appraisal issues: Sometimes junkmail makes me smile... but all should be aware... $8k tax credit
- 09/14/09 06:34 PM
I get my share of junkmail, as I'm sure many of you do. However, being in the real estate business, I try to be sure that the masses of real estate junk mail I get isn't legitimate business mail. Today I ran across this [partial email] that made my day: "I'm sure you have all seen on the NEWS over this past weekend all the advetising about the First Time Home Buyer's $8000 TAX CREDIT from the government if you purchase (MUST BE CLOSED) a home by November 30, 2009. It takes about 5 years to close your loan so we need … (5 comments)
appraisal issues: 'Mr Ashcroft' gets a bit of Bloomberg Press
- 06/24/09 02:03 PM
My boss, Brandon ('Mr. Ashcroft' being his alias over at 'Ashcroft & Associates'... he also dislikes it when I use an ampersand rather than the word 'and' but I digress) got a bit of press today at Bloomberg.com. This in turn churned up at least one other AR blog post from a frustrated Realtor. If time permits, I'll look for others that aren't members only blogs as I'm sure there are more out there in Rainland. I knew when I got into the appraisal biz I was set to be a punching bag, but sometimes I grow tired of it. Which … (4 comments)
appraisal issues: An open letter of suggestions to our new AMC friends
- 06/07/09 02:21 PM
No calls for value checks.... Ahhh.... That silence is most welcome. But in return, appraisers have a new litany of issues with our new go-to-guys. I'm not trying to burn bridges here, just sending a note out into the blogosphere which include some friendly ideas. The following are suggestions to any AMC out there that may find these helpful ways to improve their business processes and ours. Appraisals due within 2 business days (or in one case, 96 hours of accepting the assignment). You wanted quality or quantity? And so why then do I get questions on the appraisal nearly three … (15 comments)
appraisal issues: HVCC question - Can your broker clients have their own 'approved list'?
- 04/25/09 06:02 AM
I've been tossing a question around in my head and the clients that I've spoken with about it really don't know the answer. If your client, a local brokerage, signs up with an AMC, can they submit an 'approved appraiser list' to that AMC so that they are still working with the same group of appraisers they have built a relationship with? It only stands to reason that if lenders and AMCs have approved lists, then the brokerage should have the right to have that much control left, right? The brokers that I have spoken with are all pretty confused about … (8 comments)
appraisal issues: First-time home buyer 2009 tax credit
- 04/24/09 04:33 PM
I hate to open up a can of worms, but are any of you appraisers checking to see if buyers are first time and qualify for the First-time home buyer tax credit on your comparable properties? Enough Realtors that I have spoken with say that there business has picked up with help from the tax credit, but I have yet to find an agent that has said that any of the houses I am using as comparable properties have qualified. I dread running across one, because just because it is an '$8,000 credit' doesn't mean the value is $8,000 for … (12 comments)
appraisal issues: An AMC wants part of my work file
- 04/16/09 04:58 AM
Hello appraisers - I have a new AMC that I'm working with (call me a sucker, but the fee split is nearly decent) that is requesting that I send them my MLS information that I had used for the comparable properties and listings in my report. I saw this as a requirement on their appraisal request but it states 'These listings must be on a grid OR you may include the full detailed color MLS data sheet in the PDF report'. I chose to grid the properties (a little more work, but more accurate, right?). So, I'm trying to think of: … (9 comments)
appraisal issues: Appraisal Reviews that make you go ‘hmmmm’
- 03/29/09 09:07 AM
Thursday I received an urgent call from a lender. They needed a rush review appraisal that needed to be completed by the following morning. It seemed pretty cut and dry, but I was perplexed by the original appraiser's comparable properties, which were up to 3 1/2 miles from the subject property. As I researched the property further, I realized this might be valid as the subject had a river view in an area where river views were hard to come by unless the property was directly on the river. By noon I had reached the property and I just shook my … (12 comments)
appraisal issues: Surfing appraisal blogs so you don't have to...
