Appraisal Institute Government Relations - COVID-19 Update
Industry Resources - Covid-19
North Carolina Appraisal Board Updates
Limiting Liability Suggested Language for COVID-19
From Claudia Gaglione, National Claims Counsel.
BULLETIN to Freddie Mac Sellers / Selling Guidance Related to COVID-19
This bulletin includes temporary guidance related to property valuation requirements and more.
Fannie Mae Modified Instructions for Scope of Work, Statement of Assumptions and Limiting Conditions, and Certification for Desktop Appraisals
Released March 23, 2020. For Desktop Appraisals using COVID-19 temporary flexibilities and reported on Fannie Mae form 1004, 1073, 1025, 1004C, or 2090.
Fannie Mae Modified Instructions for Scope of Work, Statement of Assumptions and Limiting Conditions, and Certification for Appraisers with Exterior-Only Inspection
Released March 23, 2020. For Exterior-Only Appraisals using COVID-19 temporary flexibilities and reported on Fannie Mae form 2055, 1075, 2095, 1004C, or 1025.
The Appraisal Foundation - Coronavirus & Appraisers Q&A
Answers to questions regarding Coronavirus and Appraisers.
The Appraisal Foundation - USPAP 2020-21 Q&A
Issued March 17, 2020. Form of guidance issued by the Appraisal Standards Board in regards to USPAP standards.
The Appraisal Institute Professional Practice Coronavirus Update
Guidance from the Appraisal Institute.
Valuation Legal - Free Webinar (Slides Only)
Legal and Risk Issues for Appraisers Stemming from the COVID-19 Crisis
Valuation Legal Webinar: “Legal and Risk Issues for Appraisers Stemming from the COVID-19 Crisis”
AI Answers: The post-pandemic office building of the future
Industry News
Week of October 13 - 19, 2020
Appraisal coalition pledges to combat bias and discrimination
HousingWire
The Appraisal Institute, American Society of Appraisers, American Society of Farm Managers and Rural Appraisers, and the Massachusetts Board of Real Estate Appraisers announced a concerted effort to combat unconscious bias and discrimination in a release on Friday…
Appraisal Organizations Join Forces to Support Training, Ethics to Combat Bias
RealEstateRama, PressReleasePoint
“During this important time in our nation’s history, our organizations stand together to enhance existing training and ethics initiatives and work even harder to ensure that the appraisal process is free of bias or discrimination of any kind,” said Appraisal Institute President Jefferson L. Sherman, MAI, AI-GRS…
New arrivals find housing bargains, kind neighbors in Bakersfield
Bakersfield.com (Bakersfield, Calif.)
Bakersfield appraiser Gary Crabtree [SRA] said he talked with a couple who recently sold their small, 40-year-old house in Pasadena for $800,000 and then bought a 2,400-square-foot, three-bedroom house in northeast Bakersfield's Solera neighborhood for $315,000…
StreetEasy launches New York City home valuation tool
HousingWire
It was noted that this valuation tool is not an appraisal, but could be used as a starting point and should be supplemented with other resources including a professional appraisal of a home…
Chicago Sun-Times
Donna Clarke, the interim president of Neighborhood Housing Services of Chicago, suggested training more residents in communities of color on how to appraise properties. A shortage in appraisers could be a reason why evaluations are done without the person having first-hand knowledge about a specific neighborhood…
Couple says they faced discrimination in home appraisal because of wife's race
ABC News, ABC Nightline
Abena Horton and her husband, Alex Horton, recently did what many homeowners do every day: They requested an appraisal to refinance their Jacksonville, Florida, home. On the day of the appointment, Abena Horton was there to greet the appraiser who would go over their family’s four-bedroom, four-bathroom ranch style home…
Fannie Mae addresses appraisal form use
Valuation Review
Since announcing two new appraisal forms in July, Fannie Mae has received questions pertaining to whether Form 1004 Desktop should be used when completing an appraisal with COVID-19 appraisal flexibilities. The answer is no, as outlined in the recent Fannie Mae Appraiser Update…
Robert Tripodi Joins Integra Realty as Associate Director
Boston Real Estate Times
He holds a Certified General Appraiser license, along with a Real Estate Broker license in the Commonwealth of Massachusetts. He is also a candidate for designation with the Appraisal Institute…
Couple says they faced discrimination in home appraisal because of wife's race
Good Morning America, Yahoo! Voices
Abena Horton decided to conduct her own experiment. She requested a second appraisal, but this time she had her husband greet the appraiser alone, while she and their young son were out of the house. Prior to the appointment, she removed all photos and books showing he had a Black family…
California Wildfires, Housing Inventory, and Home Prices
MReport
In the aftermath of a large-scale disaster, widespread price gouging in surrounding communities that were spared is common, says appraiser Randall Bell [MAI], CEO of Landmark Research Group, which analyzes real estate after cataclysmic events…
FHFA adjusts deadline for purchase of qualified loans
Valuation Review
The full explanation of this provision was updated at the end of August. The FHFA on March 23 instructed the GSEs to ease standards for property appraisals. Changes included more-flexible underwriting guidelines, which allow exterior-only inspection appraisals or desktop appraisals…
Growing demand for industrial real estate
Florida Trend (St Petersburg, Fla.)
