Industry News

Week of April 23 - 29, 2019

 

These renovations will boost appraisal values the most

Mortgage Professional America

Even though kitchens and bathrooms will have an upward effect on values, the Appraisal Institute says outdoor improvement projects will have a larger benefit…


Freddie Mac: Giving Appraisers a CHOICE for Manufactured Homes

MReport, DSnews

Freddie Mac and the Appraisal Institute recently announced a partnership to help real estate appraisers to value manufactured homes. The training through this partnership aims to provide practical appraisal training to all appraisers, as well as  specifically-targeted training and case studies to address manufactured  housing valuation assignments for Freddie Mac’s CHOICEHome program…


Law Could Alter Tax Bills For Golf Courses

The Post-Journal (Jamestown, N.Y.)

The legislation would give communities an option to  assess golf courses based on their highest and best use, which is  defined by the Appraisal Institute as the “reasonable probable and legal use of  vacant land that is physically possible, appropriately supported,  financially feasible and that results in the highest value…


Eugene Stunard, appraiser who played role in 1970s condo conversions, dies at 86

Chicago Tribune

Stunard [MAI, SRPA, SRA] taught at the Chicago-based Appraisal Institute, where he served for a time as president of  its Chicago chapter. He also was elected into the Chicago Association of  Realtors Hall of Fame in 2006…


The favorite real estate investment - by Maria Hopkins

New England Real Estate Journal

(This article was written by Maria Hopkins, SRA.)

Working closely with knowledgeable appraisers  to make sure the income expectations from a building will warrant the  expense of renovation is time and money well spent before jumping into  an investment. The Appraisal Institute and the Massachusetts Board of Real Estate Appraisers are good sources to find the best of the best…


Exterior Home Renovations Offer Greatest Value: Appraisal Institute

PR NewsWire, Yahoo Finance, Arizona Republic (Phoenix), Pittsburgh Post-Gazette, Oklahoman (Oklahoma City), 

(This article appeared in an additional 57 outlets.)

The Appraisal Institute, the nation's largest professional association of real estate appraisers, today advised homeowners to focus on outdoor  improvement projects when seeking to improve their home's value.  "The  latest research shows that home renovations focused on the exterior of a  property are most likely to generate a positive cost-to-value  ratio," said Appraisal Institute President Stephen S. Wagner, MAI, SRA, AI-GRS…


Hearing held on wind farm amendment

The McDonough County (Ill.) Voice 

Peter Poletti [MAI], a certified real estate appraiser,  testified that his original research last year and a recently updated  study shows the presence of wind farms would have no effect on property  values. “There would be  no negative impact,” he said…

 

HVS Report - Hotel Brand Performance - By Rodney G. Clough

Hotel Resource

Rod Clough, MAI, President - Americas,  oversees strategy execution throughout 40 Americas locations. He  recently brought together all US Valuation Consulting offices under  common ownership, and has revolutionized the way the company  is led and managed. This group of offices represents over 120 hotel  industry professionals and executes over 4,000 assignments a year. Rod  has been working in the hospitality industry for 30 years and is a  graduate of Cornell's School of Hotel Administration.  He is a Designated Member of the Appraisal Institute (MAI) and a state-certified general appraiser…


100,000 reads on, "How to Get Pancaked When Buying Your First Home", by Andy  May, President ADRMortgage.com.

PRWeb

Sixth, well the appraisal is always accurate. I've seen appraisals vary by 50% on the same day. Do your own research. Use  the registry of deeds online for your county and figure out what the  cost per square foot should be, don't over-pay by $100k because many appraisers will simply say, "looks good to me."…


Why private real estate investing is riskier than you think

Financial Post

The existence of appraisal smoothing significantly reduces the usefulness of real estate rates of return series computed from unadjusted appraisal data, particularly because the variance measurement is  artificially depressed,” he wrote. “This type of smoothed series  underestimates the riskiness of the real estate asset class and also  distorts its correlations with the rates of returns  of other assets.”…


Week of April 16 - April 22, 2019

 

Homeowner value perceptions widen considerably from appraisals in March

TheDay

Appraisals recorded in March fell short of  homeowner estimates by a wider margin than in the previous month and  previous year, according to the retail mortgage lender Quicken Loans.  However, the typical estimate still fell within  1 percent of appraised values…


More Bad News For Appraisers

Palisades Hudson Financial Group LLC (Fort Lauderdale, Fla.)

Between increased regulatory scrutiny and AMCs’ effect on  appraisers’ fees, the result has been decreasing numbers of appraisers. According to the Appraisal Institute, there were 92,750 active appraisers in  2009; by the end of 2017, that number had fallen to 82,208, despite the  fact that home sales increased over the same period. The Institute  predicts that numbers may continue to fall over  the next five to 10 years, as old


Hurricane disaster recovery expo will stress readiness

Herald-Tribune (Sarasota, Fla.)

