We have created a new section for our readers!

In our newsletters we are now adding articles written by our appraiser managers who are all state licensed or certified appraisers, they will cover issues and upcoming news that is going on currently in the appraisal industry.

We hope that you find this information helpful and interesting!

If there is a current issue or questions that you would like to see covered please email us at: marketing@metrowestappr.com

I swear!
By: Gary Hamilton – Branch Manager in Tampa, FL

This article is not about my propensity for swearing in the sense of using irreverent language. It is about swearing as in taking an oath. When I became licensed as a Certified Appraiser 10 years ago, I vowed to follow the Uniform Standards of Professional Appraisal Practice. Or, as we in the profession refer to it, USPAP. I take that pledge seriously. I swear, or certify, on every appraisal a number of things. I sign a USPAP Compliance Addendum and Appraiser’s Certification that are both attached to my completed appraisal as do every appraiser.

At issue here are the following statements that all appraisers attest to by USPAP Guidelines:

"APPRAISER’S CERTIFICATION:
6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, or the need to approve a specific mortgage loan."

"USPAP COMPLIANCE ADDENDUM:
My engagement in this assignment was not contingent upon developing or reporting predetermined results.
My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favor the cause of the client, the amount of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal."

It is very clear what we cannot do. We want our clients to try and understand that when you ask us to estimate a value on a specific property prior to doing an actual appraisal, no matter the reason or argument, you are asking us to violate the standards of our profession and sign a false certification.

If you have any questions please feel free to contact us at: marketing@metrowestappr.com

Is a mortgage bubble a cause for concern?

There has been plenty of talk about a housing bubble, but very little about a mortgage bubble. Now investors are starting to see worrisome signs in some banks' latest quarterly earnings reports. In others, such signs are absent. Good news? Nope, because disclosure is so poor at so many banks.
More Info Here

America's riskiest real estate

Some of the nation's frothiest housing markets are at growing risk of price declines, according to the most recent survey from PMI Mortgage Insurance Corporation.
More Info Here

Most expensive housing markets

Most homeowners know that how much house you get for your money depends entirely on where you live.
More Info Here

Mortgage Rates Creep Up Again

Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market SurveySM (PMMSSM) in which the 30-year fixed-rate mortgage (FRM) averaged 5.82 percent, with an average 0.6 point, for the week ending August 4, 2005, up from last week when it averaged 5.77 percent. Last year at this time, the 30-year FRM averaged 5.99 percent.

More Info Here

Thousand Oaks, California, Realtors Anticipate Housing Slowdown in Price

Thousand Oaks is as beautiful as its name, say local Realtors, driving strong interest from homebuyers. "Thousand Oaks has a beautiful landscape, a clear view and is only 12 miles from the Pacific Ocean," says Realtor Dave Walter.

More Info Here

Can Anyone Hear Me?

Rule #1; never go anywhere without your cell phone, especially into a vacant house. I started out my day ahead of schedule, knowing I had a full day on the road. I inspected my first 2 properties and had one vacant home to inspect. Things looked good time-wise, so I went to do this one next. I knew this would be a tough one. The property was a vacant condo and I knew the air conditioning wasn't going to be on and unfortunately, it was a scorching hot, ninety-degree day. However, I was thankful this wouldn't take long since the property was vacant, I could be in and out with no problems.

After I’d inspected the condo, I proceeded to inspect the garage. Because it was dark it took me a minute to realize the switch was inside behind the door. As I turned around the garage door back into the condo shut. I went to open the door, but discovered it was a security door and was locked. After realizing that I was locked in a garage, I then realized my cell phone is in my truck. At that moment I began to panic, remember this is a vacant condo. I thought for a moment that I could pull the release on the garage door to let myself out, but this didn't work because it was a HUD owned condo so the garage was securely locked. Now what??????? I started to pound on the door, I yelled and screamed, trying to make as much noise as I could. I tried to break out through both doors, but that wasn't happening either. Finally after 25 minutes a little old lady a couple of condos down heard me, came over and asked if I needed help and let me out. Needless to say, my cell phone is glued to my side from now on.

Great Shot

One fine day, Jim and Bob are out golfing. Jim slices his ball deep into a wooded ravine. He grabs his 8-iron and proceeded down the embankment into the ravine in search of his ball.

The brush is quite thick, but Jim searches diligently and suddenly he spots something shiny. As he gets closer, he realizes that the shiny object is in fact an 8-iron in the hands of a skeleton lying near and old golf ball.

Jim excitedly calls out to his golfing partner: "Hey Bob, come here, I got trouble down here!"

Bob came running over to the edge of the ravine and calls out: "What’s the matter Jim?"

Jim shouts back in a nervous voice: "Throw me my 7-iron! You can’t get out of there with an 8-iron!"

Please email us at marketing@metrowestappr.com

Your questions and our reply will appear in next months issue.

Effective November 1, 2005 Fannie Mae has released new forms for us to begin using!

The new forms will be for the: Exterior only inspection, Manufactured home appraisal, Uniform Residential Appraisal, Update Letter, Condominium, and Small Residential Income.

All of our employees are already familiar with the news forms so you will not experience any delays with your reports due to the new forms.

For more information or if you have any questions please contact us at: info@metrowestappr.com

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