Industry News
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…
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…
Week of February 26 - March 4, 2019
Jeremy Bagott Sillicon Valley disrupts Watsonville fungi farmer
Register- Pajaronian (Watsonville, Calif.)
Jeremy Bagott [MAI] is a real estate appraiser and author of “Guaconomics: Dipping a Chip into America’s Besieged Party Bowl.” His opinions are his own and not necessarily those of the Register-Pajaronian…
Benedict J. Frederick Jr., real estate appraiser, dies at 86
The Baltimore Sun (Baltimore. M.D.)
Former real estate appraiser Benedict J. Frederick Jr. [MAI] liked to take things that weren’t working properly and put them back together until they were better than new — old television sets, an under-developed parcel along the lakefront, newspaper editorials expressing wrong-headed political views...
Hybrid valuation solution can be deployed according to a lender's risk evaluation
Housing Wire
William Fall [MAI, SRA] is responsible for the overall performance of the organization. He is a 30+ year industry veteran who leads all aspects of growing The William Fall Group and Real Estate Valuation Partners. He is General Certified appraiser in 5 States and has participated on experience review and disciplinary committees for the Appraisal Institute...
Proposed new laws could limit who you can sue and how much you can get
Miami Herald
The bills would allow insurance companies to invoke the appraisal process after a homeowner files a notice of intent to sue, potentially delaying repairs. It would also prevent the homeowner from suing the insurer for “bad faith” if the homeowner prevails during the appraisal process...
New Appraisal Institute Book Addresses Corridor Valuation
Real Estate Rama
Appraising energy and transportation corridors presents special challenges for real property valuation professionals, according to a new book published by the Appraisal Institute, the Appraisal Institute of Canada and the International Right of Way Association…
Southeastern U.S. Hotel Markets Poised for Strong 2019 - By Rodney G. Clough
Hotel News Resource, Hospitality Trends, Hotel Resource
(This article was written by Rodney G. Cough, MAI.)
I recently checked in with my five Directors that oversee our five offices in the Southeast to see how their hotel markets were holding up as we head further into 2019. Overall, the pulse of each area was positive, with some expecting some softening in occupancy this year, which mirrors our overall national sentiment…
Property taxes: 2 bills talked in Senate panel
Port Arthur News (Port Arthur, Texas)
The Senate Committee on Property Tax considered legislation Tuesday intended to give property owners a fairer process when protesting the appraised value of their homes. The panel also sought to give taxpayers more transparency when deciding whether to vote for or against local bond proposals…
Campbell County man says junkyard in neighborhood affecting property value
Wate.com
The owner of the property says the old schoolyard is used as part of his towing business and said nothing is wrong with the place. According to the Appraisal Institute, the condition of a neighbor's home or property could potentially reduce your home's value up to 10 percent…
Week of February 19-25, 2019
Appealing Your Property Taxes? An Appraiser Can Help
RISMedia
According to the Appraisal Institute, if you’re appealing your assessment, an accredited appraiser can be a helpful resource. Your appraiser can coordinate with consultants and/or lawyers who specialize in taxes, increasing your odds of success…
Bankers’ Hours column: The most misunderstood part of the mortgage lending process
Post Independent (Glenwood Springs, Colo.)
The FDIC, Office of the Comptroller of the Currency (OCC), Federal Reserve and the National Credit Union Association (NCUA) want to raise the loan threshold at which an appraisal is required, from $250,000 to $400,000. The professional association for appraisers, the Appraisal Institute, says this is irresponsible and could be a factor leading to another housing crisis. (Not to mention that the number of appraisals that lenders order might decrease, as would appraisal fees.)…
Land conservation tax incentives should inspire charitable giving, not loopholes
The Hill (Washington)
(This article was co-written by Stephen Wagner, MAI, SRA, AI-GRS.)
Our nation’s tax code encourages charitable giving. It does so reasonably and rationally by allowing taxpayers to deduct the value of what they are donating from their taxable income…
Are green features valued enough in list prices?
Florida Realtors
Sandy Adomatis [SRA], an appraiser with Adomatis Appraisal Service in Punta Gorda, Fla., says studies from across the country have shown properties with green features sell for a premium of 2 to 5 percent more than comparable properties. Homebuyers value features such as lower energy costs and improved air quality, and show a willingness to pay more for them…
Governor Polis announces boards and commissions appointments
Kiowa Country Press (Eads, Colo.)