This week Manatee County invited the public to the  2019 Business Recovery Expo on Thursday from 5:30-7:30 p.m. at the  Bradenton Area Convention Center, 1 Haben Blvd., Palmetto. The expo,  “Are You Ready?” is free and open to the public… Patricia Staebler [SRA], a state-certified appraiser at Staebler  Appraisal and Consulting, will talk about how to “Navigate the 50% FEMA Rule Process.”…


How can your Agent help the appraiser

Active Rain

The Inspection Contingency has been satisfied so the next step is for the lender to order the appraisal. The Listing agent can and should prepare a packet of information for the Appraiser. This will help educate the Appraiser as to your listing's value…


New Appraisal Thresholds Leave Borrowers in Risky Position

The Mortgage Leader

“The median price of a residential property last February was $255,000,” said Stephen Wagner [MAI, SRA, AI-GRS], president of the Appraisal Institute.  “For regional and smaller banks, commercial properties they lend on are  often in the $500,000 to $700,00 range. That’s their sweet spot. These  new thresholds could mean a lot of  loans going without appraisals which could put a lot of borrowers at risk.”…

 

Daily Business Report-April 17, 2019

San Diego Metro

Keller Williams Realty San Diego East Foothills in El Cajon announced the addition of commercial broker Penn Jones to KW Commercial, the company’s commercial division.  Jones has earned two professional designations, including Senior  Residential Appraiser (SRA) and Member Appraisal Institute (MAI), both from the Appraisal Institute of Chicago…


Appraisal Institute, Freddie Mac Unveil New Valuation Course On Manufactured Homes

Public Now

As part of their recently announced collaboration, the Appraisal Institute and Freddie Mac unveiled a new educational offering today in Dallas that is designed to teach appraisers the latest skills on how to value manufactured homes… 


De Blasio hands over appraisals after weeks of evasion

Daily News (New York)

Joel Leitner [MAI], who formerly worked for BBG Inc. before his acrimonious departure from the appraisal firm, submitted a $200 million appraisal on the 17 properties in Jan. 2018, documents released late Monday afternoon by City Hall show…


Channel Your Inner CEO

Appraisal Buzz

There are many individuals in the appraisal field teaching appraisers how to be better technicians. However, that is not my role. My niche is helping appraisers, who may already be great appraisers, to be better business owners. It has been my pleasure to help this man (and countless other appraiser men and women) learn how to be their own CEO. As a  business owner, it is key one must understand where they can be more  profitable, work less, and even take vacations…


Homeowners Expecting Higher Appraisals than They Get

Mortgage News Daily

Homeowners are and should be proud of their homes, but that often leads them to think it has a higher value than does an appraiser and the difference between the two opinions increased  significantly in March.  Quicken Loans says the gap in its Home Price  Perception Index grew by 25 percent compared to February…


Week of April 9 - April 15, 2019


Goal for 2019: Engage with local colleges and universities 

New England Real Estate Journal

(This article was written by Gregory Curtis, MAI.)

One of the goals in 2019 for the Massachusetts and Rhode Island Chapter of the Appraisal Institute is to engage with local colleges and universities to introduce students to a career in real estate appraisal. To that end, the chapter through its Hewitt  Scholarship Fund, is pleased to announce that it is now accepting  applications for its Real Estate Appraisal Education Scholarship…


Appraisal clients and the appraisal report 

New England Real Estate Journal

(This article was written by Steven Spangle, SRA.)

Appraisers have a responsibility to produce a  report that is not misleading and at the same time to provide reports  that contain sufficient information to enable the client and any  intended users of the appraisal to understand the report properly. A client, regardless of their appraisal knowledge, should act in their own best interest, should be reading an appraisal critically…


AI professional development programs available 

New England Real Estate Journal

To further help appraisers hone their skills; the  Appraisal Institute offers professional development programs to real estate  appraisers on cutting-edge, problematic, or advanced level topics.  Topics for professional development programs cover a body of knowledge  in a specialty allowing participants to obtain educational competency in  a property type or specialty area…


What’s Dragging Down the Value of Your Home?

U.S. News & World Report, MSN Money

Even when all the facts are right, it’s possible the appraiser  is unaware of a similar house on the market that isn’t available in the  public record, and any missing transactions can have an impact on your  home’s value. “Maybe (the  homeowner) can provide the bank with some additional comparable sales  data, or information about the subject property,” says Stephen Wagner [MAI, SRA, AI-GRS], 2019 president of the Appraisal Institute.