- 02/12/09 04:22 AM
It's been a while since I surfed through Active Rain to find some rogue appraisal blogs, so here is the latest (up to 9 months old... too old for a comp these days, btw) and greatest! Donna Harris writes about the appraisal board in Texas. Amy Gooden is perplexed about an appraisal outcome on a sales transaction. Fred Chamberlin talks about Countrywide's appraisal requirements. Bela Toledo urges all not to don't scapegoat the appraiser. Adam Wise asks appraisers to answer how they'll make a living after the implementation of the HVCC. Team Newton shows a begrudging view of the HVCC from … (12 comments)
appraisal issues: If you can’t beat ‘em, join ‘em (?)– Are you already an AMC?
- 11/01/08 06:23 AM
While investigating options for survival in the appraisal industry post-HVCC-2009, I started to research (as I'm sure many of you have) what it would take for our company to become an AMC (appraisal management company). What I found out was that according to TAVMA, we already are [by definition] an AMC. (Michael Talbotto had mentioned this to over six months ago... and now I say to you, Michael... ‘Bravo'). Here are some key points that you (as an appraiser/appraisal company) may want to take note of: "Appraisal firms typically lack capacity to perform other mortgage services, whereas most AMCs offer title, flood … (18 comments)
In the reflection of the window is a baby in a swing. Persons of any kind are not to be in the appraisal report unless it is absolutely unavoidable (ie: you have to submit a street shot of a downtown condominium where there is heavy foot traffic, etc). I admit: This is my photo I knew that the infraction was there I threw it into the appraisal report because I was sure no one could see it (or … (8 comments)
appraisal issues: Appraiser identity theft... too close to home
- 08/31/08 11:10 AM
A local appraiser finds out that a manager of an appraisal company had stolen her appraiser identity 'some years ago' and wrote multiple reports under her name. It was not until a lender contacted the appraiser to do an update appraisal that the appraiser pieced together what was going on. I would be livid... not just at the thief, but at the lack of attention paid to this appraiser's pleas for help to the agencies that are set into place to be advocates of the appraisers. "Kathy Carpenter is still trying to assess the damage from the theft of her professional identity as a … (6 comments)
appraisal issues: Dave Biggers of a la mode blog talks about the HVCC
- 07/31/08 11:33 AM
I received this announcement after the show had gone live. I'm sure they will post the show for viewing later, but currently my computer isn't taking too kindly to their web site. If anyone has heard, let us know how it went. Per a la mode, inc pop up:
Tune in tomorrow to hear Dave Biggers discuss the HVCC! When: Thursday, July 31st at 4PM ESTWhere: http://www.mytechnologylawyer.com/radioParticipants: Dave Biggers, Chairman of a la mode Marco Ruiz, Ruiz Appraising (www.ruizappraising.com) Scott Draughon, Host In tomorrow's segment of the MyTechnologyLawyer radio show, Dave and Marco will discuss the Home Valuation Code of … (6 comments)
appraisal issues: How do you provide forecasting analysis on active listings?
- 07/12/08 05:49 AM
As the industry collectively bite their nails these days, I find more and more odd requests coming from underwriters. This last request I just can't seem to wrap my head around and so I thought perhaps my peers and other underwriters out there could assist. This is in regards to relocation appraisals. I am quite accustomed to adding an absorption rate adjustment forcasting adjustment to the sales in the sales comparison grid, but now one client is asking for absorption rate adjustments in the active competing sales grid. Now, at first I just rolled my eyes and thought ... ‘whatever' .... … (18 comments)
appraisal issues: Questioning authority: How do you apply remaining economic life to a condo?
- 06/13/08 06:52 AM
A fellow appraiser of mine is at a loss. He's been debating with one of the big banks how on earth an appraiser is to apply a remaining economic life value to a condo. Below are some excerpts from his correspondence with the big bank: "As this is a condominium form of ownership, it is impossible for the appraiser to place an "Estimated Remaining Economic Life" for the defined air space of the subject or for the common elements and limited common elements for this condominium project. There is no "life" or "economic life" associated with this type of ownership in … (21 comments)
The first blog with such content can be found here for your reference.