Patrice Suzanne Campbell, SRA of Grand Junction, Colorado, to serve as a real estate appraiser with expertise in eminent domain matters, appointed; Harrietta Irene Sanders of Denver, Colorado, to serve as a member of the pubic, appointed; Joshua H. Walitt, SRA, MNAA, CDEI of Grand Junction, to serve as a representative of appraisal management companies, appointed;…
Housing: Who provides the more accurate home valuation: Zillow or Redfin?
Tucson.com (Tucson, Ariz.)
An error rate of 4 percent or less would put Zillow close to a standard that many appraisers consider passable for their own work. Ryan Lundquist, an appraiser in the Sacramento, California, area, told me that for many colleagues, a 4 percent median error rate “would be a fairly acceptable range.”…
Real Estate Professional Helps Connect Local, State, and National Industries
Lansing (Mich.) State Journal
Beth Graham [Practicing Affiliate], broker and certified residential appraiser with Beth Graham Appraisals, is one of those professionals who understands the importance of giving back, and has made community and association volunteerism a prominent part of her life and career…
Are Green Features Being Valued Enough in List Prices?
Realtor Magazine
Sandy Adomatis [SRA], an appraiser with Adomatis Appraisal Service in Punta Gorda, Fla., says studies from across the country have shown properties with green features sell for a premium of 2 to 5 percent more than comparable properties… Real estate professionals can fill out the Appraisal Institute’s Residential Green and Energy Efficient Addendum, which is a form to document the home’s high-performance and sustainability factors…
How to manage appraisal expectations on reverse mortgages
HousingWire
Any time a homebuyer seeks an appraisal as part of obtaining a mortgage, there’s a good chance expectations won’t align with the appraiser’s verdict on value…
Who provides the more accurate home valuation: Zillow or Redfin?
Chicago Tribune, Miami Herald, The Washington Post
Accuracy matters a lot in this arena because many buyers and sellers use the online estimates to price their homes or make purchase offers, literally handing sellers or buyers the estimates as part of their bargaining strategy. This is despite both companies' warnings that these are not appraisals, only algorithm-based computer estimates. They are starting points, not holy writ…
HVS Report - Convention Center Headquarters Hotel Openings – Nine Cases in Point - By Erich Baum
Hotel News Resource
Erich co-authored the 2001 edition of the Appraisal Institute’s hotel valuation textbook, has written numerous previous articles on issues related to hotel appraisal and consulting, and regularly serves as an expert witness…
West Valley leads metro area in solar home sales
West Valley View (Goodyear, Ariz.)
One example is, RESNET and Pearl will be collaborating to provide Pearl Certification to thousands of homes in the area that already have a HERS rating, ensuring that each of these homes has an Appraisal Institute Green and Energy Efficient Addendum and is marketed as high-performing at time of sale…
Algorithms and American Homeownership – Is This A Dangerous Cocktail?
Appraisal Buzz
At Valuation Expo in Chicago being held March 18-20, you will hear from this year’s Valuation Visionary award winner, Paul Chandler, MAI, Founder and CEO of Property Sciences. Mr. Chandler will discuss the application of algorithms in housing finance and will review the mathematics used in the foundation of AVMs…
Week of February 12-18, 2019
Notes on Spiral Garage Appraisal
GV Wire
Gregg Palmer [MAI] of James. G. Palmer Appraisals Inc. of Fresno performed the appraisal of the spiral garage and its adjoining commercial space, delivering the report to City Hall in February 2018. The 121-page document details the properties, Fresno’s demographics and economy, and the basis of the appraisal...
Appraisal Regulatory Modernization: Idea Whose Time Has Come
Working RE
(This article was written by Stephen S. Wagner, MAI, SRA, AI-GRS.)
Appraisals serve an important role in that purchase: they safeguard the fairness of home buying and selling. Appraisals conducted by highly trained and skilled professionals with knowledge of the local area are the very best protection for consumers and lenders. Without independent and qualified appraisers, home-secured lending poses significant risks to everyone involved in a real estate transaction…
Qualified Appraisers Key to Property Tax Appeals, Appraisal Institute Says
PR Newswire, Pittsburgh Post Gazette, Markets Insider, Investor Point, Benzinga
(This article appeared in an additional 175 outlets.)