BBG'S New York Office Appoints two Industry Leaders

PR Newswire, The Street, Markets Insider, Pittsburgh Post-Gazette, The Oklahoman (Oklahoma City)

(This article was posted in an additional 23 outlets.)

BBG, a leading commercial real estate valuation, advisory and assessment firm, today announced it has appointed two appraisal professionals to its New York office. BBG named Roman Rubinchik, MAI, AI-GRS, as Director of Review and Compliance, and Thomas DeMartin, MAI, CTA, as Director…


CALV hosts May 2 mixer for commercial real estate professionals

Nevada Business

Industry partners and sponsors include the local  chapters of CCIM (Certified Commercial Investment Member); NAIOP  (National Association of Industrial and Office Properties); IREM  (Institute of Real Estate Management); the Appraisal Institute (AI)… 


Former Orangetown Supervisor Roger Pellegrini Dies

Ramapo (N.Y.) Daily Voice, Orangetown (N.Y.)  Daily Voice, North Rockland (N.Y.) Daily Voice, Clarkstown (N.Y.) Daily  Voice, The Journal News Online (New York) 

Former Orangetown Supervisor Roger Pellegrini [SRA],  who served in the 1980s into the 1990s, died Tuesday, April 9, at his  home in Sparkill… After serving in Orangetown, Pellegrini later worked  as ambassador to the United Nations  for AARP and was most recently an SRA real estate appraiser…


Appraising New Construction and Homes Under Renovation

Quicken Loans

“There could be elements of condition like rooms  that need paint or carpeting that the buyer plans to do after the  close,” explained Stephen Wagner, president of the Appraisal Institute, the nation’s largest professional association of real estate appraisers. “The appraiser will interpret the value much  the way other market participants like buyers do, taking note that the  property may have some deferred maintenance issues.”…


Quicken Loans: Homes aren't worth as much as owners think

Scotsman Guide

The average appraisal in March was 0.78  percent lower than homeowners expected, according to the latest data  from Quicken’s National Home Price Perception Index…


Appraising Appraisals

DS News (Dallas)

Overall, appraisal values dipped in March month over month. Quicken’s National Home Value Index (HVI) reported appraisal values dipped 0.20 percent from February to March.  Regionally, the West saw the biggest increase in home values, up by 0.79  percent. The annual growth ranged from a 2.19 percent year-over-year  increase in appraisal values in the West, to a 4.11 percent annual rise the Midwest…


Gap Between Owner Expectations and Appraisals Widens

Builder

Despite the widening of the difference between homeowners' and appraisers' opinion in the National HPPI, owners shouldn't be too  surprised in most of the country's metro areas. Nearly 60% of the areas  measured received appraisals that were within 1% higher or lower than what was expected…

 

Why It’s Getting Hard to See Reality

Markets & Money

Unfortunately, the appraisal process can go awry and often has. As we shall see, appraisals have been biased upward. This made mortgages riskier, since too much was lent out on homes. One of the safeguards, the appraisal, failed to perform its role of limiting mortgages to the underlying value of the houses…


What is an Appraiser Service Network

Appraisal Buzz

Over the years I have had the pleasure to serve on  numerous committees and in many leadership roles including serving on  and chairing the Illinois Real Estate Appraiser Board, past president of the Chicago Chapter of the Appraisal Institute and past president of the Illinois Coalition of Appraiser Professionals (ICAP).  I currently serve on the ICAP Board and the American Society of Appraisers Real Property Committee…


Week of April 2 - April 8, 2019 

 

Let Remove A Pool Turn Your Money Pit Into a Garden of Joy

OpenPR

In the article, Mr Bob Ripp [SRA] a certified real estate appraiser in Fort Collins, Colorado, said: "There are several  instances where pools detract from the home", such as situations where  swimming pools require a fair bit of maintenance when compared to the  length of the swimming season… 


NKF Opens Office in Buffalo, NY to Expand Reach of its Valuation & Advisory Practice

Citybizlist, Publicnow

(This article also mentions John Busi, MAI.)

