Sat.Mar 06, 2021 - Fri.Mar 12, 2021

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Vacation towns, suburbs see real estate boom

Housing Wire

Roughly a year after the COVID-19 pandemic began in the United States, and more people than ever are buying residential real estate in vacation towns and suburbs, per a report from Redfin. In a study of counties that have seen the largest uptick of homebuyers – and, subsequently, home value – the top 10 are all in either vacation destinations or relatively affordable suburbs of big cities.

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Your Best Friend as an Appraiser

The Appraiser Coach

Many appraisers work out of our homes, not interacting with office staff or other appraisers. Even when we’re out, we’re still doing work-related tasks like shooting pictures and doing inspections. Read More.

Appraisal 369
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Is There a Loan Conditions Adjustment?

George Dell

Appraisers have adjustments for “market conditions” and “sale conditions.” Why not “loan conditions?” There are similarities and differences. This is Part II in this series. Read Part I here Loan Conditions. Market conditions, for any particular market, price levels – trend together. So, appraisers apply ‘time’ adjustments to compensate for this change in ‘market conditions.’ […].

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Covering Appraisal Shortfalls

JMV Lending

Whenever the market heats up like this, particularly in the springtime, appraisals invariably come in low. This is simply because there are often no closed comparable sales (comps) that even come close to supporting current contract prices, especially when there are bidding wars. REMINDER: Appraisers can only use comps that close prior to the appraiser’s […].

Appraisal 148
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Biden signs American Rescue Plan. Here’s what that means

Housing Wire

President Joe Biden signed the American Rescue Plan Thursday, freeing up $1.9 trillion aimed at invigorating the economy following the COVID-19 pandemic. The bill will send $1,400 direct payments to individuals making up to $75,000 annually, and allocates $350 billion in aid to state and local governments and $14 billion for vaccine distribution. Over $50 billion will be distributed to small businesses — including $7 billion for the Paycheck Protection Program — and $25 billion for small and mid

Tenants 545
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Train Us and Trust Us

Appraiserblogs

The most weighted technique in most automated valuation programs comes down to one over-simplified formula, based on a guesstimation from an outside source that has no interest in the real estate system… Dear FHFA: Please accept the following comments in regard to Question A1.4. The response also includes comments on several additional questions.

Training 147

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Are You Smiling Yet? (you will)

Working RE

“One of the best courses that I have had in 17 years!” -Amy H >> OREP E&O ????? “They are knowledgeable, professional, and understand urgency.” – Joe Thweatt Editor’s Note: Take the NEW 2021 Appraiser Fee Survey online now at WorkingRE.com/2021survey. Are You Smiling Yet? (you will) by David Brauner, Senior Broker at OREP.org Here […].

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Will higher mortgage rates cool the housing market?

Housing Wire

Can you smell it in the air? America is back! The last plank required to complete the foundation of my “America is Back Economic Recovery” model was for the 10-year yield to start trading in the range of 1.33% to 1.60%, and as of Feb. 16, this has happened. Higher treasury yields have pushed mortgage rates higher, but will higher rates cool the housing market?

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Opinion of an Insider on the New Form

Appraiserblogs

An appraiser shared the following with us which was posted on one of the appraisers’ groups. There’s been a lot of mis-information about the new FNMA form posted so i thought i might clear the air a little bit. Being a software provider i’m in the loop but i can’t disclose every thing i know due to confidentiality. That being said i’m just the messenger and don’t shoot the messenger. the new form is not to put appraisers out of business. if they weren’t

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The states with highest real estate, vehicle property taxes

Valuation Review

Each year, the average American household spends $2,471 on real estate property taxes plus another $442 for residents of the 27 states with vehicle property taxes. The personal finance website WalletHub revealed the states with the highest taxes in both categories. Read on to find out more.

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Lower Premiums on E&O: Something to Smile About

Working RE

> E&O/GL Insurance for Home Inspectors Competitive Rates, Broad Coverage, Free Risk Management, online inspection support for tough questions, discounts on education and more. Professional Coverage, Competitive Pricing Shop OREP today! >> Editor’s Note: To help you stay up-to-date and connected, OREP/Working RE has established a Coronavirus (COVID-19) Discussion and Resource Page where you […].

