9-18-20 Newz: Funny Agent Photos – House with a Train – Refi Forecast

By on September 18, 2020   /   appraisal, BATHROOMS, Coronavirus, COVID, fauci, humor, Mortgage applications, Strange homes   /   Leave a comment
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80-Foot-Long Train Car Is Part of Washington Home

Excerpts: The former passenger-train car is about 80 feet long, 12 feet wide, and has been incorporated into the rest of the residence.

“[The first owners] connected it to the house, so you walk from the kitchen out into this train,” Anderson explains.

“You walk past the kitchen island and into a hallway where there is stained glass—and you walk into the train.”

To read more and see lots of interesting photos click here:

My comment: Sorry, I would Just Say No on this appraisal. Too busy now is my excuse. But really the appraisal would drive me crazy!!

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Random Thoughts of an Appraiser

By Matt Simmons

Excerpts: Always makes me laugh when I see a subject-to appraisal with “subject to inspection.” That’s all? Doesn’t matter what the result of the inspection is? Perhaps an adjective that conditions the appraisal on the OUTCOME of the inspection would be a good idea.

Read more!! →

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9-4-20 Newz: Humor – Castle in Ohio – Appraising Weird Stuff

By on September 4, 2020   /   adjustments, ADUs, Coronavirus, COVID, fauci, humor, Mortgage applications, real estate market, unusual home   /   Leave a comment
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How to Handle the Weird Stuff: Appraisal Methods from an Experienced Florida Appraiser

Excerpt: Going further away or back in time

One method is to go further back in time for comparable sales.. Another method is to use sales that are more distant to find data to utilize. Both of these techniques have long been available to appraisers. When using these appraisal methods, most often a comparison is made between properties with similar characteristics to the question at hand to extract a ratio/percentage which is then brought current or to the locale and applied. This could work for the above illustration with only four houses on leased land and no similar nearby sales. Most appraisers are familiar with and have utilized these techniques,

Well written and worth reading. To read more, click here

My comments: Lots of good tips. All of us are asked to appraise the “weird ones”. Of course, sometimes we don’t know a house is weird until we drive up and see it!! Very good discussion of methods. I have used all of them except depreciated cost, which is a good method. Plus, lots of tips on doing them for lenders. Of course, sometimes I just say “no” as it will take too long.

I have learned that they often are money losers due to the increased time. This is what can happen with lender UAD appraisals for AMCs due to the excessive amount of questions and trying to fit the appraisal on the form. I sometimes accept the weird ones for

non-lender work with no time pressures. They can be very interesting and challenging.

Read more!! →

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7-17-20 Newz: Basement Rooms in GLA? – Toilet House – COVID Humor

By on July 17, 2020   /   adjustments, appraisal business, Coronavirus, humor, Mortgage applications, mortgage loan volume, square footage, Strange homes   /   Leave a comment
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What’s your favorite part of the appraisal process?

Excerpt:

Number 1. Data collection and property description (38%)

“The best part is the property review. I enjoy seeing what people have done to their properties and talking to them about their homes.”

“I enjoy viewing/observing the subject home.”

“Detective work”

“Each dwelling is different, and not every appraiser takes the time to clarify the differences in the dwellings. The quality, the construction, the egresses, and especially the correct way to calculate GLA or measure a dwelling.”

Number 2. Data analysis (27%)…

To read more about favorites, click here

My comment: I love working in the field, so my choice is Number 1. But, my very best choice is getting paid ;>

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6-19-20 Newz: Strange Appraisal Terms – Appraiser Makes $280k Per Year – Mosaic Homes

By on June 19, 2020   /   appraisal business, bifurcated appraisals, Coronavirus, humor, liability, va, weird homes   /   Leave a comment
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Appraisal Terms That Are Out of This World

Just for Lotsa Fun!!

Excerpts: Since space is the only place that is pandemic free, I thought it would be fun to try to apply space and science fiction terms to real estate. Let’s take a little break from the stressful atmosphere we are experiencing here on earth and have a little fun. Perhaps you can think of more.

Here are two:

Orbit– The path homeowners take whilst following the appraiser around the home, trying not to follow too closely by maintaining at least six feet of distance. (Probably taking pictures of the appraiser in the PPE)

Black hole – The place where Zestimates go after being debunked by reality.

To read and see lots more, click here

My comment: I love Jamie Owens’ blog posts! Unbelievably creative!! Plus, outstanding/strange videos, animated gifs, etc. etc. I have been a big scifi fan since high school and used space videos in my experimental music band for many years.

