The Appraisal Files

December 26th, 2016 8:26 AM
Happy New Year:

Another year has almost passed and I look forward to the new year. With a new President, new interest rates, new FNMA standards as to inspection Waivers 2017 will be exciting. After all the hoop-La is over you can always depend on the fact that things will change. 

Be safe, be blessed, and have FUN. Life is too short to wear a frown.



Posted in:General and tagged: Interest
Posted by Dann Cann on December 26th, 2016 8:26 AMLeave a Comment

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I received an executive order from the Office of Kentucky's Governor that the appraisers, real estate, auctioneers, and home inspector  boards will be abolished and a new  smaller boards will be formed. 
Like all other board members I serve at the pleasure of the Governor and hope that the new smaller boards will be a great success. 

As Vice Chair of the Kentucky Real Estate Appraisers Board for the past two years I have learned much from the association with other board members, board staff, and board members from other states. I will offer my help to anyone on the new board on a voluntary basis. I want to thank  Governor Bevin for the opportunity I have been given to share my small part to a great profession. 

Dann Cann

Posted in:General
Posted by Dann Cann on December 3rd, 2016 2:59 PMLeave a Comment

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November 16th, 2016 11:52 PM
As Vice Chair of the Kentucky Real Estate Appraisers Board I am on the front lines for complaints registered against appraisers in our state.
One item that is at the top of the USPAP compliance list is Highest and Best Use analyzed in addition to checking the box on the 1004 form.
The analysis must be stated in the report  how the appraiser determined what the Highest and Best Use of the property was. One test the appraiser may use is zoning if the property is zoned single family residential then to be legally permissible Highest and Best use would be single family residential.


Be safe out threre

Beyond These Walls There Be Dragons.

Posted in:General and tagged: USPAP
Posted by Dann Cann on November 16th, 2016 11:52 PMLeave a Comment

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November 16th, 2016 11:45 PM
I attended the Appraiser Expo this year in Las Vegas, of all the conferences I have attended about the appraisal industry this was the best I have seen.
The Speakers were FNMA,Freddy Mac, VA, FHA, & USDA I have not seen this much talent at one conference.

The big news was FNMA announcing the new Day 1 program that features a Property inspection waiver ( PIW)  This was explained that borrowers with high credit scores and low loan to value for a refinance would no longer need an appraisal. The loan company would submit the application to FNMA the application would be scored using the Big Data that has been gathered by CU in the past and if the score was approved the loan could proceed. The process can be completed in very little time and the fee for the service is $75, If I heard correctly 5-10% of the loan applications received by FNMA would qualify for this program. Please go to the FNMA website to confirm, always get information from the source. When trying to listen and take notes sometimes things are missed.

Be Careful out there: always remember
Beyond These Walls There Be Dragons.

Posted in:General and tagged: Appraisers Expo
Posted by Dann Cann on November 16th, 2016 11:45 PMLeave a Comment

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September 29th, 2016 6:07 AM
The Appraisal Qualifications Board (ASB) is considering lowering the educational requirements for Certified Residential Appraisers. It is my opinion that this is the wrong direction to take the appraisal industry. A home is the most expensive purchase that most Americans will make in their lifetime. What public good will be served by lowering the bar as to who can appraise their home. The general public depends on the appraiser to be objective, qualified, and credible.  The lowering of the educational requirements residential appraisers not serve the public needs. The housing industry must be built on credible home value from which lenders can make a loan that safe, sound, and secure. The loan for a home must be based on solid underwriting principles. One of the requirements for sound underwriting is knowledge of an objective credible opinion of value from a qualified appraiser. Lowering the educational requirements for an appraiser will make their work less credible.

Posted in:General and tagged: Certified Appraisers
Posted by Dann Cann on September 29th, 2016 6:07 AMLeave a Comment

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September 29th, 2016 5:51 AM
Hello to all:
h
Here I am stuck in a witness room waiting to see if I will be called as an expert witness today. Thought I would use time effectively to make a blog post and tell everyone that I am will be bloging on a regular basis on appraisal issues. 
As a member of the Kentucky Real Estate Appraisers Board one of my jobs is to communicate with the  public about the appraisal industry.
If all goes as planned you will see regular blog post on varied questions about appraisal work and I will be trying to answer questions that appraisers have called me about. 

Posted in:General and tagged: expert witness
Posted by Dann Cann on September 29th, 2016 5:51 AMLeave a Comment

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May 7th, 2011 1:00 PM

Well it is Derby Day and I am stuck at work, seems like everyone is in a terrble rush to get orders completed. Don't know what is the driveing force, usually people are not in this much rush until near the end of the month.

What ever the problem is I am glad to have the work, orders have slowed to a trickle over the past two weeks. I am off about 50%, I was like someone just turned off a light switch, seems like nothing is happening.

 

Dann Cann,SRA


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Posted by Dann Cann on May 7th, 2011 1:00 PMLeave a Comment

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April 11th, 2011 8:51 PM

I want to thank the Alamode team that worked the Chicago event this weekend. Had a chance to visit with old friends and had the pleasure to meet other staff I had not had the opportunity to meet in the past.

Joel had a fantastic session on mobile data gathering tools and his presentation on a paperless office has made me at least think more about it. Old men do not change easily and the heft of a manila file folder full of paper has a familiar feel that is hard to give up.

Paul's persentation on pivoit charts for  Excell  was to the point and very useful. The time was limited however he was open to questions and did not seem in a hurry.

The rest of the Alamode team were very friendly and helpful, I took advantage of the meeting discount to renew my elite membership. The discount paid a huge part of the expense to attend.

I am at home and have already started some of the things I learned at the event. Looking forward to next time, however I would not be opposed to the event being in the Bahamas next time.


Posted in:General
Posted by Dann Cann on April 11th, 2011 8:51 PMLeave a Comment

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Had a new one today, completed an assignment that the appraisal did not support the sales price. I used only homes on the same street, sold in the last year and built by same builder, however I was contacted by the LO with information supplied to him by the seller, that  two of the sales used were sales that something of value had been traded in on the home and the actually sales price was much higher than what was listed in the MLS. I always verify a comp sale by public record, the tax assessors records has the sale amount of both sales the same as the MLS. My question back to the LO was " Had the two sales been underreport to the tax office to avoid property tax? This is felony in Kentucky with a $10,000 dollar fine as penalty. I am very interested what the reply will be.

Posted in:General
Posted by Dann Cann on April 2nd, 2011 1:40 PMLeave a Comment

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March 26th, 2011 2:22 PM
Spring is finally here almost? Temp was +70 last week and yesterday on post at Fort Knox I saw snow!!!  The AMC regulation law is now on the books and I am waiting to see what changes are in store. At least the compainies that order appraisals here in Kentucky will now be registered and hopefully pay taxes on the profit that is made here in the state.

Posted in:General
Posted by Dann Cann on March 26th, 2011 2:22 PMLeave a Comment

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