Appraisal Management Services Northwest: February 2014

Friday, February 28, 2014

How to Find the Best Appraisal Company in Seattle

Whenever you purchase a house, a condominium unit or any kind of property, it is important for the units to be appraised before it can be finally let go for new ownership. Not only because the process is important but it is actually required by federal policies to be done, that is why appraisals are necessary. Individual appraisers can be hired to do the related procedures when an appraisal order is laid out. However, in most cases, hiring an appraisal company is better option. There are actually a lot of good companies you can get around the region. If you want to find the best appraisal company in Seattle, you can read through to get to know some important tips.

There may be some good questions you want to ask about appraisal companies, what they do and how important they are. First, just what does an appraisal management company do? An appraisal management company is often responsible for finishing appraisal reports whenever orders are required. The company makes sure that the procedures are done with precision to obtain quality results. Most companies are able to do this because they employ highly qualified personnel who are not only capable of doing an appraisal but are most importantly experts in the field.

Different companies are able to offer various services, especially in the Seattle region. Seattle appraisal companies do what most appraisal experts do and this include activities related to mortgage financing, property tax assessments, and land utilization studies. Some other services that need appraisal results include basic services and even compliance support. These procedures and results of appraisal officially include or are related to vendor management, order management, correction requests, appraisal reconsideration process and attainment of appraiser independence certificate.

You could be interested with some questions as well. You may also ask about what type of Appraisal Company you should look for in Seattle. Basically, what you need is company that can give you everything that you need. Before you get a specific company to work on your orders, be sure that you are as well ready with your own preferences. Know as to what specific purpose you are hiring an appraisal company for.

Be sure you are hiring a company with credibility and get a good appraisal service. You can look up for the company standing over the internet. Check on the extent of their activities so far and see if they have done tasks excellently for their clients. If you find a company to be an outstanding unit in the industry, you better grab the opportunity and work with them. A good company should be easy to communicate with. One of the most important things you should consider it to make transactions with companies that are licensed to work in the appraisal management industry.

How do you find one good appraisal company around in your area? It would help if some you know can refer you to a good company. You can ask your friends or your relatives if they know some great companies that can manage your needs. If you have the time, you can g to your local government units and inquire about appraisal companies that are located in your area. They may be able to give you excellent suggestions for appraisal service providers.

Almost everything is basically connected to the internet today. You can make good use of the worldwide web to find the best appraisal company in Seattle. Look for reviews about the companies that are serving in your area. You can just search for appraisal companies online. The internet will surely be able to give you one that is outstanding and can serve your needs right.

Wednesday, February 26, 2014

Reasons Why You Should Get Appraisal Services in Seattle

As a general rule, appraisal services in Seattle are required to work in between appraisers and lenders whenever there are bank transactions or anything that involves purchases with financing. Some people may find the services unnecessary but these actually have significant roles to present. You may ask why there is a need for you to get appraisal services. What would you get from appraisal management company if they work for you? Would it be worth it all to get services from them? Here are some good reasons why appraisal services are essential.

Professional Services

Appraisal management companies will never put their reputation at risk by doing ‘just okay’ performances. It is really good to know that these companies are fueled by very competent and globally competitive professionals. The professionals that work for appraisal companies are often educated and are very much knowledgeable about how the things work in the appraisal service industry.

Agents are well trained with the techniques and are more than capable of doing the tasks for appraisal management. The companies make sure that appraisal orders are managed by distinguished and highly proficient panel of appraisers.

Provides a Wide Range of Services

Most appraisal companies are capable of doing multiple tasks. The best companies are able to offer various services without risking the quality of work. Different reports including field review, desk review, loan renovation, and land appraisal are only of the services that are offered by companies. Some other services include residential home appraisal, multi-unit residential appraisal, condominium appraisal and many others.

The appraisal companies can also serve to cater the needs which are related to feasibility studies, market and trend studies, land utilization, estate planning and settlements, property transactions, dispute resolutions and many more.