Working with an Appraisal Institute Designated Member can benefit homeowners who choose to appeal their property tax assessments, the nation's largest professional association of real estate appraisers said today…
Chamber Holds Crumbling Concrete Forum
Hartford (Conn.) Courant
The Tolland County Chamber of Commerce held a forum on the crumbling foundation issue at Maneeley’s in South Windsor, on Feb. 12. Panelists included Sentry Real Estate’s Ben Castonguay, Attorney Brian Danforth, Attorney Darah Porris, and moderator Bob Stewart [SRA], of Stewart Appraisal…
Shorter high-speed rail dashes hopes of a real estate boom for Bakersfield
KBAK CBS-29 (Bakersfield, Calif.)
"We've lost the link. We’ve lost the link from San Francisco. We've lost the link from Los Angeles. So, realistically any, anyone that would be thinking about moving to Bakersfield because of affordability, that link is now gone," Gary Crabtree [SRA], a Bakersfield real-estate appraiser, said…
Appraisal Buzz
Over the past ten years, regulations and industry fragmentation have upended the appraisal process. The appraisal is often considered an art that demands meticulous care and patience, yet despite this, appraisers today feel increasingly pressured by lenders and AMCs to complete appraisals in shorter time frames while simultaneously maintaining a high quality of work…
Homeowner and Appraiser Gap on Valuations Widens
National Mortgage Professional Magazine
Appraisal values in January were an average of 0.47 percent lower than what homeowners estimated, according to the Quicken Loans Home Price Perception Index (HPPI).Appraisal values inched up by 0.65 percent from December to January, according to the Quicken Loans Home Value Index (HVI), while appraisal values increased 5.35 percent since January 2018…
Appeals court sides with Zillow in lawsuit over Zestimate accuracy
GreekWire
The court found that Zillow is honest about labeling Zestimate as only an estimate, not an appraisal. The process is most accurate “when errors are not biased to favor sellers or buyers,” so Zillow shouldn’t have to change Zestimate values when they come in lower than what homeowners expect, Judge Frank Easterbrook wrote in the opinion…
The Appraiser Coach, Appraisal Buzz
Freddie and Fannie do not allow appraisers to collect at the door. The borrower must pay the correspondent lender the appraisal fee, which then pays the appraiser once the entire loan process is complete (which includes a review, as may include a field review);…
Appraisal Buzz
The average American homeowner thinks their home is appreciating faster than appraisers do. Appraisal values in January were an average of 0.47 percent lower than what homeowners estimated, according the national Quicken Loans Home Price Perception Index (HPPI). January was the third consecutive month in which the gap between these data points widened from the previous month…
Heather Placer, CCIM, Appointed to the Mid-Atlantic CCIM Chapter Board as President-Elect
Publicnow
A Realtor since 2016, and an appraiser since 1998, Placer has been affiliated with Long & Foster's Village of Midlothian office since 2016. She is involved with several organizations including the Appraisal Institute where she served as the 2018 President of the Virginia Commonwealth Chapter. Placer holds the MAI and SRA appraisal designations from the Appraisal Institute…
RICS, organizations call for hearings
Valuation Review
RICS, along with several other appraisal organizations, sent a letter to the Federal Reserve, Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency requesting that the agencies hold a public meeting as part of the process to determine whether to increase the residential appraisal threshold from $250,000 to $400,000, the company announced…
Banking vs Non-Banking Loans, how are they being regulated?
Appraisal Buzz
As we continue to look into the major differences between banking and non-banking loans there are factors one most understand. The regulations, laws, guidelines, and protocols each institution holds play a significant role throughout the lending process. But what happens when a bank does not obey the laws? Does it affect appraisal independence? And does it create an uneven playing field?...
