Appraisal Buzz

AUGUST 13, 2024

While the industry is no stranger to predatory and/or unfair lending practices, new advisory opinion and research study on a type of home seller financing known as a “contract for deed” has been released by the Consumer Financial Protection Bureau (CFPB). The CFPB is had a field hearing in St.

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Housing Wire

JANUARY 17, 2024

A Federal Housing Finance Agency (FHFA) analysis has shown racial disparities in appraisers’ use of time adjustments, potentially harming borrowers of minority groups. The FHFA based its analysis on single-family housing data from the Uniform Appraisal Dataset (UAD), collected by Fannie Mae and Freddie Mac.

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Appraisal Buzz

NOVEMBER 27, 2024

NAR’s Pending Home Sales Index (PHSI)–a forward-looking indicator of home sales based on contract signings–rose 2% to 77.4 An index of 100 is equal to the level of contract activity in 2001. It’s encouraging to see contract signings increasing in all major regions of the country,” said Yun. in October. in October, up 2.5%

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Sacramento Appraisal Blog

JANUARY 16, 2023

How are appraisers handling concessions to the buyer? Could a seller credit damage the chance of appraising at the purchase contract? The post How are appraisers handling concessions? first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.

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Housing Wire

MARCH 27, 2024

The Appraisal Foundation this week named Kelly Davids, former superintendent of the Ohio Division of Real Estate and Professional Licensing, as its new president. Kelly Davids As an SVP of the Appraisal Foundation, Davids already served to manage the organization’s day-to-day operations and has helped lead special projects.

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Appraisal Buzz

MARCH 24, 2025

Measuring and analyzing changes in market conditions are critical and fundamental elements in real estate appraisal. This is simply because such a value conclusion has as its base a specific date in time, the effective date of appraisal. However, this raises the question of which time period should the appraiser measure?

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Appraisal Buzz

AUGUST 30, 2024

A forward-looking measure of home sales based on contract signings, the Pending Home Sales Index (PHSI) fell to 70.2 The level of contract activity in 2001 is represented by an index of 100. “A The post Contract Signings Decline MoM as Pending Home Sales Dip first appeared on The MortgagePoint. over the previous year.

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Appraisal Buzz

APRIL 3, 2025

decline in pending house sales, or homes under contract, as buyers were burdened by high mortgage rates and financial uncertainties. more unsold properties overall, including those under contract. The post Spring Housing Inventory Jumps, But Buyers Remain Hesitant Amid Economic Turmoil first appeared on Appraisal Buzz.

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Housing Wire

SEPTEMBER 9, 2021

United Wholesale Mortgage (UWM) announced today that it will no longer require its brokers to use appraisal management companies to complete appraisals. During a Facebook Live address, Ishbia proclaimed that while AMCs add value to the industry, appraisals have been a stumbling block for the mortgage industry.

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Housing Wire

FEBRUARY 9, 2021

When you go to buy a home , your mortgage lender will almost always order a home appraisal. Scenario 1: Your home appraises at your full offer price. Many times, the home appraisal goes off without a hitch. You make an offer on your dream home, and the appraiser verifies the property is worth what you offered (or more).

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Appraisal Buzz

MARCH 14, 2025

I recently saw one house get 10 offers and sell for $50,000 over the asking price, and the buyer waived their appraisal contingency. home that went under contract in February was on the market for 54 daysthe longest period for any February since 2020, and up six days from a year earlier. appeared first on Appraisal Buzz.

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Housing Wire

AUGUST 4, 2022

The parent company of appraisal software firm Veros Real Estate Solutions has acquired California-based appraisal management company Valligent Technologies. Valligent, founded in 2003 and led by Jeremy McCarty and Jeff Wickham, provides traditional, desktop and hybrid appraisal services to lenders, credit unions and others.

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Housing Wire

APRIL 6, 2021

Unfortunately, the appraisal put the house’s value roughly $50,000 below than what she paid. Linda had a sizable downpayment but still needed to find a way to close the appraisal gap. She recently had a deal fall apart due to appraisal. Why use several vendors for title searches, appraisals and underwriting when you can use one?

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Appraisal Buzz

FEBRUARY 24, 2025

In this monograph, we discuss the absolute necessity of developing more than one skill set as part of becoming a competent and professional real estate appraiser. At its core, real estate appraising involves the due diligence necessary to form a credible opinion of the market value of a particular property.

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Appraisal Buzz

JANUARY 17, 2025

of homes that went under contract that month. Homes Sold at the Slowest December Pace in Five Years The study also found that the typical home that went under contract in December was on the market for 49 daysthe slowest December pace since 2019. of homes went under contract within two weeksthe lowest share in five years.

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Housing Wire

OCTOBER 18, 2024

But the PPG serves as a backup contract that requires Calque to purchase the home at an agreed-upon price if they can’t sell it within 150 days. The process only takes 48 hours, after the buyer completes a virtual appraisal with Calque.

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Appraisal Buzz

MARCH 14, 2022

Appraisals for mortgage finance transactions are subject to many levels of scrutiny and review. Post submission of an appraisal report ordered by an AMC for lending purposes, a quality control check of the report will be completed. Fannie Mae requires lenders to conduct Quality Control reviews on a random sample of their appraisals.

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Housing Wire

DECEMBER 14, 2021

Appraisers are not supposed to base their analysis on protected classes, and in the Uniform Residential Appraisal Report, appraisers attest that “race and the racial composition of the neighborhood are not appraisal factors.” Still, there were a number of troubling examples — although the report does not specify how many.

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Housing Wire

JUNE 28, 2021

He started contracting with home mortgage lenders to appraise the value of the property tied to a loan. “It He reentered the appraisal business through a different door. He reentered the appraisal business through a different door. It fit well.