Adheres to Federal and State Rules

Basically, everything is governed by rules and is needed to be observed properly. The best thing about doing business with appraisal management companies is that they always abide by the laws, policies, rules and regulations. The fact that every appraiser working for the company is a professional only shows that they are well-informed with any legal matters related to appraisals. There would be minimal to nil cases of breaking any rule.

Uses High End Technology

The processes that are used to do appraisals and obtain reports are not really simple. This would require serious and quality performance of tasks. Individual appraisers may be able to work great but the result will not be as accurate as the ones obtained by companies that run with high end technologies. From filling up of information to tracking and from placing orders to delivery of orders, appraisals by companies are more accurate with the help of technology. Procedures are also done at speed with the help of technology. Also, companies are easier to reach with the help of appraisal management technology.

Competitive Rate

Appraisal management companies know that clients would look for great deals with every service they pay for. Because companies are surely packed with several orders every day, they would actually not think of giving services at very high price tags. If they do, the clients will be assured that the reports are done with utmost quality.

With these advantages in mind, there is no reason why should not get proper appraisal services in Seattle. When you get professional services, you will most likely get very accurate result for your appraisal orders. If this happens, you are the only one who will benefit from it as well. More accurate appraisals would mean a better or even an excellent deal for you. All you need to find is one appraisal management company who can offer you services at your most favorable conditions.

Tuesday, February 25, 2014

Mortgage Appraisals Drop, What Should An Appraiser Do?

Mortgage Appraisals Drop, What Should An Appraiser Do?
Tax Grievance and Tax Appeal Season Opens in Many States
Deadlines for Filing Tax Grievances and Appeals in Some States With Substantial Tax Grievance Activity
Appraiser Help’s 2014 Directory of AMCs and National Appraisal Companies is Now Available!
Recent and Upcoming Real Estate Reports
Rates & Dates
Ask Angie
Tell us what you think!
Closing Remarks
Mortgage Appraisals Drop, What Should An Appraiser Do?

1) Retire or change profession.

2) Increase their skill sets (i.e. residential appraiser gaining experience with commercial work, learning to appraise high value or special use properties, etc.).

3) Increase marketing for all areas of their appraisal practice.

4) Build a healthy private (non-mortgage) appraisal practice.

In the next section, let’s take a look at performing appraisals for tax grievance and appeal, a neglected area for many appraisers.

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Tax Grievance and Tax Appeal Season Opens in Many States

Appraisers have opportunities in many states to perform appraisals on both residential and commercial properties for the purpose of helping to determine the proper assessment (and ultimately, the tax burden). For some reason, many appraisers have not familiarized themselves with the rules and regulations (i.e. effective date of the appraisal, deadline for filing, mandated approach to value, etc.) in the various assessing jurisdictions within which they work. In addition, the manner in which these rules and regulations are implemented can vary from one municipality to the next within a state with some assessors more flexible (i.e. allowing submissions outside of the prescribed period for filing) and others strictly adhering to the deadlines.

Appraisers within areas of high property taxes obviously are likely to have more opportunities to perform tax grievance or tax appeal appraisals than those in areas of low tax burdens. Benjamin H. Harris and Brian David Moore, in a recent study for the Tax Policy Center of the Urban Institute and Brookings Institution, discussed the uneven level of residential property tax burdens. Some of their findings:

~Property taxes are a major source of revenue for local governments, accounting in 2011 for 34.6% of total revenues and 63.9% of local own-source revenue. Property taxes account for at least 30% of local revenue in most northeast states with many states in the south and west reporting substantially lower rates. An exception: Texas with 32% of revenues coming from property taxes.

~Counties with average annual tax burdens of more than $8,000 are all located in either New York (Nassau, Rockland and Westchester) or New Jersey (Bergen, Essex, Hunterdon, Morris, Passaic, and Somerset). Eight states (mostly in the south) had average annual property tax obligations of less than $1,000.

~The portion of property taxes attributed to residential properties as compared with commercial/industrial properties has risen from approximately 1/2 to 2/3 in recent years. Residential property taxes now account for approximately 25% of the cost of homeownership.