Here’s one way to tell if a tower is in trouble
The Real Deal (New York)
“For appraisers, the market valuation is about one point in time — often tied to a sales price,” Fagan said. “For ratings agencies, we’re looking for the very stressed version of what may happen in the event of default of these loans that results in a bond loss … the higher the rating, the lower our assumed stress value.”…
New Appraisal Rules for Puerto Rico Property Insurers
JD Surpa
These bills address the newly established appraisal process, expedited payment requirements and additional civil remedies against insurers. They also address requirements for insurers, surplus carriers and micro-insurance providers…
Week of December 18-26, 2018
Appraisal Buzz
Not all of us are resistant to change, however. Indeed, some appraisers see these new types of assignments as real opportunities. Those in this camp contend that an appraiser’s primary value (no pun intended) is the ability to analyze, not to inspect. For example, many appraisers believe that Automated Valuation Models (AVMs) are suspect in many cases due to shortcomings in the AVM’s ability to properly analyze the available data (while an AVM also does not “inspect” a property, the lack of an inspection is generally not the main concern)…
Three major banks suspend lending for shipyard home purchases
San Francisco Chronicle, California Construction News
“If you freeze financing on that — wow,” said Denis DeSaix [MAI, SRA], a real estate appraiser and incoming president of the Northern California chapter of the Appraisal Institute. Depending on the extent of any contamination and the difficulty of removing whatever hazards exist, “It could be a ghost town there for a while.”…
HVS Report - 2019 United States Hotel Industry Outlook - 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…
Gov. Bevin makes appointments to Kentucky boards and commissions
The Lane Report (Lexington, Ky.)
Russ Lohan [MAI], of Louisville, is a real estate appraiser. He will represent real estate appraisers and serve for a term expiring Oct. 31, 2021…
Amenities: The Next Generation (How to add considerable value to multifamily buildings)
RE Journals
Anthony Mulé is a Director of Real Estate Analysis with the Chicago office of Valbridge Property Advisors. Earlier this year he earned his MAI designation from the Appraisal Institute. He also has been recognized as a CRE Future Leader…
PR Newswire
(Geri F. Armalavage, MAI, is also mentioned in this article.)
Valbridge Property Advisors, the largest independent commercial property valuation and advisory services firm in the United States, announced today that the Miami-Ft. Lauderdale office has opened a new office in Coral Gables and is pleased to announce José R. Cestero, MAI, MBA as Senior Managing Director of the office…
Crackdown On Conservation Easement Syndications
Forbes
A complaint was filed on December 18 in the Northern District of Georgia seeking an order stopping Nancy Zak of Forever Forests LLC, appraiser Claud Clark III [Practicing Affiliate], EcoVest Capital Inc and EcoVest officers Alan Solon, Robert McCullough and Ralph R Teal Jr. from "organizing, promoting, or selling an allegedly abusive conservation easement syndication tax scheme"…
Metal Roofing: The best choice for solar panels
Clean Energy Authority
According to a study from GTM Research and the Solar Energy Industries Association, 2013's third quarter marked the largest quarter ever for solar or photovoltaic (PV) installations yet. Homeowners appreciate the fact that… According to Appraisal Journal, every $1 saved by a home's solar energy system increases the home's value by $20….
The US Real Estate Appraisal Market Business Outlook and Research Report 2017 to 2021
Daily Industry Updates
“The US Real Estate Appraisal Market” research study is segmented on the basis of applications, technology, geography and types. The report provides a detailed The US Real Estate Appraisal Industry Overview along with the analysis of industry’s gross margin, cost structure, consumption value, and sale price…
Expert: Here is the housing industry’s biggest tech need
HousingWire
Then, try pulling all the moving parts together from inspections to appraisals to mortgage stipulations all while the communication and documents funnel through different channels…
Tuan Nguyen Named Industrial Leader For CBRE Valuation & Advisory Services
Citybizlist
CBRE announced today that Tuan Nguyen, MAI, has been named leader of its industrial platform for Valuation & Advisory Services (VAS)…
IRR staff members receive key leadership appointments
Valuation Review
(This article also mentions Michelle Alexander, MAI)
Beth B. Finestone [MAI, AI-GRS], with nearly 40 years as an industry professional and the managing director of IRR-Los Angeles, has been elected as president of the Southern California Chapter of the Appraisal Institute (AI). Finestone specializes in valuation and consulting services for public agency and right-of-way clients, with a focus on eminent domain and land appraisals…
Appraisal Buzz
There may be no better time to start a career in appraisal than now. Land is a basic. Financial products backed by collateral that are packaged and sold around the world need fair and transparent valuations. The appraisal profession is needed to protect public trust. The current attack on the industry by the institutional mortgage market will eventually be unmasked and reversed…
Week of December 11-17, 2018
The Sampson Independent (Clinton, N.C.)
Rich Kirkland [MAI], appraiser with Kirkland Appraisals LLC of Raleigh, has been examining the potential effects of solar farms on property values for nearly a decade. In that time, he has evaluated more than 500 solar farms, the majority of which in North Carolina…
Behind the List with Tom Skeans of SVN Imperial Realty
Lehigh Valley Business (Bethlehem, Pa.)
