Real Estate Appraisal Between The Lines

Episode 133 - Agents Doing The Appraiser's Job

Desktop appraisals are becoming more prevalent and will only continue to grow in popularity in the lending world. How will this affect appraisers, agents, and your clients? Be ready to kick in some more work to help get that appraisal done, agents. The road ahead looks a little messy.

SHOW NOTES

• 03:00 – What is a desktop appraisal?
• 06:58 – How does the appraiser collect information about the property?
• 10:38 – What if the public information is not correct?
• 12:00 – Fannie Mae will require a floor plan sketch of the property showing interior walls with ingress/egress, interior doors, etc.
• 14:10 – What about liability concerns for agents and appraisers?
• 17:25 – Fannie Mae cares about their risk and their needs. They do NOT care about the borrower or any other party when accepting desktop reports.
• 21:05 – Ask your lenders how they are handling desktop appraisals so you can serve your buyer clients.

BETWEEN THE LINES LINKS

Email

[email protected]

Web

brianclee.com

Facebook

https://www.facebook.com/groups/realestatebetweenthelines/

https://www.facebook.com/Brian-C-Lee-111822417027919/?

YouTube

https://www.youtube.com/channel/UCcv4dHU39-b5_QVVCIhbcBA?

Episode 132 - Tips to Prepare for the Slowdown

The slowdown has started. Some of you may have been through this before, but most have not. Are you prepared? You business relies on several pieces that many owners do not take into account. This episode talks about a few items that get missed when you are busy such as budgets, saving, and marketing. There is never a bad time to start any of these. Let’s get on them!

SHOW NOTES

• 00:50 – Is Brian in the Wizard of Oz?
• 02:15 – Economic cycles happen, and we can get through it.
• 03:50 – What have you done to prepare for the slowdown?
• 04:40 – Are you running your business like a business?
• 06:25 – Race to the bottom mentality. Don’t drop your rates at the beginning. Look at other avenues first.
• 08:20 – Weathering the storms requires budgeting, saving, and marketing.
• 10:00 – Need to have at least 6 months of business expenses and 6 months of personal expenses saved.
• 12:00 – Always be marketing to new clients. Don’t only market when are slow. Always be selling.
• 17:50 – Look for the opportunities as the market shifts.
• 19:20 – What are other appraisers and agents not doing?
• 20:35 – Join peer groups and hire a coach.
• 21:30 – Many agents and appraisers will drop out during the slowdown. Stick with it will benefit from a payoff.

SHOW LINKS

• Chris with CMP Appraisals - https://www.vabeachappraisals.com/

BETWEEN THE LINES LINKS

Email

[email protected]

Web

brianclee.com

Facebook

https://www.facebook.com/groups/realestatebetweenthelines/

https://www.facebook.com/Brian-C-Lee-111822417027919/?

YouTube

https://www.youtube.com/channel/UCcv4dHU39-b5_QVVCIhbcBA?

Episode 131 - Times Are Changing: Does Down Payment and Concessions Affect Value?

The past two years have made selling real estate easy. Wait! That was easy, you ask? It was easy for listing agents to negotiate. Times are changing and negotiations are on their way back. Do you know how to navigate them? Make sure to ask the lender how they will address repairs, concessions, and down payment.

The industry is working its way back to normalcy, are you ready?

SHOW NOTES

• 01:10 – Mark Skapinetz podcast, Contributory Value.
• 02:30 – Question from an agent: does down payment alter the value and repairs on a property?
• 05:50 – Buckle up, because the past few years of negotiating has been easy. We are getting back to normal.
• 08:20 – Cash equivalency and how it can affect the valuation.
• 11:30 – Appraiser is required to review and analyze the purchase contract.
• 13:30 – Loan type could affect issues regarding repairs, and condition ratings can also be a problem.
• 16:10 – Talk to the lender about the loan type, will lender have additional requirements, and how they will deal with contract concessions.

