Appraisal Buzz

FEBRUARY 18, 2022

Homes sold faster than ever during the four weeks ending February 13, as a record 57% of homes that went under contract did so within two weeks of being listed, according to a new report from Redfin. The post Housing Market Showing Nearly 60% of Listed Homes Under Contract Within Two Weeks appeared first on Appraisal Buzz.

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Appraisal Buzz

OCTOBER 7, 2021

The post Mortgage Contracting Services Announces Craig Torrance for CEO Role appeared first on DSNews. The post Mortgage Contracting Services Announces Craig Torrance for CEO Role appeared first on Appraisal Buzz.

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Contracts Mortgage Appraisal 195

Housing Wire

MAY 13, 2021

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. Already a member?

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Riverfront Appraisals

FEBRUARY 22, 2023

As I’ve written about this topic […] The post FAQ #8: What Happens When the Appraisal Comes Back Under Contract Price? appeared first on Riverfront Appraisals. I’ve written about it a few times over the years, but since the question keeps popping up, I’ll keep writing about it!

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Housing Wire

AUGUST 4, 2022

The parent company of appraisal software firm Veros Real Estate Solutions has acquired California-based appraisal management company Valligent Technologies. Valligent, founded in 2003 and led by Jeremy McCarty and Jeff Wickham, provides traditional, desktop and hybrid appraisal services to lenders, credit unions and others.

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Appraisal Buzz

MARCH 14, 2022

Appraisals for mortgage finance transactions are subject to many levels of scrutiny and review. Post submission of an appraisal report ordered by an AMC for lending purposes, a quality control check of the report will be completed. Fannie Mae requires lenders to conduct Quality Control reviews on a random sample of their appraisals.

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Appraisal Buzz

NOVEMBER 10, 2021

MSP is a comprehensive, end-to-end platform that supports all aspects of servicing – from loan boarding to default – for first mortgages, as well as home equity loans and lines of credit, The post Pulte Mortgage Contracts with Black Knight for MSP Servicing System appeared first on Appraisal Buzz.

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Hank Miller Team

FEBRUARY 8, 2022

So what happens if the appraisal is below contract price? Appraisals below contract price will continue to be a challenge in 2022. Consider, appraisals this year will be using data from the already insane market of 2021 and many will still fall below contract.

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Appraisal Buzz

AUGUST 5, 2021

Fewer Listings Under Contract YoY in July appeared first on theMReport.com. Fewer Listings Under Contract YoY in July appeared first on Appraisal Buzz. Record-high home prices may be causing some buyers to retreat, as affordability continues to play a factor in homebuyers’ decisions. The post 7.3% The post 7.3%

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Housing Wire

SEPTEMBER 9, 2021

United Wholesale Mortgage (UWM) announced today that it will no longer require its brokers to use appraisal management companies to complete appraisals. During a Facebook Live address, Ishbia proclaimed that while AMCs add value to the industry, appraisals have been a stumbling block for the mortgage industry.

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Appraisal Buzz

OCTOBER 8, 2021

Virginia Housing has renewed its contract to use Black Knight Inc. ’s The post Virginia Housing, Black Knight Renew Contract for MSP Servicing System appeared first on Appraisal Buzz. s MSP servicing system. Virginia Housing has been a Black Knight client for 25 years. With over 1 million loans expected to exit.

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Appraisal Buzz

DECEMBER 27, 2021

There’s too little supply and too high a demand, a predicament that’s disrupted the housing and appraisal industries. Beginning in January 2020, 7% of purchase transactions had a contract price above the appraisal value. As the appraisal gap widened, the CoreLogic Price Index rose as well, reaching 15% in May of this year.

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Town & Country Residential Appraisals

MAY 8, 2023

When it comes to appraising a property, appraisers must take into account all agreements of sale. According to Standards Rule 1-5 in the Uniform Standards of Professional Appraisal Practice (USPAP), we are required to analyze any contracts for sale. Appraisers are required to analyze all agreements of sale.

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Raleigh Realty

FEBRUARY 24, 2022

What Does 'Under Contract' Mean in Real Estate? You've decided to buy a home and whether it's your first home or your tenth you're likely to stumble across homes that are listed as 'under contract' on the real estate listing. Then, you look at the status and that other shoe finally has a chance to drop: it's "under contract."

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Housing Wire

FEBRUARY 9, 2021

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. You make an offer on your dream home, and the appraiser verifies the property is worth what you offered (or more).

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Housing Wire

DECEMBER 14, 2021

Appraisers are not supposed to base their analysis on protected classes, and in the Uniform Residential Appraisal Report, appraisers attest that “race and the racial composition of the neighborhood are not appraisal factors.” Still, there were a number of troubling examples — although the report does not specify how many.

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Appraiserblogs

JANUARY 8, 2024

It is appraisers who are destroying the message. The seeming destruction of the appraisal profession by the federal government, GSEs and lending stakeholders is a collective action problem. Appraisers are responding to new GSE and lending dictates with reactions based on our own personal well-being. Or so it seems.

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Housing Wire

JANUARY 26, 2022

For the next two months, United Wholesale Mortgage (UWM) will credit borrowers up to $600 for their appraisal costs, the lender said in a statement Wednesday. In September 2021, the top-ranked wholesale lender announced that it would no longer require its brokers to use appraisal management companies to complete appraisals.

