Chicagoland Appraisal Blog

APRIL 11, 2021

When Zillow first came out, real estate appraisers would often hear “Zillow says my home value is…” This is usually followed by a cringed face and sigh. To put this debate to rest, o ur lead appraiser John did a sampling of recently appraised homes in Chicago to see how Zillow stacks up against a local real estate appraiser.

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Appraisal Real Estate Real Estate Agent Sellers 135

Housing Wire

JANUARY 13, 2022

The Supreme Court weighed in on a class action lawsuit against Quicken Loans , now Rocket Mortgage , regarding its appraisal practices during the financial crisis, delivering a procedural win for the mortgage lender. million stemming from allegedly tainted appraisals for 2,769 mortgage loans Quicken Loans originated from 2004 to 2009.

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Appraisal Law Valuation Home Value 408

Appraisal Buzz

NOVEMBER 29, 2021

This article was first published in the Fall 2021 Edition of Appraisal Buzz Magazine. Appraisers use three different property valuation methods: (1) Sales Comparison relates the estimated value of our subject property to similar settled, active, and pending market sales. (2) Know what average home values are in your area. (2)

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Valuation Supply Chain Bracketing Appraisal 370

DW Slater Company

JANUARY 12, 2022

As appraisers, what are some of our goals? Mckissock put out a great survey of appraiser industry goals. Many appraisers began to experience burnout and had to take some time off so that they could continue. Now that so many of us work from home, it becomes harder to “leave the office”.

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Appraisal Real Estate Home Value Clients 160

Appraisal Today

JUNE 23, 2023

This Is Where Appraisal Liability Risks Lie (Plus Tips on How to Avoid Them) By: McKissock Excerpts: While it’s difficult for a litigant to win a judgment against an appraiser, that doesn’t spare appraisers the inconvenience of being sued, which can be costly, time-consuming, and harmful to one’s reputation even if the suit fails.

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Appraisal Real Estate Valuation Contracts 86

Housing Wire

MAY 2, 2021

Using an AVM helps lenders quickly and accurately get an independent assessment of collateral value, which can streamline the home buying process for them and the borrower. Total Home Value x (THV x ) from CoreLogic is a state-of-the-art AVM built to simplify and standardize valuation through the loan lifecycle.

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Valuation Home Value Lending Technology 351

Housing Wire

JUNE 30, 2021

Home values have increased over the past several months and consumers are realizing there is more equity in their homes than anticipated. This realization has increased demand for wholesale lenders and brokers as borrowers look to refinance, cash-out refinance or otherwise take advantage of the equity in their homes.

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Housing Wire

NOVEMBER 16, 2023

The question is whether their value is commensurate with the commission that they receive as an effective entitlement. As the Sitzer/Burnett case may well show, most listing agents are trained to steer their clients to offers that support this dynamic. Talk about a conflict of interest.

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Realtors Contracts Real Estate Agents 397

Appraisal Today

APRIL 14, 2023

Appraising Fixer Uppers Excerpts: We’re all familiar with the term “fixer-upper.” The degree and cost to cure becomes an issue to buyers and sellers, and a challenge for appraisers. At some point it’s no longer “normal market value minus cost to cure equals as-is value.” In my MLS “contractor special” is often used.

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Appraisal Bracketing Contracts Valuation 52

Housing Wire

OCTOBER 18, 2022

While many banks and credit unions rely on AVMs, some institutions have, post-mortgage crisis, taken a more cautious approach, relying instead on hybrid valuation products, like desktop and even full appraisals, in their decision-making.

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Valuation Home Value Technology Lending 268

Cleveland Appraisal Blog

OCTOBER 29, 2021

If you’re reading through an appraisal report, and you make it to the Cost Approach, which is where appraisers report either the reproduction or replacement cost of the home they are appraising, you will see a little field that says, “ Remaining Economic Life “ What does this number indicate?

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Appraisal Development Finance Lending 365

Appraisal Today

MAY 19, 2023

Chat GPT For Fannie Form Appraisal Reports By Dustin Harris Excerpts: The world of real estate appraisal is constantly evolving (much to our dismay sometimes), and as professionals in this field, it is crucial to stay ahead of the curve by embracing innovative tools and technologies. The answer is, Yes! Nothing wrong with that.