Newmark Knight Frank (NKF) is pleased to announce  the expansion of its Valuation & Advisory (V&A) practice with  the opening of its nine-person Buffalo, New York office, led by  Executive Vice President Scott Allen, MAI…


Natixis boss is a real estate rock star

Real Estate Weekly (New York)

“Commercial real estate appealed to my sense of  going out in the field, looking at what’s out there, gathering your  data, analyzing and concluding. “I knew to succeed I had to be  credentialed because I wasn’t coming out of business school,  and so I went and got my MAI (Member of the Appraisal Institute) designation.”…


Fannie’s decision to use real estate agents as appraisers is risky

Press-Enterprise,  The Orange County Register (Anaheim, Calif)

The loan officer or loan processor runs your loan file through Fannie Mae’s Desktop Underwriter for a credit decision and an appraisal decision via Fannie’s Collateral Underwriter engine.  You could receive a PIW (property inspection waiver), which means Fannie  is confident in the property value and you are good to go without  having to pay for a property inspection…


Developer Howard Milstein wins assessment challenge on Nabisco in Falls

The Buffalo (N.Y.) News 

In his decision, Boniello fully backed the  assertions of Milstein's team, while rejecting the arguments made on the  city's behalf by Walter R. Allen [SRA], senior executive appraiser at GAR Appraisal… Through Weinmann and appraiser Anthony A. Girasole [MAI, SRA], he argued that the  properties were "shuttered" manufacturing facilities that can no longer  be used that way because the zoning was changed in July 2009 to allow  only commercial or residential use…


On the Boards: April 2019

The Lane Report (Lexington, Ky.)

Russ Lohan [MAI], a Louisville real estate  appraiser, has been appointed as a member of the Real Estate Appraisers Board…


Examining valuations for vacant land: What appraisal dilemmas are created?

New York Real Estate Journal

(This article was written by John Rynne, MAI, SRPA, SRA.)

In the case of a municipality or large corporation  it is a matter of being consistently prudent and above board. My point  is that every appraisal is important and every property is different. Most appraisers do agree that land valuation can be the most difficult  assignment because of so many intangibles and unknowns including but  not limited to zoning, overlay districts, floodways, flood hazard,  contamination, “Not-in-my-backyard-groups” (NIMBYs),  overzealous environmentalists, more government roadblocks, etc...


Appraisers Adapt to Evolving Residential Market: Valuation Magazine

Publicnow, RealEstateRama

Valuation magazine is a quarterly publication of the  Appraisal Institute, the nation's largest professional association of real estate appraisers…


Developer Howard Milstein wins assessment challenge on Nabisco in Falls

The Buffalo News

(This article also mentions Walter R. Allen, SRPA, SRA.)

Milstein, who owns Niagara Falls Redevelopment,  acquired the properties in 2003, but did not start his case until eight  years later. Through Weinmann and appraiser Anthony A. Girasole [MAI, SRA], he argued that  the properties were "shuttered" manufacturing facilities that can no  longer be used that way because the zoning was changed in July 2009 to  allow only commercial or residential use…


Expect property tax appraisal in the mail this week

EverythingLubbock.com (Lubbock, Texas)

“Values are not going crazy like in other parts of  the state, where there are double digit increases, we are having a  modest increases every year,” said Tim Radloff [Candidate for Designation] , chief appraiser at the Lubbock Central Appraisal District…

 

JLL Adds Valuation and Advisory Services Execs to Pittsburgh

GlobeSt.com

(This article also mentions Robert Delisio, Candidate for Designation.)

N. Todd Albert, MAI, joins the firm as a  managing director. He will be based in Pittsburgh and is charged with  overseeing the management of a staff of commercial property appraisers as well as business development, client services and appraisal for JLL’s Valuation & Advisory Services in the Great Lakes region…


Week of March 26 - April 1, 2019 

 

Not all green home improvements make cents

HSH.com

The Appraisal Institute has introduced a form that gives appraisers an opportunity to note the added value of a home's  green improvements. The "Residential Green and Energy Efficiency  Addendum" could be beneficial when it comes time to refinance your  mortgage or sell your home…


Gov. Pritzker Announces Two Dozen Appointments to State Boards and Commissions

Publicnow

Terrence O'Brien [MAI] will continue  to serve on the board of the Illinois Finance Authority.* O'Brien has  owned and operated his namesake real estate appraisal, brokerage and consulting services firm since 1973. His expertise includes appraisal of fee, leasehold and partial interest as well as  equity investment analysis, feasibility, market and highest and best use  studies…


Hagerstown author's spy tale of young French girl a sweet treat

Herald-Mail Media (Hagerstown, Md.)

Name: Steven O’Farrell [MAI] (S.P. O’Farrell)…


Land Trust Alliance Applauds Introduction of the Charitable Conservation  Easement Program Integrity Act

PRWeb, Pittsburgh Post-Gazette, Yahoo Finance, Louisville (Ky.) Chronicle-Journal, Buffalo (N.Y.) News 

(This article was included in an additional 27 outlets.)