Don’t be surprised if you start noticing for sale signs popping up at warehouses all over Southwest Florida. Realtors say it’s to meet the growing demand for online sales. Real estate appraiser Gerald Hendry [MAI] says more stores closing during the pandemic means more online shopping…
Week of October 6 - 12, 2020
CALV Elects 2021 Board, Led by Incoming President Petra Latch
Nevada Business, Newsbreak.com
The Commercial Alliance Las Vegas (CALV) announced its newly elected officers and directors for 2021, with industry leader Petra Latch becoming president of the commercial real estate organization starting Jan. 1. Latch, a Member of the Appraisal Institute (MAI), is the executive director of valuation and advisory…
Mike Twitty [MAI], Pinellas County Property Appraiser
WFTS (Tampa Bay, Fla.)
Elected Property Appraiser in 2016, 30 years of experience in the valuation of a wide variety of property types within Pinellas County, business owner and operator for 25 years, former Director of the Gulf Coast Chapter of the Appraisal Institute, Qualified as an expert witness in five area counties relating to real estate valuation matters, Served as a key member of a national technology taskforce in the valuation sector, Vice chair of Pinellas County Human Rights Board and Business Technology Services Board…
Update: COVID-19’s Effect on the Income Approach
Industry Today
(This article was written by Kent A. Hileman, MAI.)
Six months ago, I wrote an article on the effects COVID-19 would have on commercial real estate values, notably as shown through the income approach. In that article, I specifically referenced my opinion that it would have an adverse effect on certain industries within commercial real estate, such as hotels, health care, retail and office. Below is a quote from that article…
Chris Watts' Home Where He Murdered Wife Shanann and Two Daughters Still for Sale
Parade Media (Nashville, Tenn.)
The lack of interest will, in turn, force prices to go even lower, real estate appraiser Orell Anderson [MAI] said. “The longer the house sits vacant, the bigger the discounts…
Lawsuits against Cushman & Wakefield target appraisers’ pay
The Real Deal
The appraisers in the D.C. case do not work under the same recoverable draw structure that Dixon did. Their lawsuit alleges appraisers, because of how they were classified by Cushman & Wakefield, did not receive overtime pay despite working more than 40 hours a week and sometimes more than 60…
The Washington Post
“The theme throughout this appraisal is: There is very little actual work done to collect data and analyze specific data,” he said. “It’s a lot of arm-waving and reference to national surveys.”…
A little more than six months into… the new normal. So far, so good. - by Bill Pastuszek
New England Real Estate Journal
(This article was written by Bill Pastuszek, MAI.)
A little more than six months into…the new normal. So far, so good. A lot of counterintuitive results to be considered… The economy is looking pretty tattered with but sentiment is surprisingly positive, depending of course on where you want to look and what you want to rely upon…
Continuing education for NH/VT AI goes Zoom-Zoom - by Brian White
New England Real Estate Journal
(This article was written by Brian White, MAI, SRA.)
Prior to March of 2020 and the COVID-19 pandemic, the only time you heard Zoom-Zoom was at the end of a Mazda commercial. Since that time period, business meetings, social events, television shows and all types of educational institutions have been utilizing video conferencing websites such as Zoom, Go ToMeeting, and Microsoft Teams to replace in-person meetings…
Home improvements in the time of Coronavirus - by Laurie Nichols
New England Real Estate Journal
(This article was written by Laurie Nichols, SRA, AI-RRS.)
The shift to remote work during the coronavirus pandemic has had an effect on the home renovation market. Spending more time in the home has spurred a do-it-yourself (DIY) renovation renaissance and home improvement projects have become popular with the advent of social media platforms such as Pinterest, Instagram, and YouTube which offer ideas and inspiration…
President’s message: Combat alleged bias in valuation - by George Demopulos
New England Real Estate Journal
(This article was written by George Demopulos, SRA, AI-RRS.)
The Massachusetts and Rhode Island Chapter of the Appraisal Institute is hoping all of our friends and clients are continuing to stay safe during the COVID-19 pandemic. We are hoping everyone will continue to stay well as restrictions ease and we can go out and enjoy the upcoming fall weather!...
The hybrid appraisal, also called a bifurcated appraisal - by Steven Spangle
New England Real Estate Journal
(This article was written by Steven Spangle, SRA.)
The hybrid appraisal, also called a bifurcated appraisal, is a product that has grown in popularity in the past few years. In this type of report someone other than the appraiser, supposedly another appraiser or a real estate agent, inspects the exterior and or the interior of a property…
AI honors annual award winners
Valuation Review
The Appraisal Institute (AI) recently recognized its national award winners at a ceremony, which took place virtually, according to an AI press release. Traditionally, the AI winners are publicly recognized at the AI annual appraisers conference. This year’s event, originally scheduled for Orlando, Fla. was cancelled because of concerns surrounding the COVID-19 coronavirus…
Growing demand for industrial real estate
WFTX FOX 4 (Naples, Fla.)