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Empire Appraisal Group

NOVEMBER 22, 2023

Pompano Beach and Deerfield Beach Market Update Q3 2023 Since 2005, Empire Appraisal Group, Inc. has been assisting clients in making well-informed decisions related to real estate. With over 20 years of expertise and 10,000+ appraisals to his credit, Daniel Lindeman, the Chief Appraiser, is one of the best appraisers in Florida.

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JMV Lending

AUGUST 5, 2020

We once had clients who spent dozens (if not hundreds) of hours removing the popcorn ceilings from their $950,000 home. Because they put so much “sweat” into their equity, they were convinced that their home would appraise for substantially more when they were done.

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Empire Appraisal Group

NOVEMBER 9, 2023

Market Update Parkland and Coral Springs Q3 2023 Since 2005, Empire Appraisal Group, Inc. has been assisting clients in making well-informed decisions related to real estate. With over 20 years of expertise and 10,000+ appraisals to his credit, Daniel Lindeman, the Chief Appraiser, is one of the best appraisers in Florida.

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Marketing Real Estate Clients Realtors 78

Appraisal Today

JUNE 10, 2022

How can we fix the excess of appraisers? Too many appraisers? 2) We will make it harder to become an appraiser; 3) Let the lower fees discourage newcomer appraisers. In past issues of the Analogue Blog, we have considered the “five forces of friction” on the advancement of appraisal. Purchase vs. refi appraisals.

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Cleveland Appraisal Blog

OCTOBER 14, 2021

Speaking of things rising, home prices, as well as the prices of most other things, are rising rapidly. Recently, some of my well-intentioned clients have asked if it is possible to appraise a home, based upon a “normal market”. Don’t drink the Kool-Aid that any contract price is reflective of market value.

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Inventory Market Value Appraisal Contracts 243

Appraisal Today

DECEMBER 9, 2022

How to Reduce Appraisal Revision Requests. Excerpts: To cut down on appraisal revision requests, it is important to keep these best practices in mind: Communicate in a timely manner. If you disagree with the request for appraisal submissions or have concerns or need clarification, please reach out for clarification.

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Appraisal Contracts Business Mortgage 52

Cleveland Appraisal Blog

MAY 13, 2021

Buyers have their view of how much they are willing to pay for a home. Real estate agents have a view of what the home should be listed for, based upon their research and experience. And, of course, we appraisers have our views of what a home is worth. . However, most home buyers are looking for a place to live. .

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Market Value Contracts Appraisal Buyers 298

Cornerstone

OCTOBER 26, 2021

Home values are climbing at nearly historic levels. As a result, hurdles related to home appraisals have also started to arise. In the past few months, it’s become commonplace for an appraisal to come back under a home’s contract price. This difference is known as ‘the appraisal gap… ’”.

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Sellers Buyers Appraisal Loan Officers 57

Appraisal Today

FEBRUARY 24, 2023

What Level Appraiser Are You? What is the mark of an appraiser who is at the top of his or her “game”? For example, are you competent to prepare an entire appraisal from start to finish? But what if the appraisal form was completely blank with no boilerplate text? A Level 1 appraiser checks boxes.

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Eppraisal

NOVEMBER 12, 2021

Selling your home can be profitable in today's seller's market as home values have risen significantly this year. What's taken many sellers by surprise this year, however, is that some homes haven't been appraising due to these higher sales prices. Here are a couple of tips on what to expect during an appraisal.

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Appraisal Today

JUNE 17, 2022

Excerpt: We continue to see claims alleging that the rural property appraiser failed to adequately identify or report details surrounding a water source. In one claim, the appraiser correctly noted that the property was serviced by a “private water well.” It was shared by four nearby homes. Hybrid appraisal survey ).

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Appraisal Contracts Real Estate Mortgage 52

Housing Wire

MARCH 8, 2024

homeowners are “house-rich, cash-poor,” home equity investment firm Hometap provides clients with a way to tap into their home equity instead of selling their home or taking out a loan. Hometap, as an investor, provides cash in exchange for a share of their home’s future value.