Multiple land conservation organizations  representing millions of supporters have endorsed the Charitable  Conservation Easement Program Integrity Act, including Ducks Unlimited,  The Trust for Public Land, The Nature Conservancy, The Conservation  Fund and Pheasants Forever, among others. Additionally, the Appraisal Institute, the nation’s largest professional association of real estate appraisers, and the American Society of Farm Managers and Rural Appraisers support the bill…


WHO’S NEWS: FTI appoints new director, CBRE hires two for third-party service

Real Estate Weekly

FTI Consulting announced the appointment of Yunsoo Kim [MAI]  as a Managing Director in the Strategic Advisory & Transaction  Services group within the Real Estate Solutions practice… She is a  Certified General Real Estate Appraiser in Connecticut, Massachusetts, New Hampshire, Vermont and New York. She is also a member of the Appraisal Institute and is a CFA charterholder… 


Commercial real estate continues to be challenging reconciliation of the dynamics of our markets 

New England Real Estate Journal

(This article was written by David Kirk, MAI.)

Solid domestic economic data and broadly stable  commercial real estate markets persist. At least commentators and  pundits observe the quality approving of the current data dump. Rates  may hold steady all year during 2019. The FED has demystified  2019…

 

ASA chapter to host Going Concern courses

Valuation Review

Wilson has been appraising Going Concern  property types since the 1980s and has taught Going Concern valuation  for almost two decades to government agencies, assessors, and appraisers, and for appraisal organizations such as ASA and the  Appraisal Institute…


Eugene Stunard, who co-founded Appraisal Research Counselors, dies at 86

Crain’s Chicago Business

Eugene Stunard [MAI], a real estate appraiser who helped power Chicago’s initial wave of condo conversions, an expertise he exported to other cities while building Appraisal Research Counselors, died March 23 at Northwestern Memorial Hospital. He was 86…


Appraisal pioneer Eugene Stunard passes away

Illinois Real Estate Journal 

Eugene W. Stunard, MAI has passed away at the age of 86… Stunard was an instructor for Triton College, the Society of Real Estate Appraisers and the American Institute of Real Estate Appraisers (both now the Appraisal Institute)… 


Cushman & Wakefield Expands Detroit Valuation & Advisory Practice, Hiring 7 Experienced Appraisers

Cushman & Wakefield

(This article also mentions Andrew J. Exline, MAI; Bruce Daubner, MAI, AI-GRS; and Joseph R. Calvaneso,  MAI.)

Susan P. Shipman, MAI, Senior Director, has  been active in the real estate industry for more than 25 years, bringing  expertise on a wide variety of commercial, residential and industrial  services, including financing, taxation, condemnation,  litigation, financial reporting, purchase-and-sale consulting and  insurance. Among her accomplishments, an alumni of the Appraisal Institute’s Leadership Development & Advisory  Council, a past President of the Great Lakes Chapter, and that Chapter’s  2017 recipient of its “Distinguished Service Award”…


Appraisal Institute 2019 Annual Conference

National Mortgage Professional Magazine, Publicnow, RealEstateRama 

“This year’s event is going to be top-notch,” said Appraisal Institute President Stephen S. Wagner, MAI, SRA, AI-GRS. “Valuation professionals will enjoy plenty of opportunities to learn, connect and play.”…

 

Spring 2019 Valuation Expo – Re-cap

Appraisal Buzz

The final day, Wednesday, March 20, once again  offered an amazing line up for Continuing Education, kicking off with  discussions on Collateral Matters from Appraisal Institute, VA, and NAR.   Capping off the morning,  Fannie Mae peeled back the layers of their Modernization Initiative  giving us a revealing look into the latest buzz on where they are  headed…


Norman A. Gosline

Village Soup (Rockland, Maine)

In the appraisal field, Norman [MAI, SRPA, SRA]  earned the coveted Member, Appraisal Institute professional designation, served twice as president of the Maine chapter of the Society of Real Estate Appraisers, served as president of the New England chapter of the American Institute of Real Estate Appraisers, was chair of the Northeast Region of the Appraisal Institute and served two terms on the National Board of Directors for the Appraisal Institute…


Week of March 19 - 25, 2019 


Appraisal Regulatory Modernization: Idea Whose Time Has Come

Working RE

(This article was written by Stephen S. Wagner, MAI, SRA, AI-GRS.)