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5-8-20 Newz: Cash-out Refis Declining – Inspection Warnings – Snowboarding Cat

By on May 8, 2020   /   Appraisal fees, BATHROOMS, Freddie, humor, USPAP   /   Leave a comment
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USPAP Q&A April 24, 2020

2020-04: Apppraisal Development – Inspections 

Personal Inspection of Exterior plus Remote or Virtual Inspection of Interior

Question: If an appraiser makes a personal inspection of the exterior of a property as part of a mortgage finance transaction (or in any other assignment) and then receives interior photos, video, or other technology-based view(s) of the subject, can the appraiser state that they performed an interior inspection?

Response: No. A personal inspection of the interior of the property by the appraiser is not the same as viewing the interior virtually or remotely. It would be misleading for an appraiser to indicate that an interior inspection of the subject property was performed, when, in fact, the appraiser only viewed interior photos, video, or other data from technological solutions. (See Conduct sectionof the ETHICS RULE, Disclosure Obligations of the SCOPE OF WORK RULE, and Advisory Opinion 2, Inspection of Subject Property.)

My comment: My apologies for last week’s very confusing explanation of this… The explanation plus USPAP references above is very clear.

To read the original document plus other recent Q&As, click here
Update to Fannie Lender Letter (LL-2020-04)

Impact of COVID-19 on Appraisals

May 5: Extension of effective date: extending the application dates eligible for these temporary flexibilities to Jun. 30, 2020

To read this Lender Letter click here. Has updates going back to March 23. Hard to keep track of all of them!

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Virtual Inspection Tools From Fannie’s letter above on April 14. 

Appraisers may use virtual inspection methods to augment the data and imagery that is used for either a desktop appraisal or an exterior-only appraisal. 

All traditional appraisals require the appraiser to perform a complete onsite interior and exterior inspection of the property. A virtual inspection cannot be used as a substitute for the onsite interior and exterior inspection for a traditional appraisal. 

Additionally, an onsite interior and exterior inspection is required for the Appraisal Update and/or Completion Report (Form 1004D) used to confirm completion of renovation for HomeStyle Renovation loans. Virtual inspections using video and photographs provided by the borrower or contractor can be used to evidence renovation progress to disburse additional renovation funds as described below.

My comments: YOU MUST GO INSIDE THE HOME FOR A INTERIOR INSPECTION APPRAISAL. YOU CANNOT:

– Stand outside the house and tell the borrower which photos to take.

– Take photos through the window.

– Use Virtual Inspection Tools

I guess appraisers are doing this. Don’t risk your license!!

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4-17-20 Newz: 7 Things to Watch in your Market – More Fannie Updates – Funny Fotos

By on April 18, 2020   /   adjustments, appraisal classes, appraisal regulations, Coronavirus, desktop appraisals, Fannie, FHA, Freddie, FUN, real estate market, va   /   Leave a comment
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NOTES TO READERS: To read my April 3 newsletter: Covid 19 Data Comps and-Values, with lots of science info relating to the pandemic, such as pandemics in the past, stages of a pandemic, personal tips, etc. go to www.appraisaltoday.com/coronavirus

For the previous two weeks I sent out two newsletters a week. Got too burned out. Only one newsletter this week, so it is long.

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Seven things to watch in real estate during a pandemic

April 14, 2020 By Ryan Lundquist

Excerpts:

1) Listings: We often think about listings increasing as a way to see the market changing, but right now many markets across the country are seeing fewer new listings. So at times change is best seen with less of something rather than more. It’s not a surprise to see fewer new properties during a pandemic, right?…

7) Prices: In real estate we are so obsessed with prices, but that’s really the last place to look to see the market. What I mean is change happens first in the areas above before showing up in sales stats a couple months down the road. In short, for now the slower pandemic trend hasn’t infiltrated sales price figures as of yet in Sacramento. This doesn’t mean the market is stable in every price range and location. All I’m saying is regional and county stats don’t show price declines right now. Normally I pull monthly price data, but I’ve switched to weekly in order to see the trend sooner rather than later.

