Author: Dave Towne

mysterious device revealed 2

Mysterious Device Revealed

On Monday, I distributed a photo (see below), which was taken by a western US appraiser at the subject property, and asked if anyone could accurately describe what this device is: The property owner was not at the property when the appraiser was there, and the appraiser was frankly stumped as to what this ‘thing’ is. By late afternoon Monday, the appraiser was able to talk with the property owner, and was told about this contraption. Meanwhile, dozens of appraisers wrote back with suggestions or positive “it’s a” statements. One appraiser actually has an administrative assistant who is a HAM radio...

Quit Overreporting 10

Quit Overreporting!

Why Do Appraisers Keep Overreporting…? Appraisers, Another friend has provided a copy of an appraisal on the friend’s home. Good golly, miss Molly… Why do appraisers keep overreporting comparable property data, which really isn’t comparable? This subject property is an 1,100 sq.ft. single story home, in a near-beach side community, with partial marine view, not on WFT, in a suburban location. Similar ‘comps’ are extremely limited (no more than 6 sales and 2 listings) due to its GLA, location, age, etc., based on the appraiser’s report, and my own research from multiple searches which proved similar comparable properties are almost non-existent. The report...

Flag Flying for Veterans at This Nation's Heart... - AppraisersBlogs 3

Honoring Veterans

Whether or not there’s a flag flying at your place of rest, there’s a flag flying for you at this nation’s heart. Folks, I received the message below from an appraiser who lives near this cemetery in north-central WA State. It’s worthy of your read, and to remember the sacrifice veterans have made in service to our country. I’d like to add that the “Key Club” is a youth organization sponsored by Kiwanis International, with local Kiwanis clubs around the US being mentors to the high school age members who belong to Key Club. I was a Kiwanis member for 27 years,...

Subject Inspection for Hybrid Appraisals & USPAP Compliance 52

USPAP Compliance & Hybrid Appraisals

WHO does the SUBJECT INSPECTION? Appraisers, Some appraisers have questioned the name ‘Hybrid Appraisal’ because the requesting client WON’T USE THAT NAME for the product. When they call or email you, they’ll say something like “We have a really fast appraisal for you to do that you can do on your desktop without leaving your office.”, or “Can you do an exterior appraisal for us?” or they might identify it by the ‘name’ that client uses for the product. The FIRST question you need to ask is simple: WHO does the SUBJECT INSPECTION? If they say ‘someone else does that’…...

Reliable Is the Ugly Lie of Hybrid Appraisals Scope of Work 9

Lies, Damn Lies and More Lies

These so-called accurate and ‘reliable’ data sources are factually wrong… I was reading the Scope of Work contained in a sample Hybrid Appraisal, one of now dozens being promoted by multiple AMC’s, lenders, software developers, etc., which seem to be sweeping the secondary lending arena these days. It says… Identified and verified subject characteristics from a reliable data source such as MLS, County/City records, GIS, and online data sources. – Researched comparable sales and listings from reliable data source such as MLS, County/City records, etc.” “Reliable” is the ugly lie and supposed truth promoted by very naive or unaware people...

Salary Range for Real Estate Appraisers in the US? 29

Average US Appraiser Salary

Are you curious about the salary range for appraisers in the United States? Click this link for info on salary ranges for Real Estate Appraisers. Rising fees across the country has fueled the growth in appraiser income. That’s a good thing! Why should we be the only ‘workers’ to have their income potential held down by lenders who don’t want to pass on true costs of doing complicated appraisals to their bank clients – the actual mortgage loan consumer – while EVERYTHING else has increased? Thankfully over the past two years that has changed, as most appraisers across the US...

Comps Sharing & Big Data By Appraisers For Appraisers 27

Big Data Assisting Appraisers

Big data comps sharing assisting appraisers… I admit to having a dog in the fight. Maybe even a pony, camel, or even a pure bred Clydesdale horse… On 10/09/2017, the owner of alamode software informed customers of a significant new change in how ‘comps’ can be added to a current report – which will be implemented sometime early next year. Read his message here. This is significant because the ability of ‘Big Data’ is being put to work ASSISTING appraisers, rather than being withheld from us as is done with the GSE’s highly touted Collateral Underwriter – even though ‘we’...

Properties Editing Tool of Collateral Underwriter 4.2 Misinterpreted 17

Misinterpreted CU Update Message

Where the EDITs are used, they are within the "model properties"… Folks, This is the message many appraisers have seen over the past week or so, which came from FNMA: “During the weekend of Dec. 9, we will implement Collateral Underwriter® (CU™) 4.2, (which includes) the ability to edit the subject and appraiser-provided comparable sales property characteristics. CU 4.2 will also provide mortgage insurers (MIs) with access to CU. Lenders will be able to give their MI risk partners access to appraisal-specific data by providing them the Doc File ID generated at the time of appraisal submission.” As so often happens...

Hybrid Appraisals Survey Results 26

Hybrid Appraisals Survey Results

Appraisers, about 1.5 weeks ago, I asked Washington State appraisers to respond to a survey I designed, having to do with HYBRID appraisals. The tabulated results of that survey are displayed below in the embedded PDF, with ‘quick’ responses below. Of the surveys distributed to nearly 400 appraisers, the response was better than other types of market surveys, meaning the results are statistically acceptable… and could be transferred ‘by inference’ to the appraiser population across the US. A HYBRID appraisal is a ‘desktop assignment’ where the subject property inspection and photos is done by a non-appraiser, and that info/data is turned...

Site Size Correction Notices From AMC Amateurs 10

Site Size Correction Notices

AMC’s who demand you change site size in reports are amateurs… Appraisers, Yesterday, an appraiser ‘pen pal’ sent me the query below, asking what I would do. My response follows. I admit to having a very low tolerance level for stupidity and demands from others who don’t possess all the facts, and most often are not appraisers. The query: “Over the past year with more AMCs going to automated checker software, I have been getting “correction notices” about the site size I reported, almost for every report. So, I changed how I did it so it would stop coming back, but...

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