Tagged: suburban

Comparable property CHARACTERISTICS 2

Comparable property CHARACTERISTICS

What are the CHARACTERISTICS to consider? Appraisers, In over 17 years in this business, I’ve seen hundreds of properties. My service area encompasses urban through rural properties in an area 40 to 100+ miles distant from the largest metropolitan area in the state. Each appraisal assignment and subject property I do is different from one day to the next. Because of this diverse experience, and some of the essays I write, I am often contacted by other appraisers across the country to discuss report situations that are challenging, complex and questionable. Such was the case recently. A technical review appraiser...

Appraisal / Appraisal News / Appraisers News / Collateral Underwriter / CU / Fannie Mae - Freddie Mac

FHFA Working Paper Credibility Questioned by AGA 10

Working Paper Credibility Questioned

NO REAL ESTATE APPRAISER IN THE COUNTRY IS ALLOWED TO MISS THE MARK BY 7.8% WITHOUT RISKING LOSS OF LICENSE! The Working Paper demonstrates more than anything else, that given an 8-hour work day the computer will take 6 full working days (1.2 working weeks) to arrive at a result that is at best 7.8% error prone. Office of the Director, Honorable Melvin Watt Federal Housing Finance Agency… Dear Sir(s) The American Guild of Appraisers is a Guild within the more than 12 1/2 million members, retirees and family members of our parent union OPEIU, AFL/CIO. In addition to representing...

AGA / AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations

Importance of Including Sales Price Trend Graph in Appraisal Reports 2

Importance of Graphing Sales

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...

Appraisal / Appraisal News / Appraisers News / Tutorials

Location Reporting - Where, 'Exactly', is Your Subject Located? 9

Where, Exactly, is Your Subject Located?

Appraisers, I have another ‘observation’ to discuss, based on separate reports where I found the same type of subject location reporting by different appraisers working in different areas, nowhere close together. This ‘observation’ concerns the reported physical location (on form page 1 Neighborhood comment section) of the appraised property verses its street address and ZIP Code. This is especially relevant to appraisers who work in Suburban and Rural areas. Street addresses and ZIP Codes are assigned by the United States Postal Service, for THEIR convenience and operations. Those addresses and ZIPs may extend far from city limit lines which is the primary...

Appraisal / Appraisal News / Appraisers News

Appraisal Management Companies AMCs Have Failed 63

AMCs Have Failed

…it will be the appraisal management companies that are going to be held to the fire, not the appraiser… In the spring of 2002 my wife and I bought our third house; an older cape cod in a great school system where our son would start kindergarten in the fall and his sister the year after. This house literally was 1970 inside. It had deep red shag carpet in the family room and sculptured avocado green carpet upstairs. Not to worry, it blended well with the sunshine yellow stove, bright orange counter top and turquoise and pink bathrooms. After 3...

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

Suburban Inside Urban City Limits 26

Suburban Inside Urban City Limits – Really?

Pre-filled template with ‘Suburban’ already checked… Appraisers, Another appraisal report was delivered by a homing pigeon to my windowsill the other day. After leaving a ‘deposit’ on the sill that kind of matches the goop I observed in the report, off it went. The subject property is within a built-up neighborhood area within the largest city in this particular area; it is within city limits. The neighborhood was developed in the 1950’s and 60’s. It is fully built out (i.e., all subdivided lots are developed) and has a couple of neighborhood parks. Population density is similar to other areas within...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Tutorials

Appraiser’s Response to LRES Order Blast 80

Appraiser’s Response to LRES Order Blast

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...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Market Action and Reaction 5

Market Action and Reaction

I believe it is time that we take a practical look at what a subject’s market is… Drawing on part of my heritage, the Native American Cherokee part, “Many Moons Ago” when I was employed as a Management Consultant/District Director for a Century 21 Franchisor, one of the challenges that I faced in dealing with over 50 separate brokerages was helping these often small brokerages define their markets. There was a theory that someone had come up with that it was about a 3 mile radius around their office. Well, in some cases that would have put some markets in...

1004MC / Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Urban or Suburban 8

Urban… or Suburban?

Difference between Urban and Suburban locations Appraisers, Last week, I asked your input regarding why in many cases appraisers check suburban in the Neighborhood Characteristics when often the subject’s location is actually an Urban area (at least from the definitions perspective below). The example I used was from an actual report. The subject property is located within a city of 90,000 population. It has typical urban services, including police and fire protection, utility water deliver and sewer service. It is surrounded by competing subdivisions, nearby shopping, colleges, city administrative offices and business buildings. It is also close to Interstate 5,...

Appraisal / Appraisal News / Appraisal Quality Monitoring / Appraisers News / AQM / Collateral Underwriter

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