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Posts Tagged ‘Baton Rouge’
Is A Baton Rouge View Adjustment Supportable For Fannie Mae Appraisal Forms?
05/18/2011 | 
Author http://www.homeappraisalsbatonrouge.com/ – Why Do Fannie Mae Appraisal Forms Include Adjustment Grid for “View”?
Washington State Appraiser, Dave Towne, recently offered tremendous value to home appraisers by providing a copy of a list of the Top 12 FDIC Appraisal Deficiencies, see list below. In case you are not aware, the FDIC, in order recoup loses, is filing suit against AMCs (Appraisal Management Companies) and individual appraisers for questionable appraisal work that could have led to mortgage defaults. FDIC is seeking hunreds of millions of dollars in these suits.
Dave said, “Appraisers….
The FDIC has recently named a major nationwide AMC in a suit involving hundreds of defaulted properties**, claiming the AMC was deficient in the way they reviewed original appraisal reports. The suit has not gone to trial yet.
Included with the suit legal documents was this list that shows issues of concern in the original appraisal reports.
This would be a good list to use to review your own reports prior to submittal.
I personally found much satisfaction in #4 above about the applying “not reasonable, large unsupported adjustments for intangibles such as view, etc.” See this water front lot photo below.
My reply to Dave follows….
Thank you so very much, Dave!!!
I LOVE YOUR #4, about applying non-supportable adjustments for “view”. There is no such adjustment and I don’t understand why FNMA even has that in the grid. Dave, when a buyer closes on a lake lot, do they have “2″ closings, one for the site value and another separate closing for the lake view? No they don’t….and that would be insane wouldn’t it? There is no such thing as a supportable “View” adjustment. The entire value in a lot is the “Site” itself and all of the attributes of that site: land, size, view, historic trees, etc.. It all makes up the “Site Value”. And, based on what you’ve sent us, I’m not the only appraiser or regulatory agency who polices appraisers who thinks this way!
Posted in Baton Rouge Appraisal, Baton Rouge Appraisals, Baton Rouge Appraisers, Baton Rouge FHA Appraisers | 
Tags: Amc, Appraisal Management, Attributes, Baton Rouge, Deficiencies, Fannie Mae, Fdic, Home Appraisers, Intangibles, Legal Documents, Management Companies, Mortgage Defaults, Nationwide, Reply, Said Appraisers, Satisfaction, Suits, Trees, Washington State, Water Front | 
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Amazing Beauregard Town Renovation: 975 Louisiana Avenue Before and After Photos
http://www.batonrougerealestateappraisal.com/ – Amazing Beauregard Town Renovation: Before and After Photos!
This is 975 Louisiana Avenue, near Beauregard Town and the Baton Rouge Central Business District. I appraised this property in 2008 as a foreclosure when the condition was much less impressive. Property was sold through local Real Estate Agents, Jeff Furniss and Darry Gissel in 11/2008 for $70,000. 975 Louisiana Avenue is actally located in Young Subdivision, near Beauregard Town.
2011 AFTER PHOTO!
2008 BEFORE PHOTOS BELOW!
Posted in Baton Rouge Home, Baton Rouge Homes, Baton Rouge Houses, Baton Rouge Housing Market, Baton Rouge Real Estate | Tags: Baton Rouge, Beauregard Town, Central Business District, Darry, Foreclosure, Furniss, Gissel, Local Real Estate, Louisiana, Photo, Photos, Real Estate Agents, Renovation | No Comments »
Baton Rouge Mardi Gras Videos: Mystic Krewe of Mutts Parade
http://www.batonrougerealestatebuzz.com/ – Baton Rouge Mardi Gras Videos: Mystic Krewe of Mutts Parade.
From YouTube: “This Baton Rouge Mardi Gras parade goes to the dogs every year. Dogs of all sizes parade their owners through downtown Baton Rouge for this family favorite dog parade. The dog parade is an annual fundraiser for CAAWS. Thanks to Jay Ducote of biteandbooze.com and Tommy Tally of Tommy’s TV in Baton Rouge.“
Posted in Baton Rouge Real Estate | Tags: Baton Rouge, Dogs, Ducote, Fundraiser, Krewe Of Mutts, Mardi Gras, Mardi Gras Parade, Mystic Krewe Of Mutts, Nbsp Nbsp Nbsp Nbsp Nbsp, S Tv, Tally, Videos | No Comments »
Baton Rouge Home Appraisal Blog: Juban Crossing Update With Video
http://www.batonrougerealestateappraisal.com/ – Baton Rouge Home Appraisal Blog: Juban Crossing Update With Video. WBRZ News report on how Juban Crossing is improving the image of Livingston Parish.