SHOW LINKS

• Mark Skapinetz podcast - https://podcasts.apple.com/us/podcast/contributory-value-with-mark-skap-skapinetz/id1494985230

BETWEEN THE LINES LINKS

Email

[email protected]

Web

brianclee.com

Facebook

https://www.facebook.com/groups/realestatebetweenthelines/

https://www.facebook.com/Brian-C-Lee-111822417027919/?

YouTube

https://www.youtube.com/channel/UCcv4dHU39-b5_QVVCIhbcBA?

Episode 130 - Is YOUR Market Increasing?

Headlines and social media are showing all kinds of market changes. Good, bad, ugly – who knows? You do, if you perform your proper due diligence. Don’t quote national and state statistics that are wrong and based upon data that may not be indicative of your local markets. Pay attention to the actual pieces that affect your market and be the expert.

SHOW NOTES

• 01:40 – Is YOUR market increasing? Talk of inflation, recession, etc. is driving people crazy. What is actually happening?
• 04:05 – News article about Indiana being the best state to weather a real estate market recession.
• 05:55 – What data is being used in the statistics?
• 07:00 – Will agents still claim markets are increasing like they did back in 2006 and 2007? Are you looking at national, state, or local markets?
• 09:30 – Example of agent looking at all properties for a condo valuation.
• 11:45 – Watch the number of showings in a market.
• 12:30 – How many multiple offers are you receiving?
• 13:00 – Watch the list price to sale price ratio.
• 14:20 – What are employers doing in your market? Hiring, firing, or laying people off?
• 14:40 – What are builders doing with buyer incentives and commission to agents.

BETWEEN THE LINES LINKS

Email

[email protected]

Web

brianclee.com

Facebook

https://www.facebook.com/groups/realestatebetweenthelines/

https://www.facebook.com/Brian-C-Lee-111822417027919/?

YouTube

https://www.youtube.com/channel/UCcv4dHU39-b5_QVVCIhbcBA?

Episode 129 - Be Honest. Do Not Be Disingenuous

We learned in elementary school that honesty is the best policy. It applies to the real estate world too. Work through solutions by being honest with appraisers, lenders, and agents to close the transaction. That transparency may help the other parties find a way to help work out issues. Hiding information, acting in a deceitful manner, or attempting to trick someone will not end well for your client.

SHOW NOTES

• 02:30 – CMA done for listing should be the same as a CMA for the purchase.
• 03:55 – Listing at one price, contract price is higher. Listing agent changes list price to match contract price and pends the property. Very deceptive.
• 07:35 – Describe your definition of an “update” to a property.
• 09:00 – Real estate professionals can collaborate in some way. Deceitful tactics are not respectful to the other professionals and the real estate community.
• 11:20 – Work together. We are each a piece of a puzzle that is being put together.
• 13:35 – When we don’t work together, we look very poor and unprofessional to the public.

SHOW LINKS

• Stripes, “Lighten up, Francis.” - https://www.youtube.com/watch?v=iN-aXzpQUdw

BETWEEN THE LINES LINKS

Email

[email protected]

Web

brianclee.com

Facebook

https://www.facebook.com/groups/realestatebetweenthelines/

https://www.facebook.com/Brian-C-Lee-111822417027919/?

YouTube

https://www.youtube.com/channel/UCcv4dHU39-b5_QVVCIhbcBA?

Episode 128 - Who is the Lender Looking Out For?

Knowing how to protect your client and your business is critical to future success. Learn the steps and the processes the lender uses to underwrite the appraisal for your client, so your client can make informed decisions.

Note: I can’t believe how many times I used the phrase, “Throw them under the bus.” Jeez!!  Ha!!  -Brian

SHOW NOTES

• 03:00 – Desktop appraisals, hybrid reports, and waivers.
• 06:20 – Lenders are making decisions based upon their risk analysis. They are not looking out for the borrower.
• 08:10 – An FHA appraisal report stays with a property for 180 as of July 2022.
• 11:35 – Underwriting rules that can affect the appraisal report.
• 14:55 – AMC, Appraisal Management Company.
• 17:25 – How do you handle this situation with your clients?
• 19:45 – Appraisers work with your lenders to poise your business for success and avoid liability.
• 21:10 – We are all in business and want to make money. Think about what banks are considering when they make money.

