Real Estate Appraiser Tips | Home Appraiser Tips!

Recommended For Appraisers: Become A Fan Of Appraisal Scoop On Facebook

http://realestateappraisertips.info/ — Thu, 11 Mar 2010 15:35:17 +0000

http://www.realestateappraisertips.info/ - Real Estate Appraiser Tips: Recommended For Appraisers: Become A Fan Of Appraisal Scoop On Facebook “Today” On Facebook!

Let’s help Brian Davis and Appraisal Scoop…..Brian says, “I’m hoping for 100 fans so that I can get the coveted Facebook.com/Appraisal-Scoop URL!” Click Below To Become A Fan!

Appraisers: Help Stop Bad Policy and Support Appraisal Industry

http://realestateappraisertips.info/ — Wed, 10 Mar 2010 13:05:18 +0000

http://www.realestateappraisertips.info/ - Real Estate Appraiser Tips: Appraisers: Help Stop Bad Policy and Support Appraisal Industry

Appraisers……….

In case you have not heard, the US Dept. of the Treasury is about to implement a new policy which will not allow you to participate in the valuation of ‘short sale’ properties.

You can help stop this absurd policy by sending a letter to Timothy Geithner – see below. Four appraisal organizations have already sent their response. But you need to participate in this also, and stop the madness.

If you won’t or don’t help, you cannot justify complaining about this if it is implemented.

I’m not a big fan of pre-written ‘form letter responses.’ But for context and to start your juices flowing, my letter is below. Please slice and dice it, add your own personal comments to your own letter, and then mail yours by this weekend.

Final point: send an ‘advisory’ e-mail to your US Congressional representatives about this bad policy and ask that they contact the Secretary of the Treasury to ask that the pending policy be abandoned, and to allow licensed appraisers to help value ‘short sale’ properties.

My letter:

The Honorable Timothy Geithner
Secretary of the Treasury
1500 Pennsylvania Avenue, NW, Room 3330
Washington, DC 20220

Re: Proposed ‘short sale’ policy in the HAFA

Mr. Geithner:

I am a self-employed, independent Certified Residential real estate appraiser with close to a decade of appraisal experience.

The proposed ‘new’ procedure within the Home Affordable Foreclosure Alternatives program to mandate real estate salespeople as the only people allowed to establish the sales price on a short sale property is dangerous for this country and consumers as a whole. I ask that you delay implementation of this provision until independent appraisers are added, or to abandon it all together.

This proposed procedure is contrary to the HVCC and regulatory agencies policies that demand valuation procedure independence for mortgaged properties. In a majority of cases, short sales will become mortgaged properties. To have any party with a financial interest in the property be the ‘only’ one allowed to set the price is absurd. A real estate sales person has a financial interest if they are involved with the pricing of the property, and ultimately participate in the sale of that property.

Per USPAP, independent licensed appraisers sign certifications that they have no financial or personal interest in appraised properties. These are the people who should determine Market Value of a property via a completed appraisal report. Once that is done, the lender can determine an appropriate ‘price’ for the property, perhaps by also consulting a knowledgeable real estate agent familiar with the property location.

Please carefully consider these suggestions. The proposed HAFA procedure is bad policy.

Name

License Title

Address, City, State, ZIP

Join The Facebook Group: I Am A Real Estate Appraiser- The National Appraisal Coalition

http://realestateappraisertips.info/ — Wed, 10 Mar 2010 12:33:16 +0000

www.realestateappraisertips.info/ - Real Estate Appraiser Tips: Join The Facebook Group: I Am A Real Estate Appraiser- The National Appraisal Coalition

This recommendation arrived on Monday from Knoxville TN Appraiser, Chris Jackson, on Facebook. We need more appraisers out here like Chris.

The purpose of this group is to unite all appraisers around the country and take control of our industry. We need to form an organization of appraisers where appraisers have the ability to vote and the authority to make decisions.

You can view and join this group here with 910 members and growing!

Appraisers: TBWS Has CraigsList Job Offers 24 Hour Turn-Time Fifteen Dollars Per Hour

http://realestateappraisertips.info/ — Mon, 08 Mar 2010 11:17:27 +0000

http://www.realestateappraisertips.info/ - Real Estate Appraiser Tips: Appraisers: TBWS Has News About CraigsList Job Offers For Appraisers To Perform Home Appraisals With 24 Hour Turn-Times Paying A Mere Fifteen Dollars Per Hour!

Frank and Brian have Appraiser Job News This Morning….and you’re going to be excited…LOL!