WBRZ News has an interesting article regarding Juban Crossing at the link below and a partial image of that article is below!
http://www.wbrz.com/news/juban-crossing-helps-livingston-parish-move-on-up/
Baton Rouge Housing Trends: Sherwood Forest Median Sales Price Up 9.7% In 2010!
http://www.batonrougemarketmetrics.com/ – Baton Rouge Housing Trends: How Did Sherwood Forest Finish 2010? Sherwood Forest Median Sales Price Increases by 9.7% In 2010! And, this increase was somewhat subdued by the reported 11 GBRMLS foreclosure sales in Sherwood Forest in 2010.
Sherwood Forest Subdivision is possibly the second largest housing development within the Baton Rouge housing market. An indepth examination of the Sherwood Forest Housing Trends can tell us a great deal about the overall Baton Rouge Housing Market!
Solds In Sherwood Forest Subdivision from 1/1/2010 to 12/31/2010 revealed:
Average Sales Price: $183,400 ($171,976 in 2009 or +6.6%)
Avg Sold $ Per Sq. Ft.: $74.91/sf ($73.35/sf in 2009 +2.1%)
Median Sold Price: $181,000 ($165,000 in 2009 +9.7%)
Number of “MLS” Sales: 52 (87 in 2009)
Average Number of Days On Market: 133 (126 in 2009)
Low To High: $75,000 to $342,000
Number of Sold REO/Foreclosures Noted In MLS: 11
Current # Listings: 57, 5 Foreclosures, 2 Short Sales
Current Listings Prices: $99,000 to $319,987 or $43/sf to $102/sf.
Recap: In 2010 as compared to 2009, the Average Sales Price increased by 6.6%, Median Sales Price increased by 9.7% and Average Sold Price Per Sq. Ft. increased by 2.1% or +$1.56/sf. The number of home sales were down from 87 in 2009 to 52 in 2010, down 40%, which is the same trend for the Baton Rouge home sales in general post Federal Tax Credit Expiration. But also note that the 2009 home sales of 87 could have been artificially propped up because the Federal Tax Credit was in place in 2009.
Hurricane Gustav Effect. I still believe that Hurricane Gustav applied a pschological punch to the Broadmoor and Sherwood Forest Markets after September 2008. The tree damage was enormous and in some cases it took up to two weeks to get utilities restored. It was a hot, humid and miserable two weeks for local residents, emotionally draining. In 2008, the median sales price was $175,000 based on 88 sales (high because of sales in earlier 2008 prior to the Hurricane), but then in 2009, the median sales price dropped 5.7% down to $165,000 based on 87 2009 sales. 2010 was the recovery year for home prices!
Oversupply Problem. There is still generally an oversupply of “58″ current MLS listings and that doesn’t include the many FSBO Listings. And, some listings are overpriced in this market….listings priced at $102/sf in Sherwood Forest in very high considering that the average buyer only paid $74.91/sf in 2010. If you’re considering a purchase of a Sherwood Forest home where the listing price is above $74.91/sf, I would strongly recommend a Pre-Purchase Home Appraisal from Accurate Valuations Group to ensure you don’t overpay in this older market. However, this oversupply problem has persisted since after Hurricane Gustav and the market hasn’t seem to mind dealing with this situation – hasn’t discounted this market because of the ample supply.
Foreclosures Are A Part Of The Baton Rouge Housing Market! While 2010 was the recovery year for home prices in Sherwood Forest, it was also a year for locals to deal with a significant foreclosure and short sale situation! Part of these are from those who purchased temporary Hurricane Katrina housing. I’m working on an appraisal right now where the New Orleans residents with a large family purchased 2 homes in Sherwood Forest on the same street and one of those homes in heading toward foreclosure.
According to GBRMLS, there were 11 GBRMLS reported foreclosure sales in 2010. Currently, according to GBRMLS, there are 5 foreclosure listings and 2 short sale listings. So, foreclosures are still a significant part of the Baton Rouge Housing Market! These 7 distressed listings in comparison to the 52 total sales in Sherwood Forest in 2010 make up 13% of that total.
NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2008 to December 31, 2010. This information was extracted on 1/3/2011.
Tags: Baton Rouge Appraisers, Baton Rouge FHA Appraisers, Baton Rouge Home Appraisers, Baton Rouge Homes, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Real Estate, Baton Rouge Real Estate Trends, Sherwood Forest
Posted in Baton Rouge Appraisal, Baton Rouge Appraisals, Baton Rouge Appraisers, Baton Rouge FHA Appraisers, Baton Rouge Home Appraisers, Baton Rouge Housing Market, Baton Rouge Pre-Listing Appraisals, Baton Rouge Real Estate | Tags: 2009 Hurricane, Avg, Baton Rouge, Broadmoor, Federal Tax Credit, Foreclosure Sales, Foreclosures, Gbrmls, Housing Development, Housing Market, Hurricane Gustav, Indepth Examination, Median Sales Price, Mls Sales, Price Increases, Punch, Reo, Sherwood Forest, Solds, Sq Ft | No Comments »
When Settling Estates, Baton Rouge Home Appraisals Are Important!
http://www.estateappraisersinbatonrouge.info/ – When Settling Estates, Baton Rouge Home Appraisals Are Important!