Check your appraisal by Marc Brinitzer The accuracy of drive by appraisals by Larry Ellis FHA Loan Appraisals & Probate Appraisals by Rick Sarouk (if you look through his blog, he has other appraisal posts, too!) Pre-Listing Appraisals by Tom Horn HVCC opinions by Orlando Valero A Realtor's frustration with appraisal values by Ron Coluccio The ‘three types of appraisals' according to Brad Papa Appraiser's being the ‘second buyers' … (8 comments)
appraisal issues: Most common USPAP errors that Appraisers make...
- 05/07/08 06:37 AM
This is a list of the most common USPAP errors according to my state appraisers board. Just a note to the pros out there that are not familiar with appraisal guidelines, if we [appraisers] are caught (on purpose or accident) abusing any of these USPAP guidelines, we are fined, given additional classroom hours, suspended and/or expelled from our positions (ie: careers). Now that's accountability. Below is a list compiled from a survey of State Appraisal Boards throughout the country on the most common USPAP development and reporting errors. Use of Fannie Mae forms for nonlending assignments [SR 1-2 (a); SR 1-2 (b); … (6 comments)
appraisal issues: Armando Montelongo is not showing appraiser-love....
- 02/24/08 05:43 AM
This was in Ann O'Rourke's newsletter today (go to http://www.appraisaltoday.com and sign up for Ann's free newsletter!) : Armando Montelongo accused of failing to pay real estate appraiser. A San Antonio-based real estate developer featured on the cable television show "Flip This House" has been indicted by a Travis County grand jury on a theft of service charge. Armando Montelongo Jr., 36, faces up to two years in state jail if convicted. The indictment, handed up Wednesday, charges that from January 2006 through February 2007 Montelongo failed to pay home appraisal fees in Travis County. According to an arrest affidavit, Montelongo hired … (42 comments)
appraisal issues: Fishing out other appraisal posts around Active Rain
- 02/08/08 11:11 AM
Sometimes, I take a stroll around AR to find appraisal posts that didn't hit the main groups, but I thought today I would take a little fishing trip and snag some of these links, and put them all in a nice little barrel for an easier ‘catch' ...
Todd Hurst writes about appraisal trainees and comp checks Gene Wunderlich writes about crooked appraisers working for home builders Rich Jacobson writes about VA Appraisers ... a couple of times .... Jesse & Kathy Clifton give realtors' perspectives on appraisers Pablo Santibanez informs home owners how to prepare for an appraisal Brian … (28 comments)
appraisal issues: URAR Form Questions: Part 1 – Active & Sold Comparable Sales
- 02/08/08 04:41 AM
Ever since the new URAR forms came out, I have been debating the active and sold comparable listings field with my fellow appraisers and so I'm hoping to turn that debate into a larger circle of professionals to attempt to get an answer that everyone might agree upon. My co-workers are very specific about the criteria they set for the comparable active and sold sales while I tend to make it a broader spectrum and add sales that are bracketed with the usual age and size, but leave the criteria open to condition. Recently, I reviewed a very thorough appraisal from … (20 comments)
appraisal issues: Appraisers - 2007 Year end summations -
- 01/19/08 10:58 AM
What was supposed to me a 15 minute project has turned into a couple of hours of reading over old posts, finding blogs that I had missed and all around reflecting over this group. I just thought I would take a moment Saturday to thank you all for your contributions and readership as well as observe some of the discussions we've had over the past year so that they might be easy to find later.
Here are some of 2007's highlights by the posters in no particular order...
Dave Hintz writes about appraising disclosures and math lessons Kenneth Miller brings … (13 comments)
I get my share of junkmail, as I'm sure many of you do. However, being in the real estate business, I try to be sure that the masses of real estate junk mail I get isn't legitimate business mail.
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