~As a percentage of home value, residential property owners in 36 states paid between 0.5% and 1.5%. Residents of 3 states (Delaware, Hawaii and Louisiana) paid 0.5% or less while those in 11 states (Connecticut, Illinois, Michigan, Nebraska, New Hampshire, New Jersey, New York, North Dakota, Texas, Vermont, and Wisconsin) paid more than 1.5%.

A link to the Urban Institute and Brookings Institution report (which cites sources and provides more detailed breakdowns by state) is found here: Residential Property Taxes in the United States

In addition, here is a link to a CNNMoney interactive map displaying the tax burdens in over 3,000 counties throughout the United States: Property Taxes: How Does Your County Compare?

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Deadlines for Filing Tax Grievances and Appeals in Some States With Substantial Tax Grievance Activity

New Jersey: April 1st (or May 1st where municipal-wide revaluation or reassessment has been implemented). Additional information can be found at: New Jersey Guide to Tax Appeal Hearings

New York: Generally May 20th (except for Nassau County which is March 3rd). Additional information can be found at: Contest Your Assessment

Ohio: March 31st. Additional information can be found at: Ohio Board of Tax Appeals

Texas: May 31st (or 30 days after a notice of appraised value is mailed to a property owner). Additional information can be found at: Property Tax Protest and Appeal Procedures

Pennsylvania: Varies (Many counties have moved deadline ahead to September 1st; Philadelphia is October 1st; Allegheny is March 31st).

Michigan: July 31st.

Illinois: Varies.

This is obviously a partial list, opportunities to perform tax grievance and appeal are available to residential and commercial appraisers in many other assessing jurisdictions throughout the country. Please remember to confirm effective dates, filing deadlines and all regulations with any assessing municipalities in which you appraise.

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Appraiser Help’s 2014 Directory of AMCs and National Appraisal Companies is Now Available!

To help appraisers evaluate how AMCs will work for their appraisal practices, we have compiled this expanded directory of AMCs and National Appraisal Companies, listing complete, contact information and other details for each listing.

If you’re looking to maintain or expand your mortgage appraisal practice, our Directory of Appraisal Management and National Appraisal Companies is a great place to start. Order it today for $69.99 and download it immediately!

Please visit our website now to make your purchase securely or contact us at (877) 434-2825 for more information on this comprehensive directory!

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Recent and Upcoming Real Estate Reports

Last Thursday, CoreLogic released their February MarketPulse Report. Some of its highlights:

~The homeownership rate declined to 65.3% in the 3rd Quarter of 2013, a decline of almost 4 percentage points from the peak of 69.2% in the 4th Quarter of 2004.

~Home affordability was down 17% from one year ago and 22% beneath the January 2013 peak.

~Nationally, home prices were 11% higher in December 2013 from the same month one year ago.

That same day, CoreLogic’s Sam Khater reported on “Real Estate’s One Percent”. He notes that sales of million dollar homes constituted 1% of all sales for many years preceding 2004, after which they surged and eventually made up more than 2% of sales until the collapse of the financial markets in 2008. As of early 2009, sales of million dollar homes had declined to approximately 1% of all sales.

Mr. Khater discusses the correlation between the S & P 500 stock index and the sales of million dollar homes, which increased to more than 2% of the market in the middle of last year, at the same time the S & P 500 was rising rapidly. He notes that the S & P 500 is an effective two month leading indicator for the sales of million dollar homes.

Last Friday, the National Association of Realtors (NAR) reported that existing home sales dropped by 5.1% in January from the previous month as well as declining 5.1% from January 2013. Distressed sales (foreclosures and short sales) made up 15% of the market in January 2014 compared with 14% one month prior and 24% one year ago.

The NAR reported that first time buyers made up just 26% of purchases last month, the lowest rate since the NAR began measuring this in October 2008. The news release noted that this figure “should be closer to 40%”.