Real estate appraisers are critical  guardians of their client’s interests. They are uniquely qualified to  protect those financial interests by providing a credible, reliable  opinion of value. Appraisers are independent third parties who perform a service  for a fee rather than for a commission contingent on the determined  value, the approval of a loan or the eventual sale of the property…


Appraisal Institute Debuts Rural Valuation Seminars

RealEstateRama, Publicnow, Targeted News Service

The Appraisal Institute, the nation’s largest professional association of real estate appraisers, debuted a seven-hour classroom seminar on rural valuation issues today in Nashville, Tennessee…


Form 8-K GTJ REIT, INC. For: Mar 20

StreetInsider.com

The use of the Appraisal Report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. In preparing the Appraisal Report, Duff & Phelps did not, and was not  requested to, solicit third-party indications of interest for the Common  Stock in connection with possible purchases thereof or the acquisition  of all or any part of the Registrant…

 

FTI Consulting Continues Investment in Real Estate Solutions Practice

PressReleasePoint

Ms. Kim [MAI] earned a B.S. in housing and  interior design from Yonsei University in South Korea and an M.M.H. in  hospitality from Cornell University’s School of Hotel Administration.  She is a Certified General Real Estate Appraiser in Connecticut, Massachusetts, New Hampshire, Vermont and New York. She is also a member of the Appraisal Institute and is a CFA charterholder…


Valbridge Property Advisors Announces Insight Realty Advisors Acquires  Valbridge | Minneapolis-St. Paul Office

PRWeb

Valbridge Property Advisors, the largest  independent commercial property valuation and advisory services firm in  the United States, announced today that Insight Realty Advisors has  acquired the Valbridge | Minneapolis-St. Paul office. Tony Lesicka, MAI, Rick Nordquist, MAI, Josh Folland, MAI, CCIM, and Nathan Hansen make up the key personnel of the office…


3 Wildcards for Farmland Values

AgPro, AgWeb

“Investors remain very competitive, but farmers continue to buy most of the farms at auction,” adds Jim Rothermich [MAI], an Iowa real estate appraiser who diligently tracks all farmland sales in the Hawkeye State…


The Floods Ravaging the Midwest Will Wreak Havoc in Housing Markets, Too

Realtor.com, San Francisco Gate

"It's going to be bad. There's no way to sugarcoat it or understate it," says real estate appraiser Randall Bell [MAI], who runs the Landmark Research Group. He's worked all over the country assessing properties damaged by natural disasters…


County commissioners have full agenda for Wednesday

Nevada Appeal (Carson City, Nev.)

A proposal from Mark Warren, MAI, for $1,500, to provide professional appraisal services for the purpose of evaluating a Conservation Easement on the Frey Ranch LLC property…


Naples buyer’s market strong to start the year

Naples Florida Weekly

According to Cindy Carroll [SRA] of Carroll & Carroll Appraisers & Consultants LLC, new home construction is  tempering price increases in many areas of the resale market. “More  builders are using the MLS and reaching out to brokers and Realtors with  purchase incentives, which will make it necessary for  homeowners to price their homes more competitively.”…


Solar proposal one step closer to decision

Culpeper (Va.) Star Exponent

The company’s expert appraiser, Chris Kaila [MAI, SRA], repeated that his studies found no changes in property values around solar sites he researched. Smith did not dispute Kaila’s appraisal findings, but said the other solar sites and  surrounding homes were not a case of comparing “apples to apples” to the  Spotsylvania site…


The Importance of “Perfect” Adjustment Factors

Appraisal Buzz

The Importance of “Perfect” Adjustment Factors  Support for adjustments is becoming a hot topic with many interesting  articles, continuing education courses and webinars addressing the  subject. The message is clear. If an appraiser can’t support the adjustments, the results of the appraisal are subject to question, leading to several possible outcomes; none of them good…


Paul Manafort charged with committing residential mortgage fraud — which  is more common than you’d think

MarketWatch

But mortgage fraud’s effects extend beyond the  investment realm. In some cases, fraudsters will artificially inflate  the price of a home in order to cash out via the mortgage. When that  happens, the inflated home value can be picked up  by the home appraisal database; in turn, other nearby homes will  raise in value. Not only will that make it more expensive to purchase a  property, but it can also cause home owners’ tax assessments to go up,  Fulmer said…


Week of March 12-18, 2019

 

FUEL Enterprises and Enriched Data Launch Groundbreaking Data Integration Partnership for Commercial Real Estate Investment  Professionals

SFGate

“Our data integration partnership with FUEL is a game-changer for the appraisal industry,” said Michael L. Miller, MAI, Executive Managing Director, Enriched Data. “For the first time, commercial property appraisal professionals will be able to combine discounted cash  flow data and other real-time valuation data using the single platform  of Enriched Data with data from FUEL Enterprises. We’re transforming  commercial property investment sales and financing  by taking labor-intensive data entry out of the process and cutting  weeks out of the transaction lifecycle.”…


What Happens if a Home Doesn't Appraise?

Active Rain

If you are purchasing a home using a loan, the bank will require an appraisal.  The appraiser visits the home, looks at comparable recent sales, and determines a value for the property.  If the appraiser’s value is less than the agreed upon sales price, you have what is commonly referred to as an appraisal problem (very fancy nomenclature)…


Mortgage bankers will hear overview of housing market

Florida Weekly (Naples, Fla.)