Real estate appraiser Gerald Hendry [MAI] says more stores closing during the pandemic means more online shopping. “We were already going to more activity in the grocery/delivery type business - that was already happening, but it really took off. It really accelerated through this COVID period,” he said…
BBG Introduces MHC and RV Valuation Service, Appoints Leader
Commercial Property Executive
BBG, a Dallas-based commercial real estate firm, has begun offering valuation and assessment services for manufactured housing communities, as well as recreational vehicle parks and campgrounds. The company selected Erik Hanson [MAI] as managing director & national practice leader to establish and grow the newly formed manufactured housing group…
Andersen Welcomes Managing Director Daniel Provencio to the Valuation Practice
The Daily News (Galveston, TX)
Andersen welcomes Managing Director Daniel Provencio [MAI, AI-GRS] to the Valuation practice in Los Angeles. Daniel has over 34 years of experience of valuation consulting in the real estate industry including income tax planning and compliance, litigation support, development consulting, investment analysis and due diligence…
Black homeowner, 2 appraisals, $62,000 difference
Chicago Sun-Times
Among the study’s findings: from 1980 to 2015, homeowners in white neighborhoods have gained wealth at twice the rate of homeowners in Black and Latino communities. The study also found the racial makeup of a neighborhood plays more of a role in home appraisals now than it did in 1980…
Why California's Devastating Wildfires Will Push Home Prices Even Higher
Realtor.com
After a large-scale disaster, it's typical to see widespread price gouging in surrounding communities that were spared, says appraiser Randall Bell [MAI], CEO of Landmark Research Group, which analyzes real estate after cataclysmic events. Home prices can rise anywhere from 20% to 30%, although there are no exact perimeters…
The Evaluator: 2020 Valuation Analyses
Lexology
The MTT also determined that the Appraisal Institute’s definition of fee simple in The Appraisal of Real Estate was the proper definition of fee simple as opposed to the definitions of fee simple contained in a recent IAAO white paper and Black’s Law Dictionary…
BBG Introduces Manufactured Housing Parks, RV Campground Service
PR Newswire, The Morning Telegraph (Tyler, Texas), Morningstar, TickerTech.com, Pittsburgh Post-Gazette
(This article was included in an additional 56 outlets.)
BBG's newest service will be led by Erik J. Hanson, MAI, who has extensive experience and knowledge in appraising these property types and other commercial properties. As Managing Director and National Practice Leader-MHC, Mr. Hanson's new role will be to establish and grow this practice group…
LRES Hires National Director Of Valuation Strategy
National Mortgage Professional Magazine
LRES Corporation, a real estate appraisal, valuations, HOA, commercial trustee services and asset management company, hire Molly Skipper [MAI] as the national director of commercial valuation strategy…
Apprise Continues Expansion, Launching Dedicated Financial Reporting Valuation Group
PR Newswire, Manhattan Week, Business Class News, The Oklahoman (Oklahoma City), TickerTech.com
(This article was included in an additional 61 outlets.)
(This article also mentions Meghan Czechowski, MAI.)
Walker & Dunlop, Inc. and GeoPhy announced today that their appraisal business, Apprise, has expanded into the Valuation for Financial Reporting space with the addition of Adriane Bookwalter [Practicing Affiliate], CPA as Managing Director and Financial Reporting Practice Lead…
Andersen Welcomes Managing Director Daniel Provencio to the Valuation Practice
Valdosta (Ga.) Daily Times, Yahoo! Finance, Benzinga, Pittsburgh Post-Gazette, DMN Newswire
(This article was included in an additional 16 outlets.)
Andersen welcomes Managing Director Daniel Provencio [MAI, AI-GRS] to the Valuation practice in Los Angeles. Daniel has over 34 years of experience of valuation consulting in the real estate industry including income tax planning and compliance, litigation support, development consulting, investment analysis and due diligence…
In the Know: 40-room rehab hospital to be built off Pine Island Road in Cape Coral
News-Press (Fort Myers, Fla.)
Matt Simmons [Candidate for Designation], a property appraiser for Maxwell, Hendry & Simmons, LLC, has done needs and economic impact studies for the downtown area. He said the Hampton Inn being not far from the recently-completed Luminary made less sense now because of COVID-19. But when the coast clears from the coronavirus, both would be needed…
Appraisal Buzz
Appraisers were able to receive the CE credits online. Continuing Education Courses were offered on Saturday, October 3rd. You could choose one of two courses: The first was “National 7 Hour USPAP Update (2020-2021)” by McKissock hosted by Josh Walitt [SRA, AI-RRS] and the other was “Rapid Response: Market Analysis in Volatile Markets” by Appraisal Institute hosted by Mark Ratterman [MAI, SRA]…
Week of September 29 - October 5, 2020
FTI Consulting Professionals Named to Crain’s Notable Women in Accounting and Consulting List
Pittsburgh Post-Gazette, MorningStar, Markets Insider, TickerTech.com, Benzinga
(This article was included in an additional 15 outlets.)
