Check out my guest post on local Realtor/Broker Gena Riede’s blog today. The post is entitled “Lebron James, Over-improvement & Sacramento Real Estate.”
Come to a River Cats game to support Baby Elle
Want to come enjoy a River Cats game on Thursday July 29, 2010? The Young Professionals Council through SAR will be hosting an opportunity to network, eat, and have a blast, but beyond that we’re going to be raising some money to support a local girl named Elle that is truly in need. Please watch the video below that I put together earlier today (or click here). Let me know if you’re interested in coming to the game. Tickets are $25 for adults and $10 for children. The game starts at 7:05pm, but we’ll have a tailgate party at 5:00pm (food is included when you purchase a ticket). Thanks everyone.
New Fannie Mae Appraisal Guideline is Old News to Appraisers
I had several emails arrive in my inbox yesterday to announce Fannie Mae’s “new” requirements for appraisers beginning September 1, 2010. In short, one of the things they are cracking down on is that appraisers must have knowledge of the local market as well as data sources for the market. Here is a snippet from Inman News:
“Fannie Mae has put lenders on official notice that they can only use appraisers who are knowledgeable about the area in which they are being asked to value property, and who have the ability to access records on recent sales in those markets.”
I don’t want to be the bearer of bad news, but this is nothing new for appraisers. We are supposed to be “geographically competent” already (know the local market) and it’s unthinkable that an appraiser would attempt to do an appraisal on a property when he/she does not even have data sources. In short, I understand the need for Fannie Mae to step forward here in light of some of the horror stories from HVCC, but this isn’t an earth-shattering revelation for appraisers because USPAP (our rules) already mandates us to know the local market. However, depending on how this rule plays out, that could be the interesting part.
My big question is how will it be determined that an appraiser is “knowledgeable about the area” where he/she is appraising? Will there be an essay test, quiz, series of questions to answer, or will it be based on the appraiser’s proximity to the property (say, the appraiser has to live nearby)?
What do you think about this new rule? How do you see it impacting the real estate market? Do you think it will increase the quality of real estate appraisals? What are the positives, negatives and potential consequences?
Want to join the “Crush It” Book Club?
Would you be interested in reading through the book “Crush It” by Gary Vaynerchuk? I put together a little business book club earlier this year and I’d like to take a stab at Round 2. The main idea is that during one month local business-minded people get together at a coffee shop once a week for 60-90 minutes to talk about a few chapters of a book. This is a short commitment, but good on a few levels. It helps us bounce around ideas, grow, learn together and form stronger relationships. This book is very well liked too, so I’m looking forward to absorbing the content together.
The last book we read was Trust Agents. Depending on our meeting location, we might just do locals only (I’ll keep you posted Bryan & Tom since you guys joined last time from Georgia & Alabama). We’ll see on that point.
I don’t have set times yet, though I’m thinking we can start in later July or the beginning of August on Tuesdays or Thursdays from 2-3:30pm. Let me know if you’re interested or if a different time works for you. I’d like to meet somewhere near the Rancho Cordova area or Sacramento. The best group size will be 8 or so people – and from different types of businesses. If it turns out that August is too busy for us based on vacations and such, then we’ll just make it happen in September when things theoretically slow down.