Home appraisals for settling an estate is not an easy process after the death of a loved one, legally and emotionally, this presents different variables when taking control of all possessions left. From all the posterior decisions about the beloved one’s wealth, it is important to derive this precept, that a certified estate layer is the right person to assist and advice all the process involved in the distribution of property and possessions. Obtaining a home appraisal for settling an estate is the most accurate procedure when making decisions that affect family members, friends, and other associates. In this respect, estate appraisers in Baton Rouge are the best solution to obtain a home appraisal to make this process easier and fairer to all people involved.
Baton Rouge estate appraisers are a great deal of the estate settlement process since they accurately determine a property’s value. Given all the variables involved in the process such as emotions and speculation, estate appraisers Baton Rouge can provide detailed official documents concerning the value of an estate. Certainly, this appraisal is done through reliable and clear studies of the property so that there is no place for conjectures or disputes among heirs and/or tax agencies. Certainly, this will help to simplify all solutions about current taxes and to appraise inheritance tax liability, if necessary.
There are certain characteristics of property appraisals, of which the unknown factors significantly affect the estate settlement process itself. In this sense, estate appraisals are not absolute since there are certain characteristics out of the appraiser’s reach. Great affairs of state such as economic recession have shown how well-made appraisals can become imprecise or obsolete after some months or weeks. Nonetheless, estate appraisers Baton Rouge rely heavily on fundamental variables like lot size, property’s age, number of rooms, amenities, and geographic location. Subsequently, these variables are compared with other properties appraised in order to adjust values.
Baton Rouge estate appraisals always include detailed documentation concerning the settlement process of the given property. These documents clearly explain how the estate was valued by taking into account all its characteristics and variables. This process is followed through special standards, depending on the property and the reasons to appraise it, estate appraisals Baton Rouge follow the right one.
In relation to this, it may be suggested, that services from Baton Rouge estate appraisers provide amiable and effective estate appraisals. Baton Rouge home appraisals are important when settling estates simply because they serve as neutral mediators in the final settlement of a property’s value. This way, people involved will always get the fairest part of any estate left by someone. A good way to accomplish this process is to get the services of a certified local appraiser who clearly understands the area. In this case, Baton Rouge estate appraisers are the perfect choice when looking for home appraisals in this specific area.
In brief, estate appraisers in Baton Rouge have the knowledge, experience, and impartiality required to yield accurate estate settlements. Given the fact that they have nothing to gain or lose in any estate settlement process, all individuals involved in the process will obtain more benefits.
Biil Cobb, with Accurate Valuations Group, is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess home values. A home appraiser with 18 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser in East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish.
Tags: Baton Rouge Appraisers, Baton Rouge Home Appraisers, Baton Rouge Housing Market, Baton Rouge Real Estate, Baton Rouge Real Estate Appraisers, Baton Rouge Estate Appraisers, Baton Rouge Estate Settlement Appraisers, Baton Rouge Estate Settlement Appraisals
Posted in Baton Rouge Appraisals, Baton Rouge Appraisers, Baton Rouge Divorce Appraisal, Baton Rouge Divorce Appraisals, Baton Rouge Real Estate, Baton Rouge Real Estate Appraisal, Baton Rouge Real Estate Appraisers | Tags: Accurate Procedure, Affairs Of State, Baton Rouge, Beloved One, Best Solution, Conjectures, Death Of A Loved One, Economic Recession, Estate Appraisals, Estate Appraisers, Estate Settlement, Home Appraisal, Home Appraisals, Inheritance Tax, Precept, Property Appraisals, Rou, Settling An Estate, Settling Estates, Tax Liability | No Comments »
Baton Rouge Home Appraisers Video: Robert Shiller: End of Tax Credit Could Mean Big Trouble for Housing … and Banks
http://www.batonrougerealestateappraisal.com/ – Baton Rouge Home Appraisers: Robert Shiller: End of Tax Credit Could Mean Big Trouble for Housing … and Banks!
Altos Research this morning has an interesting chart: What if the Housing Stimulus Never Existed?
Yes, this argument is counterfactual, economically speaking, but… as Kyle Bass has asked – “How many problems have you solved by kicking the can down the road?”
Yahoo Finance has an interesting video on Robert Shiller feels that the end of the tax credit could mean big trouble for housing.
