distressed sales - Appraisers Blogs

Appraiser’s Response to LRES Order Blast

Michael Ford — Mon, 25 Jul 2016 12:30:17 +0000

LRES Standard Interior Appraisal Request? Your special requirements and micromanagement of the appraisal process dictate that I charge a fee commensurate with the additional, but typically unnecessary work needed to produce credible results. You are the potential client (agent), so that that is your prerogative and it would be my pleasure to accommodate you as long as appropriate compensation is provided. Respectfully, there is little about your appraisal request that is “standard”. Please explain briefly what you consider to be a ‘standard interior appraisal’. That definition does not appear in The Appraisal Institute’s Dictionary of Real Estate Appraisal. To be...

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Appraisers Feeling the Heat as Housing Market Warms Up

AppraisersBlogs — Fri, 13 Sep 2013 12:30:43 +0000

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...

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Short Sale & Low Appraisal Value?

AppraisersBlogs — Fri, 19 Apr 2013 12:30:11 +0000

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...

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Orlando Real Estate Sales & Over Cautious Appraisers

AppraisersBlogs — Thu, 21 Mar 2013 12:30:06 +0000

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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BPC Report: Eliminate GSEs, Rethink Appraisal Processes

AppraisersBlogs — Tue, 05 Mar 2013 12:30:53 +0000

A Bipartisan Policy Center report released Feb. 25 primarily focused on reducing the government’s role in the nation’s housing finance system, but it also proposed changes to current appraisal policy. Appraisal-specific recommendations contained within the 136-page report, titled “Housing America’s Future: New Directions for National Policy,” focused on banning the use of distressed home sales as comparables by appraisers, a practice the BPC said was helping to depress local home values and impacting buyers’ ability to secure financing. The report suggested that Fannie Mae, Freddie Mac and the Federal Housing Administration should refuse to accept distressed sales as valid comps,...

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NAR on Low Valuation in Home Appraisals

AppraisersBlogs — Fri, 19 Oct 2012 12:30:27 +0000

WASHINGTON (October 10, 2012) – The real estate market is recovering but still faces hurdles, notably from tight mortgage credit, but problems with a sizeable share of real estate appraisals also are holding back home sales, according to survey findings by the National Association of Realtors®. Most appraisers are competent and provide good valuations that are compliant with the Uniform Standards of Professional Appraisal Practice. However, appraisals generally lag market conditions and some changes to the appraisal process have been causing problems in recent years, including the use of out-of-area valuators without local expertise or full access to local data,...

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Statement of Frank Gregoire (NAR) Before Appraisal Oversight Hearing

AppraisersBlogs — Thu, 28 Jun 2012 17:37:01 +0000

NAR believes that lenders should be prohibited from retaining the services of an AMC where the lender maintains any level of ownership. Frank Gregoire‘s written testimony to the United States House of Representatives Committee on Financial Services Subcommittee on Insurance, Housing and Community Opportunity before the Appraisal Oversight Hearing … APPRAISAL ISSUES AND CHALLENGES There are a myriad of circumstances and issues working to hinder the recovery of the nation’s housing market. Among them, and often overlooked, are those related to the credible valuation of real property. A credible valuation provided by a licensed or certified professional 1) ensures the...

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Comparable Sales in Declining Markets

AppraisersBlogs — Tue, 21 Feb 2012 12:00:50 +0000

Appraisal Institute Helps Appraisers Choose Comparable Sales in Declining Markets The nation’s largest professional association of real estate appraisers published guidance to help appraisers know when and how to use distressed sales, such as foreclosures, as comparable sales. Such knowledge is particularly crucial in the current market where distressed sales are common, creating complex valuation challenges. The Appraisal Institute noted that appraisers often use comparable sales (or “comps”) to help develop an opinion of value. But in today’s distressed real estate market, many potential comparable sales represent foreclosed properties. Some owners have complained their home’s values have fallen because appraisers...

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AI Response to NAHB on Appraisals Killing Home Sales

AppraisersBlogs — Fri, 23 Dec 2011 12:00:23 +0000

The Appraisal Foundation Responds to NAHB December 8 Press Release on ‘Flawed Appraisals Killing Home Sales’ December 13, 2011 – Paul Lopez – National Association of Home Builders (NAHB) Dear Mr. Lopez: We are contacting you in reference to the attached NAHB press release dated Thursday, December 8, 2011, entitled, Flawed Appraisals Killing Home Sales, Hampering Housing Recovery. As the Congressionally-authorized organization that establishes appraisal standards and appraiser qualifications in the United States, we feel compelled to address aspects of the press release we feel need clarification. The press release quotes NAHB Chairman Bob Nielsen as stating, “The inappropriate use ...

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Appraisers Not to Blame for Distressed Market

AppraisersBlogs — Tue, 13 Dec 2011 12:00:42 +0000

Don’t Shoot the Messenger: Appraisers Not to Blame for Real Estate Woes / Distressed Market Many in the real estate industry have tried to blame the market’s distressed condition on appraisers, saying that appraisers are at fault for producing opinions of value that don’t match a home’s contract or sales price, delaying a recovery in the housing market. But appraisers don’t set the market; they reflect what’s happening in the market. It’s important to keep in mind that appraisals completed for mortgage transactions are not provided to confirm a sales price; they are used to assist lenders in making lending...

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