Appraisal News and Appraisal Tips For Real Estate Appraisers - Your source for appraisal industry news, appraisers' opinions, and discussions of appraisal issues
I’m an appraiser. I look at all proposed financial reform legislation in terms of what it does for, or to appraisers. Not whether it was proposed by a red or a blue. Dear AppraisersBlogs readers and fellow appraisers; Anyone who has read my past posts is aware I happen to be a Republican Union Organizer. Usually it isn’t an issue because I try to remain non partisan in my posts and to avoid offensive partisan rhetoric, while promoting appraisers rights; the American Guild of Appraisers, and being critical of bad lending policy and bad appraisal practices. I have also attempted...
How can the a la mode purchase not be a data grab from appraisers? This has been a tumultuous couple of weeks for Facebook. I’ve never been a heavy user of it, mostly a lurker. They constantly change navigation paths making it nearly impossible to update your settings frequently – and when you do, do you really trust them? I’ve always seen them as the “dark side” much like Mac lovers see PCs and Appraisers see CoreLogic. We all know by now that when you use something that is free, then you are the product. This was never more apparent...
Scatter graph can help you “visualize” the trend of sale prices over a time period… Appraisers, I’ve been including ‘comparable’ price trend graphs in my reports (using Excel) since 2008. The graphs are based on a chart of MLS sales in the subject’s neighborhood, and can be from 1 to 5 years prior to the report Effective Date – based on housing density and number of sales. (I work in urban, suburban and rural areas.) A Scatter Graph can help you “visualize” the trend of sale prices over a time period. It can also show questionable outlier sales that you...
…technology to make a doll real? Remember the movie Weird Science where the two guys develop technology to make a doll real? If you’re my age, I’m sure you do. If not get to googling Kelly LeBrock. She did some amazing things. She looked great, was sexy and had odd powers that turned the older brother into a pile of emoji poop. Weird huh? Everything about her was amazing on the outside, but something was weird. That’s how I feel about new technologies that AMCS, Zillow and others have offered the public. On the outside, it looks great but what’s really happening...
…the methodology, measures of quality, errors & the insertion of staff opinion seems to indicate bias…. REVAA responds to the FHFA study indicating AMCs bring little value. Mark Schiffman, Executive Director of REVAA, stated to Jacob Gafney, Editor of HousingWire, via email: “We are disappointed that AMCs and lenders were not consulted at the outset of this research so that we could have help ensure sound methodology. We are also disappointed not to have had the chance to discuss this research with the FHFA before it was distributed publicly. This is not a final report of any kind from the FHFA,...
In case you have not heard, the IRS tax filing deadline for 2017 taxes is on April 17 this year, per this info from the IRS: April 17 Filing Deadline The filing deadline to submit 2017 tax returns is Tuesday, April 17, 2018, rather than the traditional April 15 date. In 2018, April 15 falls on a Sunday, and this would usually move the filing deadline to the following Monday – April 16. However, Emancipation Day – a legal holiday in the District of Columbia – will be observed on that Monday, which pushes the nation’s filing deadline to Tuesday,...
In 2015, Dave Biggers of a la mode stated: I’ll wrap up by wishing you a happy new year, in spite of all the recent fear mongering, and by thanking you for supporting us with your business. I’m confident that in 2015 you’ll see even more reasons for that loyalty, especially in terms of us continuing in our long-standing role as the independent appraiser’s staunchest advocate, and in being the most innovative, reliable, and accessible technology provider. We look forward to working with — and for — all of you this year. Time and time again, we were assured that...
…how are these "lender contributions" identified… Appraisers are ‘required’ to report comparable sales or financing concessions that benefit a borrower in the GSE form appraisal report, on the second line in the comparison grid (as a negative adjustment). Secondly, for subject properties, appraisers are ‘required’ to report any concession benefiting the borrower on page 1 of the report form. Subject concession amount is NOT entered on the Comparable grid. Well now, FNMA has issued a modification to their Selling Guide (which takes effect as of 4/03/18) – SEL–2018-03 – (I have added type face enhancements): Lender Contributions With this update we are...
…how the agreement between CoreLogic and the FTC from 2014 impacts appraisers… The FTC vs CoreLogic: Why it is important to Appraisers Some appraisers have reached out to VaCAP asking how the agreement between CoreLogic and the FTC from 2014 impacts appraisers. VaCAP wants to highlight the case and provide some key points of reference. The agreement revolves around the purchase of DataQuick by its competitor CoreLogic in 2014. The FTC at that time allowed the transaction with some parameters in which CoreLogic agreed to. See the analysis of the agreement here. A summary of the parameters are below: CoreLogic...
Round and Round, what comes around goes around & 10 years later it’s happening again. I’m a 43-year-old guy and I grew up in the 80’s when music was odd and fun. I had some favorite bands like Def Leppard, Guns N Roses, Bon Jovi (hello I’m from NJ) and Ratt. Yes, Ratt and one of my all-time favorite songs is Round and Round. Here’s the throwback: Ratt – (Official Video) Round And Round Funny, it’s relevant to me today in the valuation, regulatory and real estate appraisal sectors. One specific lyric offers so much insight into the Lender/ Real Estate Appraisal...