Imperial Realty was founded in 1976 by Debby [Skeans, MAI, SRA] and Darbin Skeans. They specialized in residential brokerage and appraisal. In the early 1980s, they transitioned into commercial brokerage and appraisal…
The Bakersfield Californian
Affiliated Appraiser owner Gary Crabtree [SRA] noted that despite rising interest rates, local housing affordability remains stable because of lower home prices and higher family incomes…
Current Use Is Key Factor For Retail Valuation In The Age Of Amazon: The Appraisal Journal
Public Now, Real Estate Rama
Financial statements should be used when appraising retail properties to determine the 'durability of the current use' as Amazon and e-commerce threaten brick and mortar retail sales, according to a study published this week in The Appraisal Journal…
Justin Perkins Joins Metropolitan Valuation Services as Vice President
City Biz List, City Biz List New York
“Justin is a tremendous asset to the firm,” said Steven J. Schleider [MAI], co-founder and president of MVS. “With his in-depth knowledge of commercial appraisal, he will be a significant contributor to the firm’s accelerating growth.”…
Matt Browne Joins CBRE Valuation And Advisory Services As Managing Director
City Biz List, City Biz List Dallas
Matt Browne, MAI, R/W-AC, has been named Managing Director for the Right of Way practice with CBRE’s Valuation and Advisory Services (VAS). He will be based in Dallas/Fort Worth, helping to lead Right of Way services for Texas…
Dear Monty: Are real estate appraisals flawed?
The Mecklenburg (N.C.) Times
Why do appraisals use comparative analysis as a means for valuing a home? This approach is flawed as most of the time they do not take into consideration the upgrades one has made in their home, plus the layout of the yard and landscaping that enhances one’s home…
Valuation Perception Gap Widens in November
National Mortgage Professional Magazine
Appraised values were an average of 0.36 percent lower than what homeowners expected, according to Quicken Loans' National Home Price Perception Index (HPPI). Last month, the HPPI showed appraised values were an average of 0.28 percent lower than owners expected…
Homeowners and Appraisers Remain Close to Agreement in November
QuickenLoans, PR Newswire, TickerTech.com, Markets Insider, Investorpoint.com
(This article was included in an additional 14 outlets.)
This year has not produced much monthly movement in the gap between home appraisals and homeowners' expectations. In fact, the difference has remained below half a percent since March, with little month-to-month variation. At a metro level, Chicago is the only area with appraisals more than 2 percent lower than what homeowners estimated. Boston, Denver and Charlotte were on the other side of the spectrum – each with the average appraisal coming back more than 2 percent higher than expected in November…
MReport
Nearly three decades later, U.S. appraisers continue to labor under rules and regulations virtually unchanged since that long-ago era. Today appraisers are inundated with unnecessary standards and training requirements. The federal government is unnecessarily playing “big brother” over the states when state regulatory agencies could function just fine on their own with a federal backstop authority to ensure states continue to meet minimum requirements…
RealOp Investments adds Andrea White as Acquisitions Analyst
UpStateBizSC
White attended Arizona State University to achieve her bachelor’s degree before moving on to earn her master’s degree in Business Administration at California State University. In the community, White serves on the CREW Upstate Board and the South Carolina chapter of the Appraisal Institute’s Education Committee…
BBG Shows Continued Strong Growth In 2018
PR Newswire, finanzen.at, Investorpoint.com, TickerTech.com, Markets Insider
(This article was included in an additional 11 outlets.)
BBG expanded its leadership role in the industry, with the election of Senior Managing Director-Western Region Rodman Schley MRA, SRA to Vice President of The Appraisal Institute, beginning Jan. 1, 2019….