SHOW LINKS

• Mark Skapinetz - https://atlantapropertyappraiser.com/mark-skapinetz/

BETWEEN THE LINES LINKS

Email

[email protected]

Web

brianclee.com

Facebook

https://www.facebook.com/groups/realestatebetweenthelines/

https://www.facebook.com/Brian-C-Lee-111822417027919/?

YouTube

https://www.youtube.com/channel/UCcv4dHU39-b5_QVVCIhbcBA?

Episode 127 - Change Your Mind

Brian is back!  What frustrates you may just be yourself. Open yourself to hearing other opinions and change your mind about your ingrained attitudes. The only way to effect a change is to have an understanding of the entire issue.

Whether it be personal, business, appraisal, social issues, or anything, the only person you can change is yourself. Do that and find more happiness and success.

SHOW NOTES

• 00:30 – I’m back.
• 01:00 – THANK YOU to everyone that reached out and supported me.
• 02:15 – The podcast has focused on agents. Will continue to do so, but will give a voice to appraisers, lenders, and anyone else out there to be part of the “conversation”.
• 04:15 – Change your mind. Song by Sister Hazel.
• 08:15 – Open yourself up to other viewpoints.
• 09:35 – Agents: appraisers have a viewpoint. Don’t be mad, bitter, and ignorant.
• 11:05 – Appraisers: so many changes can bring you down but change your mind and be open to what is happening.
• 13:40 – Lenders: there is more than the underwriting overlays and the “black and white” book.
• 14:30 – Open your way of thinking to someone else.
• 15:15 – If you want to be a better agent, appraiser, businessperson, spouse, etc. listen to what others have to say.

SHOW LINKS

• “Change Your Mind” Sister Hazel - https://www.youtube.com/watch?v=Y944YxuE1OU

BETWEEN THE LINES LINKS

Email

[email protected]

Web

brianclee.com

Facebook

https://www.facebook.com/groups/realestatebetweenthelines/

https://www.facebook.com/Brian-C-Lee-111822417027919/?

YouTube

https://www.youtube.com/channel/UCcv4dHU39-b5_QVVCIhbcBA?

Episode 126 - Personal Responsibility

Personal responsibility. We owe it to ourselves and those that we interact with. Two “events” happened recently, which has affected Brian and sharing can be cathartic and help with healing. How does this translate to you and your life, both personally and professionally.

SHOW NOTES

• 02:45 – Accusation of racism.
• 14:00 – Out of Order podcast is no longer happening.
• 17:40 – Translating Brian’s recent issues can help agents in transactions and in their personal life.
• 19:05 – What will happen with the Between the Lines podcast?
• 21:15 – Thank you for your loyalty!

BETWEEN THE LINES LINKS

Email

[email protected]

Web

brianclee.com

Facebook

https://www.facebook.com/groups/realestatebetweenthelines/

https://www.facebook.com/Brian-C-Lee-111822417027919/?

YouTube

https://www.youtube.com/channel/UCcv4dHU39-b5_QVVCIhbcBA?

Episode 125 - Racial Bias in Appraisals with Guest Marcus Fillyaw

Talking about a difficult topic is always tough. Racism and appraisal is certainly one of those topics. While it is tough to dicuss, and open, honest dialogue must take place if there is to be any solutions or understanding.

In this episode, Brian invites Marcus Fillyaw to discuss racial bias and the appraisal industry. The start made both a little nervous, but in the end, they realized the differences really aren’t that different. It is about understanding all around and not being afraid to have the talk.