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Appraisal Buzz

JUNE 24, 2024

Appraisers are an extraordinary and rare group of humans. As an appraiser, you are part of a select few. Recent statistics indicate that there are about 70,000 licensed appraisers in the United States. Considering that there are over 340 million people living in the United States, being an appraiser qualifies you as a rarity.

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Housing Wire

APRIL 30, 2021

But what happens when the seller accepts that high offer and the home appraisal comes in far lower? . What is an appraisal gap? Before purchasing a house, a buyer’s lender will hire an appraiser to appraise a home. The goal of an appraisal is to ensure the price of the home matches or exceeds the home’s listing price.

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JMV Lending

JANUARY 22, 2025

This is a reminder that lenders must always use the lesser of the appraised value or the purchase price on the contract for financing and loan-to-value purposes. The post Property Value = Lesser of Purchase Price or Appraisal; Gift of Equity appeared first on JVM Lending.

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Appraisal Buzz

NOVEMBER 22, 2024

Conversely, the subsequent contraction of inventory in June was mirrored by a diminished sales volume. The post Luxury Market Heats Up as Affluent Buyers Seek ‘Forever Homes’ appeared first on Appraisal Buzz. A slight increase in luxury home inventory is expected, 59.3% of responding specialists agreed.

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Appraisal Buzz

DECEMBER 27, 2021

There’s too little supply and too high a demand, a predicament that’s disrupted the housing and appraisal industries. Beginning in January 2020, 7% of purchase transactions had a contract price above the appraisal value. As the appraisal gap widened, the CoreLogic Price Index rose as well, reaching 15% in May of this year.

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Housing Wire

JUNE 11, 2021

What’s the difference between a home inspection and an appraisal? Before you get overwhelmed, take comfort that critical milestones of home inspection, appraisal and closing processes are all great ways to get more acquainted with your prospective new home. An appraisal is a valuation of a property by a third party.

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Appraisal Buzz

OCTOBER 17, 2024

New house sales are included in that data at the time of contract signing, which usually happens at the same time as the mortgage application. The post New Home Purchase Mortgage Applications Increase From Last Year appeared first on Appraisal Buzz. The types of loans that first-time homebuyers use are also disclosed by this data.

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Appraisal Buzz

NOVEMBER 21, 2024

In that data, new home sales are recorded at contract signing, which is typically coincident with the mortgage application. The post New Home Purchase Mortgage Apps Jumped Recently appeared first on Appraisal Buzz. For additional information on MBA’s Builder Application Survey, please click here.

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Appraisal Buzz

FEBRUARY 18, 2022

Homes sold faster than ever during the four weeks ending February 13, as a record 57% of homes that went under contract did so within two weeks of being listed, according to a new report from Redfin. The post Housing Market Showing Nearly 60% of Listed Homes Under Contract Within Two Weeks appeared first on Appraisal Buzz.

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Appraisal Buzz

OCTOBER 4, 2021

Freddie Mac (OTCQB: FMCC) today released an analysis showing that appraisal values are more likely to fall below the contracted sale price of a home in census tracts with a higher share of Black and Latino households, resulting in an appraisal gap. for those in White tracts, leading to a gap of 5.2%.

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Housing Wire

JULY 12, 2022

Luke Tomaszewski, an appraiser doing home inspections in the aftermath of the housing bust, was traveling as much as an hour across Chicago just to snap exterior photos of bank-owned properties. At $50 to $100 per inspection, according to ProxyPics, it’s certainly less expensive than sending an appraiser. Made to order.

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Housing Wire

JANUARY 26, 2022

For the next two months, United Wholesale Mortgage (UWM) will credit borrowers up to $600 for their appraisal costs, the lender said in a statement Wednesday. In September 2021, the top-ranked wholesale lender announced that it would no longer require its brokers to use appraisal management companies to complete appraisals.

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Appraisal Buzz

APRIL 9, 2025

first appeared on Appraisal Buzz. Homeowners are discovering significant value and joy in these investmentsfrom smaller upgrades, such as front doors and windows, to major renovations like kitchens and primary suites. The post What Remodeling Projects Do Homeowners Find Most Satisfying? first appeared on The MortgagePoint.

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Appraisal Buzz

DECEMBER 19, 2024

But this year, buyers jumped on mortgage rates that dipped in early October, bringing more contracts which closed in November.Assuming December sales are generally good, 2024 U.S. Homes with November closings generally went under contract in September and October, when shoppers benefited from an uptick in newly-listed for-sale homes.

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Appraisal Buzz

MAY 24, 2021

This process has appraisers review location, condition, and other variables so they can assess whether buyers will be interested. Because appraisals are contingencies in 43% of contracts , you must find ways to accurately evaluate these properties. Three Common Methods Appraisers Can Use. The Cost Approach.

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George Dell

AUGUST 21, 2024

Is appraisal accuracy measured by contract price? In recent discussions surrounding the accuracy of home appraisals, a critical flaw has emerged in the prevailing narrative: the assumption that the contract price is the correct value of a property. This misconception […] The post Is Contract Price Market Value?

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Housing Wire

MAY 2, 2022

The appraisal industry was no exception, creating hybrid or remote models to conduct an appraisal and home inspection without physically entering the home as COVID-19 cases rose. This certainty should allow lenders, borrowers, and appraisers alike to take advantage of the efficiency gains that desktop appraisals can provide.”.

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Appraisal Buzz

FEBRUARY 24, 2025

While refinancing demand surged briefly when rates dipped, it quickly contracted again following another rate spike in October 2024. The post A Closer Look at Refi Trends appeared first on Appraisal Buzz. Refinance activity is historically tied to interest rate movements. trillion in the first 10 months of the year.

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