Senior Managing Director Naidira Alemova and Managing Directors Sheba Bellazain-Harris, Roxana Fariborz and Yunsoo Kim [MAI] were included in the list of 86 women from across the New York City area. The award recognizes women professionals for their career achievements in accounting and consulting…
Pinellas Property Appraiser: The Times Editorial Board recommends
Tampa Bay Times
Incumbent Mike Twitty [MAI] is the clear choice to lead the Pinellas County Property Appraisers Office. He has done a good job over his first four years, and we see no reason not to recommend him to serve another term…
Next Mortgage News
Commercial real estate (CRE) industry expert, Molly Skipper [Practicing Affiliate] has joined LRES Corporation – a provider of real estate appraisal, valuations, CRE trustee services and asset management for lenders and real estate investors – as national director of commercial valuation strategy…
Expert Insights: Paul Marko Discusses State of South Florida CRE
Commercial Cafe
I started my commercial real estate career as an appraiser in the late 1980s. I was a MAI candidate and Florida State Certified General Licensed Appraiser. I loved interpreting the data and formulating an opinion of market value. It was advisory and consultative, which fits my personality well…
LRES Hires Molly Skipper as National Director of Commercial Valuation Strategy
PR Newswire, Benzinga, Markets Insider, El Popular, Pittsburgh Post-Gazette
(This article was included in an additional 50 outlets.)
LRES Corporation, a real estate appraisal, valuations, HOA, commercial trustee services and asset management company, recently welcomed Molly Skipper [MAI] as National Director of Commercial Valuation Strategy…
Determining Value During COVID?
Commercial Real Estate Show
A look behind the curtain at valuations and appraisals during a worldwide pandemic. Show host and broker Michael Bull CCIM, interviews Jeff Sherman MAI, AI-GRS an appraisal instructor and the 2020 president of the Appraisal Institute. For nearly 90 years, the Appraisal Institute has been the world’s leading organization of professional real estate appraisers…
Seniors housing pricing takes a hit amid pandemic.
Seniors Hosing Business
(This article was written by James Tellatin, MAI.)
The COVID-19 pandemic has clearly impacted seniors housing valuations. The market for seniors housing assets is only beginning to thaw from the pandemic’s spring and summer freeze…
Solar farm may soon come to Archer
The Independent Florida Alligator
However, Rich Kirkland [MAI], the project’s general appraiser, said the solar panels will not impact home values. Residents were unable to speak at the meeting to express specific concerns with the project…
Texas Governor Abbott Appoints Castro To Texas Appraiser Licensing & Certification Board
States Top Leading News
Governor Greg Abbott has appointed Rolando Castro [MAI] to the Texas Appraiser Licensing and Certification Board for a term set to expire on January 31, 2023. The board performs duties relating to the education, ethics, and certification or licensing of real estate appraisers or appraiser trainees…
FHA Appraisal Requirements, and What They Mean for Investors
Million Acres
Cash buyers often don't get the property appraised at all; they typically have a good idea of the investment's worth. But mortgage lenders require appraisals. The Department of Housing and Urban Development (HUD), which sets standards for FHA loans, also requires appraisals, which are more rigorous than what a conventional mortgage lender requires…
'Nobody Wants It': Colorado Home at the Center of Netflix Murder Documentary Hangs in Limbo
CT Post (Conn.)
"The longer the house sits vacant, the bigger the discounts. [And] it's been vacant over two years," says real estate appraiser Orell Anderson [MAI], of Strategic Property Analytics…
Federal Regulators Finalize Appraisal and Capital Liquidity Rules
HousingWire
These include one that temporarily defers appraisal and evaluation requirements for up to 120 days after the closing of certain residential and commercial real estate transactions, the release said. This rule will expire on Dec. 31 this year…
The Conversation
Our new research on home appraisals shows neighborhood racial composition still drives unequal home values, despite laws that forbid real estate professionals from explicitly using race when evaluating a property’s worth…
Housing in Brief: Home Sales Are Booming
Next City
The passage of laws like the Fair Housing Act and the Community Reinvestment Act outlawed explicitly racist housing policies, but “did nothing to readjust housing prices in segregated neighborhoods after they were passed,” the report says. Meanwhile, according to CityLab, the Appraisal Institute, a real estate appraisers’ institution, has not published material or studied racial disparities in property appraisals…
Week of September 22 - 28, 2020
Fauquier Now (Warrenton, Va.)
Ken [Peltzer] later changed careers and earned his MAI from the Appraisal Institute in 1982 and started his own successful commercial real estate counseling and appraisal firm where he practiced for over two decades…
How Much Does A Home Appraisal Cost?