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FHFA extends relaxed appraisal, lending standards

Housing Wire

The Federal Housing Finance Agency (FHFA) announced on Thursday that it has again extended relaxed lending and appraisal standards for both Fannie Mae and Freddie Mac. The COVID-19-related flexibilities surrounding alternative verifications of employment and appraisals were originally set to expire on March 31, 2021. However, the government agency is now pushing that back to at least April 30, 2021.

Lending 477
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Advisory Opinion 16, a Game Changer?

Appraiserblogs

The Appraisal Foundation has issued an exposure draft for Advisory Opinion (AO) 16. Advisory Opinion 16 is Fair Housing Laws: Avoiding Bias in Real Property Appraisal and Appraisal Review Development and Reporting. Unlike other exposure drafts, the text of the AO opinion has been rewritten. The traditional strike through of word or phrase changes is nonexistent.

Law 101
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AI’s diversity initiative awards scholarships

Valuation Review

The Appraisal Institute, in collaboration with Fannie Mae and the National Urban League, announced the latest group of aspiring real estate appraisers awarded scholarships through the Appraiser Diversity Initiative. Read on for more information about this program.

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The 2021 Stimulus Bill & Real Estate Investors: What You Should Know

BiggerPockets

On Wednesday, March 10, the House of Representatives passed the $1.9 trillion America Rescue Plan, and President Biden signed the bill into law on Thursday, March 11. The massive bill […].

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Mortgage credit, and the coming purchase storm

Housing Wire

Mortgage credit is still the tightest it has been in more than six years, but an unwavering February may be the calm before the purchase storm as lenders prepare for a revitalized economy, the Mortgage Bankers Association said in a report on Tuesday. The group’s Mortgage Credit Availability Index remained unchanged at 124.6 last month, still hovering near levels previously seen in 2014.

Mortgage 471
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Exactly what to say when your clients ask these big questions

Cornerstone

Reading Time: 4 minutes. Even in a typical year, you can expect clients to ask routine questions — and you’ll give them routine answers back. But, of course, this year has been anything but typical, for our country and for real estate. With so many changes taking place related to the pandemic, the economy, and the political sphere, your clients are going to come to you with complex questions.

Clients 62
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HUD reaches agreement in discrimination dispute

Valuation Review

The U.S. Department of Housing and Urban Development has approved a conciliation agreement between JPMorgan Chase Bank and an African American woman, resolving the woman’s claim the mortgage lender, relying on an appraisal that she believed was inaccurate, valued her home at an amount lower than its actual worth because of her race. Read on for more.

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BiggerPockets Business Podcast 98: Build a Big Life, Not Just a Big Business: Advice from The Hosts of The Empire Building Podcast

BiggerPockets

How do you build a business that ties in healthily with your life? While you’re trying to bring in millions in revenue, are you there for your children, your spouse, […].

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Equity jumps for Black homeowners, but problems remain

Housing Wire

As the first quarter of 2021 nears its end, a recent Redfin report shows both good and bad news for Black homeowners. The positive: Homeowners in primarily Black neighborhoods earned an average of $59,000 in home equity in 2020, compared with $50,000 for homeowners in primarily white neighborhoods between 2019 through January 2021. That $59,000 gain represents a median home equity increase of 197%.

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FREE Webinar: Fannie Mae Q1 2021 Appraisal Update

McKissock

On Wednesday, March 24, 2021, McKissock Learning is hosting a FREE one-hour, non-credit Pro-Series webinar titled “Fannie Mae Q1 2021 Appraisal Update.” In this special interactive webinar, Fannie Mae’s Collateral Policy Team will share policy updates impacting appraisers, dispel some common myths pertaining to Selling Guide policies, and provide insights regarding appraisal quality as well as actions related to significant appraisal defects.

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Commercial firm offers advice for hotel owners

Valuation Review

During the COVID-19 pandemic, some hotel owners suddenly found themselves shut out of the debt market and turned to the JLL Valuation Advisory Group for advice. JLL proceeded to help them chart their path forward. Read on for their insight given to prospective owners.

