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Blog entries tagged with "appraisal":
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers
and brokers listed on this site. These real estate profiles, blogs and
blog entries are provided here as a courtesy to
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Not only was he standing in front of the wrong house, but he also was looking at the wrong MLS sheet. All this did not stop him from telling me that this home is so much more worth than we are asking for it.
I recently had a question come up regarding an appraisal assignment that I was unsure about, and in trying to find the correct answer I got some insight into why Fannie Mae has some of the problems it does. 
The field of real estate appraising requires advanced credential designation and, in most states, appraisers must be licensed.
Ultimately, a home is worth what someone will pay for it.
I think that appraisers will find this case very interesting from a variety of perspectives! The case went all the way to the Court of Appeals in Nashville, TN and was ultimately decided in favor of the appraiser, but not without some interesting twists and turns along the way.
Basics; 
As an appraiser I get lots of e-mails to sign up for appraiser lists - typically with an annual or monthly fee. I will go the site to check out the coverage in my area of Southern California - and I am SHOCKED on the number of listings for appraisers living … (0 comments)
On one of my previous posts, I warned that agents can't ignore the issues surrounding permits. Since most of the houses in our market are 40 years old or so, many of them have been remodeled......new roofs, kitchens, baths, decks and patio covers, etc.
In recent months FHA financing has been on the increase. With the decline of the sub prime lending market, and related creative financing programs, many lenders have been offering FHA loans to many homeowners for refinancing and home purchases. Current FHA requirements are not as stringent as they once were. If … (44 comments)
Last night I was contacted by the buyer's agent of a REO condo I did an appraisal for. Unfortunately, the appraisal came in $10,000 below sale price. These condos are common for our market area, with a single story 2 bedroom unit attached to 3 other 3 bedroom units. The identical … (6 comments)
With the falling interest rates we have seen a sudden increase in both buyer and seller activity in our market place. It has been a bit tougher for our buyers to get the money with more stringent guidelines and no more down payment assistance programs. Last minute loan issues and appraisals have also held … (5 comments)
Important Information about Home Valuation Code of ConductMarch 3, 2008 Advisory E-mail Message to Seller/Servicers
I am sure many of us have seen scenarios where buyers and sellers have moving trucks packed and people literally sleeping on couches or even on the floor waiting for a loan to fund and then for everything to blow up at the last minute?....AAARRGGGGGHHH!!!!
The mortgage crisis has everyone on edge: the homeowners, the buyers, the sellers, the mortgage loan officers, the realtors, the appraisers, .....
The 17-day contingency period is a very important protection for the buyer. Activities during this period may include obtaining a loan, reviewing disclosures, an appraisal, desired inspections and any other matters that may affect the purchase. Allowing the buyer this inspection period helps to insure that the buyer will be happy … (1 comments)
In today's market, I've found increasing problems with Real Estate Appraisal. I've talked with various appraisers about their methods for assessing a property, and usually they are fairly similar.
So here is the information that I got from an extensive conversation with John in the Sales Department and John Ross, Managing Director out of Chicago.
So, after careful consideration of the time, expense, and energy involved in selling your own home, you have decided to go the For Sale By Owner route. You have taken care of all necessary inspections and legalities, you are ready to plant a sign on your front lawn and place … (1 comments)
Very little appears to have changed with appraisers over the last several months when it comes to the value they establish on a home that's up for sale or refinance. Many of them feel pressured by someone involved in the transaction to come up with the right price, or hit the … (16 comments)
If you read my blog Real Estate Reality Hour that I posted on Wednesday, then you know I was on the Real Estate Reality Hour this morning on 1290 KKAR and hopefully you tuned in. If you didn't get a chance to listen to the program, it should come as no … (0 comments)
Let me preface this blog with stating: IT WOULD SHOCK YOU WHAT I BUY ON THE WEB. I have worked as a builder for 10 years. We are renowned for the detail in our homes. People see the detail and totally flip: "Where did you get that??? " Web, web, web.
We all want the highest price we can get for our property. We have seen that home prices have always risen in the past so it's highly likely we will overprice our property. Please don't allow yourself to be ensnared in the overpricing trap.
Establishing Value in Todays Market or How Much is My Home Worth?
This is an excerpt for the MCE Class I offer-Contributing to the Appraisal Process. Our MCE Classes are free, ask me about getting set up. Hope this helps when you are looking to list or lookig to offer. What the house is worth and what the appraiser is looking at.
Today was the first day back in the office in beautiful Cape Coral, Florida after a week in New Jersey! You know what the first day is like a day after a week messages piled high and a million things that need your attention immediately! Today however, I had a pressing … (3 comments)
July 28, 2008, Commack, NY 11725, the number of single family homes available for sale remains stable with 137 homes currently available through MLS. The historic MLS high was 162 homes for sale. The current average listing price for 137 single family homes has declined slightly to $581,016.
How Did The Housing Market Get Into This Mess??
To all you Realtors out there, I can't emphasize enough the importance of giving your lender sufficient time to make the loan happen for your client. Everything takes longer to get accomplished today, so time is the real commodity here. The inspections for homes purchased with government loans takes longer, as … (0 comments)
There are many Realtors who are encouraging the use of independent real estate appraisals to their prospective sellers. In todays market you see a lot of sellers who are willing to list their properties with Realtors but are unwilling to take their advice as to what price to market it at. … (0 comments)
Jonathan Miller IS the Matrix
One of my favorite daily reads (In my Google Feed Reader) is Jonathan Miller.