Upgraded Homes
Member Appraisal Institute, or MAI appraisals, tend to be carried out on commercial properties. Costs can range from $2,000 to $10,000. If the appraiser has a MAI designation, this is considered the equivalent of a doctorate. Therefore, they are an expert and will charge accordingly…
Mother-in-Law Suites on the Rise: How Much Value Do They Add?
Homelight.com
How much value an ADU adds to a house has historically confounded real estate experts and proven to be a source of confusion. As written in a study from The Appraisal Journal conducted by a certified appraiser and statistical analyst: “There frequently are misunderstandings among appraisers, owners, brokers, and lending agents of this type of microdevelopment — as well as some spectacular variations in appraised values on the same property.”…
Appraisal Institute Honors 17 National Award Winners
PressReleasePoint, RealEstateRama
Sandra K. Adomatis, SRA, of Punta Gorda, Florida, was honored Monday with the Appraisal Institute’s Lifetime Achievement Award, and James L. Henderson, SRA, of Lakeland, Florida; Charles R. Mills, MAI, SRA, AI-GRS, of Jeffersonville, Indiana; and César Servando Cantú Martínez, MAI, SRA, AI-GRS, of Monterrey, Mexico, were recognized with the Outstanding Service Award during the Appraisal Institute Awards Ceremony, which took place virtually…
A Neighborhood’s Race Affects Home Values More Now Than in 1980
Bloomberg
“When we look at neighborhoods, we look really at the market conditions in the neighborhood, and by that I mean supply and demand characteristics and price levels. We don't look at race composition,” [Jeff] Sherman [MAI, AI-GRS] said…
STL News (Wildwood, Mo.)
David J. Mentesana of Dallas is Managing Director at MyAMC, LLC. He is a certified general real estate appraiser and a licensed real estate broker. He holds a MAI designation from the Appraisal Institute and was previously a member of the Industry Advisory Council of the Appraisal Foundation, and the North Texas Board of the Appraisal Institute. Mentesana received a Bachelor of Business Administration in Finance from Southern Methodist University in Dallas…
Week of September 15-21, 2020
Business Insider
John Kilpatrick [MAI], author of "Real Estate Valuation and Strategy," offers an example of how devaluation can impact a household…
Fact Witness vs. Expert Witness: What’s the Difference?
Appraisal Buzz
When a real estate appraiser is called to testify in a court, it could be as one of two types of witnesses. If you are called to testify as an appraiser, it’s important to determine at the time of the request which of the two types you will be: fact witness or expert witness. One has lower liability and responsibility, and the other has greater financial reward…
PR Newswire, Markets Insider, Pittsburgh Post-Gazette, MorningStar, Benzinga
(This article was included in an additional 30 outlets.)
The Appraisal Foundation President Dave Bunton this week announced new initiatives to increase diversity and combat bias in the appraisal profession…
Today: NCUA Board to finalize rule on real estate appraisals, BSA exemption
National Association of Federally-Insured Credit Unions
The NCUA Board today is expected to issue a final rule related to real estate appraisals and consider an exemption under the Bank Secrecy Act's (BSA) customer identification program (CIP). The board, during its first meeting since July, is also set to receive an update on the National Credit Union Share Insurance Fund (NCUSIF) and the Modern Examination and Risk Identification Tool (MERIT)…
8 Common Violations Made by Appraisers
Appraisal Buzz
(This article was written by Daniel Bradley, SRA.)
When it comes to appraisal violations, certain minor violations are very common. In this article, I outline several examples of less serious breaches of development STANDARD 1 and reporting STANDARD 2—and a few other types of violations, too. I have compiled these based on many years of personal experience in appraisal regulation, as well as feedback I have received from other states’ enforcement agencies…
PR Newswire, CityBizList, Tickertech.com, Benzinga, Pittsburgh Post-Gazette
(This article was included in an additional 62 outlets.)
