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My friend and appraisal colleague Ryan Lundquist and I authored a petition on change.org to point out the growing wreckless behavior that is enveloping the mortgage process. There’s a proposal from the FDIC, Federal Reserve, and Treasury Department not to require appraisals for some mortgages under $400,000. As we say in the petition , this change can impact several groups in particular: consumers, the taxpayers, the housing market and appraisers.
pepifoto/iStock; realtor.com Buying a home is hard, but if you want to learn how to buy a home from a family member, you’re entering truly treacherous territory. Because, let’s face it, we’ve all been to family dinners where a seemingly benign issue can instantly turn into a blood feud. And when it comes to real estate—usually the largest asset most people have—there’s a lot at stake financially.
It’s no secret the lending industry is aggressively pursuing alternatives to traditional appraisals. While most participants in the industry will concede an appraisal is still the gold standard for collateral valuation, they increasingly see the appraisal as something to be steered around or avoided altogether. An array of products/alternatives are being bandied in lieu of a traditional appraisal: Hybrids , Evaluations , BPOs (broker price opinions), Desktop Appraisals, and outright Appraisal Wa
Finance teams find Trellis to be particularly effective in conducting comprehensive due diligence on both individuals and businesses. With our court data solution, financial experts can access critical litigation insights, making it an invaluable resource for informed decision-making in the financial sector.
Relax, underwriters, it’s just rural. This story first appeared in HousingWire. Recently, the rural housing landscape has sparked discussion about its lending, affordable housing availability, housing shortages and outreach to underserved demographics. A spotlight has been cast on the rural space with questions probing why rural properties often face excessive underwriting conditions for appraisal issues and how rural lending can be increased to differentiate an organization.
The one thing that always remains constant is change. As appraisers in this ever changing industry we have seen changes in the market, technology, bank requirements, emergence of management companies and appraisal form changes. The most recent Fannie Mae change is the removal of the 1004MC form in an appraisal. This form has been a requirement since 2009 as a tool to establish the increase, decrease or stabilization of markets in the aftermath of the housing crisis occurring between 2007 –
The one thing that always remains constant is change. As appraisers in this ever changing industry we have seen changes in the market, technology, bank requirements, emergence of management companies and appraisal form changes. The most recent Fannie Mae change is the removal of the 1004MC form in an appraisal. This form has been a requirement since 2009 as a tool to establish the increase, decrease or stabilization of markets in the aftermath of the housing crisis occurring between 2007 –
Isn’t a home inspection similar to a home appraisal? Not at all – an appraisal differs from a house inspection. A home inspector’s function is to study the structural, electrical, mechanical & plumbing in a home and document any problems or safety issues. Although the home appraiser will complete a rudimentary inspection of the subject property, it will be nowhere near as thorough as what a property inspector does.
If you have a deficient condition such as this you may want to repair it prior to an FHA Appraisal. Appraisers must operate faucets to observe water pressure and flow. This is an example that there is low water pressure and an FHA appraisal will be made subject to repair. An issue such as water pressure may seem small, but it is a dramatically negative impact on the appraisal value of a property.
Many are familiar with the use of comparable sales, or “comps” in residential real estate appraisals. In this blog entry, I will explain how this technique is used. A discussion of comparable sales begins with an explanation of why this approach is used in the valuation of real estate. Comparable sales reflect actual market reaction to similar residences, offering insight into anticipated market reaction to the property being appraised.
Like most aspects of owning or purchasing a house, measuring the square footage of a home is complicated. There’s no established standard for measuring a residential property, and everyone seems to measure square footage differently. But if you get it wrong, it can affect your home’s value. There’s no need to be nervous about calculating your home’s square footage, however.
Construction projects are high-stakes operations where even minor inefficiencies can lead to costly delays, safety concerns, and budget overruns. Managing risk in construction has always been a challenge, but as projects grow in complexity, traditional methods no longer cut it. Enter Digital Transformation - a game changer approach that replaces inefficiency with AI-powered analytics, real-time monitoring, and automated workflows to proactively manage risk.
New research suggests that for the country as a whole May, June, July are the best times to sell with an overall 6% increase in May for estimated market value. However, in the Twin Cities Metro the best month to sell is June with a increase of 3.1 % in value. [link]. The post When Is The Best Time To Sell? appeared first on Anthem Valuation Blog.
As always, I had a wonderful conversion with Vonnie Quinn, anchor of Bloomberg TV's Markets today. It was a long interview where we discussed national and NYC metric trends. The following portion covered the Amazon HQ2 story in Long Island City, NY.
Jens Magnusson/Getty Images When your parents pass away, you might find yourself tasked with selling their house—and if you have siblings, hopefully they will offer help on this front. Problem is, in the same way you all squabbled over who had the better bedroom or more toys growing up, you may find yourself embroiled in a whole new kind of family feud as you attempt to unload this baggage-laden piece of real estate.
Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.