A link to the NAR news release is found here: Existing Home Sales Drop in January While Prices Continue to Grow

Reports out this week:

Later this morning: the December S & P/Case-Shiller Home Price Index and the Federal Housing Finance Agency House Price Index will be released. The Commerce Department reports on new-home sales for January on Wednesday and the NAR releases their pending home sales report for January on Friday.

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Rates & Dates

Freddie Mac, the Mortgage Brokers Association (MBA) and HSH Market Trends all reported rising mortgage interest rates in their most recent surveys.

On February 20th, Freddie Mac reported that 30-year fixed-rate mortgages increased to 4.33% from 4.28%. They also noted that last year at this time the 30-year rate was at 3.56%. Frank Nothaft, vice president and chief economist of Freddie Mac, added: "Mortgage rates crept up further following the uptick in the 10-year Treasury yield as minutes of the Federal Reserve’s last meeting indicated little possibility of a pause in the central bank’s reduction of bond purchases. Housing starts in January fell 16 percent to a seasonally adjusted annual rate of 888,000 units, below consensus forecast. Permits were at a seasonally adjusted annual rate of 937,000 in January, also below consensus." In a news release two days earlier accompanying “Freddie Mac’s February 2014 U.S. Economic and Housing Market Outlook” Mr. Nothaft stated that: “…if rates continue their upward trend, it will be difficult for many families to purchase a home without seeing some income growth. Rising home prices and interest rates along with little to no income growth has resulted in a substantial erosion of homebuyer affordability over the past year. Therefore, jobs and income growth are necessary for 2014 to turn in another gold-medal performance for the housing recovery."

The Mortgage Bankers Association (MBA) reported on February 19th (for the week ending February 14th) that 30-year rates with conforming loan balances ($417,500 or less) rose to 4.50% from 4.45% the previous week. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) increased to 4.45% from the previous week’s rate of 4.40%. Rates for FHA backed mortgages also moved upward, to 4.16% from 4.13% the previous week. Mortgage applications declined by 4.1% from the previous week with refinance applications falling to 61% of the total, down from 62% the previous week.

One day later, the MBA released their National Delinquency Survey for the 4th Quarter of 2013 which reported that delinquency rates declined to 6.39% at the end of 2013, the lowest figure since the 1st Quarter of 2008. This represents a drop of more than 3% from the peak of greater than 10% in 2010.

A link to this report (which includes breakdowns by area and type of loan) is found here: Press Release – NDS

On February 21st, HSH Market Trends reported that 30-year mortgage rates increased to 4.44% from 4.40% the previous week. Rates for FHA-backed mortgages also rose, from 4.01% to 4.06%.

Additional information from Freddie Mac can be found by going to: Primary Mortgage Market Survey PMMS – Freddie Mac

Additional information from the Mortgage Bankers Association can be found by going to their site at: Research and Forecasts – Mortgage Bankers Association

Additional information from HSH can be found by going to: HSH.Com

Ask Angie

We would first like to congratulate our most recent winner: Beaumont, Texas appraiser Christopher Rieve. Christopher was the first to answer correctly that John Lennon was the author of the quote “The more I see, the less I know”; the quote “I give them a year” (referring to the Beatles) was said by Ray Bloch, musical director of the Ed Sullivan Show, in 1964; and Paul McCartney sang “And in the end, the love you take is equal to the love you make.”

Today’s questions:

1. Who said: “Here is my principle: taxes should be levied according to ability to pay. That is the only American principle."

a) Franklin Delano Roosevelt

b) Warren Buffet

c) David H. Koch

d) Charles G. Koch

e) None of the above

2. Who said "We don’t pay taxes. Only the little people pay taxes."

a) Donald Trump

b) Leona Helmsley

c) Mitt Romney

d) Marissa Mayer

e) None of the above

3. Who said: "The dullest Olympic sport is curling, whatever ‘curling’ means."

a) Bob Costas

b) Meredith Viera

c) Andy Rooney

d) Al Michaels

e) None of the above

The first person to respond with the correct answers wins a choice of one of the following:

One Free Regular Listing on AppraiserHelp.com

A Free Copy of the Newly Released 2014 Directory of Appraisal Management Companies (Available to Members of AppraiserHelp.com and FHAAppraisers.com FREE!)

