AMCs and Respect for Appraisers??

By on January 31, 2019   /   AMCs, george dell, real estate market, weird homes, weird properties   /   Leave a comment
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AMCs and Respect for Appraisers??

By Rachel Massey, SRA
Excerpt: …an example of an AMC that is not paying attention to the comments from the declination. If an appraiser declines due to coverage area, then it should not be reassigned. But also, if appraisers decline because the fee is inadequate, is upping it a paltry $25 going to cut it? In the time between the initial order and the subsequent, ten days passed. Had the AMC picked up the phone and started calling appraisers, they may have had much better success at finding someone who first of all covers the area, and second of all, would tell them how much it would take for them to take on the assignment. AMCs and Respect for Appraisers??

My comments: Worth reading plus the appraiser comments, of course!!

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Agent square footage and sales prices for appraisers

By on December 27, 2018   /   appraisal regulations, AVMS, lender appraisals, real estate market, square footage, weird homes   /   Leave a comment
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Agent’s Source Of Square Footage May Affect Sale Price

Excerpts: If you use county tax assessor information as a square footage source in your listings you may want to rethink this. I recently did a study to see how homes sold based on where the agent got their information from and I have to say what I found was intriguing. Agent square footage and sales prices for appraisers is important.

The Greater Alabama MLS, of which I am a member, provides the source of square footage information that is included in the listing. The four sources include tax records, seller, building plans, and appraiser.

Below the article are links to some other good posts by the author on this topic.

My comment: Very interesting analysis and graphs. My MLS is the same, except “other” is included and tax records is the default. Tax records are iffy in California as Prop 13 passed in 1979 and records have not been updated since then, unless there is new construction. Also, what assessors include in GLA can differ from what the current market does. Some neighborhoods and properties are reasonably accurate and some are way off in my small city.

I have done a lot of relocation appraisals, where 2 or 3 appraisers appraise the same house. If we had the same square footage it was sorta suspicious… Some measure to the half foot, rounding up or down, some use decimals, etc. It is not exact.

I can really see a demand for using appraiser measurements. I will be writing an article in my paid newsletter soon about this topic. There are a few appraisers who do them, including discussing pricing and liability.

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Bots replacing appraisers?

By on December 6, 2018   /   appraisal regulations, commercial appraisal, FHA, lender appraisals, Mortgage applications, mortgage loan volume, real estate market, threshold, unusual home, unusual homes, weird homes, weird properties   /   Leave a comment
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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.

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Bolwoningen Ball Houses – difficult appraisals!

By on November 16, 2018   /   appraisal how to, Mortgage applications, mortgage loan volume, real estate market, USPAP, weird homes   /   Leave a comment
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Bolwoningen Ball Houses

 Excerpt: Bolwoningen consists of 50 sphere houses. The balls are made of cement, reinforced with fiberglass. They are mounted on the base in the form of a cylinder. Each sphere’s diameter is 18 feet and each has 11 round windows. The layout of these structures is quite unusual. In the center of the sphere there is a bathroom and a tiny bedroom, and a living room and kitchen, are located on the second floor-level. The house can be completely disassembled and transported to any other place (the weight of this building is only about 2755 lbs). In addition, this building can be placed not only on the ground, but also on water, on a stationary platform. Bolwoningen Ball Houses – difficult appraisals!

Locals didn’t quite appreciate the vision of the architect, but there are plenty of tourists, who would love to visit or even experience living in these futuristic houses.

My comment: Fascinating!! It was built in 1984 and is surrounded by standard homes. Check out the 2 links above and/or google bolwoningen ball houses

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Sheds vs. outbuildings for appraisals

By on November 11, 2018   /   appraisal business, appraisal how to, Mortgage applications, mortgage loan volume, real estate market, unusual home, weird homes   /   Leave a comment
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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”…

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Wearing shoes in a house for appraisal

By on November 1, 2018   /   adjustments, appraisal how to, forecast, Mortgage applications, mortgage loan volume, real estate market, Strange homes, weird homes, weird properties   /   Leave a comment
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The Ugly (and Filthy) Truth About Wearing Shoes in the House

Excerpts: “Shoes off, please.” A reasonable request? Or are those fightin’ words?

Arguably, no other three monosyllabic words have ever led to more irritated house guests, resentful homeowners and thriving sales of shoe racks, slippers, and sing-songy, passive-aggressive signs. (“Since little fingers touch our floor, please remove your shoes at our door!”)… “So many germs and bacteria can be brought in from your shoes, including toxins and E. coli,” Mitzner explains…

“So, if one removes their shoes,” he asks, “what about all the potential bacteria on their socks?” Plus, even if you abide by a strict rule of “no shoes,” you can’t escape the fact that the interior of your home is still covered in germs, Adalja says. How reassuring.

While there are scientific arguments both for and against pulling off footwear the moment you enter the front door, experts do seem to agree on one thing: To minimize the risk of getting sick, go out of your way to keep a clean home.

My comment: I hate taking off my shoes in a house!! I have to put them, or disposable booties, back on when going in and out of the house. But, since reading this article, I am so glad I have hardwood floors with no carpets and no small children ;> Of course, the bottom line: it is their house and they can decide.

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Valuation by Comparison – Very good residential book

By on October 20, 2018   /   adjustments, FHA, forecast, mortgage loan volume, real estate market, unusual home   /   Leave a comment
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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)

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Do tandem bedrooms count as bedrooms in appraisals?

By on October 11, 2018   /   adjustments, appraisal how to, data, mortgage loan volume, state appraiser regulators, unusual home, zillow   /   Leave a comment
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Do Tandem Bedrooms and Garages Impact Value?

 Excerpt: There is less privacy in the one bedroom because it must be walked through to get to the other bedroom. This is considered to be functional obsolescence.
This type of situation is most often found in older homes. I have seen this type of situation many times on the second floors of many bungalow or cape cod style dwellings I have appraised. Although, it can exist in any style home.

My comment: I see tandem rooms a lot and sometimes tandem garages. I think I have finally convinced the local agents not to call them bedrooms. Of course, some insist on using Assessor data, which has not been updated since 1979, when Prop 13 passed and re-assessments stopped unless there was a sale or new construction.

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Sometimes “being nice” is best for appraisers

By on October 4, 2018   /   adjustments, appraisal how to, data, mortgage loan volume, real estate market, unusual home   /   Leave a comment
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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.

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Appraiser conflict: objective/impartial vs. what clients want

By on September 27, 2018   /   adjustments, appraisal how to, Appraisal Qualifications Board, appraisal waivers, commercial appraisal, Fannie, george dell, mortgage loan volume, real estate market, unusual homes   /   Leave a comment
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Do You Have Two Appraiser Brains?

By George Dell
Excerpt: One appraiser brain says you must be “independent, impartial, and objective.” (USPAP) It wants to be good. It wants integrity and to sleep peacefully at night.

But there’s another brain. It’s primal and wants to survive. It has other responsibilities: meet the bills, feed the family, pay the mortgage, and pay government taxes/fees. And recorded in this brain is that part of the standards which say: Do what your clients expect; do what everyone else does. As paraphrased, the sole guides to an acceptable scope of work.

Worth reading. Short. Plus the comments.

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