Walker & Dunlop, Inc. and GeoPhy announced today that their multifamily appraisal business, Apprise, has hired Senior Director Donald Lee to lead its New York City team. Mr. Lee is joined by Roman Rubinchik, MAI as Director and Nora Derian as Associate. Based in New York, New York, the group joins Apprise's Northeast team, led by Managing Director Corey Gustafson, and will be responsible for overseeing multifamily appraisals throughout the greater New York region…
Transwestern appoints Doug Prickett head of investment analytics and research
RE Journals
Transwestern announced that Doug Prickett [MAI], CRE, has been named senior managing director of investments and analytics. Based in Dallas, Prickett brings more than three decades of industry experience to the company…
Walker & Dunlop business adds new members
Valuation Review
“We are thrilled to welcome John to our Midwest team and Anthony to our Florida team,” Apprise Valuation Lead and Managing Director Meghan Czechowski [MAI] said in the release. “Our hiring momentum continues to build, supporting our continued growth across the United States, as well as the expansion of our service offerings.”…
Appraisers Need New Technology
Appraisal Buzz
Many appraisers are still using the same technology as they were when they began as trainees – it’s time for the upgrade that you deserve. Appraisers deserve the best technology available to ease their everyday workload…
Doug Prickett Appointed Head of Investment Analytics And Research at Transwestern
CityBizList
Transwestern announces Doug Prickett [MAI], CRE, has been named Senior Managing Director of Investments & Analytics. In this role, he will lead research efforts for the Transwestern organization, developing advanced analytics and using cutting-edge technologies to guide and support real estate investment strategy, market and asset selection, underwriting, portfolio management, and workplace solutions for Transwestern and its clients…
Week of September 8 - 14, 2020
Real estate appraisals, BSA exemption among items on NCUA agenda
National Association of Federally-Insured Credit Unions
The NCUA Board next week is set to issue a final rule related to real estate appraisals and an exemption under the Bank Secrecy Act's (BSA) customer identification program (CIP). The board will also receive a briefing on the National Credit Union Share Insurance Fund's (NCUSIF) quarterly report and an update on the Modern Examination and Risk Identification Tool (MERIT)…
Appraisal Institute Seeks to Expand Diversity, Combat Alleged Bias in Valuation
PR Newswire, Real Estate Rama, The Oklahoman (Oklahoma City), Ticker Tech, Benzinga
(This article appeared in 52 additional outlets.)
As our nation continues reflecting on important matters of racial justice, the nation's largest professional association of real estate appraisers today reiterated its efforts to expand opportunities for aspiring appraisers and help combat alleged bias in valuation…
Historic property in Reading may become a seminary
WFMZ-TV 69 UHF (Allentown, Penn.)
Douglas Haring [MAI, SRA, AI-GRS], a real estate appraiser, testified that the property requires a lot of maintenance and that very few individuals or organizations could afford to occupy and maintain the building…
COVID-19 impact on US waterparks and waterpark resorts
Hotel News Now
Nuresh Maredia is Director of Appraisal & Consulting Services for Hotel & Leisure Advisors and heads up the San Antonio office. Nuresh had consulted on some of the largest indoor waterpark properties in the United States. He has been a hospitality consultant since 2006, is a Certified General Real Estate Appraiser in Texas, and is a practicing affiliate with the Appraisal Institute…
Three tips to prepare for selling your home this winter
Hometown Focus (Virginia, Minn.)
Just like buyers are impressed by curb appeal, they are turned off by clutter. The Appraisal Institute suggests homeowners clear clutter out of their homes before appraisers visit, and the same approach can be applied to open houses…
Compression: Late summer musings - by Bill Pastuszek, MAI
New England Real Estate Journal
Working remotely, trying to understand the current state of the country, world, real estate, and appraisal. The pandemic’s short-term effects have been dramatic, but not entirely what was expected.
Walker & Dunlop expands appraisal business with Gustafson as Northeast managing director
New England Real Estate Journal
Walker & Dunlop, Inc. has expanded its multifamily appraisal business, Apprise, with the addition of managing director, Corey Gustafson, MAI. Gustafson will lead the Northeast region, including the Boston, New York, Philadelphia, Baltimore and Washington, D.C. markets…
Free Energy Conference Brings Business Innovation & Sustainability
Cascade Business News
Builders also will learn from other trailblazing builders how to capture all the new incentives to build a net zero energy home. They, and new home buyers will learn how to do this affordably. Also, a nationally known Green Appraiser, Sandra Adomatis [SRA] and Dennis Smith will present on valuing and financing these homes…
Barkett Realty Founder Shares Expertise on Award-Winning Podcast
Tampa Bay Newswire
John Barkett [MAI], owner and head broker of Barkett Realty, recently appeared on The Real Estate Sessions podcast, hosted by Bill Risser. The interview discussed his background in real estate, his expertise in brokerage and appraisal, and his unique perspective on the current market…
HVS Report - Economy Extended-Stay Hotels Hold Up Best During Q2 2020
Hotel Resource, Hotel Resource News, Hospitality Trends
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…
The Most Challenging Part of the Appraisal Process
Appraisal Buzz
Previously, we asked our real estate appraisal community, “What’s your favorite part of the appraisal process?” The top three answers we received were “Data collection and property description,” “Data analysis,” and “Application of the approaches to value.”…
Week of September 1 - 8, 2020
PR Newswire, TickerTech.com, MorningStar, Markets Insider, Benzinga
(This article was also included in an additional 54 outlets.)
(This article also mentions Meghan Czechowsk, MAI.)