Tell us what you think!

We invite your responses to any of the issues raised in this newsletter. Please e-mail us at: bill@appraiserhelp.com with your thoughts!

We really hope you find our newsletter to be informative! If you have any input on future topics for discussion, please email me your questions and I will do my best to address them in the next issue. If you want to look back at past issues you can see our archive at www.appraisernews.com

Regards,

Bill Collins, Appraiser Help Inc.

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Thursday, February 20, 2014

What to Look for in Appraisal Management Service Providers

Among the many appraisal management companies available in Seattle, there should be one that has the characteristics that you require in a company. Appraisal management services in Seattle is widely available, like in any other states. Although the number of companies that offer their services could be countless, there are only few that can live out to your expectations. You cannot generally say that one company is outstanding among the others. You may have different views from other clients because you have different needs from them.

But, how can you say one company is perfect for you? How will you know if that is the type of company that you can trust your appraisal orders to? Here are some things that you need to look into when you are looking for exceptional appraisal management service providers, especially in Seattle.

1. Look at the degree of the Experience. An excellent measurement that you could use to gauge the quality of the services offered by a certain company is its public reputation. Look into the history of the company and how well it has run over the years. If the company constantly receives positive feedback from its clients, then you should be confident that it can work great for you as well. Although there will be slight differences with the results as you don’t have the same needs as others, you will still be assured that reports are made relatively accurate.

2. Check the Credibility of its Appraisers. Every company is composed of several appraisers that have different levels of knowledge and skills in term of appraisal management. Choose a company that employs personnel who are not only at top of the game but who actually excel in their fields of expertise. A company with very competitive appraisers will surely be able to provide the best results for your appraisal orders.

3. Think about the Speed of Work. The superiority of work is very important especially when it comes to appraisals. It is understandable for the process to get done in longer durations because anything in the industry is not that easy. However, for a company to be able to carry out tasks at its best at the shortest time, it should be highly praised and considered as an excellent performer.

4. Consider the accessibility of the company. It is also important for the company to be reached easily by their clients. The moment you need answers or advises the company should be there to help. The good thing with appraisal management companies these days is that they are also highly visible in the online community. That is what makes them easy to approach.

5. Verify the Legitimacy of the Institute. Just like how you want the results to be accurate and certified, the company who entrust your appraisal orders to should also be legitimate. It is important for you to know the authenticity of the company you are getting services from.

6. Consider the overall quality of the company’s services. The overall quality of the company is the most important aspect that should be of your biggest concern. You deserve to have the best services from appraisal companies because you are paying them to do their jobs right.

Appraisal management services in Seattle is worth paying for when you are able to find everything that you prefer in a company. The bottom line is it’s up to your compatibility with the company. You pay for a reasonable price, so you should get an equally reasonable service from the appraisal company. Just always lay down your preferences first then look for the right service providers t ht can give you excellent reports for your appraisal orders.

Tuesday, February 18, 2014

VIDEO: What’s Inside This House On Wade Avenue?

VIDEO: What’s Inside This House On Wade Avenue? (in Raleigh, NC) Very, very interesting. I find these videos for appraisers but not many people have watched them. This one has 1 million views after it was included in an article and has definitely gone “viral”. Definitely of interest to appraisers also!! Filed under: unusual homes

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Tuesday, February 11, 2014

Older Appraisers as Entrepreneurs

How Many Licensed and Certified Appraisers Are There In The U.S.?
Half of All Appraisers Are Between the Ages of 51 and 65: What Are Their Choices in This Period of Declining Mortgage Appraisal Volume?
Welcoming a New Sponsor
Appraiser Help’s 2014 Directory of AMCs and National Appraisal Companies is Now Available!
Zombie Subdivisions
Rates & Dates
Ask Angie
Tell us what you think!
Closing Remarks
How Many Licensed and Certified Appraisers Are There In The U.S.?

