How appraisers value homes in a hot housing market

Housing Wire

As anyone involved in the residential real-estate market knows, bidding wars – and contract prices exceeding the list price – are the norm today in many markets around the nation. Sheridan’s listing appraised at the contract price, and the deal went through without a hitch.

Navigating appraisal challenges in today’s housing market

Housing Wire

The booming real estate market has created a high demand for appraisal services. This is good news for lenders, but it puts a tremendous amount of pressure on appraisers who have to be diligent in their work, while also meeting closing dates.

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The appraisal gap is complicating deals across the country

Housing Wire

Unfortunately, the appraisal put the house’s value roughly $50,000 below than what she paid. Linda had a sizable downpayment but still needed to find a way to close the appraisal gap. She recently had a deal fall apart due to appraisal.

Is the appraisal process color-blind?

Housing Wire

Recently, at an event marking the 100th anniversary of the Tulsa Race Massacre , President Biden announced the launch of a new interagency task force to root out what it calls inequity in the appraisal industry. The dramatic change in value from two appraisals seems unusual.

Appraisal bill would combat legacy of redlining

Housing Wire

Legislation in Congress would try to solve for inconsistencies in appraisal underwriting, a lack of diversity in the profession, and the legacy of property valuation discrimination. The post Appraisal bill would combat legacy of redlining appeared first on HousingWire.

Will hybrid appraisals become the new normal?

Housing Wire

The Federal Housing Finance Agency (FHFA) announced Monday it is requesting input on the appraisal policies, practices and processes of Fannie Mae and Freddie Mac, especially as it relates to the GSEs’ appraisal modernization efforts.

Voxtur acquires appraisal software firm Anow

Housing Wire

closed on the acquisition of appraisal management software firm Appraisal Now for approximately $30.5 Appraisal Now, better known as “ Anow ,” makes an automated appraisal workflow management platform for the global appraisal market.

In a hot housing market, gap between purchase price and appraiser condition ratings causes headaches

Housing Wire

Last week, HousingWire reported surging mortgage volume and record low interest rates are putting excess pressure on appraisal turn times. To consider an ROV, appraisers are most often willing to review and consider comps that are more recent, more proximate and more similar,” Johnson said.

Will AI solve the problem of appraisal bias?

Housing Wire

Inaccurate appraisals and valuations can impact the type of mortgage financing a potential buyer receives, whether a seller commands a fair value when selling their home, or whether a homeowner has opportunities to tap into home equity. The post Will AI solve the problem of appraisal bias?

HUD settles with JPMorgan over appraisal bias case

Housing Wire

The finance giant will also begin training home lending advisors and client care specialists in the reconsideration of value process and fair lending issues related to appraisals. Appraisers are independent contractors who are not employed by the bank,” the spokesperson said.

Appraisal bias: Education is the first step

Housing Wire

Understanding the market value of collateral is a key fundamental component of safe and sound lending. This is accomplished through obtaining an appraisal. . Bias has no place in an appraisal, and the industry is focused on engaging and acting.

What is a home appraisal gap?

Housing Wire

When you go to buy a home , your mortgage lender will almost always order a home appraisal. A homebuyer’s guide to a competitive housing market. Scenario 1: Your home appraises at your full offer price. Many times, the home appraisal goes off without a hitch.

Your home appraisal came in lower than your offer – Now what?

Housing Wire

In today’s booming housing market, sellers have their pick of home offers. And while this is great for sellers, it leaves buyers asking: “How can I stand out in such a competitive market?” 5 tips for buying a home in a seller’s housing market.

UWM will partially refund borrowers for late appraisals

Housing Wire

United Wholesale Mortgage ( UWM ) unveiled a new policy this week, telling brokers that appraisals will be completed within 10 business days or they’ll refund 50% of the appraisal cost back to the customer.

The appraiser can’t be replaced by technology – Here’s why

Housing Wire

The public response to the recent Federal Housing Finance Agency (FHFA) Request for Information on appraisal-related issues was significant, with 164 unique written comments. ” The Value of the Human Appraiser. Fast forward 25 plus years and appraisers are busier than ever.

FHA announces launch of new appraisal technology solution

Housing Wire

The Federal Housing Administration has announced an upcoming release of its FHA Catalyst: Electronic Appraisal Delivery module on the FHA Catalyst platform. The post FHA announces launch of new appraisal technology solution appeared first on HousingWire.

FHFA’s RFI on appraisals is a critical inflection point

Housing Wire

The FHFA’s engagement of industry stakeholders signifies a critical inflection point for appraisal transformation. For example, appraisal turn time has swelled 65% from 2018, according to recent data published by Freddie Mac. Appraiser shortage.

The risks and benefits of non-traditional appraisal methods

Housing Wire

Last year’s record-high origination volumes impacted every aspect of the mortgage cycle, and appraisals were no exception. In light of that, HousingWire recently sat down with ValueLink SVP of Operations Aqil Ahmed to discuss today’s appraisal landscape.

Nationwide Appraisal Network’s valuation solutions allow lenders to select appraisers based on performance

Housing Wire

With an increased demand for appraisals across the country, the need for efficiency during the appraisal process is greater than ever. NAN’s valuation solutions give lenders the chance to evaluate, select and manage appraisers based on their quality and performance.

Appraisal modernization: What is going on with the forms?

Housing Wire

Here it is: another article about appraisal modernization. Many are tired of hearing about how the appraisal industry needs to change and progress. In many of those reviewed, there is a strong desire to keep appraisals and appraisers as key components of the mortgage lending process.

