?

By on April 2, 2023   /   adjustments, appraisal, appraisal business, appraisal forms, appraisal how to, Fannie Forms, non-lender appraisals, UAD   /   Leave a comment
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What Do Appraisers Look For in a Sales Contract?

Why must an appraiser be given a copy of the sales contract? First and foremost, Standards Rule 1-5 in the Uniform Standards of Professional Appraisal Practice (USPAP) states that we are to: “analyze all agreements of sale.” That’s the real reason why—because USPAP says so.

Secondly, the appraiser is likely familiar with the local real estate contract forms, customary terms, and conditions of real estate transactions in the area, and might be able to identify irregularities and comment on them.

Thirdly, and more importantly, there may be provisions in the contract that identify concessions, non-real property items included in the sale, or other unusual conditions that would give the appraiser the opportunity to comment on or explain in the appraisal report as to why there is a difference between the indicated market value of the subject property and the contract price.

To read many practical tips, click here

My comments: Worth reading. Answers a lot of appraiser questions. Of course, I have always preferred not knowing the sales price as it seems like a conflict for an objective, unbiased appraisal.

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More Crazy Appraiser Stories!

By on November 25, 2022   /   appraisal forms, appraisal how to   /   Leave a comment
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More Crazy Appraisal Stories!

Excerpt:

Restraining Orders & Appraisals – Never a Great Mix

Eric VanderWaal

The majority of my appraisal work is on divorces and estates, both of which have their fair share of crazy stories.

I was appraising a home for a divorce several years ago. The husband had contacted me for the appraisal, but it was the wife who was living in the home. We met at 9:30 am, which was an odd time that he requested. When I arrived at the home, he said that she wasn’t home and had locked all the doors, so he called a locksmith to come to open the back door. The locksmith arrived shortly and started to work on the backdoor. The husband said that his wife was aware of the appraisal appointment and should have left the home unlocked.

I started on the outside and about ten minutes later, a woman comes to the backyard where the husband, myself, and the locksmith were and starts yelling at the husband about him not being allowed to be there. I thought it was the wife, but it turned out to be a neighbor. The wife was at an appointment which is why, I figured out, that he wanted the appointment at 9:30 am rather than 10:00 am. After several minutes of the husband and neighbor yelling at each other, the locksmith got the back door open. The neighbor left and we went inside…

To read more, click here

My comments: We all have these stories ;> Divorce is the best non-lender option for residential appraisers. Very little competent competition and very high fees for expert witness testimony.

You will probably be going up against an MAI. Your attorney says to the MAI: How many house appraisals have you done this year? Answer: 4. Your answer: much more than 4! Your attorney is happy at winning the case, and you get lots more divorce work.

I will be writing about this in an upcoming issue of the monthly Appraisal Today, with lots of marketing and expert witness tips.

Many thanks to Appraisal Buzz for the image above. My favorite appraiser image ;>

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Fannie ANSI Update – 19 New FAQs

By on March 18, 2022   /   ANSI, appraisal business, Fannie Forms, Reviews   /   Leave a comment
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Fannie ANSI FAQs Update

Updated Standardized Property Measurement Guidelines – 19 new FAQs, 5 Pages

Excerpt from the short Fannie email sent 3-15-22 at 8 AM (Pacific time): “…Are you ready? We’ve updated the Standardized Property Measuring Guidelines fact sheet to include more answers to your frequently asked questions. Thanks to all the appraisers, AMCs, and lenders who submitted questions.”
My comment: There are no changes to the first page, including comps measured differently and the exception process. Links are included for references in Fannie’s Selling Guide in the Guidelines.
FAQ topics include:
Q5. When common practice in the local market differs from the ANSI standard, can the appraiser modify the subject’s GLA to conform to local custom?
Q8. The ANSI standard specifically notes that the definition of above and below grade could cause some houses to have no above-grade finished square footage.
How should appraisers report GLA in this scenario?
Q9. How will lenders know that appraisers used the ANSI standard?
Q15. Will appraiser adherence to the ANSI standard cause confusion when the subject GLA differs from other sources such as MLS or public record?
Q16. How should appraisers account for rooms located in above-grade finished areas that do not qualify as GLA under the ANSI standard?
Q18. The GLA of comparables available to appraisers may not be based on the ANSI standard. How should appraisers manage this issue?
Q19. How should appraisers value finished areas that the ANSI standard does not include in GLA, such as where the ceiling height is less than 7 feet?
To download the PDF to read the answers and other FAQs,  click here
My comments: Read This Document! I have been waiting for an update to the one-page original Fannie document since it was first released about 3 months ago. There are many, many issues when using ANSI for lenders and AMCs. Appraisers sent many questions to Fannie and made comments during webinars with Fannie.
If you’re looking for a class, webinar, or other ANSI info, go to www.appraisaltoday.com/ANSI

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Appraisal Completion Certifications – be careful!

By on December 31, 2021   /   Fannie, future, lender appraisals, liability   /   Leave a comment
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ANSI Z765-2021 Information Resources – CLICK LINK BELOW FOR MORE

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Haunted House Appraisal Adjustments

By on October 29, 2021   /   adjustments, appraisal forms, FHA, liability, real estate market   /   Leave a comment
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Inspired by Italy, a Conical Home in Indiana

Excerpt: On the market for $424,900, the home consists of two main silolike buildings with shake conical roofs. Inside the round compound is a total of 3,111 square feet of living space.

The design was inspired by the trulli homes of the Itria Valley in Puglia, Italy. They were typically built from limestone and had conical roofs. The structures were chiefly designed as temporary shelters or storage areas in the 19th century. Today, they endure as charming residences in southern Italy. Back in Indiana, this home’s architect, Evans Woollen, combined details from trulli homes into his design.

“The house is a midcentury version of a 200-year-old village in Italy,” Landrigan says.

To read more and see lots of photos, click here

 

Top Ten Reasons Why It Is Great to be an Appraiser Humor

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Sewer vs. Septic for Appraisers – Don’t get into trouble!

By on October 22, 2021   /   appraisal business, Fannie, Fannie Forms, Freddie, lender appraisals   /   Leave a comment
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