As this newsletter was written, the Appraisal Subcommittee’s (ASC) National Registry delineates the following breakdown of appraisers in the United States:

Certified General Appraisers: 38,125 (38.0%)

Certified Residential Appraisers: 51,633 (51.5%)

Licensed Appraisers: 10,353 (10.5%)

Total: 100,111

How does this compare with last year and prior years? In our newsletter of March 12, 2013 we reported the following:

“The Appraisal Subcommittee’s (ASC) National Registry indicates that 101,899 real estate appraisers are currently listed as maintaining ‘Active Appraiser Credentials’, a figure that includes many appraisers who are not full-time, along with some who are essentially inactive but wish to remain licensed. The ASC reports that 37.2% are Certified General Appraisers, 51.4% are Certified Residential Appraisers and 11.4% are Licensed or Transitional Appraisers.

What is the trend? We went back into our archives and see that the May 10, 2011 issue of AppraiserNews.com reported the tally at 109,235 as per the ASC, a decline of 7,336 (6.7%). The percentage of Certified Residential Appraisers remained constant but the percentage of Certified General Appraisers rose by approximately 2%, with fewer appraisers being licensed only”.

While the number of appraisers nationally is on track to drop below 100,000 in the near future, the decline has slowed. The trend of appraisers to upgrade their license status continues.

A link to the Appraisal Subcommittee website, which gives current breakdowns by state, is found here: Active Appraiser Credentials Summary Report

A link to the March 12, 2013 issue of AppraiserNews.com is found here: March 12, 2013 Appraiser News Article

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Half of All Appraisers Are Between the Ages of 51 and 65: What Are Their Choices in This Period of Declining Mortgage Appraisal Volume?

In a You Tube video last year, Sara W. Stephens, a past president of the Appraisal Institute, noted studies which indicated that approximately half of all appraisers in the United States were between the ages of 51 and 65. Much has been said about the declining number of appraisers and the various attempts to attract younger members into the profession which has seen its reputation tarnished during the past decade.

Not as much has been written about the older appraisers and their options for the future. It may not be as bleak as some have suggested.

By definition, independent fee appraisers are entrepreneurs. In an article last Friday in the New York Times titled “For Many Americans an Entrepreneurial Path”, Kerry Hannon summarizes a number of studies related to entrepreneurial activity. She cites a study by the Kauffman Foundation and Legal Zoom last year which reported that 20% of all new businesses were started by entrepreneurs between the ages of 50 and 59 with 15% of new businesses created by those over age 60. Ms. Hannon notes that the Kauffman Index of Entrepreneurial Activity reports that during the past decade, the highest rate of entrepreneurial activity is within the 55 to 64 age group.

Our suggestions for older appraisers not financially set for retirement (or not desiring to do so) are as follows:

1. Upgrade, upgrade, upgrade: Upgrade your appraiser license status; upgrade your appraiser skills and areas of expertise; upgrade your appraisal operation by bringing together new appraisal tools along with software to increase efficiency.

2. Increase your marketing activity, let potential clients know all of the services you can provide them with to help them in their businesses.

3. Add other real estate related services such as brokerage, home inspection, etc. to your business.

4. Start a non-real estate related business for a change of pace, something that you enjoy and brings new excitement to your workday. Do this slowly, don’t take unnecessary risks and “pull the plug” quickly if problems develop.

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Appraiser Help’s 2014 Directory of AMCs and National Appraisal Companies is Now Available!

Please visit our website now to make your purchase securely or contact us at (877) 434-2825 for more information on this comprehensive directory!

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Zombie Subdivisions

In a press release last month, the Lincoln Institute of Land Policy discussed the blight on the landscape throughout the Intermountain West created by large expanses of approved but incomplete or empty subdivisions which compromise the quality of life, create fiscal havoc and distort real estate markets. The Institute describes the situation thusly: “The suburban equivalent of blight seen in such cities as Detroit, the incomplete subdivisions, in some cases all but abandoned following the 2007-2008 real estate bust, have left a landscape of roads to nowhere slicing through farmland, lonely lampposts and street signs, and ‘spec’ houses standing alone amid marketing billboards and land cleared for nonexistent golf courses.