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Realtor

AUGUST 24, 2023

And experts say there are many more intricate details that buyers and sellers might not realize that influence value. So here are the little-known facts that go into determining property value. And they will also note how much other homes similar in size in your area sold for.

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Home Junction

MAY 20, 2020

There are times when the real estate market slows down, but there could still be ways to keep in touch with clients and provide them with valuable property data software for when business cranks back up. But that neighborhood has lower home prices on average. Also check out home value estimator software.

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Appraisal Today

FEBRUARY 23, 2024

I quit making dollar adjustments on form appraisals many years ago, but I always do market conditions adjustments when needed. I appraise a lot of 2-4 units and regularly go to other neighborhoods for comps. I do a lot of estate appraisals, which are not current value. Isn’t appraising boring? baths, 12,770 sq.ft.,

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Appraisal Real Estate Contracts Reconsideration of Value 68

Appraisal Today

SEPTEMBER 29, 2023

How to Identify a Single-Family with ADU vs. Two-Family Property By McKissock Excerpts: The presence of an additional living unit can complicate the appraisal process. It may make it difficult for you, the appraiser, to know how to classify the subject property. There were no foreclosure sales needing appraisals!

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Insurance Appraisal Contracts Mortgage 79

Appraisal Today

NOVEMBER 4, 2022

Appraisers Share Their Best Tips for Working with AMCs. Appraisers tend to get annoyed with constant emails from the AMC about inspection date, completion, report submission, etc. My comments: Read this blog post with practical tips from practicing appraisers. I keep my advertising clients and this newsletter’s content separate.

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Eppraisal

APRIL 20, 2021

Your Offer Price As mentioned, the inventory of homes for sale is even lower than it was last year at this time. According to an article on Realtor.com, there were 52% less homes on the market in March of 2021 than in March of 2020. With limited inventory, home values are on the rise. It's that simple.

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Sellers Loan Officers Inventory Home Value 66

Eppraisal

JUNE 1, 2021

List your home for sale on the market one minute, and the next you're likely fielding offers. Gay Cororaton, the Research Economist for the National Association of Realtors states, "On average, there were four offers per home sold (closed) in February 2021." Home values are rising because of this.

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Real Estate Contracts Sellers Buyers 64

Eppraisal

AUGUST 22, 2023

If you're purchasing or selling a home, they're a good place to start for an "estimated" value of a given home, but ultimately, should not replace a detailed valuation report from your real estate agent. The term "home value estimation" emphasizes the role of AVMs in guiding pricing strategies.

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Real Estate Real Estate Agent Valuation Sellers 36

Eppraisal

OCTOBER 25, 2022

Prices and home values typically increase in the spring and summer as well. Home Prices and Interest Rates A portion of buyers on the market in the spring and summer ended up being priced out of the market as home values jumped double digit percentages year over year.

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Eppraisal

MARCH 11, 2021

Architects, builders, realtors, appraisers and more are specializing in properties that have ADU components. Acton has patented several designs based on the wishes of prior customers, thus can now offer them to new clients. Many of their units are basic studio homes though Acton routinely goes larger.

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Renovations Design Construction Home Value 36

Quicken Loans

APRIL 7, 2021

Your roles as a finder, negotiator and amateur psychologist for your clients are really going to come in handy right now. Of course, this will be heavily dependent on the client and their work situation. In this survey of home builders, the composite score is an unusually high 82. Rocket Companies’ Home Value Index.

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Empire Appraisal Group

MARCH 31, 2022

It sold in January for $500,000, and then again in March for $768,750, according to Palm Beach County Property Appraiser records. Owner Tom Cush, who is moving from New York to West Palm Beach, said he and his wife wanted to save the concrete block-and-stucco home, but it had mold inside. © Copyright 2022 Palm Beach Newspapers, Inc.

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Design Architecture Realtors Development 78

Housing Wire

NOVEMBER 13, 2023

Course also covers Florida Real Estate Law and Contracts, Valuation, appraisal, financing, federal income tax laws, zoning and planning, environmental issues & more. Exam Prep including Training Modules & Real estate Math course CE Coursework, Final Exam & Certificate of Completion. This is the equivalent of $32.31

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Real Estate Real Estate Agent Agents Law 398