How to select appraisal comps
Appraisal Today
by Ann O'Rourke
4d ago
Dos and Don’ts of Selecting Appraisal Comps Excerpts: Follow these dos and don’ts to help ensure that relevant comparable sales are established: Here are a few topics Do welcome relevant comparable sales from real estate agents Don’t limit the number of comparable sales to three Do consider objective characteristics when selecting competing neighborhoods Don’t use appraisal comps based on price As an appraiser, you must provide an unbiased opinion of value. Selecting comparable properties based on price may inadvertently favor properties within a predetermined price range, rather than those ..read more
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How To Appraise Rural Properties
Appraisal Today
by Ann O'Rourke
1w ago
How To Appraise Rural Properties Excerpts: Appraising residential properties in rural areas can be both challenging and rewarding. Unlike the standardized expectations of urban and suburban properties, rural properties often present unique characteristics that require a nuanced approach to valuation. Whether you’re a seasoned appraiser or new to the field, having a better understanding of rural properties is essential for providing credible appraisals. In this guide, we’ll explore what defines a rural property, the challenges appraisers face, reasons for conducting rural appraisals, strategies ..read more
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Remove all bathtubs from home?
Appraisal Today
by Ann O'Rourke
2w ago
Is it a problem to remove all bathtubs in a house? By Ryan Lundquist Excerpts: I’ve been asked this question twice this week. Is it a problem to remove the tubs from each bathroom? People planning a remodel asked if it was a big deal or not to only have a walk-in shower in each bathroom. Here are my thoughts, and I really want to hear from you too. Anything to add? It’s not a black and white answer: There’s not one black-and-white answer that applies to every house, price range, location, or market. Bottom line. But backing up, part of the fun of working in real estate is figuring out how to a ..read more
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Appraising Luxury Homes
Appraisal Today
by Ann O'Rourke
3w ago
What Are the Top Luxury Markets in North America Right Now? Excerpts: Where are the hottest high-end real estate markets? Whether you’re looking to specialize in luxury home appraisals or you’re simply reading up on the latest market trends, you may want to pay attention to areas where luxury homes are in high demand. According to the Institute for Luxury Home Marketing’s February 2024 report¹, the single-family luxury home segment is showing promising signs of growth. Both inventory levels and new listings increased significantly in recent months, leading to an 18 percent increase in sales an ..read more
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Appraising Historical Homes
Appraisal Today
by Ann O'Rourke
1M ago
Historical Properties and Their Unique Appraisal Approaches Excerpts: Appraising historical properties involves a complex interplay of factors, making it a specialized field within real estate valuation. This article provides an insight into the appraisal process of historical properties, emphasizing the role of market data, potential buyers, specialized databases, appraisal methods, and the significant impact of preservation restrictions. The appraisal process begins with a thorough analysis of market data, focusing on sales of properties that share historical or antique characteristics. This ..read more
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Appliances for FHA appraisals
Appraisal Today
by Ann O'Rourke
1M ago
How does the FHA define appliances? By Daniel A. Bradley, SRA, CDEI In September of 2015, FHA revised Handbook 4000.1 to provide a specific definition, which includes: Refrigerators Ranges/ovens Dishwashers Garbage disposals Microwaves Washers and dryers It’s important to note this does not include garage door openers, swimming pool pumps, intercoms, sound systems, and security systems. How do appraisers consider appliances? FHA Handbook 4000.1 also clarifies when appliances are required to be operational by stating, “Appliances that are to remain and that contribute to the market value opinio ..read more
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2024 Updated UAD and URAR – What does It Mean for You?
Appraisal Today
by Ann O'Rourke
1M ago
2024 Updated UAD and URAR – What does It Mean for You? The Appraisal World Is Changing January 25, 2024 Excerpts: There has been a lot of talk about the Uniform Appraisal Dataset (UAD) and Uniform Residential Appraisal Report (URAR) redesign initiative, and how it will make life easier for appraisers. What exactly does this mean? In this post, we’re providing an overview of the UAD and URAR, what’s changing, and what benefits these changes will bring. How will these UAD and URAR changes be beneficial? A redesigned, dynamic URAR will replace the numerous and separate appraisal forms and can be ..read more
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New 2024 USPAP Q&As
Appraisal Today
by Ann O'Rourke
2M ago
New USPAP Q&As January 16, 2024, the Appraisal Standards Board released new Questions and Answers covering important topics in the profession today including: Demographics Does demographic information relating to race (such as Census data) constitute “information relating to” a protected characteristic? Artificial Intelligence Question: What is an appraiser’s USPAP obligations when using artificial intelligence (AI) in an appraisal assignment? Personal Inspection I recently completed an appraisal on a residential dwelling for Lender A that sells loans to Fannie Mae and Freddie Mac and ..read more
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Appraiser Has Very Big Problems With Borrower
Appraisal Today
by Ann O'Rourke
2M ago
The Sopranos – Lupertazzi’s Rough Up Appraiser To watch, click the video above. Opens in You Tube. Members of the Lupertazzi Crime Family rough up an appraiser who is involved with Tony’s HUD scam. I will never forget “I’m only the appraiser!” I use the phrase sometimes ;> It’s one of the few times appraisers are in movies or TV series! Appraisal Business Tips  Humor for Appraisers Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!! NOTE: Please scroll down to read the other topics in this long blog post on non-lender app ..read more
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Appraisal Time Adjustments Underutized
Appraisal Today
by Ann O'Rourke
2M ago
FHFA Report: Underutilization of Appraisal Time Adjustments Published: 1/8/2024 Excerpts: Fannie Mae, Freddie Mac, and Federal Housing Administration appraisal guidelines require such adjustments whenever market conditions have been changing. However, this blog shows that appraisers frequently do not make time adjustments, even when they are likely to impact the appraised value substantially. This analysis also finds that the adjustments appraisers do make are typically substantially smaller than house price indexes would suggest. The main dataset used in this blog is a 5 percent sample o ..read more
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