Appraisal News and Appraisal Tips For Real Estate Appraisers - Your source for appraisal industry news, appraisers' opinions, and discussions of appraisal issues
Folks, a colleague named Barry Cleverdon was in a car accident three weeks ago and he has been in a coma ever since. With his wife’s permission here is a GoFundMe to help support him. Barry Cleverdon has over 35 years of appraisal experience in California and he’s been teaching appraisal classes since 1991. On February 5th while on his way to the Real Estate Appraisers Association (REAA) appraiser meeting in Sacramento he got into an accident with a large truck. After the incident he actually walked to a Walmart, called a cab, and was driven home. But he fell...
Here are some thoughts on something I know nothing about, but want to get some answers. How does the ADA (Americans with Disabilities Act) affect real estate appraisers? This act exists to help those with disabilities to have the same advantages of those who do not (at least as much as possible). At the time it first past, there was grumbling from those who had to spend the money to retrofit their buildings into compliance. There were cheers from those who before could not access buildings, elevators, stairwells who now could. My opinion is that the benefits outweighed the costs...
One of my lifetime best friends is Bart Simpson, who is an actual person. We grew up together from elementary school through high school but went our separate geographic ways to college. My other best friend during that era of my life was Harry Benson, who was also the key character in Michael Creighton‘s early best seller, “The Terminal Man” but that’s another story. Bart taught me how to ski and how to make plexiglass cookbook holders (hey it was the 70s). We spent our weekends riding bicycles everywhere, especially into D.C. on weekends to meticulously go through each of the...
I’ve read a number of posts where appraisers are disappointed at federal banking agencies declining to hold public hearings on the topic of raising the appraisal minimum threshold for residential real estate transactions from $250,000 to $400,000. The request for a public hearing on the issue was ‘worth a shot’ but was never a realistic expectation. We knew that when we joined with others in signing the letter. Federal rulemaking agencies already have policies and procedures in place for mandatory public input. It’s unrealistic to expect them to make special exceptions. Especially when existing lobbyists that promoted the short-sighted policy...
The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency have denied the request for a public hearing on raising the appraisal minimum threshold for residential real estate transactions from $250,000 to $400,000. See the “agencies” rejection letter here. …we do not believe that holding a public hearing would elicit relevant information that could be conveyed through the comment process described above. While the agencies are, therefore, declining your request for a public hearing, we will carefully consider your written comments… The American Society of Appraisers, The Appraisal...
An appraiser shared the following with us. Vintage Mortgage Firm is offering faster cheaper appraisals. New Faster Cheaper Appraisals! Three points: One: We run automated approvals with both DU (Fannie) and LP (Freddie) with the click of one button. This gives us the best chance for appraisal waivers. Have you done a purchase transaction recently with NO appraisal needed? We do them all the time. Two: As of Feb 1st, we will have access to a completely different kind of appraisal if one is needed. First step is a much cheaper $145.00 abbreviated appraisal. This information is put into our...
…are they behind this modern day redlining?… The broad definition of an algorithm according to Merriam Webster’s Dictionary is “a step-by-step procedure for solving a problem or accomplishing some end.” It is pretty basic and fully understood, right? Now think back to those dreaded English classes. When did you learn about acronyms? Grade School, High School, College? Regardless, let’s just say it was a while back, so I will refresh your memory. According to Merriam Webster’s Dictionary, an acronym is” a word formed from the initial letter of words of each of the successive parts or major parts of a compound...
Can Appraisers Collect at the Door (COD)? In the past, it was common for appraisers to collect their fees directly from the borrower at the time of the property visit (i.e., at the door). I would take credit cards, checks, or cash while at the door. Many years ago, this was common. Now, however, that rarely happens and we usually have to wait 30- to 60-days for payment from the AMC client. So recently, when I got a COD order from HUD, I was really surprised. In fact, I thought something was bogus. I needed to check this out since...
‘Subject to’ obtaining a correct legal description… Appraisers, an unusual situation occurred with an appraiser buddy, who asked for advice. After reviewing the details and providing input, I decided that this would be a good ‘teaching moment’ for others. See PDF for images below. Appraiser was asked to do a ‘refi’ assignment for a home that was purchased about 6 months prior by the borrower. The report was completed and turned in. Not long afterward, the appraiser received a ROV request because the borrower felt the value was too low. In the course of this process, the prior appraisal done for the purchase...
…average costs and appraisal turnaround times are minimal… VaCAP joins 29 State Appraisal Organizations in opposing an increase in the appraisal threshold. Behind the scenes, VaCAP and the Network have been working with Constantine Cannon LLP on drafting a formal comment on the proposed appraisal threshold increase from $250,000 to $400,000. The result is very thorough and factual. Each state organization contributed facts, figures and scenarios and Constantine Cannon compiled it all referencing current law and prior attempts of increasing the threshold. VaCAP is proud of the work that has been accomplished and proud to be part of a Network...
