How appraisers value homes in a hot housing market

Housing Wire

Sheridan’s listing appraised at the contract price, and the deal went through without a hitch. The challenge is that the sales data you’re looking at is dated,” said Shawn Telford, chief appraiser at CoreLogic.

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.

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Appraisal coalition pledges to combat bias and discrimination

Housing Wire

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.

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. HUD is committed to ensuring that all housing, whether for rent or for sale, is free from discrimination.”.

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. Scenario 1: Your home appraises at your full offer price. Many times, the home appraisal goes off without a hitch. Scenario 2: Your home appraisal comes in low.

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. Read on for more appraisal news and insights.

Evaluating Data Reliability in Hybrid Appraisal Assignments

McKissock

In completing bifurcated and hybrid appraisals , you must reasonably believe that information relied upon—from a third-party inspector or another data source—is reliable. For Sale by Owner websites. Appraiser or appraisal office records.

What ONE Appraisal Technology Tool Makes Your Life Easier?

McKissock

Technology is constantly changing the appraisal industry. To find out, we asked real estate appraisers, “What ONE technology tool makes your life easier as an appraiser?” What ONE appraisal technology tool makes your life easier? Other appraisal software tools and apps.

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.

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.

What’s New in Appraisal Membership: March 2021

McKissock

McKissock’s Unlimited Learning Members enjoy 24/7 access to a wide variety of online appraisal classes, webinars, videos, podcasts, checklists, job aids, and other resources. Learn more with our Pro-Series webinar on Wednesday, May 19, 2021, Basics of the HP-12C and Its Usage in Appraisal.

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%).

4 Potential Benefits of Hybrid and Bifurcated Appraisals

McKissock

A major selling point for completing hybrid or bifurcated appraisals is that the appraiser will save a good deal of time by not inspecting the property, not taking photos of comparable sales, and not sitting in traffic. Benefits of hybrid and bifurcated appraisals.

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.

12 Types of Expert Witness Assignments for Appraisers

McKissock

There are many types of litigation where real estate appraisers can be helpful in providing evidence to the court. Many of these will require engaging the appraiser to perform an appraisal specifically for the case. Appraiser negligence.

Refinance Appraisal vs Purchase Appraisal: Is There a Difference?

HomeLight

Now you’re confused because you need a refinance appraisal, but you just got a purchase appraisal before being approved for a mortgage — is there a difference between a refinance appraisal vs. purchase appraisal? What do appraisers look for?

Pressure to Hit the Purchase Price: 5 Resources for Appraisers

McKissock

As an experienced appraiser, you’ve likely encountered pressure to hit the purchase price or develop your appraisal based on a predetermined value. Blog post: 9 Ways to Handle Appraisal Pressure. There are no simple and easy ways to deal with appraisal pressure.

Your Ultimate Home Appraisal Checklist for Homebuyers

HomeLight

Typically, when we talk about keeping track of a home appraisal , the seller has more ability to stay on top of what’s happening. There are countless tips for sellers on prepping for an appraisal, what to expect during the appraisal , and even a seller’s home appraisal checklist !

What Appraisal CE Courses Are Trending this Month? (February 2021)

McKissock

Want to know which CE courses are trending right now among your fellow real estate appraisers? McKissock’s Unlimited Learning Members enjoy unlimited access to online appraisal classes and a variety of professional development videos, checklists, and other resources.

Incenter’s virtual appraisal solution brings “arms-length” photos back to the remote inspection process

Housing Wire

To help mitigate these pain points, Incenter Appraisal Management is offering remote BPO and remote inspection capabilities paired with AVMs. Mark Walser, President of Appraisal Management.

5 Residential Market Analysis Tools for Appraisers

McKissock

Below are five residential market analysis tools for appraisers that you may find useful for building faster, more credible reports. Narrow down General Market Data to Specific Data and find the universe of potentially comparable offerings and sales.

7 Reasons to Love Being an Appraiser

McKissock

Real estate appraisers are reportedly 25% more satisfied in their careers, on average, compared to American workers across all professions. There are many reasons to love being an appraiser, such as having a flexible schedule, earning a good living, and doing challenging work. Last month we asked our real estate appraisal community, “What do you enjoy MOST about being an appraiser?” What do you enjoy MOST about being an appraiser?