Week of November 20-26, 2018
Appraisal Buzz
It is a tale as old as time, majority of appraisers do not participate in mentoring a trainee. For some appraisers, they may not know where to enroll in a mentoring program and for others, their assignments cannot be accepted by a lender if a trainee conducts it. Although the industry guidelines have changed over time for trainees, mentoring has many more pros than cons…
FDIC issues proposed real estate purchase guidelines
Financial regulation News
The proposal would require residential real estate transactions exempted by the threshold to obtain an evaluation consistent with safe and sound banking practices. Assessments provide an estimate of the market value of real estate but could be less burdensome than appraisals because the FDIC’s appraisal regulations do not require evaluations to be prepared by state licensed or certified appraisers…
Agencies propose to increase of real estate appraisal threshold
Mortgage Professional America
A group of regulatory agencies has issued a notice of proposed rulemaking to raise the threshold for residential real estate transactions requiring an appraisal in response to concerns about the time and cost associated with completing transactions…
Are You Prepared for the Inevitable – Part I
The Appraiser Coach, Appraisal Buzz
According to some studies, the average age of a real estate appraiser in the United States is currently approximately 60-years old. While that is not old from a purely chronological standpoint, it is old from a professional standpoint, since that means there are many appraisers out there who have been in the appraisal saddle for 30- to 40-years…
Fewer Homes May Require Human Appraisals, but That May Not Be a Good Thing
Realtor.com
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…
Agencies Propose Raising Residential Real Estate Appraisal Threshold to $400K
ABA Banking Journal, National Mortgage Professional Magazine
The financial regulatory agencies today issued a proposal that would raise the appraisal threshold for residential real estate transactions from $250,000 to $400,000. The proposal followed numerous concerns raised by ABA and other industry stakeholders over the time and cost of appraisals…
Regulators propose ending appraisal requirement on some home sales of $400,000 and below
HousingWire, Appraisal Buzz
Federal regulators are proposing to increase the threshold at which residential home sales require an appraisal for the first time since 1994. On Tuesday, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency…
Company news: Susan Baldwin has been awarded with the AI-GRS membership designation
Syracuse.com (Syracuse, N.Y.)
Susan D. Baldwin, MAI, has been awarded with the AI-GRS membership designation. Baldwin is president of CNY Pomeroy Appraisers, Inc. She has been a commercial real estate appraiser for over thirty-two years…
How to Avoid Low Values on VA Appraisals
Active Rain
Way back in 2003, the Veterans Adminstration launched the "Tidewater Appraisal Process", allowing appraisers to request additional sales information prior to the completion of the appraisal…
24-7 Press Release
Renowned in his field for his wealth of knowledge and expertise, Mr. Ferstl [MAI] also holds a Master of Business Administration from Northwestern University and a Doctor of Jurisprudence from the University of Arkansas. In order to remain alert to changes in the field, he has maintained affiliation with the Arkansas Appraisal Foundation, where he has served as executive secretary since 1989, as well as the Appraisal Institute, where he was chapter president for three years. Utilizing his plethora of industry knowledge, he contributed two books, the first titled "Residential Appraisal Workbook" and the second titled "How to Testify in Court," published in 1977 and 2004, respectively…
The Wenatchee World (Wenatchee, Wash.)
Pacific Appraisal Associates is pleased to announce that Brian Vincent, MAI, has been awarded the AI-GRS designation from the Appraisal Institute. The designation is held by professionals who provide reviews of appraisals of a wide range of property types, including commercial, industrial, agricultural, residential and vacant land…
Freddie Mac to allow some borrowers to use “sweat equity” to cover entire down payment
HousingWire
“Borrowers can use sweat equity with no limits on the amount that can be applied to the down payment, provided the labor performed is completed in a skillful manner to support the appraised value—and is certified by an appraiser.”…
Alaska Real Estate Appraisers Required to Be Bonded as of 2019
National Mortgage Professional Magazine
Real estate appraisers in Alaska will have to meet new requirements as of 2019. With Senate Bill 155, state legislators introduce a registration process for appraisal management businesses. As part of the procedure, applicants will have to provide an appraisal management company surety bond. Its purpose is to guarantee the strict following of applicable state laws…
The Good, The Bad, and The Complex
Appraisal Buzz
Complex properties are, well, complex. They are not just complex to appraise, they are also complexities in understanding them from the reader’s perspective. Every appraisal needs to have a fair amount of explanation. Complex properties need even more…
RESNET Program Director Sets His Sights on Efficiency
Builders
He believes this can be accomplished when more builders and real estate professionals see the benefit of using HERS ratings. Meres is trying to get HERS index scores into real estate listings by educating appraisers to recognize the value of HERS-rated homes. In a new partnership with the Chicago-based Appraisal Institute, residential appraisers now have access to HERS data for their area…
North Carolina Chapter of the Appraisal Institute (NCAI)
To learn more click the link below.
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