Guest speaker Michael Timmerman, chief market  intelligence officer with Club Benchmarking, will present “An  Economist’s Perspective: Overview of the Southwest Florida Housing  Market.” Marketplace Title is the meeting sponsor… He has his  bachelor’s degree in economics and completed postgraduate studies in  real estate and community planning education at the Appraisal Institute and the Urban Land Institute.


Goodbye, red tape, hello better jobs

Kearney (Neb.) Hub

These are bad days if you’re in the red tape  business. That’s because Nebraska lawmakers have declared war in red  tape, and they’ve been cutting through it with a vengeance. This week  Gov. Pete Ricketts announced that he had signed LB77,  a bill backed by the Real Property Appraiser Board that reduces the time needed to obtain appraiser credentials.


New rapid mortgages allow closings in as few as 8 days

Bankrate

Nevertheless, the danger may outweigh the profit, in line with some specialists. From a shopper safety standpoint, appraisal waivers run the danger of lacking main issues with the house and costing householders down the street, says  Stephen Wagner, president of the Appraisal Institute…


Gap Between Appraisal Values and Homeowners' Perception Expands

National Mortgage Professional Magazine 

The National Quicken Loans Home Price Perception Index Appraisal  determined that home values in February were an average of 0.5 percent  lower than what homeowners expected. Nonetheless, home values barely  moved during the winter  months: The National Quicken Loans Home Value Index reported the  average appraisal increased by a tiny 0.05 percent from January to February. However, annual growth rose by a robust 5.47 percent…


Quicken Loans Study Shows Steadily Widening Gap Between Appraisal Values and Homeowners’ Perception

RISMedia

February marks the fourth consecutive month the gap between owner estimates and appraiser opinions of home value has widened, although the difference is still small at a national level. Appraisal values in February were an average of 0.5 percent lower  than what homeowners expected, according to the National Quicken Loans  Home Price Perception Index (HPPI)…


Week of March 5 - 11, 2019 

 

McGovern selected as first recipient of RICABOR lifetime achievement award

New England Real Estate Journal 

William McGovern [SRA] has been selected as the first recipient of the Rhode Island Commercial and Appraisal Board of Realtors (RICABOR) lifetime achievement award. The award was presented on December 19th, 2018…


Case Studies in Appraising Green Residential Buildings - by Greg Curtis

New England Real Estate Journal

On February 19th the Federal Reserve, the Federal  Deposit Insurance Corp. (FDIC) and the office of the Controller of the  Currency issued a notice to the Appraisal Institute that a request for a hearing on the proposal to raise the residential appraisal threshold from $250,000 to $400,000 was denied. The Appraisal Institute  was one of six valuation organizations, including the MBREA, that  “strongly opposed” the proposal. If the proposal is approved, nearly  three quarters of residential  real estate loans held in portfolio by depository institutions would be  exempt from appraisal requirements. A high percentage of those loans are from rural areas. The Appraisal Institute will continue to object the FDIC’s proposal…


Appraiser licensing criteria: Update of proposed changes - by Darwin Werthessen

New England Real Estate Journal 

As many real estate appraiser trainees are  aware, there are proposed changes to the state’s licensing criteria  working its way through the legislative process. This article focuses on  only those changes to the certified general appraiser criteria, which are relevant to commercial real estate appraisers. Those changes to the residential appraiser classifications (certified residential and licensed residential) are not covered here…


Appraisers, evaluations and risk in the state of Maine - by Mark Plourde

New England Real Estate Journal

Thus, it is currently not legal for a licensed or certified  appraiser in Maine to provide an “evaluation” that would not meet the minimum standards of USPAP. In other words, licensed appraisers are not allowed to provide anything less than a full USPAP compliant appraisal at this time, regardless of the federally accepted  threshold level or guidance. At this writing, there are at least ten  states that already have or are now in the process of changing their  laws and rules to allow licensed appraisers to provide “evaluation” services when and where deemed appropriate…


Meet the Real Estate Appraiser of the World’s Most Gruesome Murder Sites

Rolling Stone

“Oh, I’ll tell you a bizarre one!” Randall Bell [MAI]  says. His tone is so cheery that I half expect him to launch into a  recounting of his fondest childhood memory, or a ranking of his favorite  Ben and Jerry’s ice cream flavors.  But instead, he tells a story about a property he appraised where a family who had recently moved in discovered a bullet hole in the daughter’s closet…


New Course Focuses on Manufactured Housing Valuations

National Mortgage Professional Magazine 

Freddie Mac and the Appraisal Institute have teamed up to offer courses for real estate appraisers tasked with manufactured housing valuation assignments  for Freddie Mac’s CHOICEHome program, which offers conventional  mortgage financing for factory-built homes…


