Monthly Archive: March 2020

Homeowner Enabled Appraisal Inspection Tool, Social Distancing Protocols 28

Homeowners Providing Interior Home Data

Clear Capital is launching a new homeowner-enabled appraisal inspection tool the week of March 30… Over the past few weeks, I have seen in forums many appraisers talking about having homeowners provide home interior details (photos, videos, etc.), which can be used in appraisal reports. Well, guess what? American Ingenuity at work, which will be available soon. From the HousingWire article titled “Clear Capital launches new remote inspection tool“: “Real estate technology company Clear Capital has launched a new homeowner-enabled appraisal inspection tool, which adheres with encouraged social distancing protocols in light of the coronavirus. OwnerInsight is a tool that...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Trending

Exterior Appraisals & Temporary Appraisal Guidelines During COVID-19 16

COVID-19 Temporary Appraisal Guidelines

Fannie and Freddie are giving preference to desktop appraisals over exterior appraisals, which quite frankly, is completely backwards from what most appraisers believe to be a more reliable appraisal. HUD and the Veterans Administration, on the other hand prefer exterior appraisals…

AI / American Society of Appraisers / American Society of Farm Managers and Rural Appraisers / Appraisal / Appraisal Institute / Appraisal News

Property Sellers Who Are Dishonest 4

Property Sellers Who Are Dishonest

Property appraising can be a treacherous minefield of disinformation if you happen across the wrong type of seller. In most instances, the role we play should be straightforward. We’re a link in the chain, a functional part of the house buying process which is essential and relatively straightforward. We enter a property, value that property and facilitate lending based on our valuation. However, an issue can arise when the property seller wants to mask certain problems or prevent a lower, but accurate, valuation of their house. They can look to deceive and cover-up issues that may arise, meaning we must...

Appraisal / Appraisal News / Appraisers News

COVID-19 Disclaimers in Appraisal Reports - Appraisers Blogs 17

COVID-19 Disclaimers in Appraisal Reports

Let’s focus on the big rocks, not the small rocks in this time of crisis I shared my firm’s disclaimer for the Coronavirus to a group of appraiser colleagues of mine: Extraordinary Assumption – COVID-19 was identified in China in December 2019 and quickly spread across the globe, including the U.S., evolving into a pandemic. As a result, the Federal Reserve cut the federal funds rate on March 3, 2020, by 0.5%, making the threat of the virus tangible to most housing market consumers. The Fed cut the federal funds rate by another 1% on March 15, 2020, to offset...

Snippets

Temporary Appraisal Requirement Flexibilities - FHFA Allowing Alternatives 18

Temporary Appraisal Requirement Flexibilities

Temporary Guidance From Fannie Mae… FNMA has issued temporary guidance on appraisal requirements, including allowing desktop & exterior-only appraisals… Folks, due to the ongoing COVID-19 national emergency, the GSE regulator FHFA and both GSE’s have issued new (temporary) guidance on Monday, March 23, 2020. These remain in effect through May 17, 2020, but could be extended due to the on-going situation. NOTE: I have seen nothing yet from FHA or VA. Appraisers (and AMCs) CANNOT modify assignments or reports without specific authorization from the lender client. Appraisers CAN choose to do, or not do, assignments under the inspection guidelines, and per directives...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Appraisers Are Considered an Essential Business 36

Appraisers Considered an Essential Business

Under the order, “essential businesses” cover a wide variety of workers…Appraisers are considered an essential business… Illinois Governor Issues Stay-at-Home Order. Illinois Gov. J.B. Pritzker today issued a “stay at home” order for the entire state starting Saturday March 21, 2020, at 5 p.m. through April 7. The order encourages all “essential businesses and operations” to remain open. Appraisers are considered an essential business The order encourages all “essential businesses and operations” to remain open, but directs them to enforce six-foot social distancing for both employees and customers. Under the order, “essential businesses” cover a wide variety of workers, including...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ICAP / Illinois Coalition of Appraisal Professionals

COVID-19 Pandemic and Exterior Appraisals - Appraisers Blogs 64

COVID-19 Pandemic & Exterior Appraisals

Everyone, not just appraisers is getting bombarded with information on COVID-19. So much of the information differs, it is hard to know what is real, hype or hysteria. So much has been shared within the appraisal groups on social media that there are more conversations about COVID-19 then appraisals. VaCAP is a volunteer organization of appraiser professionals. We are not medical professionals and are just as confused as most of you. Each and every one of us is different. We have different levels of health and different people living in our homes; some may have compromised immune systems, some maybe...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Trending / VaCAP

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...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM

Unsolicited Appraisal Request - Don’t Be Afraid to Charge Your Worth 15

Unsolicited Appraisal Request

…an unsolicited appraisal request instructing payment be collected at the door… Well who said 2020 would be a nice calm year for appraisers? VaCAP has been receiving messages from appraisers about some of the crazy dumb stuff lenders and amcs are doing. What is scary is the things we are hearing are very reminiscent of 12-15 years ago. A long time VaCAP member forwarded an appraisal request to us he received via Mercury Network. All was good with the order, turn time, fee; all good except for one little issue, payment was to be collected at the door from the...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Appraisal Inspection Procedures & Protocols 64

Appraisal Inspection Procedures & Protocols

The industry needs to discuss the coronavirus issue and how to conduct inspections. I set up an inspection a few days ago using the Procedures & Protocols form below and this is how I handled it. I called the listing agent and tactfully told him that we had to discuss this Coronavirus issue … that I had a family member with a compromised health situation and that we had to presume the virus was already within our community. Then I explained to him that I inspect a lot of homes every week and that normally involves touching a lot of...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / Trending

xml sitemap
blank