Athens Georgia Real Estate Appraisal Services
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Athens Georgia Real Estate Appraisal Services

Georgia Appraisal Management Companies Regulations Draft for Exposure!

As a result of GA HB 1050, Appraisal Management Companies operating in Georgia must be licensed by 10/1/2010.

On July 21, 2010 The Georgia Real Estate Appraisal Board published a draft of new regulations & changes to O.C.G.A. '43-39A-13 for exposure through August 22, 2010.

Click here to view the GREAB rule change draft 7-21-2010

Some major points are:
  • AMC's must pay a $1000 initial fee and a $500 annual renewal fee.
  • AMC's must have a $20,000 minimum surety bond
  • AMC's must satify payment obligations in no more than 2 weeks from completion of assignment, unless all parties agree otherwise in writing

The definition of an Appraisal Management Company was removed from this draft, but can be found as part of GA HB 1050.

Posted by Diversified Property Services at 7/22/2010 9:42 PM | View Comments (2) | Add Comment

Real Estate Appraising in Georgia - how we got where we are now!



April 1, 2009 – HVCC (Home Valuation Code of Conduct) put into place affecting Fannie Mae & Freddie Mac.

The HVCC was developed by New York Attorney General, Andrew Cuomo in an effort to end corrupt practices in the business of appraising residential properties.

In an effort to instill tighter controls, new Fannie Mae and Freddie Mac regulations require that secondary market lenders control the choice of appraiser, taking it out of the hands of mortgage brokers and real estate agents to insure that it is an arms-length transaction. 

Most lenders' response to this has been to employ third-party Appraisal Management Companies (AMC) to select the appraiser.   

The most prevalent complaint about the AMC appraiser selection is that too often appraisers are being given assignments in areas that they are totally unfamiliar with, resulting in less than credible appraisal reports.

June 2010 – GA House Bill 1050 signed into law.

 This law requires licenses for Appraisal Management Companies working in GA as of October 1, 2010.  The net effect of this law is yet to be clear, as the law had to go into affect prior to rules & regulations being written by The Georgia Real Estate Appraisal Board.

June 30, 2010 – Fannie Mae issues a new Selling Guide Update: 

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2010/sel1009.pdf

  • Require Interior Photos
  • Specific ations must be taken before an underwriter/lender can "change a value".
  • Appraiser Selection Criteria: does NOT allow the USPAP flexibility (of learning while you go); reiterates that Fannie Mae does not require the use of AMCs & that the lender is ultimately responsible for appraiser selection & compliance.
  • Requirements for treatment of comparable sales that were short sales or foreclosure are expanded.
  • Clarification of communication allowed under HVCC.

    Still have questions, or need an appraisal review consultation?

     You may reach Diversified Property Services at 706-548-1843 or by email at divpropsvcs@aol.com

    Michelle DeRepentigny, GA CR 6547

     

    Posted by Diversified Property Services at 7/20/2010 6:58 AM | View Comments (1) | Add Comment

    Appraisal Institute Presentation on

    Explanation of the statistical approach to establishing a value for residential real estate by Larry D. McGee, The Berkshire Group, Denver, Colorado
    Appraisal Institute Presentation

    Posted by Diversified Property Services at 9/22/2009 4:44 PM | View Comments (1) | Add Comment

    Athens Georgia Real Estate Market Statistics Report 2006 YTD versus 2007 YTD

    The good news:  Athens, Georgia's housing statistics for year end 2006 versus 2007 show a mostly stable market for average home sales prices!

    • 6 out of 13 areas in and around Athens, GA had an increase in average sales price

    Athens, Georgia 2007 housing sales statistics - Success Realty, Athens Georgia

    Great News:  Area 6 - Five Points in Athens, Area 10 - Madison County, and Area 13 - Oglethorpe County, have had an increased number of sales in the first half of the year. 

    The not so great news:  The number of homes sold in the year 2007 versus the number of homes sold in the year of 2006 has decreased in 10 out of 13 areas in and around Athens, GA.

    Athens GA Housing Statistics - Total Number of sales 2006 vs. 2007 - Success Realty Athens Georgia

    Average Days on the Market:

    • Days on market has actually decreased in four areas.
    • Days on market sharply increased in three areas.
    • Days on market remained mostly stable with only slight changes in six areas.