The researchers, analyzing eight states – Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, and Wyoming – identified millions of ‘entitled’ empty lots in subdivisions, where 15 percent to two-thirds of the developments were vacant. By region, they found that:

— An estimated 1.3 million approved lots in the Phoenix-to-Tucson Sun Corridor remained unbuilt during the height of the bust.

— In five Colorado counties as of 2012, nearly 30,000 subdivision lots are vacant, with an average of 20 percent of the approved land undeveloped.

— In Teton County, Idaho, three out of every four lots entitled for development were vacant”.

A link to the Lincoln Institute news release is found here: Confronting "Zombie Subdivisions," Blight of the Intermountain West

The New York Times on Sunday discussed the thousands of “zombie homes” in New York and the attempts to hold lenders responsible for these abandoned and foreclosed properties. A link to this report is found here: A New Effort in Albany to Put Lenderes in Charge of Abandoned Properties

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Rates & Dates

Freddie Mac, the Mortgage Brokers Association (MBA) and HSH Market Trends again reported falling mortgage interest rates in their most recent surveys.

On February 6th, Freddie Mac reported that 30-year fixed-rate mortgages fell to 4.23% from 4.32%. They also noted that last year at this time the 30-year rate was at 3.53%.

The Mortgage Bankers Association (MBA) reported on February 5th (for the week ending January 31st) that 30-year rates with conforming loan balances ($417,500 or less) dropped to 4.47% from 4.52% the previous week. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) fell to 4.42% from the previous week’s rate of 4.47%. Rates for FHA backed mortgages also declined, moving to 4.12% from 4.18% last week. Mortgage applications increased by 0.4% from the previous week with refinance applications accounting for 62% of the total, unchanged from the previous week.

In a press release on February 3rd, the MBA forecast that originations of commercial and multifamily mortgages will increase by 7% in 2014. Jamie Woodwell, the MBA’s Vice President of Commercial Real Estate Research is quoted in the release as saying that: “Early indications are that commercial and multifamily lenders increased originations by 15 percent in 2013. This year will once again see fewer loans coming up against their maturities. But with still low interest rates, improving property fundamentals, a rebound in property prices, and higher loan maturity volumes on the horizon, we anticipate mortgage originations will continue to increase in 2014.”

In a separate news release that day, the MBA reported that originations increased by 16% in the fourth quarter of 2013 in comparison with the same quarter of 2012 with the increase driven by health care (+70%), retail (+43%) and office (+27%) properties. Multifamily property originations were unchanged, hotel mortgage originations fell by 9% and industrial property loan originations dropped by 30%.

In a third news release on February 3rd, the MBA reported that 6% ($91.7 billion) of outstanding multifamily and commercial mortgages will mature in 2014, a drop of 23% from last year. Mr. Woodwell noted that: “2014 will be the fourth straight year of declining commercial/multifamily mortgage maturities. Following 2014, we will see volumes spike – by 72 percent in 2015 and an additional 34 percent in 2016, as ten-year loans made in 2005, 2006 and 2007 begin to come due.”

On February 7th, HSH Market Trends reported that 30-year mortgage rates dropped to 4.38% from 4.45% the previous week. Rates for FHA-backed mortgages also fell from 4.07% to 4.00%.

Additional information from Freddie Mac can be found by going to: Primary Mortgage Market Survey PMMS – Freddie Mac

Additional information from the Mortgage Bankers Association can be found by going to their site at: Research and Forecasts – Mortgage Bankers Association

Additional information from HSH can be found by going to: HSH.Com

Ask Angie

We would first like to congratulate our most recent winner: Bethel, Pennsylvania appraiser Timothy Owen. Tim was the first to answer correctly that Thomas Mann was the author of the quote “Order and simplification are the first steps toward the mastery of a subject”; the quote “There is no greatness where there is not simplicity, goodness and truth” is attributed to Leo Tolstoy; and Emily Dickinson wrote “Forever is composed of nows.” Today’s Questions:

