Wednesday, July 27, 2011

Appraiser knocked out in Hardin County?

Haven't you thought about it as you're standing in the tee box and some one half way down the fairway walks across.  Or better yet, the ball sweeper comes along if you're at a driving range and you say to yourself “I bet I can knock him off that!".  

Well, I was appraising a home in Pine Valley golf course yesterday, and as I was doing my thing in the back yard, I heard "swisshhhh, crack, plop", kind of like a walnut falling out of the top of a tree.  I didn't pay much attention to it the first time or second for that matter, but on the 3rd time I started catching on. They were gunning for me!  

Unfortunately for them, I finished what I was doing and got the heck out of Dodge.  It was kind of funny and still is, but I've always wondered what homeowners think about the backside of their house being occasionally pelted by golf balls that live on a golf course.  

Besides, what were these guys thinking? "Hey! see that guy in the green shirt, bet ya a cold one I can get him before he gets around the corner of the house!" 

Saturday, July 23, 2011

Collateral Valuation Report (CVR) Now Available!

The Collateral Valuation Report (CVR) is a desktop application program that is capable of valuing properties as accurately as a URAR report, and can be delivered to you in about 24 hours. This report is designed to be completed by a certified appraiser who has local area knowledge of the neighborhood.  This appraisal report is ideal for:
▶▶ Replacing BPOs
▶▶ Portfolio Analysis
▶▶ Reviews
▶▶ Litigation
CVR integrates public records, MLS, flood, imagery and other relevant data directly to the report. In addition, the appraiser can define the neighborhood and use the most sophisticated analytics available. Adjustments are supported, comparable sales and listing are ranked and scored and ultimately, all of the data is available for an appraiser to interactively provide the most supportable valuation solution.  The CVR is an affordable valuation solution.  Better than a BPO, Less than a URAR.

Click on the following link to find out more about this powerful new product.

Appraising with good help!

Friday was a full day.  Appraisals in Bullitt and Jefferson Counties with a stop in the Highlands for lunch.  I've had several opportunities to appraise in this area, and I always enjoy going there.   This trip Kendra picked where we ate for lunch, which turned out to be a very nice Chinese restaurant off Bardstown Rd.     

Monday, July 18, 2011

Emergency Legislature passes!!!!

The appraisal industry has been in turmoil since 2008 and the sub-prime mortgage meltdown.  It’s literally been every 6-12 months some new legislature has been coming down the pike that has not always been in the best interest of the industry.  Let’s recap.

2008 saw a change in the testing procedure that appraisers get their certification through, which had not changed since 1991, making it even more difficult for new blood to enter the industry.  Then in 2009 we saw the abominable Home Valuation Code of Conduct (HVCC) policy rammed down the industry’s throat by the Attorney General of NY (who has ties to the AMC industry).  What was so bad about the HVCC was that lenders panicked and opened the door for Appraisal Management Companies (AMC) to run unchecked for the next two years.  Rock bottom fees for appraisers, increased rates to customers, poor quality control, extended underwriting times and black-listing were just some of the issues we have dealt with since this virus has infected our industry. 

Just imagine the entire building industry being cut off from its customer base so the builders don’t experience pressure from their clients to throw in an extra pantry or build a deck for free.  Not only that, but imaging the builders now having to go through a 3rd party company to access customers, and not be able to charge what their marginal cost is.  Now they are told they will build the house for “X” because if they don’t they will be black-listed.  Yes, there are appraisers who violated the foundation of appraising by not being independent, impartial and unbiased.  The answer is deal with the problem, and let the industry correct itself. 
2010 saw some light with states starting to pass legislature that regulated AMC’s, but nothing changed in KY as an attempt was made to pass a bill, but stalled.  We did see however the passage of the Frank-Dodd Legislature, which is the largest sweeping change in the financial industry since the Great Depression.  In a nutshell, the legislature creates new regulatory agencies to hopefully prevent taxpayer bailouts and the collapse of the financial industry.  Fortunately, a small part of this legislation addresses AMC’s and appraisal fees.  In 2011, we now have legislature passed in the Commonwealth that puts muscle behind the KY Real Estate Appraiser Board (KREAB) in relation to regulating the AMC’s that plan on doing business in Kentucky. 
More regulatory power is expected to be granted to the KREAB in late 2011 to further shore up the appraisal industry in our state.  Items such as: fees, mandatory payment periods, proper notification of removal from rosters, allowed communications to certain parties in the mortgage transaction, disclosed appraisal fees and no indemnification clauses are just a few of the items that are possibly coming. 
I enjoy being an appraiser, and the past few years have been hell, but those who stick it out, band together and do what is right will prevail. I have literally had to overhaul my customer base every year for the past 3 years, but hopefully the tide is turning.  As a member of the Kentucky Association of Real Estate Appraisers (KAREA) I want to thank all the folks in the background making this happen. 

On July 15, 2011 Kentucky Governor Steven L. Beshear signed a Statement of Emergency for 
administrative regulations 201 KAR 30:310 to collect the AMC Company registration fee, 30:320 require 
the surety bond for AMC company registration, and 30:330 complete the AMC company registration form.
The Executive Order grants the Kentucky Real Estate Appraisers Board only the authority referenced 
above, for purposes of beginning the registration of Appraisal Management Companies desiring to do business 
within the Commonwealth of Kentucky. 
All regulations, including those referenced above, must be presented to the Legislative Research Commission 
for review, and there must be a hearing before final approval is binding.     
The three administrative regulations does grant the Board the authority to immediately begin accepting registration, 
collect the fee of $3,500, and require acknowledgement of a surety bond secured by each company in the 
amount of $500,000. 
Registration will require the completion of each of the attached forms, and the forms with payment must be 
completed and returned to the Kentucky Real Estate Appraisers Board office at the address identified on each form. 