‘Down market’ in the local real estate forecast

Aspen (Colo.) Daily News 

That said, don’t expect anything as drastic as the 2009 downturn, said Randy Gold [MAI, SRA] of the Aspen Appraisal Group to over 300 people associated with the real estate industry assembled in the St. Regis ballroom…


A significantly improved appraisal process has reduced the riskiness of refinance mortgages

Urban Institute

Historically, purchase mortgages have performed  better than refinance mortgages, or “refis,” defaulting less often. But  changes made in response to widespread appraisal bias during the crisis have improved the industry’s risk assessment and management abilities overall…

Appraisal Institute and Freddie Mac to Teach Valuation of Manufactured Homes

Real Estate Rama, Public

The Appraisal Institute and Freddie Mac today announced a partnership targeted to help real estate appraisers when valuing manufactured housing, meeting an important need for homebuyers, lenders, appraisers and homebuilders…


CBRE buys Florida valuation firm

Real Estate Weekly, Financial News and Daily Record

CBRE announced the acquisition of Florida Valuation Group, a commercial real estate appraisal firm… The firm’s three principals, Nick Chop, MAI, R/W-AC; Courtland Eyrick, MAI, AI-GRS; and Justin S. Markley, MAI, CCIM, together with their team of appraisers have years of extensive commercial and litigation appraisal experience…


CBRE grows valuation business by acquiring Florida Valuation Group

HousingWire 

Florida Valuation’s three principals, Nick Chop [MAI], Courtland Eyrick [MAI, AI-GRS], and Justin Markley [MAI]  will each be joining CBRE as directors and will lead CBRE’s Right of  Way/Eminent Domain specialty practice for Florida and the Southeast  Region…


Appraisal Institute Reports $200 Bln can be saved by Greener homes and business in USA Annually

The Green Living Guy

Back in 2013 in CHICAGO, it reported that the nation’s largest professional association of real estate appraisers premiered its “Residential and Commercial Valuation of Solar” course. This course back then was the latest offering in the Appraisal Institute’s Valuation of Sustainable Buildings Professional Development Program…


‘Dark stores' tax fight heads to Capitol

Baraboo News Republic (Portage, Wis.)

But Illinois real estate appraiser Mike Marous [MAI, SRPA, SRA],  whose clients have included municipalities and retailers, said the free  market – not lawmakers or judges – should dictate how big-box stores  are assessed…


CBRE Acquires Florida Valuation

Business Wire, IT Business Net, Double T 97.3 FM (Lubbock, Texas), LeLezard.com, Digital Journal 

(This article appeared in an additional 8 outlets.)

The firm’s three principals, Nick Chop, MAI, R/W-AC;  Courtland Eyrick, MAI, AI-GRS; and Justin S. Markley, MAI, CCIM, together with their team of appraisers have years of extensive commercial and litigation appraisal  experience…


Beyerbach to lead 2019 Upstate Appraisal Institute

New York Real Estate Journal

According to the Upstate New York Chapter of the Appraisal Institute, William Beyerbach, MAI, SRA, is the 2019 president. Beyerbach is owner of Appraisal & Consulting Services. Other 2019 officers include Philip Coughlin, MAI as president elect; Stephen Ferrara, SRA as treasurer; and Shawn Riley secretary. New directors Kate Frank MAI and Denise Rhoads a vice president for Community Bank NA join the current board members which include Thomas LaBelle, MAI, Mark Grant; MAI, Jason Graves, Walter Copeland, SRA, and William Keast… 


American Society of Appraisers NorCal Chapter Hosting Upcoming 'Going Concern Valuation' Courses

PR Newswire, American Society of Appraisers

He has been appraising going concern  property types since the 1980's and has taught Going Concern Valuation  for almost 2 decades to government agencies, assessors, and appraisers, and for appraisal organizations such as ASA and the  Appraisal Institute…


FHA training sessions announced

Valuation Review

This training is targeted primarily to appraisers; however, other industry professionals, including underwriters and processors, may also benefit from attending. This appraisal training is approved for seven hours of Continuing Education Units (CEUs) for licensed appraisers in states where it is applicable, and accreditation is required…


Hotter than a Red Hot Poker

Appraisal Buzz

It is an opportunity for open and honest discussion among all types of industry professionals from appraisers and AMCs, to lenders and regulators.  It is a forum  where we may agree or disagree but in the end we’re all professionals  who respect one another.  We guarantee we walk away with a clear  understanding of the issue…







North Carolina Chapter of the Appraisal Institute (NCAI)

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