Tagged: short sale

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Contract Analysis Paralysis

The most critical failure found in appraisal reports that come before the Board, whether residential, commercial, or agricultural, is a lack of analysis.  Appraisers seem to think that citing or reporting is synonymous with analysis. Analysis – to study (something) closely and carefully: to learn the nature and relationship of the parts of (something) by a close and careful examination. The URAR asks: I did or did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed. Yet many will write:...

Welcome to Life as an Appraiser in 2014 - Imagecredit Flickr - Nathan 9

Welcome to Life as an Appraiser in 2014

I  want  to meet the lucky appraiser these days who is getting all of the easy appraisals. Welcome  to  life  as  an  appraiser  in  2014.  It  seems every  appraisal  has  time  constraints,  distance constraints  and  knowledge  constraints.  I  want  to meet the lucky appraiser these days who is getting all of the easy appraisals. Surely it can’t be lenders just getting an AVM. If lenders are using AVMs, the lack of quality comparables out there would lead to lenders just  fooling  themselves  and  relying  on  loss  ratios again.   You  would  think  someone  would  say:  been there, done that and got hammered....

4

New Appraisal Requirements Set for REO Properties

The U.S. Department of Housing and Urban Development will require new appraisals on some real estate-owned properties financed by the Federal Housing Administration, Mortgage Daily reported Dec. 10. Historically, when buyers of REO properties utilized FHA financing they had been able to use the appraisal originally ordered by HUD. However, the updated requirements will require new appraisals in situations where a direct endorsement underwriter decides there is a material deficiency in the original HUD REO appraisal. HUD also will require new appraisals in the instance of an “as-repaired” appraisal being used when a borrower is applying for a 203(l) loan....

Appraisers Expect Continued Growth 2

Appraisers Expect Continued Growth

Appraisers Expect Continued Growth: Appraisal Institute Survey CHICAGO, Oct. 22, 2013 /PRNewswire-USNewswire: Appraisers anticipate continued growth in mortgage lending appraisals and in specialized areas of consulting, according to a recent survey conducted by the Appraisal Institute, the nation’s largest professional association of real estate appraisers. Commercial appraisers said the top five areas of growth in the next one to two years (in order of potential) are mortgage lending appraisals, land valuation, litigation valuation/forensic appraisal, real estate consulting (fee-based) and right-of-way/easements. Residential appraisers said the top five areas of growth are mortgage lending appraisals, review appraisal services, real estate owned/foreclosures/short sales,...

Appraisers Feeling the Heat as Housing Market Warms Up 1

Appraisers Feeling the Heat as Housing Market Warms Up

Appraisers will always be key players in the real estate housing market’s blame game no matter what the market is doing. Appraisals were difficult to do after the housing market collapse of 2007 because of the lack of recently sold comparables that they had available to determine the property’s true value. Now that the Orlando real estate housing market is hot again, appraisers say that it doesn’t make their job of valuating a property an easier. Many Orlando realtors complain that appraisals often complicate real estate deals by either forcing the sellers to lower their price or by making buyers...

Appraisers Confident in Housing Market 0

Survey: Appraisers Confident in Housing Market

Appraisers mostly are upbeat about home price increases and generally are becoming more confident about the state of the U.S. housing market, according to survey results released April 24 by Leawood, Kan. – based appraisal management company United States Appraisals. The survey of 600 appraisers revealed that 55 percent indicated a mildly or moderately strong level of confidence in the housing market while 25 percent said they were neutral. “Appraisers tend to be realistic,focused on their local markets and unmoved by news stories and national numbers,” Aaron Fowler, president of United States Appraisals, said in a news release. “We believe...

Short sale and low appraised value 0

Short Sale & Low Appraisal Value?

What Happens When a Short Sale Property Gets Approved for More Than the Appraisal Value? Most of the time when a potential home buyer submits a contract on an Orlando short sale, that person is expecting to get a fantastic deal on a home. Many times this is exactly what ends up happening. The lender approves your offer and you get the deal of a lifetime! However, depending on what happens with the appraisal, everything can still fall apart on you, so don’t celebrate just yet. Appraisal values, when it comes to short sales, are a crucial part of the...

Orlando real estate sales and appraiser - Image courtesy of watcharakun / FreeDigitalPhotos.net 9

Orlando Real Estate Sales & Over Cautious Appraisers

Orlando Real Estate Sales Affected by Over Cautious Appraisers With the Orlando Real Estate market on the rise, appreciation has become an actual piece of the puzzle again. It’s very common these days for a property to receive several offers on it for thousands above the asking price, specifically in the more desirable neighborhoods. Unfortunately, appraisers don’t really care about offers that are submitted above asking price and will rarely appraise any Orlando property above that property’s listing price. Instead, they just go by the listing price and try and get as close as they can to it. However, this doesn’t...

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