People always ask us if we do Rent-Surveys. YES, of course, we do those all the time while appraising residential income properties. All as part of the process.
If you have been renting for several years, we don’t have to tell you rents have gradually increased over time, but what you might not know, if your landlord has not kept up with market-rents is that RENT FEES HAVE GONE THROUGH THE ROOF!
The Bureau of Real Estate Appraisers (BREA) receives ongoing inquiries from our licensees with questions regarding whether or not they can develop an opinion of value by doing Broker Price Opinions (BPOs), desktop reconciliation of values, or a variety of other kinds of alternative and/or preliminary valuation reports. The answer to these questions can be found in the Uniform Standards of Professional Appraisal Practice(USPAP) and Title 10 of The California Code of Regulations.
The Federal Housing Finance Agency (FHFA) has issued the maximum loan limits that will apply to conventional loans to be acquired by Fannie Mae
in 2017. The first mortgage loan limits are defined in terms of general loan limits and high-cost area loan limits. This is the first time the
maximum loan limits have increased since 2006.
First Mortgage Loan Limits The following chart contains the general loan limits for 2017:
Units General Loan Limits
Contiguous States, District of Columbia, and Puerto Rico, Alaska, Guam, Hawaii, and U.S. Virgin Islands
We expect to see a reduced compliance and regulatory environment for lenders by year end with community banks and smaller lenders in particular looking to increase lending. This could be a positive for appraisers. It is a concern, however, that reduced regulations and oversight might again lead some lenders into unwise risk taking and a repeat of past mistakes.
Look for AMCs to feel the heat from multiple sources as the spotlight is directed at their role in the lending process and what should be their “customary and reasonable fee”. Appraisers are becoming organized and are laser focused on getting out the message that AMC fees should be separated from appraiser fees in disclosure documents and should be based on “cost plus” models. Many responsible AMCs will do well in 2017 but a significant number of AMCs will not make it through the year.
A remarkable 8mm video from 1939
Film Poster: Laddie McCabe
Location: YouTube
Date: July 2, 2015
The video is a captivating look at an early 8mm, and now vintage film, depicting the initial development of the Los Altos Community within the city of Long Beach.
For the past few years, the Inland Empire in Riverside County has been one of the fastest growing counties in the state — home to a major housing boom. But now the Inland Empire has become something of a poster child for the foreclosure crisis. In the newer developments, house after house sits vacant — either up for auction, for sale by a bank or going for what’s called a “short sale,” which is when the owner owes more than the house is worth.