Walker & Dunlop, Inc. and GeoPhy announced today that their multifamily appraisal business, Apprise, has hired Josh Ward, MAI as Senior Director. Based in Charlotte, North Carolina, Mr. Ward brings over 20 years of commercial real estate valuation experience and is focused on multifamily assets of all types throughout the high-growth North and South Carolina markets…
Here Are Today's Best Mortgage & Refinance Rates for September 2, 2020
Money
If a property was marketed for $400,000, but there were 10 buyers competing for the property, and somebody’s paying $420,000, what’s market value?” asks Jefferson L. Sherman, [MAI, AI-GRS] president of the Appraisal Institute. “That’s the tough question that appraisers have. Does that represent market value? Well, it may or may not.”…
New Appraisal Institute Textbook Addresses Time-tested Valuation Principles for Today’s World
Real Estate Rama
In the midst of a global pandemic and social justice concerns, the Appraisal Institute today published “The Appraisal of Real Estate,” 15th edition. The textbook long has been recognized as the valuation profession’s most comprehensive source of information for appraisers and other real estate professionals…
Bend nonprofit hosting Go Clean Energy Conference, free and online
KTVZ 21 (Bend, Ore.)
Builders also will learn from other trailblazing builders how to capture all the new incentives to build a net zero energy home. They, and new home buyers will learn how to do this affordably. Also, a nationally known Green Appraiser, Sandra Adomatis [SRA] and Dennis Smith [SRA] will present on valuing and financing these homes…
The Free Library
Sandra K. Adomatis, SRA, is the winner of the 2019 Swango Award for her article, "Residential Government Agency Requirements and Case Studies on Measuring Market Reaction to Energy-Efficient Features," published in the Winter 2019 issue of The Appraisal Journal…
Bend nonprofit hosting Go Clean Energy Conference, free and online
KTVZ 21 (Bend, Ore.)
Builders also will learn from other trailblazing builders how to capture all the new incentives to build a net zero energy home. They, and new home buyers will learn how to do this affordably. Also, a nationally known Green Appraiser, Sandra Adomatis [SRA] and Dennis Smith [SRA] will present on valuing and financing these homes…
The Free Library
Sandra K. Adomatis, SRA, is the winner of the 2019 Swango Award for her article, "Residential Government Agency Requirements and Case Studies on Measuring Market Reaction to Energy-Efficient Features," published in the Winter 2019 issue of The Appraisal Journal…
Week of August 25 - 31, 2020
Information and Guidance: Bringing New Entrants to Appraisal Careers
Appraisal Buzz
The knowledge that there are fewer active real estate appraisers in the United States isn’t new. Per the Appraisal Institute’s U.S. Valuation Profession Fact Sheet from Q1 2019, the number of appraisers dropped from 87,130 in 2014 to 78,015 in 2018. That is a drop of over 4,000 appraisers between 2017 and 2018 alone. This same report also clearly shows that the appraiser profession overwhelmingly lacks diversity in age, gender, and ethnicity. This report, along with others, spurred Fannie Mae to work with the National Urban League, and later, the Appraisal Institute, to create the Appraiser Diversity Pipeline Initiative (ADPI)…
Valley View Mobilehome Park gets a rent increase
News Mirror (Yucaipa, Calif.)
Yucaipa City Attorney Don Lincoln said, “Stated by staff appraiser James Brabant [MAI] this is an average quality park in average condition. The park purchased was financed with a bond of about $1.6 million covering 100% of the purchase price. In addition the Redevelopment Agency gave a $50,000 grant toward the purchase.”…
Catastrophic Combo: Hurricane Laura and California Wildfires Could Drive Up Home Prices
Realtor.com
"I've never seen anything like this," says Randall Bell [MAI], CEO of Landmark Research Group, which analyzes real estate after cataclysmic events. "We're always busy [with natural disasters]. This is just overload. The country's psyche is already beat up by everything, and it just keeps piling on."…
Black Homeowners Could Get Lower Appraisals, A New ‘Black Tax’ Is Identified
The Moguldom Nation
The Appraisal Institute, an industry trade group, has maintained a “Diversity Pipeline Initiative” and has committed to expanding the property appraisal profession…
Land Trust Alliance statement on U.S. Senate Finance Committee Investigative Report
PRWeb
The Land Trust Alliance joins the Appraisal Institute, Ducks Unlimited, The Nature Conservancy and other leading appraisal and conservation organizations in urging Congress to end the outrageous abuse by passing the Charitable Conservation Easement Program Integrity Act.”…
Low inventory helps drive up Bakersfield home prices
National Mortgage News
The owner of Affiliated Appraisers, Gary Crabtree [SRA], said buyers' preferred price is another important aspect of local home sales. The highest price range in demand lately, where 40 percent of sales were in July, is between $200,000 and $300,000, he said…
Land Trust Alliance Statement on U.S. Senate Finance Committee Investigative Report
Yahoo Finance, Pittsburgh Post-Gazette, PR Newswire, San Antonio Express-News, Biz Wire Express
(This article was included in an additional 38 outlets.)
