appraisers: ATTENTION BUYERS & SELLERS: Fight Back Against Low Appraisals!!! - 05/19/11 09:53 AM
I recently came across Are REOs real comparables? by Orlando Masis and before that it was Appraisals: Behind the Scenes in the Appraisal Wars by Kathy Godin.  Both of these posts were about REO properties being used to value equity sales. 
While Orlando, who is an appraiser, was resolved to using REO's as equitable comps for equity sales, Klem, the appraiser in Kathy's post, was outraged at the way that lenders and appraisal review boards were replacing his equity sale comps for an equity sale subject property with REO comps.
Here in Los Angele & Ventura counties, we are still in a declining … (20 comments)

appraisers: BIG MISTAKE: mentioning repairs on or with purchase agreement. Underwriters will kill deal. - 05/06/10 03:11 AM
After reading Pacita's post, I completely sympathized with her situation.  As a mortgage gal, I have seen this happen so many times before and as Pacita points out hindsight is a great learning experience. 
I always try to help my current borrowers learn from my previous experiences by strongly suggesting that they not make repairs a part of the purchase agreement.  Some will listen and some won't.
On another note, Pacita's last comment had me LMAO.  UNDERWRITERS USING A DOLLOP OF COMMON SENSE - SERIOUSLY?  Still LMAO!

Does this make sense? Even if there's even a HINT in the contract … (9 comments)

appraisers: NEW WEBSITE EXPOSES AMC GOUGING PRACTICES - 01/14/10 02:53 AM
I subscribe to the daily webcasts of Think Big, Work Small (TBWS), which is hosted by these two guys, Brian Stevens & Frank Garay.  TBWS was founded a couple of years ago by a bunch of real estate and mortgage people who wanted to teach others in the business how to work smarter to grow their business.
Today's video was especially interesting because it talked about the new website that exposes AMC gouging practices. Just recently, I blogged about the lack of accountability of AMC's have and how no one is regulating the way that these AMC's operate.  The more that appraisers as … (11 comments)

appraisers: ASKING APPRAISERS FOR COMP CHECKS IS NEITHER ILLEGAL NOR UNETHICAL - PART 2 - 10/24/09 01:25 PM
In ASKING APPRAISERS FOR COMP CHECKS IS NEITHER ILLEGAL NOR UNETHICAL - PART 1, I posted on the parameters for which appraisers can provide a "comp check" according to the Uniform Standards of Professional Appraisal Practice (USPAP). 
According to the USPAP, it is neither illegal nor unethical for appraisers to provide "comp checks" to Realtors and/or LO provided the "comp check" was provided as sales data of all homes located within a designated radius of the subject property. 
The line many Realtors and LO cross is when they instruct the appraiser to give them a specific value before the appraisal has … (4 comments)

appraisers: ASKING APPRAISERS FOR COMP CHECKS IS NEITHER ILLEGAL NOR UNETHICAL - PART 1 - 10/20/09 06:20 AM
The other day, Brian Stevens and Frank Garay of Think Big Work Small (TBWS) posted a video where they indicated that they were informed by a Virginia appraiser that asking an appraiser for "comps check" (aka "values check") is illegal according to the appraisers code. 
Needless to say this was a shock not only to Frank and Brian but to me as well.  I had always prided myself on the fact that I wasn't one of those LO's who pressured appraisers to bring in value or I wouldn't use them anymore.  To the best of my knowledge, I had never asked … (5 comments)

appraisers: No "Home" is Safe from Foreclosure - 02/22/09 04:05 AM
Well, it appears that the housing crisis knows no limits, even cave dwellers are not immune from foreclosure.  Can you imagine the bank that has to sell this "home"?  How do appraise something like this?  Where you get your comps?  How do you insure it?
SERIOUSLY!  I want to know so bring it on my fellow Rainers.  How would you list/sell/appraise this "home".  (see link)
 http://www.spike.com/blog/great-moments-in/74211
(2 comments)

 
Donne Knudsen, CalState Realty Services (Los Angeles & Ventura Counties in CA)

Donne Knudsen

CalState Realty Services

Simi Valley, CA

More about me…

Los Angeles & Ventura Counties in CA

Mobile: (805) 206-9123



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