Altos Research Helps Home Appraisers Navigate 2010-2011 Housing Markets

http://realestateappraisertips.info/ — Sat, 06 Mar 2010 14:06:14 +0000

http://www.realestateappraisertips.info/ - Real Estate Appraiser Tips: Altos Research Helps Home Appraisers Navigate 2010-2011 Major Housing Markets

On Wednesday, March 3, 2010, Altos Research provided a Webinar on the topic “2010 Housing Market Leading Indicators”. There were many requests for the presentation slides so Altos Research created six videos and placed them on YouTube. All six videos are locate at the image below, just click on it. Altos Research also offers their Altos Research YouTube Channel as well.

Their Six Videos Cover:

Part I: Seller Confidence Indicators emerging in January 2010; Seller Price Discovery trends since 2007.

Part II: Seller Price Reduction trends; Housing Supply; Lagging Luxury Segment.

Part III: Mortgage Market and effects on the housing market; S&P/Case-Shiller HPI for October & November 2009; Discussion of the San Francisco, Los Angeles, and Phoenix housing markets.

Part IV: Discussion of the Phoenix, Atlanta, Seattle, Chicago, and Portland housing markets.

Part V: Key takeaways from the 2009 Housing Market, including Price Floor Evidence and Stimulus Response including government support of the mortgage market and the homebuyer tax credit.

Part VI: 2010-2011 housing market expectations; Forecast of 2011 housing prices; Discussion of the economy’s affect on the housing market; Shadow Inventory

I just wish Altos Research covered my local market!

A Horrible Week Working For An AMC and New Mexico New AMC Law…Smile

http://realestateappraisertips.info/ — Fri, 05 Mar 2010 13:04:32 +0000

Real Estate Appraiser Tips: A Horrible Week Working With An AMC and New Mexico Governor’s New AMC Law…Smile!

This week has been rather difficult, which is the reason I haven’t posted as often on Real Estate Appraiser Tips! I started taking orders from an AMC that just recently began automated calls to appraisers for order acceptance. I hadn’t worked with this AMC in some time and received three FHA orders from them the week prior. What I received from them, only after accepting the orders, was “13 Page Appraisal Orders” for each assignment. I’ve been appraising for almost 20 years now and have never received a 13 page appraisal order.

Within these 13 pages was some of the “extras” “their client” requires above and beyond normal FHA appraisal requirements. Just one of them was that their client would not accept MLS photos for listings used. Oh No! On two of the orders, I had to drive all the way back out to the areas to take real listing photos. Another was that it wasn’t good enough for me to include 2 photos inside the attic, the “head-and-shoulders” inspection verbiage and the overall statement that SUBJECT MEETS FHA MINIMUM STANDARDS for existing dwellings outlined HUD Handbooks 4150.2 and 4905.1. No, they wanted an additional comment that the attic itself complied with FHA guidelines and accused me of skirting “the issue”. What Issue? Then they told me to add the words “covered porch” or “uncovered porch” to my sketch. I have yet to have someone send me a photo of an “uncovered porch”. There is no such thing as an “uncovered porch”! There’s wood decks, open patios, aluminium patios, stone walkways, but no uncovered porches that I’ve ever seen.

The straw that broke my back on Wednesday morning was their telling me that the photo below, my Comp. #1, was an MLS photo and said it needed to be replaced with a real photo. I explained that that was my mirror in the photo and had to send them a photo of my SUV to prove the color of my SUV. Talk About Insanity!!!

I NOW UNDERSTAND WHY “AMC’S” IS BECOMING A FOUR-LETTER WORD! AND, THIS INSANITY IS THE FUTURE OF OUR APPRAISAL INDUSTRY?

I HOPE THAT ARTICLE ON APPRAISAL SCOOP WAS RIGHT ABOUT ALL OF THESE STATE AMC REGULATIONS DRIVING AMCS OUT OF BUSINESS!

And, don’t we just love that AMC where their client’s extra requirement is for us to report the comps previous sold history (price and date) back to infinitiy (beyond just 12 months) and if you can’t find any sold history within your Legal News, to add a comment as to why?

By Thursday, after 3 revisions for one report, I was about ready to pull my hair out over this insanity.

Then, I wake up early this morning and see Brian Davis’ FeedBlitz email: New Mexico Governor Signs Appraisal Management Company Legislation into Law – Puts AMCs “On Notice”! AND, there’s a smile from ear to ear.

There’s two important aspects (hopefully obstacles for AMC’s) about this new law is that are of note. First, it requires AMC’s to post a surety bond. To me this important because there have been reports of new AMC’s setting up shop, hiring appraisers and then not paying them. Why allow AMC’s to get away with such illegal action? And, why allow appraisers whose license has been revoked or suspended from starting an AMC after the fact?

Second, it requires AMC employees who review appraisals to be “geographical competent” to complete the review. THIS IS MAJOR! I’ve always wondered about this issue. How can a reviewer in CA know the pulse of a market in Kissimmee FL? And, why do I see Appraiser Reviewer Job Announcements for major lenders where the reviewer must move to Atlanta or Chicago or New York to review home appraisals performed nationwide? I DON’T GET IT AND NEITHER DOES THE GOVERNOR OF NEW MEXICO!