"On behalf of our member land trusts, I thank Sens. Steve Daines (R-Montana) and Debbie Stabenow (D-Michigan) along with Reps. Mike Thompson (D-California) and Mike Kelly (R-Pennsylvania) for championing this solution. The Land Trust Alliance joins the Appraisal Institute, Ducks Unlimited, The Nature Conservancy and other leading appraisal and conservation organizations in urging Congress to end the outrageous abuse by passing the Charitable Conservation Easement Program Integrity Act."…
Black Homeowners Face Discrimination in Appraisals
The New York Times
“Is there a problem with poor and underserved communities in the United States? Yes. Is it the appraisal profession’s fault? No,” wrote Maureen Sweeney, a Chicago-based appraiser in a letter to the house subcommittee following the hearing. “It’s like blaming the canary for the bad air in the coal mine, or blaming the mirror for your bad hair day. Appraisers reflect the market; we do not create it.”…
Week of August 11 - 17, 2020
Schuylkill won’t say amount of Giant appraisal
Times News Online (Lehighton, Pa.)
County engineer Lisa Mahall said Friday Frank Gownley, SRA, Pottsville, did the appraisal July 7…
Appraisal Buzz
You never know what is going to happen in your appraisal office. There are just too many variables to be able to cover all of them all the time. So, let’s look at the word triage. All it means is “the act of dividing into three.” In medicine, it means the decisions of who gets treated now, who gets treated later, and who’s going to die anyway, so they do not get treated at all…
Paul Ambrose [MAI] Joins Cushman & Wakefield’s Valuation and Advisory Team
CityBizList Boston
Cushman & Wakefield announced today that it has added Paul Ambrose to the firm’s Boston Valuation and Advisory team as senior director… Ambrose holds a bachelor’s degree in finance from Bentley University, a master’s degree from Clark University and a MAI designation from The Appraisal Institute…
Resident plans court action as town uses eminent domain
Village Soup (Camden, Maine)
The town hired Fred Bucklin [MAI, SRA] of Bucklin Appraisal, which found last year that the property was valued at $118,055. Based on this, the town offered her $1,650 as compensation for the edge of the driveway being taken…
Is It Actually a Good Time to Buy a House?
MSN Money
Appraisers and inspectors, for example, many not willing to enter homes during the pandemic, offer their services via a desktop or exterior visit only. "In some cases, this has led to more conservative appraisal values, which forces the buyer to come up with extra funds or the seller to lower their price," he says…
Money, MSN Money
“If a property was marketed for $400,000, but there were 10 buyers competing for the property, and somebody’s paying $420,000, what’s market value?” asks Jefferson L. Sherman [MAI, AI-GRS], president of the Appraisal Institute. “That’s the tough question that appraisers have. Does that represent market value? Well, it may or may not.”…
Yahoo! Finance, PR Newswire, Pittsburgh Post-Gazette, Markets Insider, Benzinga
(This article appeared in an additional 47 outlets.)
The landowners presented their own appraiser, Matthew Ray, MAI, who prepared his own study of 54 pairings upon which he based his opinion of 8% damages to the 837-acre farm and 45% damages to the 40-acre homestead…
Report finds 20 percent of homes got appraisal inspection waivers
Valuation Review
A new report from Redfin found that 19.9 percent of successful offers submitted by Redfin agents in select major U.S. markets waived the inspection contingency in June, compared with just 13.2 percent during the same month in 2019…
In a hot housing market, gap between purchase price and appraiser condition ratings causes headaches
HousingWire
Last week, HousingWire reported surging mortgage volume and record low interest rates are putting excess pressure on appraisal turn times. This week, appraisal experts said those same variables are having a profound impact on an age-old conflict of appraisal reports versus what the market believes the home is worth…
Six easy ways to increase the value of your property when selling
Star Daily (London)
Plus, A study from the Appraisal Institute found that vacant houses sold for 6% less than occupied houses and stayed on the market longer…
Avoid Appraisal Disciplinary Action with These Do’s and Don’ts
Appraisal Buzz
As a professional appraiser, you don’t want to have a disciplinary complaint filed against you, and you certainly don’t want to be the subject of a complaint that results in disciplinary action. So, how can you prevent these undesirable consequences? Here are several do’s and don’ts to help you avoid situations that may get you into trouble as a real estate appraiser…
Appraisal Institute VP elected
Valuation Review
Craig Steinley [MAI, SRA, AI-GRS, AI-RRS], of Rapid City, S.D., was elected 2021 vice president of the Appraisal Institute (AI) Aug. 6 by its board of directors during the board’s virtual meeting, AI announced in a press release…
More perspective on several Kaua‘i projects
The Garden Island (Lihue, Hawaii)
Curtis J. Bedwell, MAI is a real estate appraiser with Kaua‘i Valuation, LLC having specific experience and expertise in land valuation, land use planning, residential and commercial development, and is a resident of Po‘ipu…
Examining Our Profession Through a Sharper Lens
Appraisal Buzz
Appraisers no longer need to drop film off to be developed and then glue photos into their reports because of advances in digital imaging technology. We no longer need to run a tape measure through bushes and mud because technology has provided laser measuring devices…
North Carolina Chapter of the Appraisal Institute (NCAI)
To learn more click the link below.
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