Posted in Baton Rouge Foreclosure Auctions, Baton Rouge Housing Market, Baton Rouge Pre-Listing Appraisals, Baton Rouge Real Estate, Real Estate Baton Rouge, Trends Baton Rouge Real Estate | Tags: Altos Research, Banks, Baton Rouge, Big Trouble, Finance, Home Appraisers, Robert Shiller, Stimulus, Tax Credit, Yahoo | No Comments »
Baton Rouge MLS Area 42 Hovers Around 10% Foreclosure Rate Since October 2008
http://www.batonrougerealestatetrends.net/ – Baton Rouge MLS Area 42 Hovers Around 10% Foreclosure Rate Since October 2008 for the parameters below.
I recently performed an appraisal of a 1875sf living area home built in 1979 within MLS Area 42. As part of the appraisal and in order to complete the Fannie Mae 1004 MC section regarding REO Foreclosures history, the following chart below was created.
Based on GBRMLS in MLS Area 42 from 10/09/2008 to 10/09/2010, from 1700sf to 2050sf, $80,000 to $185,000, 3 to 4 bedrooms from 16-20 to 41-50 years, MLS revealed that 12 or 9.83% of the 122 total sales were foreclosure sales. For this appraisal, there were also “4″ competing REO or foreclosure MLS listings as well.
Here’s a video I recently created for a foreclosure appraisal within MLS Area 42.
Posted in Baton Rouge Economic News, Baton Rouge Foreclosure Auctions, Baton Rouge Housing Market, Baton Rouge Real Estate | Tags: Area 42, Baton Rouge, Bedrooms, Fannie Mae, Fannie Mae 1004, Foreclosure Appraisal, Foreclosure Listings, Foreclosure Sales, Foreclosures, Gbrmls, Mls Area, Mls Listings, Net Mls, Parameters, Reo, Www Mls | No Comments »
Appraisers In Baton Rouge Report The Housing Numbers: Wimbledon Estates 2010
http://www.batonrougehomeappraisal.com/ – Appraisers In Baton Rouge Report The Housing Numbers: Wimbledon Estates 2010
Solds In Wimbledon Estates from 1/2010 to 10/08/2010 revealed:
Average Sales Price: $208,750 ($215,500 in 2009)
Average Sold Price Per Sq. Ft.: $95/sf ($99/sf in 2009)
Median Sold Price: $198,250 ($220,000 in 2009)
Number of Sales: 4
Average Number of Days On Market: 65
Low To High: $173,500 to $265,000
Number of Sold REO/Foreclosures Noted In MLS: 1
Current # Listings: 2, 0 Are Foreclosures
Current Listings Prices: $259,900 To $298,999
Data was used with the permission of the GBRAR MLS from search dates 1/1/2005 to 10/07/2010, extracted on 10/7/2010.
Posted in Baton Rouge Appraisal, Baton Rouge Appraisals, Baton Rouge Appraisers, Baton Rouge Divorce Appraisal, Baton Rouge Divorce Appraisals, Baton Rouge FHA Appraisers, Baton Rouge Housing Market, Baton Rouge Pre-Listing Appraisals | Tags: Appraisers, Baton Rouge, Current, Foreclosures, Gbrar Mls, Median, Nbsp, Reo, Search Dates, Solds, Sq Ft, Wimbledon | No Comments »
Baton Rouge Housing Trends: Ascot Subdivision 2010 Market Report
http://www.batonrougerealestatetrends.net/ – Baton Rouge Housing Trends: Ascot Subdivision 2010 Market Report
Solds In Ascot Subdivision from 1/2010 to 10/02/2010 revealed:
Average Sales Price: $204,483
Average Sold Price Per Sq. Ft.: $111/sf ( $115/sf in 2009 )
Median Sold Price: $199,950 ( $208,000 in in 2009 )
Number of Sales: 6 ( 7 Sales In 2009 )
Average Number of Days On Market: 56
Low To High: $175,000 to $248,000
Number of Sold REO/Foreclosures Noted In MLS: 0
Current MLS # Listings: 0, 0 Are Foreclosures
There is 1 FSBOBR.COM Listing for $234,500 for 2,330sf or $100.64, Click Below for more information on this home.
Data for this housing market report was used with permission of GBRAR MLS, search dates from 1/1/2005 to 10/02/2010, extraction data 10/02/2010.
Posted in Baton Rouge Divorce Appraisal, Baton Rouge FHA Appraisers, Baton Rouge Pre-Listing Appraisals, Baton Rouge Real Estate, Pre-Listing Home Appraisals, Real Estate Baton Rouge | Tags: Ascot, Baton Rouge, Foreclosures, Fsbobr, Housing Market, Median, Mls Listings, Mls Search, Reo, Search Dates, Solds, Sq Ft | No Comments »