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Housing Wire

JULY 12, 2022

Luke Tomaszewski, an appraiser doing home inspections in the aftermath of the housing bust, was traveling as much as an hour across Chicago just to snap exterior photos of bank-owned properties. At $50 to $100 per inspection, according to ProxyPics, it’s certainly less expensive than sending an appraiser. Made to order.

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McKissock

AUGUST 13, 2021

Why must an appraiser be given a copy of the sales contract? First and foremost, Standards Rule 1-5 in the Uniform Standards of Professional Appraisal Practice (USPAP) states that we are to: “analyze all agreements of sale.” When should we analyze the contract? That’s the real reason why—because USPAP says so.

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Cleveland Appraisal Blog

MAY 26, 2023

Most weeks I perform appraisals for divorce or a marriage dissolution. In recent years, on several occasions, I have been hired to appraise a property after a valuation service was provided for my client by another real estate professional. But then they had to hire me to perform an appraisal. That’s right!

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Housing Wire

APRIL 6, 2021

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. Why use several vendors for title searches, appraisals and underwriting when you can use one?

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Housing Wire

APRIL 30, 2021

But what happens when the seller accepts that high offer and the home appraisal comes in far lower? . What is an appraisal gap? Before purchasing a house, a buyer’s lender will hire an appraiser to appraise a home. The goal of an appraisal is to ensure the price of the home matches or exceeds the home’s listing price.

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Inman

JANUARY 25, 2024

Frances Katzen and Courtney Poulos spoke with moderator Dana Cadena about the importance of buyer representation, challenges to professionalism in the industry and more during an ICNY panel on Thursday.

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Cleveland Appraisal Blog

JUNE 17, 2022

When developing an opinion of the market value of a property, what appraisers are really measuring is how much depreciation a property has suffered from, and more specifically how much depreciation the improvements on the land have depreciated. This is an important question to answer when appraising a property. Thanks for being here!

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Appraiserblogs

APRIL 10, 2023

The article titled “FHFA Data Fueling Looks into Appraisal Bias” was in the Inside Mortgage Finance Publications e-newsletter on 4/06/23. According to aggregate statistics from the Uniform Appraisal Dataset released by the FHFA, roughly 57% of appraisals were above the contract price in 2021.

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Housing Wire

JUNE 11, 2021

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. An appraisal is a valuation of a property by a third party.

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George Dell

JANUARY 24, 2024

Appraisal time adjustments are also labeled as “market conditions” adjustments. The FHFA blog post of 1/16/2024 defines “underappraisals” as those loan appraisals which come in below the contract price. Time adjustments are not required. Unless they are needed. The rising market […] The post No Time Adjustments!?

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Movoto

APRIL 8, 2024

This is a legally binding agreement between the buyer and seller that helps ensure the sale will be completed according to the contract’s outlined conditions. Real estate purchase contracts come into play to protect both parties and move the sale forward, helping prevent either party from wasting the other’s time and money.

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JMV Lending

JANUARY 20, 2021

Whenever an appraisal comes in under contract price, we work quickly to consider all options with both agents and buyers, and we can usually resolve appraisal issues within a day if everyone is responsive. Below are five of the options available when an appraisal comes in under contract price. Rebut the appraisal.

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Appraisal Today

APRIL 26, 2024

However, there are six other types of real estate transactions that you need to know about so you can specify these sale types in your appraisal report as they can affect the market value of the property. For appraisals required to be Uniform Appraisal Dataset (UAD) compliant, you must indicate the type of sale for the transaction.

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Appraisal Buzz

SEPTEMBER 20, 2021

Freddie Mac has released an analysis showing that appraisal values are more likely to fall below the contracted sale price of a home in census tracts with a higher share of Black and Latino households, resulting in an appraisal gap.

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Appraisal Today

APRIL 19, 2024

Appraisal Institute Counters Flawed Appraiser Bias Narrative Excerpts: In reality, appraisers have a great story to tell, but we have a long way to go to refocus the terribly flawed “appraiser bias” narrative onto facts and science. Industry groups should also step up to support appraisers. It is human nature.

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Realtor

SEPTEMBER 13, 2023

-Oxford-/iStock The home-buying process is a high-stakes thrill ride full of exhilarating ups and scary downs, but unquestionably one of the most deflating moments is when the appraisal comes in significantly lower than the accepted offer. The loan officer writes an appeal using the new comparables and then sends it to the appraiser.

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The Robert Weiler Company

JANUARY 2, 2021

Are you familiar with a land contract in Ohio, as well as the state-specific requirements? What is a land contract in Ohio, really? Essentially, a land contract is an alternative financing option if you’re investing in: Farmland or raw land. So, what is a land contract agreement, and how does it work? A home or condo.

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Cleveland Appraisal Blog

SEPTEMBER 3, 2021

In most parts of the country, real estate appraiser’s main source of data is the multiple listing service. Let’s talk about three areas of a listing that, when completed accurately, can help appraisers to develop more supportable opinions of value. An appraiser may miss that sale through no fault of their own.

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Appraisal Buzz

SEPTEMBER 23, 2021

A new analysis by the GSE has concluded that appraisals falling below contracted sale prices are disproportionately impacting hundreds of thousands of Black and Latino applicants. The post Freddie Mac Examines Minority ‘Appraisal Gap’ appeared first on DSNews.

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