The reasons why appraisers hate real estate agents (many of them anyway) are both varied and lengthy; almost all have to do with agent ineptitude and ignorance of how appraisals are completed and how data – specifically comps – are selected and utilized. I’m an active certified appraiser since ’89 as well as an active broker; I see [...]
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Occupied Distressed Homes Worse for Values than Vacant Homes
Many areas of Atlanta are experiencing the same issues with foreclosures and distressed properties as others around the country. Distressed homes (foreclosures – short sales – loan mods) and bank owned homes obviously hurt neighborhood value and appeal. Now a study conducted in Cleveland seems to assign tangible impact levels; while far from definitive, it [...]
Another Head Scratching Filthy Foreclosure
Here’s another nasty foreclosure, the kicker on this one is that it looks like this after clean out. I walked this and seriously wondered how you can live in something like this – living outside in a tent would be cleaner. From an appraisal stand point I called for a total gut job on this [...]
Appraisal Issues? Blame Washington
Once again appraisers are in the cross hairs, the incessant screaming is that we’re “killing deals” and hampering any real estate recovery chatter is heating up. Low appraisals, incorrect appraisals or appraisers not being familiar with the area in which they work are the topics of conversation around the real estate water coolers. Most of [...]
How to Challenge a Low Appraisal
As if there weren’t enough land mines to dodge and punji pits to avoid in the current Atlanta real estate market, we continue to see a steady increase in the number of appraisal issues. Low appraisals are most common with refinance loans but over the last year appraisal challenges continue to increase on the sales [...]
Mortgage Fraud in Atlanta – Alive and Very Well
Mortgage fraud in Atlanta is alive and quite well. Despite all of the meddling from Washington and their involvement in the real estate business, fraud continues. CoreLogic completed an in depth 2010 study that was very interesting and is worth the short read. Although a few months old, it’s amazing (in a bad way) to [...]
Distressed Homes Muddy the “Real” Data
As has been discussed here and in many other places, the housing statistics that are ubiquitous and continually pounding the life out of everyone must be kept in context. The fact is, unless the data is broken down piece by piece to ensure accuracy and legitimacy, it probably isn’t reliable. Everyone agrees that the real [...]
As Atlanta Foreclosures Grow so does the Mold
As has been mentioned at least a few hundred times, I’m a broker as well as certified appraiser. Since ’89 I’ve appraised and reviewed thousands of homes, currently I’ve been completing foreclosure assignments all over the Metro Atlanta area. No agent knows the market as well as an appraiser; we are in the field daily, [...]
Understanding Appraisals and Appraised Values
An appraisal is required by your lender when you apply for a mortgage or refinance your home. It is merely a report prepared by a certified property appraiser which determines the value of your home based upon the size, lot size, upgrades and amenities, age and room additions. The borrower is required to pay for [...]
Real Estate Losses Surpass the Great Depression – And Why the News Isn’t All Bad
It’s official: real estate markets nationwide have lost more over the last few years than they did during the Great Depression. Specifically, from 2006 to the first quarter of 2011, nationwide real estate markets have lost roughly 33% in value, compared to the 31% in value lost from 1929 to 1933. And the worse news: [...]
Will Zillow/Trulia Give Me The True Value Of My Home
Does Zillow and Trulia really provide true values based on neighborhood comps? Inland Empire residents have found other resources that are far more reliable. Check out this article for tips on how to get a real value of your house.
You Are Not Smarter Than the Market
There are an infinite number of ways to say “don’t be stupid”. You can tell a kid “that stove is hot” but unfortunately, many times the lesson isn’t learned until that kid gets a third degree burn on his hand. Here’s the equivalent real estate warning – “You are not smarter than the market”.
Cat Crap Fever Foreclosure
The owners of this foreclosure were fans of cats – not fans of clean. Overflowing litter boxes, multiple empty buckets of cat litter and a few heavy duty trash bags filled with used cat litter laying around set the mood….the clumps and bundles of cat hair and general filth enhanced it. And you wanna buy a foreclosure?
Foreclosures, Dog Feces & Good Ole’ Vandalism
More good stuff from behind the foreclosure curtain. The rat infestested home was cool, this time we have the standard but always fashionable general vandalism and dog feces….so who’ll be buying these homes?
Foreclosures Before the Clean Up
Many buyers are convinced that foreclosures are the way to go – lenders are willing to drastically cut prices just to move inventory. Buyers however, often lack a clear understanding of the process and what “as is” really means. Being an appraiser specializing in distressed homes gets me inside right after lenders take them back, and what I see never fails to amaze me. I’m also amazed at how little buyers really understand about the hazards of foreclosure properties.
Definition of an Appraisal Management Company
The Nevada Revised Statue defines an Appraisal Management Company (AMC) as follows: NRS 645C.034 “Appraisal management company” defined. 1. “Appraisal management company” means a person, limited-liability company, partnership,association or corporation which for compensation: (a) Functions as a third-party intermediary between an appraiser and a user of real estate appraisal services; (b) Administers a network [...]
Using the FHA 203K Streamline Mortgage to Finance your Dayton Ohio Home
Utilizing the FHA 203K Streamline mortgage a Dayton Ohio home buyer can obtain a mortgage with a minimal down payment and up to $35,000 thousand dollars in rehab and or repair expenses. With so many Dayton Ohio bank owned properties (aka REO’s) available makes an excellent opportunity to not only get a fantastic price on a home but update it how you would like creating lots of equity. Visit http://www.greggreenwald.com for more information about the Dayton FHA 203K Streamline mortgage.
What Appraisers Can Expect in 2011
Earlier this month, the Standard & Poor’s Ratings Services (S&P) stated that it will take longer than predicted for the U.S. housing market to absorb distressed and foreclosed properties. This means that prices may continue to be low over the next several years. Although foreclosures are slowing, borrowers are continuing to default on their mortgages. [...]
Real Estate Appraiser Career 101
Are you considering a career in the real estate field? Real estate appraisal is an ideal career choice for individuals who like to work out in the field, and with experience, eventually work for themselves.
Is it a Bedroom, Den or Office?
What rooms are called and how they’re used can be different. Is there an “official” definition for a bedroom, den, half bath or dining room? At the end of the day, what it’s called and how it’s used is determined by the owner.
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$10000 California First Time Home Buyer and New Home Tax Credit Extended
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Unite Against the Sarasota MLS Board
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Short Sale Heaven Coming April 5th 2010
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The Lones Group – Real Estate Social Media Marketing Firm – Sues Agent For Being A Zebra
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California Senate Bill 94 (SB94): Passes; Not even Attorneys can do it!
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Rob@Jupiter Real Estate: In Florida we have many condos located on oceanfro...
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Larry: It should almost be a necessity to have a swimming...
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New Media 4 Agents: I think we are past the stage of wondering if it w...
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Jim Wagoner: Good information we all should try to live by....
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Mike Pannell: Tony, i tried to sign my Wife up on your property ...
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