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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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NOTE: Please scroll down to read the other topics in this long blog post on Fannie News on Forms and UAD, September Fannie Update, Bias (again), unusual homes, mortgage origination stats, etc.
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By Dustin Harris
Excerpt: Some of my colleagues have asked me, “What will the new forms look like?” Again, and I know it is a bit nit-picky, but there are no new forms. Rather, the GSEs are developing a cloud-based electronic container that will be used to report our findings rather than filling out a form and sending it in. Weird, I know, but it has its positives.
Currently, an appraiser needs to determine the proper scope of work to know which form is best for the situation. If it is a condo, it is likely a 1073. Single family residence, a 1004 or 2055.
To read more, click here
My comments: Nothing much new, of course. I have been writing about Fannie Modernization in the monthly newsletter and this newsletter for a while. Last week’s weekly newsletter had a brief Fannie Update – mostly the new timeline to 2024.
I also hear that Fannie will require a lot more data with more time required to fill out the online “form.” I can’t wait until we don’t have to decide which form to use! Especially since some “reviewers” and AMCs don’t really understand this.
A good example is how Turbo Tax software works. Instead of looking at every part of your printed tax return, it only shows what is relevant. For example, if you are filing as a single person or married. A single person would not have to look at the single vs. married part of the return.
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Excerpts: When a real estate agent “blacklists” an appraiser, the result is often that the agent’s lender/AMC contacts will stop using the appraiser completely (at the agent’s request), or occasionally, the lender will continue to use the appraiser but not assign the appraiser any of the transactions that that particular agent works on. In the case of the latter, sometimes the appraiser will be assigned an order only to have it canceled later that day once the real estate agent sees the appraiser on the order and calls the lender or mortgage broker to complain. I’ve talked to appraisers who have this happen several times a year with the same agent…
Having an order canceled and reassigned is sometimes the first and only indication to the appraiser that something fishy is going on, but some appraisers who abruptly stop receiving work from a client often don’t have to look far to figure out why. While “blacklisting” is sometimes more discreet, some appraisers actually have the real estate agent call them and tell them explicitly that they are going to actively prevent the appraiser from ever working on one of their transactions.
To read more, click here
My comments: Lender blacklisting has been around for decades. I remember when the blacklists were shared among lenders. Some appraisers said it was good to be on the blacklist of the not-so-ethical lenders.
Savvy AMCs (and lenders) often just don’t give the appraiser any more work. Putting an appraiser on a blacklist can be a big issue.
Good article with practical tips from Richard Hagar and the author.
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Excerpt: How does one reach such a milestone? Terrence dropped out of school at what age? What advice can he offer to appraisers? These questions and much more will be answered by Terrence Bilodeau as he shares about his life’s journey and how he runs his business. The 23-minute Interview with The “Millionaire Appraiser”, Terrence Bilodeau, includes 2-minute introductory comments and a brief ad. Very good interview.
Read the appraiser comments below the video on the Vimeo website. (not many comments on Buzz web site).
Interview with The “Millionaire Appraiser”. I wrote about him in the June 19 issue of this email newsletter, using a recently published CNBC article. He was grossing $280,000 per year. It was very popular with my subscribers. Link to the article I used click here:
To read more, click here
My comment: This guy works way too hard!!
Which Appraisal Clients are used the most?(Opens in a new browser tab)
What Is An Appraiser?(Opens in a new browser tab) Humor
Which Appraisal Clients are used the most?(Opens in a new browser tab)
Excerpts: The U.S. hasn’t had a formal definition for what constitutes a suburb. A new data analysis comes closer to defining America’s most popular neighborhood type. (Suburban appraisal definition is tricky.) What’s the appraisal definition for suburban?
The United States is a land of suburbs, with just one problem: No one’s quite clear what a “suburb” is.
It’s a question of semantics with real-world implications, as government programs, political campaigns and developers try to spend money in the “suburbs,” where a majority of Americans say they live despite the category having no formal definition.
For some people, it’s obvious: A suburb is a smaller city on the periphery of a larger city. Or it’s a sprawling neighborhood filled with vast swathes of single-family homes. Still other more dated conceptions of suburbia in the popular mind involve the people who live there: allegedly white, middle class and socially homogenous.
Now a new team of researchers believe they’ve cracked the code…
To read more, click here
My comments: Of course, if you do residential lender appraisals this is a Very Big Issue due to lender “requirements” such as no rural properties. Lots and lots of online discussion about this for a long time. Post this topic on your favorite Internet chat site or email list… and wait for the wide variety of opinions!!
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My Favorite Definitions
(This has been floating around for many years…)
Rural Suburban Urban
There are other variations, of course, that are not suitable for this newsletter ;>
Excerpts: Buyers more sensitive about location & condition: For years buyers have been exhibiting sensitivity to adverse locations and homes that are not in pristine condition. In other words, buyers have higher expectations about what they
75 percent alcohol disinfectant alcohol spray nearby a house concept of disinfecting the house
are buying and they aren’t overlooking the true condition of a home or paying top dollar for junk. I expect going through a pandemic will only inflame this dynamic.
To read more, click here
My comments: I spoke yesterday with a local appraiser friend who is thinking about selling her house and moving to a smaller, lowered priced house. (She is 78 years old, one year older than myself, but still appraising.) No listings or pendings in her area. Seemed like a good idea to me.