Today’s questions:

1. Who said: “The more I see, the less I know."

a) Albert Einstein

b) Richard Cordray

c) John Lennon

d) All of the above

e) None of the above

2. Who said about the Beatles: "I give them a year."

a) Nostradamus

b) Ray Bloch (Musical director, Ed Sullivan Show.)

c) Elvis Presley

d) All of the above

e) None of the above

3. Who said: "And in the end, the love you take is equal to the love you make."

a) Paul McCartney

b) Madonna

c) Cupid

d) All of the above

e) None of the above

The first person to respond with the correct answers wins a choice of one of the following:

One Free Regular Listing on AppraiserHelp.com

A Free Copy of the Newly Released 2014 Directory of Appraisal Management Companies (Available to Members of AppraiserHelp.com and FHAAppraisers.com FREE!)

Tell us what you think!

We invite your responses to any of the issues raised in this newsletter. Please e-mail us at: bill@appraiserhelp.com with your thoughts!

Regards,

Bill Collins, Appraiser Help Inc.

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Monday, February 10, 2014

Excellent Appraisal Management in Seattle

Appraisal management is a common operation that can help hasten transactions, especially those that are related to real estate matters, tax assessment and many other issues. When large purchases like a house or any property are made, appraisal processes are often necessary. This is truly essential especially when there are banks or financing parties involved with the purchase. What the federal rule require banks when it comes to this issue is to have an unbiased marker between lenders and appraisers. This is one reason why there is a great need for service providers of appraisal management in Seattle.

Relative to the continuous need for appraisal management services, there are a lot of appraisal management companies that you can find. They are always open and are very willing to cater your needs when it comes to appraisal and all other related procedures. But how can you say that one appraisal company is excellent? What services should the company be able to provide for them to be considered an all around and outstanding service provider?

1. A company should have an exceptional reputation. Companies that have been in the business for a very long time will most often have excellent services. Obviously, older companies already have acquired great techniques that will help them do appraisal procedures without too much difficulty. As the company grows through the years, they will surely be able to make time to improve their services and provide ways to improve all the more. To make sure of the credibility of a company, you can check about their information online or get first hand information from actual individuals who have directly experienced their services.

2. The company should have the license to operate. Aside from its credibility and trustworthiness, it is also significant for an appraisal company to be legally allowed to function. Check if the company is authorized to manage appraisal tasks. You should only entrust your appraisal orders to a company that officially allowed by the federal government to work. This is to make sure that your transactions are polished and that the results are accurate.

3. Should be able to perform various orders and produce accurate results or reports. You can check for reviews regarding how a certain company carries out their services. For sure there are many clients who are willing enough to provide an unbiased feedback about the services of a company. You can compare information of several appraisal management companies and determine which one can serve you best.

4. Appraisal companies should be easy to reach. The best kids of companies are those that are very easy to contact. They should be available whenever you need some information from them.

5. Appraisal services should have reasonable rates. Aside from a quality service, consider the price you are going to pay if you get services from a certain company. Bear in mind that you don’t have to pay too much for any service. It is alright to hire companies with expensive rates; rest assured that processes and results are of top quality. Don’t fall for offers with prices that are way too low as well. Most of the time, the results are not that accurate with suspiciously cheap offers. Weigh the costs with the extent of the services they offer.

There are many more things you can consider when looking for excellent providers of appraisal management in Seattle. What is important is for you to be able to get accurate reports. If you do, you will be able to get the best deals out of your purchases. This is one of the perks you can get if you hire the best appraisal management team in Seattle.

Tuesday, February 4, 2014

Appraisers’ forecast for biz in 2014

AppraisalPort Polls – 2014 biz forecast www.appraisalport.com Do you expect appraisal fees to change in 2014? January 6, 2014 Yes, increase substantially – 384 votes – 7% Yes, increase slightly – 1,030 votes – 18% Yes, decrease slightly – 420 votes – 8% Yes, decrease substantially 230 votes – 4% No, stay about the same […]

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