SHOW NOTES

• 04:10 – Welcome to Marcus Fillyaw.
• 08:30 – What is an appraisal to a real estate agent?
• 09:45 – How does an agent handle a CMA? What pushback do you get from homeowners?
• 15:00 – What do the terms racist, racism, and biased mean?
• 19:50 – News and media sources suck and put their agenda and slant to sell their business.
• 21:00 – What are your proclivities and thoughts about different classes of individuals?
• 25:45 – Comment about Kamau Bell.
• 32:30 – In high profile cases of race and appraisal, where is the truth? Is there something else that affected the values?
• 42:30 – An appraisal is an opinion of value and there is almost always a range of value between practitioners.
• 47:35 – Appraisers don’t look for black communities to make comparisons.
• 54:35 – What is driving the increases in claims of racism in appraisal?
• 59:40 – People are more exposed to the stories so they might think the problems are happening to them.
• 1:01:35 – Appraisers commonly make people mad because we don’t get the value number the owner wants. However, it is not based upon race.
• 1:03:10 – Appraisers report the market. They do not make the market. There is not a systemic issue in the appraisal industry.
• 1:05:40 – The bigger issue is more about the incompetence of one of the appraisers in the value disparities.
• 1:09:10 – Education is one way to change the narrative and help everyone understand what is happening.
• 1:10:35 – Agents can help educate the public by teaching and helping their clients understand the process.
• 1:16:45 – Challenge yourself to seek out the entirety of any story. Don’t just read the headlines or listen to one news source.
• 1:18:50 – Last words of wisdom from Marcus.

SHOW LINKS

• Marcus Fillyaw - https://www.remax.com/real-estate-agents/marcus-fillyaw-greenwood-in/102124094
• Kamau Bell - https://www.cc.com/video/rdms0e/the-daily-show-with-trevor-noah-w-kamau-bell-starting-uncomfortable-discussions-about-racism-on-united-shades-of-america

BETWEEN THE LINES LINKS

Email

[email protected]

Web

brianclee.com

Facebook

https://www.facebook.com/groups/realestatebetweenthelines/

https://www.facebook.com/Brian-C-Lee-111822417027919/?

YouTube

https://www.youtube.com/channel/UCcv4dHU39-b5_QVVCIhbcBA?

Episode 124 - B Reaps What He Sows with Lexi and Jackson

What better way to keep your legacy than to invite your kids on your podcast show. Be careful what you wish for though, as Brian finds out his kids don’t always go along with his thoughts and sometimes keep him in check.

SHOW NOTES

• 01:35 – Welcome to Lexi and Jackson.
• 02:55 – Kids introduce themselves.
• 04:10 – What is the favorite thing that daddy cooks?
• 05:50 – What does daddy do for a living?
• 06:35 – Is daddy smart? Smarter than Cate?
• 07:20 – What do you want to be when you grow up?
• 08:30 – What is your favorite subject in school?
• 09:45 – How cool is Star Wars?
• 11:45 – Who is B’s favorite child?
• 12:30 – Is it hard to do podcasts?
• 14:00 – How would Lexi and Jackson suggest picking a comparable?
• 15:10 – How much is a garage worth?
• 16:55 – To help agents and appraisers get along, how do you get along with your brother and sister?
• 18:55 – Does B learn anything when he teaches?
• 19:35 – Does B like what he does?
• 20:18 – Who makes the best farts?
• 21:15 – Am I happy being me?
• 21:45 – Have any of your students been mean to me?
• 22:26 – What do you like better? LEGOS, sleeping, or eating?
• 23:20 – Parting words of wisdom.

SHOW LINKS

• Ricotta vs. Cottage Cheese in Lasagna – https://greatist.com/eat/ricotta-cheese-and-cottage-cheese-what-is-the-difference
• Baby Yoda – https://starwars.fandom.com/wiki/Grogu

BETWEEN THE LINES LINKS

Email

[email protected]

Web

brianclee.com

Facebook

https://www.facebook.com/groups/realestatebetweenthelines/

https://www.facebook.com/Brian-C-Lee-111822417027919/?

YouTube

https://www.youtube.com/channel/UCcv4dHU39-b5_QVVCIhbcBA?