           .Athens GA Housing Statistics - Days on the Market 2006 vs. 2007 - Success Realty Athens Georgia

     

    Area 1 =West Athens Clarke County, GA
    Area 2 = North Athens Clarke County, GA
    Area 3 = Winterville & East Athens Clarke County, GA
    Area 4 = East Athens Clarke County, GA
    Area 5= West Athens Clarke County, GA
    Area 6 = Five Point Athens Clarke County, GA
    Area 7 = South Oconee County, GA
    Area 8 = Watkinsville, Oconee County, GA
    Area 9 = West Oconee County, GA
    Area 10- North Madison County, GA
    Area 11 = South Madison County, GA
    Area 12 = Jackson County, GA
    Area 13 = Oglethorpe County, GA

    Overall, the Athens Georgia real estate market appears to have slowed in many areas, but average sales prices have remained mostly steady. 

    Michelle DeRepentigny, Broker - Success Realty, Athens Georgia  

    All information believed accurate, but not guaranteed. Statistical data compiled from Athens ILS reports.

    Posted by Diversified Property Services at 2/17/2008 6:16 AM | View Comments (6) | Add Comment

    Barrow County Georgia Housing Statistics - 1/2008

    City of Winder, Georgia Housing Statistics:

    • The median single family home price for Winder, Georgia is $163,096*.
    • Days on Market for Homes Currently Listed - The average property in Winder, Georgia has been on the market for about 104 days.
    • The median price per square foot for homes in Winder is about $96.
    • There are currently about 607 properties on the market in Winder, GA.

    City of Bethlehem, Georgia Housing Statistics:

    • The median single-family home price for Bethlehem, Georgia is $177,136*.
    • Days on Market for Homes Currently Listed - The average property has been on the market for about 95 days.
    • The median price per square foot for is about $99
    • There are about 195 properties on the market in Behtlehem, GA.

    City of Statham, Georgia Housing Statistics:

    • The median single family home price for Statham, Georgia is $141,271*.
    • Days on Market for Homes Currently Listed - The average property has been on the market for about 102 days.
    • The median price per square foot is about $94.
    • There are about 99 properties on the market in Statham, Georgia.

    City of Auburn, Georgia:

    •  The median single family home price Auburn, Georgia is $193,075*.
    • Days on Market for Homes Currently Listed - The average property has been on the market for about 99 days.
    • The median price per square foot is about $100.
    • There are about 216 properties on the market in Auburn, Georgia.

    Additional County wide real estate information for Barrow County, GA:

    • There are currently 1,072 homes listed for sale on GA MLS in Barrow County.
    • For the year 2007, GA MLS reports 1,486 homes sold in Barrow County.                                                                                                                     

      *Based on the prior 12 month average.  

    (Data compiled 1/6/2008 from several sources including Georgia MLS; Athens ILS, Building Trends, and other sources.  All information is believed accurate, but not guaranteed.)  

    Posted by Diversified Property Services at 1/21/2008 11:13 PM | View Comments (3) | Add Comment

    John Bryant - In Recognition of a Georgia Appraisal Industry Leader!

    John & Joella Bryant - Appraiser Picnic 2007Congratulations to John Bryant for his nomination to the Turknett Leadership Character Awards.  This year a new category, education, was added.  2008 will be the group's 5th Annual Awards. John Bryant s revered as an appraisal instructor and advocate in Georgia and is assisted in his daily work by his lovely wife, Joella.

    In addition to excellent classroom instruction, John also provides a forum for appraisers from Georgia and other states (including regular visitors from Oregon and Florida) to gather and discuss real estate appraisal industry issues.  For the past two years, John has also hosted a picnic for appraisers in Georgia to come to together to network and celebrate the survival of another year.

    The awards luncheon will be held Feb. 4, 2008 at the Grand Hyatt Hotel, Atlanta, Georgia.

    John has played a crucial part in my personal development as a real estate appraiser and I would like to take this opportunity to say "Thank You"!

