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This fish phenomenon reminds me of the housing market today. As soon as homes hit the market, they often sell in days, with numerous offers that usually bid the list price up. People who are willing to spend tens of thousands more than the market will really support, seem to be speculating that things will continue as they are.
One challenge in assessing the scope of appraisal bias is rooted in the informal process of challenging an appraised value. HUD will now use the VA’s reconsideration of value process as a model and track reconsideration of value processes for Federal Housing Administration lenders.
ROV (Reconsideration of Value) Changes – FHA and GSEs GSE Effective date is August 29, 2024 HUD Effective date is September 2, 2024 Editor’s note: This long section includes, In order: McKissock/Dave Bradley post with a good summary including links to HUD and GSE documents. For appraisers, Section II.D.2.
If you’re new to our blog, let me first say ‘Welcome!’ This blog is part four of a 12-part series we’re calling The Loan Officer’s Guide to Appraisals. The post The Loan Officer’s Guide to Appraisals Part 4: Tips for a Successful Reconsideration of Value appeared first on Riverfront Appraisals.
Andrea Gibbs is the Content Manager at SpringHive Web Agency , a company that offers web design services, maintenance, and Internet marketing. She specializes in content marketing, social media, and SEO. She also serves as a blog contributor at Serenity Senior Care. You can also listen right here at Cleveland Appraisal Blog! .
For the past six months, I’ve been blogging with the purpose of assisting loan officers to better understand the appraisal process. So far, we’ve covered final inspections, lending on unique homes, communication with the appraiser, reconsiderations of value, bracketing and FHA appraisals. And, you’ll definitely […].
Right now on our Appraisal Blog, we’re all about helping Loan Officers. So far in our series, we’ve looked at final inspections, lending on unique homes, communication with the appraiser, reconsiderations of value and bracketing. […]. We’re halfway there!
Right now on our Appraisal Blog, we’re all about helping Loan Officers. So far in our series, we’ve looked at final inspections, lending on unique homes, communication with the appraiser, and reconsiderations of value. This post is part five of a 12-part series we’re calling The Loan Officer’s Guide to Appraisals.
Appraisers recently contacted by McKissock tend to agree that the profession will go generally well in 2022, with no major changes to the real estate market and no events on the horizon that could seriously upset appraisers’ business. Housing market trends for 2022. So, many markets may cool off.”. Tampa, Fla.),
Appraisal Tips For Real Estate Agents As a real estate appraiser with over 30 years of experience, I have seen many changes and challenges in the appraisal profession and the real estate market. You can also explain why some sales are not comparable, such as different market conditions, motivations, or concessions.
All the work getting the property ready for listing, the extensive marketing, the numerous showings, the sometimes tedious offer evaluations has paid off. The purpose of this blog post is to lend some insight into what an agent should do and not do during the third stage. What is a Reconsideration of Value?
List a home too high, and it sits on the market, developing a stigma that can lead to lowball offers. To get it right, many agents rely on a Comparative Market Analysis (CMA), but appraisers take this process a step further by applying specific guidelines when selecting comps (appraisal comparable).
MarketValue and Appraised Value: Exploring Various Appraisal Values By Jo Traut Excerpts: You’ve probably been asked about the difference between “marketvalue and appraised value” by clients seeking a mortgage. We don’t provide an appraised value of a property.
While agents and appraisers cannot discuss value we can talk about the property and why they may have priced it at what they did. One tool the agent uses to price the property is the Comparative Market Analysis or CMA, and by sharing this with the appraiser they can better understand what went into the agent’s pricing strategy.
FHA Q&A on ROV Policy One of America’s Biggest Homes Hits the Market for $195 Million UAD/URAR Threat, Opportunity, Confusion, Part 2 By George Dell, MAI, SRA Why didn’t the appraiser add the ADU in the square footage? Read on blog www.appraisaltoday.com/blog Posted by noon Friday. 50,000 sq.ft.
Market Conditions Analysis Market conditions analysis is the backbone of an appraisal. This analysis is the study of market area conditions and the changes in price levels over time… It’s important to note from a development perspective that market conditions must be analyzed on every appraisal assignment.
NOTE: Please scroll down to read the other topics in this long blog post on appraiser discrimination lawsuit, waivers, staying positive with slow business, appraiser’s economic forecast, unusual homes, mortgage origination stats, etc. Read on blog www.appraisaltoday.com/blog Posted by noon Friday.
It’s not just about acquiring designations but staying informed about market dynamics, industry changes and emerging trends. I had never taken a class in economics, marketing, data analysis, financial analysis, etc. Read on blog www.appraisaltoday.com/blog Posted by noon Friday. Twitter: [link] Posted by noon Friday 2.
Banks are typically absolved from discrepancies between the amount they lend and the true marketvalue of the home meaning that they will not be held responsible to the buyer. There is always the possibility that the appraisal value is less than the contract price. Appraisal vs Home Inspection.
My comments: Read this blog post with practical tips from practicing appraisers. But, McKissock’s blog posts are short, well written, and popular with readers, so I include them regularly. Reconsideration of value and Appraisers. To read more of this long blog post with many topics, click Read More Below!!
To read more of this long blog post with many topics, click Read More Below!! NOTE: Please scroll down to read the other topics in this long blog post on ROVs, non-lender appraisals, appraisal business, unusual homes, mortgage origination stats, etc. == Amazing Guitar-Shaped House in Georgia Currently off market.
I also have some market recap visuals to unpack what’s been happening in 2024 so far. The truth is there are portions of 2021 and 2022 where prices are exactly the same as today too, so if I use an older comp, I don’t always need to adjust for the way the market has changed. Market conditions is the easiest adjustment to make.
Excerpts: Suggested protocols for responding to Reconsideration of Value requests. Click here to listen to Tim Andersen, MAI’s podcast, “Reconsiderations of Value: Satan’s Own Seed, Right?” To read more of this long blog post with many topics, click Read More Below!! No ads in the blog post.
To read more, including all the violations, Click Here My comments: The blog post is well written, relatively short, and worth reading, if only for reminders. Read on blog www.appraisaltoday.com/blog Posted by noon Friday. You can subscribe to the blog in the upper right of each blog page. baths, 19,660 sq.ft.,
The Hidden Risks of Appraisal Waivers: What Homebuyers and Homeowners Need to Know Palm Desert California Home With Its Own Shark Tank Hits the Market for $59 Million Relocation Appraisals: The Power of Market Analysis NFHA (National Fair Housing Alliance) Rescinds Multiple Appraisal Related Policies Funding Dries Up.
Read on blog www.appraisaltoday.com/blog Posted by noon Friday. You can subscribe to the blog in the upper right of each blog page. NOTE: the popular ads with liability tips are below the first topic on my blog posts. The newsletters have abbreviated titles, taken from their blog posts.
March 28, 2025 Whats in This Newsletter (In Order, Scroll Down) LIA ad: Navigating Value Revisions On Time Adjustments By Timothy Andersen, MAI 19.5 If the market has measurably changed over that period, that change means the appraiser should market-adjust the comps up- or downward, as the market demands.
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