Tagged: Realtor

Another 'Pile on Appraisers' Diatribe? Appraisal Industry & Fair Housing... 8

Another ‘Pile on Appraisers’ Diatribe?

The National Association of Realtors held their “Virtual Appraisal Summit” on Aug. 5, 2020, focusing on ‘fair housing and the appraisal industry.’ We were fortunate to have Craig Morley, President of the National Association of Appraisers, represent us appraisers, but his presentation was only scheduled for 15 minutes. I’m hoping when he sees this message, he will provide more info about his presentation and the outcome of the “Summit.” Craig’s presentation had the title: Abilities and Limitations of Appraising Real Estate Under Today’s Rules Craig Morley, Managing Partner, Accurity Valuation/Morley & McConkie, LLC I’m just hoping that this Summit was...

A Flipper Transaction - Appraisal vs AVMs... Are AVMs Reliable? 3

Appraisal vs AVMs

…the ‘flipper’ realized that the list and contract price was way too high… I just saw an article titled “Realor.com now providing third-party home valuations” about Realtor.com now using a ‘new’ service to provide a home value. Just for grins, I thought I’d do this essay using one of my recent assignments for the case study, which was in Bellingham, WA. The home was undergoing renovations by a ‘flipper’, and it had a signed contract for a high $$ amount. The report was written ‘subject to’ completion of the repairs/renovations. During the initial inspection, the ‘flipper’ was present and doing...

FIRREA Under Attack - Protecting Homeowners from Appraisal Loopholes 25

FIRREA Under Attack!

…the federal agencies charged with implementing Title XI of FIRREA have taken steps to limit the number of transactions for which an appraisal is required… Congresswoman Maxine Waters and Congressman William Lacy Clay request a formal study/investigation into Title XI (FIRREA) and the recent dilution of its intent by the Federal Agencies. The letter to  Gene Dodaro, Comptroller General, Government Accountability Office, addresses threshold increases, regulatory exemptions, appraisal waivers, the North Dakota appraiser certification waiver and evaluations in lieu of an appraisal. It is clear the Chairwoman of the House Financial Services Committee and Subcommittee Chairman on Housing, Community Development and Insurance...

Are Appraisers & Realtors Becoming Obsolete Like Cows? 19

Are Appraisers Becoming Obsolete?

Like cows, is technology making us functionally obsolete?… Cows are Obsolete! Pigs and chickens too! I just ate an “Impossible Burger” for lunch at Burger King. It tasted great! It looked great too. I could not tell the difference between this fake burger and the real thing. Goodbye cows! This morning, like usual, I ate Morning Star Farms breakfast sausage instead of real pork sausage. I love these things! Goodbye pigs! Beyond Meat has grilled chicken strips and Vegan Egg offers their “Plant Based Egg Replacer”. Goodbye chickens! As all of these “fake foods” grow in popularity, certainly farmers and...

Are Appraisers Really Professional? - Stand Your Ground as an Appraiser! 10

Are Appraisers Really Professional?

2019 is winding down with just one more day remaining. As we reflect on the past, the changes we have seen and the growth we have endured, our hearts are warmed with the accomplishments we have obtained. Appraisers are no longer sitting back and letting others dictate our future. Have we won every battle, no; but our voices are being heard and our regulators are taking notice. Legislators, consumer groups and even Realtors are speaking up in favor of the licensed professional appraiser. This begs the question, are appraisers really professional? According to Webster’s Third International Dictionary a profession is...

Do We Really Need Rocket Closing? Home Buying Process is Not a Race 23

Do We Really Need a Rocket Mortgage?

Do we really need a “Rocket Mortgage“? “Rocket Approvals” are nice but certainly not “Rocket Closings”. The home buying process is not a race. It’s not Road Runner and Wile E Coyote racing to the closing table. It takes time! The Need for Speed How quickly do your buyers and sellers want to close on the home they just bought? Two weeks? Four, six, eight weeks? When you wrote the contract, and filled in the “drop dead dates” how much time did you allow for the Title deadlines, the Owners’ Association deadlines, the Seller’s Property Disclosure deadlines, the Loan and Credit deadlines,...

Language Barrier... What We Got Here is … Failure to Communicate 9

Failure to Communicate

Realtor’s language is “local” whereas an appraiser’s language is universal… What we got here is … failure to communicate. It’s a line from Cool Hand Luke … a great old movie with Paul Newman. Newman played a prisoner in a jail in the Deep South. The story was all about Luke Jackson, played by Newman, who was sentenced to two years in a Florida prison farm. Well, Luke was a free spirit who didn’t play by the rules and this angered the prison’s sadistic warden. In one memorable scene, the warden said, “What we’ve got here is … failure to communicate“. That line was...

Major Threat to Real Estate Agents on Horizon - Appraisers Blogs 6

Major Threat to Real Estate Agents

Appraisers, in case you are not aware, NINE law firms have begun the process to sue real estate agents and brokers across the US about how the commission process works to compensate the SELLING broker. It is believed that three of the best known internet based property purchasing and selling web sites are behind this effort. It’s being done so that they can build their own businesses, while jeopardizing the livelihood of real estate agents and brokers. The suits allege that there is collusion and racketeering among the real estate participants to ‘bake in’ a set commission for the selling agent...

iBuying Platforms Misleading Consumers - Honesty in Real Estate Petition 19

Honesty in Real Estate

Stop unfair, deceptive, and abusive iBuying tactics. Consumers are being mislead into believing that heavily funded real estate iBuying platforms are cheaper and easier than using a Realtor. Sign and Share this petition demanding that there be clarity for consumers on these deceitful iBuying platforms. Click HERE. Summary: Real estate agents, and the buyers and sellers they have faithfully represented for decades, are under threat from a small number of technology companies looking to disrupt the real estate industry. This movement began back in 2004 when companies like Trulia and Zillow were formed, and has recently neared a tipping point...

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Appraising Where It is Warmer

I found that there are not really any appraisal laws… There was a point when I was seriously considering the possibility of moving to Belize. I live in a cold climate so the prospect of living in a warmer area for at least part of the year appeals strongly to me. However, after visiting Belize, I quickly realized that – while I love the country – I personally do not want to live there – mainly because their cost of living is higher than I had been told. That being said, while there, I did quite a bit of research...

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