Buyer Agents...Now that it is a Buyer's Market, how different are the contracts you are writing? 
namI have been working on a short sale with Wells Fargo and First Tenn. The first mortgage is at $187K with Wells Fargo, the second is $68K with First Tenn.... My client is now 4 months behind in payments. We had a good offer at $185 K. The Wells Fargo appraisal … (2 comments)
It seems that since the banking world is tightening up and scrutinizing everything, property condition is on the top of the list. They will pick apart the appraisal from bad roofs, damaged kitchen cabinets to rusty water heaters...and this is if it's not an REO! As we know, most REO banks … (0 comments)
Once you have decided that you want to be an investor in real estate and you are in it for the long haul, you need to assemble your team of experts.
At ERA Strother Real Estate in Fayetteville, NC we are very proactive in the training of our agents. Today we had a two hour block of training on the subject of appraisals presented by Dennis Chew, Appraiser.
Dear Agents,
How do I get the comparables changed?
QUESTION:When a property under appraises what the heck do we do!? The bank insists that the seller will have to reduce their price to the appraisal amount and the seller insists we put more money down!
HUD will now allow all mortgage lenders tosell foreclosed property with FHA financing without regard to the date theyacquired the property. Previous to this, only Federally chartered banksand credit unions and the GSEs (FannieMae and FreddieMac) and HUD were allowthis exemption.Please be aware this does not apply to private investors or … (2 comments)
You in the Real Estate Industry? If so, READ THIS!
www.AppraiserRater.com, a new national Appraiser website, is now offering ad placements on its website at discounted introductory rates. We have both state and county ad spots available. Having a presence on the web is important, having a link from other sites … (1 comments)
A Step-By-Step Walkthrough
I Have a listing that Id still take all over again due to the fact I made some good friends through this experience and clients>. BUTTTT its been a pain dealing with this particular lender.
If you're an agent in Southern California and need an appraiser, I have a great recommendation for a person to use who has never let me down. I have NOTHING to gain from making recommending her. She's a great, reliable, quick-turn-time appraiser. When I was a loan agent, she was the … (0 comments)
The Foreclosure Prevention Act of 2008 has been passed by both the House and the Senate. Congress is now resolving differences in amendments passed. Once this process is complete, the bill will go to the President to be signed into law. However, the President's senior advisors are recommending a veto if … (23 comments)
Hi Gang:I sure send a lot of emails and do alot of Blogs (I hear all of you moaning saying "HE SURE DOES!") about featured properties, developments, land etc... I
try to include as much information as possible: pictures, survey, appraisal report, comps, Power Point Slide Shows....but I was having a … (10 comments)
… (18 comments)
In our area, many appraisers have determined that the Income Approach is unnecessary, and even lenders have decided that it is not required.
I'm supposed to be taking a listing tomorrow and am having a difficult time clarifying whether the structure is a mobile home or not. I'm really not that stupid - I swear. The proverbial lines are blurred, and I, apparently, am very nearsighted. With a stigmatism.
Please check out our website at www.piffinancial.com then click on the "Proud Partners" tab and you will find a page that looks similar to this. We will be constantly adding new business's to this section so check back frequently. You will also find many other useful resources at www.piffinancial.com. If you have … (0 comments)
Many times when I am working with a buyer they will ask about this odd number on the listing sheet the assessed value. I have to explain that the assessed value is the number the assessor (The person in the town who figures the taxes on the property) uses to … (8 comments)
More than likely if you have ever bought or sold a house or land you have come across the term "contingency". The definition is an event that may, but is not certain to occur. In Real Estate, a contingency basically says "if this does not happen" then my offer is withdrawn … (3 comments)
I have come to realize that statement has a lot of different meanings. But one thing it means to me is that when a buyer is looking for a Home in our Home market area. We have so much to offer that a salesman from over a hour away or more dont, … (3 comments)
Determining the value of home can be sometimes a difficult task for a buyer. Just as there are many factors that can impact a home's value, the details and potential success of your offer also rely on several pieces of information. If you are thinking about buying a home, you may … (0 comments)
Mistake #1 - Incorrect Pricing
Most Common FHA Appraisal Report Compliance Issues
I recently heard a case in which I personally believe an appraiser is being overly picky and troublesome. Here's the scenario, and I'd like to hear your opinion on this....
Marketing To Your Existing Client Base - Keys To Business Growth And Profitability
It was one of those listing appointments you could tell was going to be a struggle when it came to price. I had already asked the seller what they thought their home's value was, and it was about 10% higher than my CMA was suggesting. They had a nice home, though, … (6 comments)
We heard recently from one of the lenders we deal with that Fannie Mae is killing its broad declining market policy. Before you celebrate, though, read on to see what plans they have for real estate!
As recently as January 2008, Fannie Mae decided that labeling entire zip codes or counties … (1 comments)
We have just this week started a survey for each closing, for feedback on how our process is perceived and to document LO performance. The first survey was for a loan that I did. We had a preapproved customer, and 2 weeks to close on the contract.
When reviewing a portfolio, the financial planner must have a true sense of the value of the assets to develop a plan for the future. In these times of uncertain real estate values, the worth of the client's real estate holdings could easily be in question. Traditionally, it is assumed that … (0 comments)
If you're looking at properties on a fairly regular basis, I'll guarantee you've heard the following line in the past 6 months:
When you make an offer on a home - do you need to worry about the appraisal?