To see the other 4 factors plus lotsa graphs and many appraiser comments , click here

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4-10-20 Newz: Fannie New FAQs; Appraiser Recovers From Virus; Risky Business

By on April 10, 2020   /   appraisal business, appraisal regulations, Coronavirus, Fannie, FUN, humor, Mortgage applications   /   Leave a comment
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Fannie Mae COVID-19 Frequently Asked Questions – Selling Updated: Apr. 08, 2020

From Dave Towne:
On Wed, April 8, 2020, FNMA issued a new FAQ bulletin regarding mortgage lending and appraisals during the Covid-19 “modification” period.
Click here to download Dave’s PDF. I have extracted the FAQ questions relating directly to appraisals/appraisers. I suggest you print these 6 pages.
Q54 – Q60 have ‘new’ info appraisers should review.
NOTE: While this FAQ is written by FNMA, it also applies to reports which will be sold to FreddieMac – because both GSE’s are working cooperatively in terms of how appraisal reports are to be completed.
NOTE 2: If you are doing an assignment for FHA, USDA or VA, you need to follow THEIR instructions because they have different guidelines for report completion.
Link to original full 14-page Fannie document https://singlefamily.fanniemae.com/media/22326/display

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Appraiser/Educator Bryan Reynolds is recovering from COVID-19

I had a bit of a difficult time with this podcast. We like to think we’re invincible, immune, unaffected, but that’s silly. We are, at the end of the day, all vulnerable. This chat with my long time friend and partner, Bryan Reynolds, brought that realization home, in stark reality and made it tangible and personal.
People, we damn near lost Bryan. Please give this podcast a listen. I’ve posted it here, largely unedited. This podcast is the epitome of authentic.
Hal Humphreys
Partner Appraiser eLearning
My comment:Listen to this podcast!! I saw the last podcast live on March 26. Hal Humphreys was the moderator, speaking from his front yard. He said that Dave had coronavirus. I am so glad that he is recovered! To watch his webinars, go to https://www.youtube.com/channel/UClb6iDQvzQqj4GOiKSCp8EA

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1-24-20 Newz: Amrock suspends CA fee appraisers – Neutrality – Missle Silos

By on January 24, 2020   /   AMCs, appraisal business, appraisal management company, FUN, humor, Mortgage applications, real estate market, Strange homes, USPAP, weird properties   /   Leave a comment
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8 Funny Quotes About Appraiser Work Stress

Just For Fun!!

Excerpts: Real estate appraisal is an exciting and enjoyable profession—for the most part. But every appraiser knows that the job can be stressful at times, especially for those who are self-employed. If you’re having a hectic or frustrating day on the job, it helps to have a sense of humor. Here are some super funny quotes about work stress that we hope will brighten your day.

A few quotes

“‘Yay! It’s the weekend!’ Said nobody who is self-employed.”

“There cannot be a stressful crisis next week. My schedule is already full.” ­— Henry Kissinger

Very creative gifs! Sorry, they don’t work in these emails. To see them, click here

My comment: Very Funny and Realistic!

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12-27-19 Newz: Humor – CA Appraisers 50% Decline – Bracketing – Change Your Templates!

By on December 27, 2019   /   adjustments, appraisers, climate change, FUN, humor, Mortgage applications, new appraisers   /   Leave a comment
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Very Funny appraisal commercials
Just For Fun (and maybe some ideas)

Here are a few titles:
  • Hire An Appraiser… Avoid Getting Into A Stinky Situation!
  • Looking For An Appraiser? Ask Any Cat!
  • Homeowners, Don’t Get Eaten Alive By The Shark

To read more and see the Fun Videos, click here

My comment: I love the humor at https://clevelandappraisalblog.com Fun animated gifs and video commercials!!!

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12-20-19 Newz: Appraiser Wins Lotsa Pizzas – $1B Appraisal Error – Past and Future

By on December 20, 2019   /   AMCs, appraisal business, appraisal management company, bad appraisers, FUN, Mortgage applications, mortgage loan volume, real estate market, unusual homes   /   Leave a comment
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Good News: Appraiser wins $100 worth of Aurelio’s pizza every month for next five years

Just For Fun!!

Excerpt: Alvin “Chip” Wagner thought he received a crank call when Aurelio’s Pizza CEO Joe Aurelio phoned to tell him he’d won 60 months of free pizza in honor of the chain’s 60th anniversary.

“I had the call on speaker and my wife said, ‘I think this is really Joe,’” Wagner said.

To read more, click here

My comment: I have known Chip for many years. He deserves pizza plus a little big of fame ;> Appraiser in the Good Newz!! Thanks to Jonathan Miller for this Fun link!!

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