Working with buyers in the nation’s hottest housing market

Housing Wire

Austin, Texas might be the hottest housing market in the country. 1 city in population growth for the last eight years and it was the hottest job market in 2019 and 2020, according to the Wall Street Journal. It is just a super tight housing market.

Federal regulators finalize appraisal and capital liquidity rules

Housing Wire

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.

How to reduce appraisal turn times and improve the borrower experience

Housing Wire

As the appraisal industry struggles to meet demand, Voxtur has developed a solution to streamline the process. HousingWire: What can the industry at large do to support the work of appraisers right now? Appraisers don’t need better management of an outdated process.

5 Residential Market Analysis Tools for Appraisers

McKissock

When doing market analysis, once you’ve gathered the information you need from the local MLS or other sources, there are a number of technology tools that you can utilize to help you refine the data and make graphs out of it. Identify market conditions and trends.

No Diversity: 96.5% Of U.S. Appraisers Are White

Miller Samuel

Over the past year, beginning with this NY Times piece: Black Homeowners Face Discrimination in Appraisals that initiated a rising progression of news stories covering discrimination in the appraisal of houses. The appraisal industry is aging out because it is hard to bring in youth.

Home Appraiser: What Do Appraisers Look At During An Appraisal

Maximum Exposure Real Estate

What Is The Home Appraiser Appraising? What do appraisers look for? A visit from a home appraiser is an inevitable part of selling your home. The post Home Appraiser: What Do Appraisers Look At During An Appraisal appeared first on Massachusetts Real Estate Exposure.

Global DMS transforms appraisal management software

Housing Wire

Finding an appraisal management software for real estate and commercial that works the way each individual lender does is difficult – usually resulting in time-consuming configurations, development work and training.

Bifurcated Appraisal: An Enhanced Desktop Appraisal

McKissock

There are many articles, blogs, and opinion papers that either support or reject bifurcated and hybrid appraisals, which contributes to a great deal of confusion. Here at McKissock Learning, we do not support any position regarding bifurcated and hybrid appraisals.

There’s No Correct Answer in Appraising

McKissock

He ordered appraisals from three different appraisers, and the purchase price was to be the average of the three value opinions. He knew there’s no correct answer in appraising. Because there’s no correct answer in appraising.

Hottest Housing Market Ever, Appraisal Gap Complicates Deals, Explosion of Appraisal Waivers, and Other News

McKissock

With home-sale prices hitting a record high, the appraisal gap has created friction among agents, lenders, and appraisers. Appraisal waivers have exploded during the COVID-19 pandemic. The President of The Appraisal Foundation discusses the foundation’s outlook for 2021.

Cash offer startup Ribbon launches appraisal protection service

Inman

The company will now cover the difference for under-appraised homes purchased through its RibbonCash Offers service in all five of its markets. Select Technology appraisal Appraisal contingencies appraisal delays fintech startup ribbon shaival shah

FHFA Extends Relaxed Appraisal Standards, Spring Housing Market Expected to Remain Resilient, and More Appraisal News

McKissock

FHFA extends relaxed lending and appraisal standards to the end of April. trillion American Rescue Plan will funnel billions into the housing market. Read on for the latest in appraisal news. FHFA extends relaxed lending and appraisal standards.

Is Now a Good Time to Upgrade Your Appraisal License?

McKissock

Is it time to take the next step in your appraisal career? A license upgrade can give you a much-needed advantage in the local market and offer you greater control over your fees and more stability in your work. If you’re thinking about upgrading your appraisal license, why wait?

Home Appraisal: What to Know About House Appraisals

Maximum Exposure Real Estate

Understanding Home Appraisals Are you interested in understanding what to expect from your home appraisal? Real estate appraisals are an integral part of purchasing and selling a property, particularly if the buyer is seeking funding from a lender.

Unwrapping what to expect in your home inspection, appraisal and closing

Housing Wire

What’s the difference between a home inspection and an appraisal? Before you get overwhelmed, take comfort that critical milestones of home inspection, appraisal and closing processes are all great ways to get more acquainted with your prospective new home. Appraisal.

What Appraisers Look for During a Real Estate Appraisal

RISMedia

The home appraisal process can be a stressful time, whether you're buying or selling a property. It's the job of the appraiser to find the fair market value of the home. But if you know what appraisers look for, you […].

What New Appraisal Specialty Do You Wish to Break Into?

McKissock

Developing an appraisal specialty is a great way to grow your business and stay competitive in the industry. Last month we asked our appraisal community, “What new appraisal specialty or niche would you like to break into?” Review appraisal (23%). Luxury appraisal (9%).

Top Reasons to Consider Hiring a Trainee Appraiser

McKissock

There are many potential benefits to adding a trainee to your appraisal practice. Are you an experienced appraiser on the fence about hiring a trainee appraiser? What would be your top reason for hiring a trainee appraiser? To help out a younger appraiser (34%).

How to Become a Luxury Real Estate Appraiser

McKissock

Are you interested in learning how to become a luxury real estate appraiser ? There are many reasons to consider specializing in this profitable appraisal niche. Here are helpful tips on how to become a luxury real estate appraiser.

Appraising the Weird Stuff: Observations from a Seasoned Florida Appraiser

McKissock

During that time, we’ve offered several courses on appraising “oddball” or “complex” properties. Despite the rise of AVMs in recent years, these types of assignments continue to require competent, boots-on-the-ground residential appraisers.