    Michelle DeRepentigny, Broker Success Realty and GA Certified Residential Appraiser 6547

    Posted by Diversified Property Services at 12/9/2007 2:55 AM | View Comments (2) | Add Comment

    Mortgage Fraud - Georgia in the top ten states

    Unfortunately, Georgia still remains in the top ten of the list we really don't want to be a part of.  The Federal Bureau of Investigations site has a full report of mortgage fraud investigations in 2006 with projections for pending investigations.

    Map with mortgage fraud hot spots identified

    Posted by Diversified Property Services at 12/8/2007 1:01 AM | View Comments (2) | Add Comment

    An Excel Worksheet & Explanation of Caluculating Housing Absorption Rates

    clipart of news print housesI have Excel sheets set up to do comparisons of days on market, average sales price and every other statistic on housing I can think of that I may every need for real estate sales or real estate appraisals.  Here is the Excel worksheet I use, that you are welcome to utilize.

    Or read on to do it the manual way.....This is a simplification of the process: Choose your period (typically last twelve months, but I recently had a lender ask for a 3 month absorption rate);

    • Find the total number of sales for the area (this can also be narrowed by price range, it really depends on the type of analysis);
    • Find the number of active listings for the same parameters; divide the sales by the active inventory. 
    • There is your absorption rate.

    This can be really simple or get very complex, depending on the need. 

    • Then to determine if the marketing time and if there is an oversupply, take your absorption rate 
    • Then divide your current listings in your market area by the absorption rate. 

    For example, during 2006 in zip code XXXXX,  the MLS shows 450 sales.  450/12 = 37.5 sales per month.  The MLS shows a total of 372 active listings in zip XXXXX.  372/37.5 = 9.9 months supply of active listings in  the MLS indicating an oversupply and a marketing time exceeding 6 months.

    You can see the results of a recent housing analysis of the Athens, Georgia area on my blog sites All About Athens GA or GA Real Estate Appraisal.  Having these statsistics on housing available to the public recently lead to several media opportunities including these quotes on Athens Georgia Housing and speaking to 30+- mortgage loan officers last Friday at their monthly luncheon...just one more way to differentiate yourself from the competition.

      

    Posted by Diversified Property Services at 9/27/2007 10:23 PM | View Comments (15) | Add Comment

    Countrywide Lays Off 12,000 workers

    I hope they are able to hang in the mortgage business as foreclosure continue to rise in many areas of the country. The loss of jobs and stability in the market would be huge , should Countrywide fail.<< MORE >>
    Posted by Diversified Property Services at 9/8/2007 9:59 AM | Add Comment

    The Big Bad Wolf Sues The Watchdog

    clipart of caution sign

    On 6/25/2007, AppraisalScoop.com reported that Pamela Crowley, founder of Mortgage Fraud Watch List, which "is a database of addresses, submitted by real estate professionals from all 50 states, where a sale or refinance transaction has suspicious activity" is being sued by eAppraiseIT, an appraisal management company.

    According to Brian Davis on AppraisalScoop.com, who has watched as this situation unfolds, "It appears that the controversy centers around a claim by Pamela that eAppraiseIT is unlocking and changing security settings in appraisal reports that pass through them to lender clients". 

    Pamela Crowley has asked for financial support to help her battle this lawsuit.  AppraisalScoop.com has done a spectacular job of compiling the issues, responses, quotes from both side and more, so instead of trying to re-post these large documents, I'm going to suggest you read the rest of the story at AppraisalScoop.com and decide for yourself what this situation warrants!

    Foreclosure rates are rising, mortgage fraud is rising...unscrupulous lenders and appraisers are being blamed!  Industry watchdogs are springing up to try and get a grasp what is going on and several groups are making headway.  The Georgia Real Estate Fraud Prevention & Awareness Coalition does an excellent job of "watchdogging" and educating consumers, lenders agents, and appraisers of how to spot and prevent mortgage fraud.  The Mortgage Fraud Blog also acts a as "clearinghouse for recent mortgage fraud schemes, indictments and prevention".  There is no question that mortgage fraud has affected almost every market.

    Do you think this is an industry watchdog being hounded by an appraisal management company whom she has called out for poor practices or a bunch of hype over nothing?

    Posted by Diversified Property Services at 9/6/2007 3:36 PM | Add Comment
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