Try To Have A Great Weekend! Bill Cobb

Real Estate Appraiser Crushing It In 2010 Using Video Marketing: Sherie Smith on Appraisal Tips – First Impressions Count

http://realestateappraisertips.info/ — Wed, 03 Mar 2010 13:59:08 +0000

http://www.realestateappraisertips.info/ - Real Estate Appraiser Crushing It In 2010 Using Video Marketing: Sherie Smith on Appraisal Tips – First Impressions Count

http://homeappraisaltips.blogspot.com/

I found this helpful video and wanted to share with locals. As a home appraiser for almost 20 years now, I can certainly relate to what Sherie Smith is saying.

Watch Sherie’s Other Homeowner Appraisal Tips @ http://www.youtube.com/user/SherieSmith

Home Appraisers: Credit Suisse Says $1 trillion worth of ARMs still face resets

http://realestateappraisertips.info/ — Wed, 03 Mar 2010 13:10:17 +0000

http://www.realestateappraisertips.info/ - Real Estate Appraiser Tips: Home Appraisers: Credit Suisse Says $1 trillion worth of ARMs still face resets

Credit Suisse is reporting that there may be up to $1 Trillion worth of Adjustable Rate Mortgage still to reset into 2012. Their report is located here!

Here’s a snippet:

“While several industry observers worry about negative equity and unemployment driving foreclosures, a couple of experts point out that interest rates on mortgages remain a cause for concern.

Credit Suisse made waves in 2007 among housing bears with a chart that estimates the volume of adjustable-rate mortgages to face a reset each month. An updated version of the chart, which was provided to SNL, shows resets remain a worrying force over the next few years.

Most of the resets are expected to occur through 2012. Between 2010 and 2012, the chart indicates that $253.25 billion of option ARMs will adjust, while Alt-A loans totaling $163.71 billion will reset over that time. Altogether, $1.010 trillion worth of ARMs will reset or recast during the three-year period.“

Does this chart suggest the best time to buy a home? You be the judge!

Paul Grossmeier Asks Appraisers: The Appraisal and the Addendum: Whats in yours?

http://realestateappraisertips.info/ — Wed, 03 Mar 2010 11:32:24 +0000

http://www.realestateappraisertips.info/ - Real Estate Appraiser Tips: Paul Grossmeier Asks Appraisers: The Appraisal and the Addendum: Whats in yours?

The Appraisal and the Addendum: Whats in yours?

“With all the additional required information that you must put into your appraisal reports that is required by USPAP and individual clients, have you been able to create one standard addendum that covers all cases??? or Have you went as far as creating individual templates for each client to cover there individual needs? I find that I have such a variety of client needs one addendum that is hitting all the requirements has become two and a half pages of standard CYA.

When I review a report, 90% of the addendum appears to be standard Cover Your A@@ boiler plate comment and 10% is specific to the subject property.

Most recently I have developed an entire section in the appraisal that describes in detail all the amenities, the construction and features of the dwelling. Trying to create some level of balance in the report between standard comment and custom comment.

Lenders in the past (when we could actually talked with one), have always indicated that less is more but with added requirements more is what they are getting.

Over the past 29 years in this industry the reports have changed going from one page plus maps and photos to now several page forms with multiple maps, floor plans, photos and pages of comment. The typical report has reached 25 to 50 pages. If it were not for the PDF and EDI up-loads I would need to purchase printing press. With the EDI up-loads data is being taken out of reports to be used as AVM’s so I really do not like sending a report out electronically but it has become a necessary evil.

Yes, on the other hand, data mining is alive and well and has been used to create the AVM’s taking our place. But that’s another issue.

Any thoughts on the use of standard addendums that meet or exceed client requirements?“

View The Discussion On LinkedIn Here!

NAR: January 2010 U.S. Home Sales Fall 7.2 Percent

http://realestateappraisertips.info/ — Fri, 26 Feb 2010 16:56:13 +0000

http://www.realestateappraisertips.info/ – Real Estate Appraiser Tips: NAR Says January 2010 U.S. Home Sales Fall 7.2 Percent

Source

“Sales of previously occupied homes took a large drop for the second consecutive month in January, falling to the lowest level since summer. It is understood as another sign the housing market’s recovery is faltering. The National Association of Realtors said sales fell 7.2% to a seasonally adjusted annual rate of 5.05 million from a downwardly revised pace of 5.44 million in December. The results, the weakest since June, were far worse than forecast. Economists expected a slight increase, to a rate of 5.5 million.

Sales declined throughout the country, falling the most—nearly 11%—in the Northeast. Sales fell by about 7% in the South and the Midwest and by more than 5% in the West.“