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BiggerPockets Podcast 449: How Emails Are Constantly Destroying Your Productivity with Cal Newport

BiggerPockets

We’ve known for a long time that humans aren’t great at multitasking. Once distracted, our brains find it hard to let go of the new information we’ve just learnt or […].

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Real Estate Exchange files antitrust suit against Zillow, NAR

Housing Wire

Real Estate Exchange (REX) filed an antitrust lawsuit Tuesday in federal court against Zillow , accusing the company of anticompetitive behavior related to showing certain homes on its platform. Trulia and the National Association of Realtors are also named in the suit. REX, an Austin-based real estate startup, said Zillow’s new listing layout, which includes tabs entitled “agent listings” and “other listings,” positions its listings in a “recessed obscured, a

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What Famous Literary Home Would You Want to Appraise?

McKissock

Home of Louisa May Alcott, Concord, Massachusetts. Appraising specialty or niche properties—like commercial properties, luxury homes , historic homes, etc.—can be both enjoyable and profitable. With the help of our appraisal community, in the past we’ve had fun exploring questions such as, “What sports stadium would you like to appraise?

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SitusAMC expands with acquisition

Valuation Review

SitusAMC Holdings Corp. has acquired Street Resource Group, Inc. (SRG) and its widely used Warehouse Loan System (WLS), the company announced. The acquisition expands SitusAMC’s warehouse lending technology offering, pairing WLS with SitusAMC’s existing ProMerit system (acquired via the MBMS, Inc. acquisition in 2019). Read on to learn more.

Lending 60
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5 Steps to Successful Real Estate Accounting for Investing Newbies

BiggerPockets

You don’t need to be a professional accountant to have accurate records. Any investor can practice successful real estate accounting by following these five simple steps.

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Who’s the customer in UWM’s wholesaler war?

Housing Wire

I’ve spent years asking top mortgage lending execs this question: who’s your primary customer, loan officers or consumers? Most answer LOs because most industry market share is still LO-driven. But let’s go deeper to see if this answer holds up for execs and LOs over full market cycles. And let’s frame it in the context of today’s top wholesaler asking LOs to limit the options they have for consumer clients.

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REX Takes On Zillow and National Association of Realtors’ Cartel In Antitrust Filing On Behalf Of American Consumers

REX Real Estate

REX’s complaint and preliminary injunction seeks relief from NAR and MLS cartel rules meant…

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Tech CEO: Use of third parties can be ‘detrimental’

Valuation Review

Regarding the Federal Housing Finance Agency’s consideration of implementing hybrid appraisals that enlist a third party to collect the data for a lender and certified appraiser once past the automated underwriting system, Valuation Review sought out expert analysis and opinion from Bradford Technologies President and CEO Jeff Bradford. The company executive spelled out what this can mean for the appraisal profession.

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BiggerPockets Money Podcast 177: Putting Yourself in the Best Financial Position as a First Time Home Buyer with Scott and Mindy

BiggerPockets

It’s hard being a first time home buyer, especially if you don’t have any experience with real estate, property values, or market appreciation. You may be wondering how you’ll be […].

Buyers 67
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How to chip away debt and become a first-time homebuyer

Housing Wire

Millennials are a significant part of the housing market boom as first-time homebuyers. Reports show 63% of millennial home shoppers plan to purchase a home because of their new remote work status. If you’re interested in becoming a first-time homebuyer, there are some things you need to know. As you start the real estate process, saving for a down payment—often while paying off debt in tandem—can feel like a big hurdle.

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When Is The Best Time To Order A Pre-Listing Appraisal?

CM Appraisals

By Tom Horn on Mar 09, 2021

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Whitepaper focuses on MDRs, impact on appraisal process

Valuation Review

Tennessee Certified Appraiser David Braun reached out to Valuation Review to discuss mutation of data records (MDRs) as outlined in his whitepaper. He said the purpose of this paper is to disseminate research on a specific technique related to the field of predictive price modeling and offer techniques which have potential to improve the outputs of a wide variety of price prediction modeling ranging from traditional appraisal practice to the development of automated valuation models.