Top 5 Appraisal Membership Resources of 2020

McKissock

McKissock’s Unlimited Learning Members enjoy 24/7 access to a wide array of online appraisal classes, webinars, videos, checklists, job aids, and other resources. To access to these top appraisal resources and much more, become an Unlimited Learning Member.

Simplify the Complex: Don’t Miss These 3 Appraisal Math Webinars

McKissock

McKissock Learning is excited to announce that we’ll be hosting a three-part series of “Appraisal Math” webinars, presented by Dr. Sam Martin. Get the tips and tactics you need to feel confident about appraisal math without having a degree in mathematics.

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. Read on for the latest in appraisal news. FHFA extends relaxed lending and appraisal standards. McKissock is your appraisal wingman.

If a Sale Doesn’t Go Through, Who Pays the Appraisal Fee?

Realtor.com

Zinkevych / Getty Images If you’re buying a home, one of the (many) things you must check off your list is hiring a professional to do a home appraisal to assess the property’s value. What is a home appraisal anyway? Who pays the home appraisal fee when a deal falls through?

Safety Tips for Appraising REO Properties

McKissock

REO properties represent business opportunities for appraisers, as property valuations may be needed for pre-foreclosure, loan workouts, short sales, asset evaluation, and more. Here are some safety threats to be aware of when appraising REO properties, and tips on how to avoid them.

Tidewater Initiative: What VA Appraisers Need to Know

McKissock

The VA has a unique set of protocols, known as the Tidewater Initiative, that a VA appraiser must follow when he or she expects the appraised value of a property is going to be lower than its contract price. Verification that the sale actually closed is also required.

What’s the Difference between an Appraisal and a Home Inspection?

Keeping Current Matters

If you’re planning to buy a home, an appraisal is an important step in the process. In most cases, an appraisal is ordered by the lender to confirm or verify the value of the home prior to lending a buyer money for the purchase. Home Appraisal.

Arm’s Length or Another Type of Sale? The 7 Sale Types Explained

McKissock

As a real estate appraiser, whether you’re considering the current terms of sale or analyzing previous sales of the subject property or comparable sales, it is imperative to know whether a sale is an arms-length transaction or a different type of sale.

Sales 52

How to Handle the Weird Stuff: Appraisal Methods from an Experienced Florida Appraiser

McKissock

In the past two blog posts in this series, I discussed the pros and cons of complex appraisal assignments and why today’s residential appraiser may want to consider specializing in “odd” or “atypical” assignments. FREE GUIDE : Upgrade your appraisal career with luxury home appraisals.

Appraising Industrial and Flex Buildings: What Info Do You Need?

McKissock

Why might you be engaged to appraise a single or multi-tenant industrial or flex style office building? What information do you need when appraising industrial and flex buildings ? There are any number of reasons why you would be engaged to appraise an industrial or flex style property.

Pros and Cons of Complex Property Appraisal: Insights from a Florida Appraiser

McKissock

In my previous blog post , I observed that specializing in complex property appraisal can be very profitable for the residential appraiser—in Florida and all across the U.S. Few comparable sales in the area. Interested in complex property appraisal?

8 Common Violations Made by Appraisers

McKissock

When it comes to appraisal violations , certain minor violations are very common. 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. Use of inappropriate sales. One of the big problems is use of inappropriate sales in a sales comparison approach. Failure to analyze sales history. Failure to disclose appraisal assistance.

FHFA considers changes to the home appraisal process

Realty Biz

The home appraisal process could be about to get a makeover, as the Federal Housing Finance Agency has requested public input on its policies and practices regarding the way they’re carried out. The problem, critics say, is that automated valuations use previous appraisal data.

What to Do When Your Appraisal Is Under Review

McKissock

Residential appraisers will often—if not just about always—have their work reviewed by another appraiser. Usually, this is a routine procedure that the original appraiser barely notices. I correspond with appraisers across the county on a daily basis,” he reports. “It

Appraiser organizations team up to combat bias

Realty Biz

Acknowledging that bias exists is but one small step,” said Lorrie Beaumont, president of the American Society of Appraisers International, in a statement. Home appraisals are important because they’re meant to serve as an unbiased, professional opinion of a home’s value.

7 Excellent Appraisal Job Aids (Free for Members)

McKissock

Here at McKissock, our Unlimited Learning Members enjoy 24/7 access to a wide array of online resources for real estate appraisers. These include appraisal job aids, checklists, classes, videos, whitepapers, recorded webinars, and more.