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ROV (Reconsideration of Value) Changes – FHA and GSEs

Appraisal Today

ROV (Reconsideration of Value) Changes – FHA and GSEs GSE Effective date is August 29, 2024 HUD Effective date is September 2, 2024 Editor’s note: This long section includes, In order: McKissock/Dave Bradley post with a good summary including links to HUD and GSE documents. George Dell – his usual very interesting comments.

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How To Appraise Rural Properties

Appraisal Today

Topics include: Diverse property types and uses Unique property characteristics Limited market activity and more Writing your rural property appraisal report – good ideas To read more, click here My comments: Worth reading, if only to find out about rural appraising. Well written. What if there are few rural areas near you?

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USPAP Myths for Appraisers

Appraisal Today

Many of the changes will not have a significant impact on the way appraisers practice but are nevertheless important for public trust. NOTE: Please scroll down to read the other topics in this long blog post on New CA bias classes, 2024 New Years resolutions, 2024 goals, unusual homes, mortgage origination stats, etc.

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How to Find Comps With Few Sales

Appraisal Today

Think about it this way. The truth is there are portions of 2021 and 2022 where prices are exactly the same as today too, so if I use an older comp, I don’t always need to adjust for the way the market has changed. The challenge of pulling comps in 2024 By Ryan Lundquist February 14, 2024 Excerpts: Pulling comps in 2024 is tough.

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What Tools for Measuring Houses for Appraisals

Appraisal Today

Recent Appraisal Buzz survey Measuring tape – over half Laser – less than half Guesstimate – a few, but way too many! Three large en-suite bedrooms and office on the main plus a large daylight lower-level flex space (guest suite/gym or media room) with ¾ bath, kitchenette and floor to ceiling glass doors leading to the pool.

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NAR: Appraisal License Equivalency Credit for RE Agents?

Appraisal Today

NAR Urges Appraisal Foundation To Establish Equivalency Credit for Education and Experience. Excerpts: The AQB previously considered the option of allowing parallel professional non-appraisal experience. The National Association of REALTORS® believes there are alternatives to some of the experience requirements that the AQB should consider.

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Appraising Fixer Uppers

Appraisal Today

There are few comps as almost all homes are fixed up for sale. NOTE: Please scroll down to read the other topics in this long blog post on liability, appraisal errors, non-lender appraisals, Fannie non-appraisal options, unusual homes, mortgage origination stats, etc. In my MLS “contractor special” is often used.