Although the statute requires renewal prior to October 1, registration from July 18, 2011 through 
September 30, 2012 shall not require renewal prior to October 1, 2012.
If anyone has questions, please contact:
Larry Disney
Executive Director
Kentucky Real Estate Appraisers Board

Appraising in Hardin County

The southern part of Etown has a tendency to be forgotten, but its local market is pretty stable.  The Sportsman Lake/Stoneybrook area has under a year's worth of inventory in it.

Appraising in Meade County

Wow, there is still a bunch of inventory on the market in Doe Valley, but sale prices have been steady.  Click on the image for a closer look...

Friday, July 15, 2011

Appraising in Grayson County

It's always a pleasure heading to the Grayson Co. courthouse and seeing Milt and the gang at PVA.  I had an appraisal down that way the other day and had to have the family with me because we had to drop our other car off at the shop.  Whenever I bring any of the kids into the Grayson PVA, they all say with big smiles "Ohhh, he's got his help with him today!".

Wednesday, July 13, 2011

Crashing browsers and wild donkeys!

I was putting the finishing touches on an appraisal I had done in Radcliff earlier, when all of a sudden I could not get my local MLS to work.  Well, to make a long story short, I had to uninstall and reinstall Chrome in addition to all my plugins.  The frustration part about the whole thing is halfway through doing this I was cut off with tech support and had to finish it on my own.  I figured it out, and all seems to be well, but I almost threw the computer through the wall a couple of times.  

But that isn’t all!  How about ¾ of the way through this my wife spots 2 donkeys running across the back yard!!  What an afternoon, crashing browsers and wild donkeys, sounds like a country song.

Monday, July 11, 2011

The skinny on BPO's

Two computer cartoons duke it out over a Broker Price Opinion.  Very funny!

Absolutely Amazing!

Is this what superman would look like if he rode a bike?  I can't believe the stuff this guy does and doesn't destroy his bike every time.  Keep in mind no suspension and the only thing absorbing the shock of dropping off a 20' wall is the guys legs!

Google Me!

Google will be entering the social media area later this year with Google+.  It is a cloud based social network that is in the testing phase right now and Google hopes to rival other social networks such as Facebook and Twitter. 

On another note, I was noticing that when a tech company starts buying up the competition that the Feds start paying more attention concerning anti-trust and monopoly laws.  Well, it looks like it’s already started.  Check out the second link to find out more about Goggle’s Chairman and the Senate panel.

Wednesday, July 6, 2011

Appraising in Meade County, KY

I always enjoy taking the kids with my on appraisals, because they go with the expectation of learning something new.  Yesterday Daphne and I were appraising a home and not only did she help measure the home, but she helped find the street numbers on the MLS sheets  for the comps I was taking pictures of.  It never fails, when we are done I always get asked “daddy, can we go to a restaurant?” or “daddy, can we get a cup of coffee?”   Usually I give in J,  I love my kids!

Funny Quotes by Unknown Authors

Regular naps prevent old age, especially if you take them while driving.

Having one child makes you a parent; having two makes you a referee.

Monday, July 4, 2011

Freedom Day

My favorite part of Freedom Day this year was being set up with the water balloon catapults right beside the entrance to the car cruise. There were two that I didn't get a chance to get pics of, a 70 Plymouth GTX and a 3 window coupe. Anyways, this 62 Dart gets the “meanest car award” in my opinion. When you can hear a car coming from ½ a block away because it has a blown big-block that runs on alcohol and has a high stall converter, it’s going to turn some heads. The Challenger was Derek’s favorite, the MG belonged to a friend of mine and the GTO was my Pastor’s car. All are very nice cars!


Appraising in Meade County, KY

Has anyone hit a hole in one since they've reopened the golf course?

I know what you are thinking, “working on the 4th of July???”  Well, I’m not the only one.  Anyways, I was appraising a home in Bewley Estates this morning and the market data for the immediate area looked very good.  Inventory for a 2 mile radius is under 12 months and there are several new constructions in the area. 
I also had to swing by Doe Valley to service a listing on Strawberry Hill Drive, and I must say that the greens and fairways on the golf course looked great.  Golfers should have a great day chasing that infernal ball with all the craters in it!!

Sunday, July 3, 2011

Camera goes for a ride!

Camera mounted to a series of rockets, cool!

Texting in Meade Co. KY

These statistics don’t surprise me.  My Father in Law, who lives in Meade Co. KY, was saying this exact thing the other day as to why he doesn’t text.  Communication is much more than exchanging letters and characters.  Studies have shown that the exchange of information is a small part of the communication process as opposed to non-verbal communication.  Have you ever gotten totally irate over an email only to find out that you mis-read the message, or worse been on the other end when the shellacking comes?  I’ll use texting and emailing to a point, but once it starts going around the second time or the hair starts to stand up on my neck, I take a few minutes to relax and pick up the phone or set up a meeting.  

Saturday, July 2, 2011

Freedom Day!!!

I hear there will be 20 more fireworks at Gloryland Harvest Church's firework show on Sunday evening.

Friday, July 1, 2011

Freedom Day!!

We just got back from spending the evening at Gloryland Harvest Church's Carnival in preparation for Freedom Day.  The kids were all excited to ride unlimited rides, I think the super slide was the most popular and the spinny upside down thingy was the least popular.  All in all it was a good evening.  On Sunday we will be having a car cruise, events, water balloon catapults and the largest firework show in Hardin and Meade County.  I hope everyone has a good weekend!