Relax, underwriters, it’s just rural. This story first appeared in HousingWire. Recently, the rural housing landscape has sparked discussion about its lending, affordable housing availability, housing shortages and outreach to underserved demographics. A spotlight has been cast on the rural space with questions probing why rural properties often face excessive underwriting conditions for appraisal issues and how rural lending can be increased to differentiate an organization.
An Estate Sale Appraisal Process. After 25 years of handling estate sale appraisal in the Baltimore Metropolitan area I have seen my fair share of estate sales. But what is an estate sale? An estate sale means a person has died and the party/parties that inherited the property are selling it. Estate properties usually are priced well to reflect that fact that they need work.
Commercial Real Estate Appraisal Services. Minnesota Real Estate Appraisal Services provides Commercial Real Estate Appraisal Services Throughout the bulk of the state of Minnesota. However, we do most of our work nearby in the Minneapolis St Paul Metro area as depicted on the map below. The post Minnesota Real Estate Services Metro Service Area appeared first on Minnesota Real Estate Appraisal Services LLC.
We have all heard the saying that smart real estate purchases are based on location, location, location. But that suggests you focus only on where to buy a home. What about when? Data indicates that there are definitely months of the year—and even specific days—when you are statistically more likely to acquire a property at a discounted price. On some days, in fact, that price can be many thousands of dollars below a property’s estimated market value.
I am often asked which home improvements “count” towards the appraised value of a house. This is never an easy question. Many people envision a list of improved items with predetermined relevancy, along with a specific dollar value assigned to each of those items. I will explain in this blog entry why that is not feasible, or reliable approach. There are many items that comprise the totality of a house.
Home equity is the percentage of your home's value that you own, and it's key to building wealth through homeownership. Let's take a closer look at how to build home equity without blowing your budget - and how to access it when you need it. How much equity do you have? Equity is easy to calculate when you first buy a home because it's basically your down payment.
It feels good to be back. Thanks for all for waiting. For those who aren’t familiar with what an AMC is, its short for Appraisal Management Company. After the 2008 crash they were installed to be the order manager for the lender and ensure appraiser independence. If you’ve already read “what’s not in your wallet or round and round” go get a little more familiar before reading this.
The Winter 2019 Issue of Elliman Magazine was just released. I provided a two-page spread showing various market tidbits on random U.S. markets where Douglas Elliman has a footprint. The magazine is well done and a good aspirational read. [click to expand].
istock/cnythzl A new proposal to reduce the number of homes requiring in-person appraisals could save home buyers and those attempting to refinance hundreds of dollars, and speed up the process. This may sound like a well-timed holiday blessing, but appraisers who would be affected by the change say it could also pose all sorts of problems. The plan would require human appraisals only for purchases of homes costing $400,000 and up.
“What is my home worth” is probably the single most popular question asked when someone decides to put their home on the market. In real estate, finding out how much your home is worth is done through an appraisal, which determines the value of your house in the present day market. There are several factors taken into account when valuing a home…. The first is reproduction cost.
The Cost of Getting your Home Ready for Sale Making arrangements for the sale of your house will normally cost between a few hundred dollars on the lower side and a few thousand dollars on the upper side. Let us assume that you’ve decided to sell your home FSBO, so you are doing this without the help of a realtor. The first thing you’ll start with to get your property ready is obviously cleaning and.
Interest rates for buyers with good credit or credit worthiness for a 30 year loan is approximately 4.875% while average buyers fall around 5%. A hike in rates have been talked about since last year with minimal increases until recently. Mortgage rates started around 4% at the beginning of 2018 and have seen a steady increase. With the positive retail sales data and the rising home costs due to low inventory in some of the major markets the interest rate hike is not a complete surprise.
Natural disasters, like hurricanes, wildfires, and tornados, can have a huge impact on the appraisal industry. For residential appraisers, the work can increase shortly after a natural disaster, whereas, for commercial appraisers, the work may decrease as business transactions dip as people focus on their homes. What are Disaster Inspections? Post-disaster inspection reports and appraisals are critical for homeowners, lenders, and insurance companies.
First, the good news for house flipping: Average gross profits have risen steadily over the last few years. As the 2018 house flipping report from research firm ATTOM Data Solutions shows, completed house flips in 2017 yielded an average gross profit of $68,143, representing a 49.8% return on investment. Gross profit is defined here as the difference between purchase price and flip price, not accounting for expenses incurred.
Updated 9/21/18; Originally published 2/7/16. It’s awesome! Your dream home. You’ve gone to a few builder model homes in Killeen , Harker Heights , and Copperas Cove , and this is The One. You’re excited. Your spouse is ecstatic. You’re already picking out the floors, paint, brick and browsing furniture at Ikea. The builder’s rep already preapproved you with their lender and has a contract out ready for you to sign.
If you want good neighbors, you'll first have to become one yourself. Master these seven techniques, and even you (yes, you!) can win the approval of your entire neighborhood. 1. Good neighbors bring cookies. Whether you're new in town or haven't kept in touch, a delivery of freshly baked goods is a perfect way to break the ice and let neighbors know that you're thinking of them.
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