PDR Property Data Report

[Zoe]

Take a foreclosure appraisal class. You'll be fine.

 

[Sandra Koutsopoulos]

During the Great Recession I did tons of Foreclosure, pre-foreclosure and forensic appraisal reviews as values had dropped and money was scarce for loans. This time is different here. I'm not seeing many actual foreclosures as values are holding fairly steady, giving owners opportunity to sell before foreclosure. The demand here outstrips inventory, even at these higher interest rates. I suspect if rates would fall back into the 4's it would be like opening the floodgates and more sellers would be confident they could replace their current digs, and so would offer up their current residence. I'm betting many Boomers would like to have moved into smaller 1-story houses in my area and turn over their 3,000-4,000 sf 2-stories, but that inventory is low and prices remain high.

On the other hand, Boomers are making more inventory available as they leave this mortal plane. I was shocked to find 40% of my high school graduating class is already dead! Geez!!

 

[djd09]

You dont collect data at a property, you are performing an appraisal and acting as an appraiser.

the forked tongue wordsmithers are hard at work...

 

[J Grant]

Rates won't go into the fours for years ( imo 3 plus years) we'd be lucky to see 6 % , and a shave below six would jump-start the market. Not enough boomers are departing the mortal coil fast enough to make much difference in inventory. More buyers are purchasing for cash which means many of them do not need an appraisal adding to the dearth of assignments, though surprisingly, a fair number of loans are using appraisals and some folks are still re-financing or taking equity lines of credit creating some additional assignments

Still lean times ahead overall and there will not be a flood of foreclosures for a combination of reasons.

 

[Sandra Koutsopoulos]

Equity lines of credit might be a 'thing' in order to maintain the low interest 1st and still extract some cash.

 

[ucbruin]

"Not enough boomers are departing..."

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I'm going to do my best not to logjam the economy....

 

[J Grant]

Appraisers keep scratching around looking for nonexistent signs the market /work will pick up. Imo, whatever volume and clients one has now, plan around that for the next few years and see if it suffices or not.

The whole RE food chain wants to see things pick up, RE agents and lenders are suffering too, but without a low enough interest rate it will just limp along, and even when it gets busy again if Fannie and Freddie have their preferences the agenda is alternate products done by their AMC buddies- the only stop or slow down to it would be if investors who buy loans balk at the cheapo valuations or regulators notice if more alt product loans underperform or are overvalued. I would not bet my livelihood on that, though in some form it might come about. . Relaxation of regulations tend to be followed by cycles of enforcement.

In the past, the relaxation was in what type of loans were made. There are so many rules around loans now t it was not possible to change much, so this time they went to relax strip regulations about value, by dropping appraisals for a waiver /value acceptance where the regulations about appraisals do not apply.

 

[Sandra Koutsopoulos]

In my area, there is a lot of new construction, but it still cannot keep up with demand, and prices are steep with diminishing amenities as construction material costs have gone up. It's a weird market.

Some of my husband's co-workers were trying to buy SFRs but after chasing multiple offers on multiple houses, they decided to buy new construction, but then found themselves priced out, even in further-out areas. So they remain renters. There is a strong built-up demand for SFRs here. If duplexes would be permitted here, they would sell like hotcakes IMO. Strong demand even for the garage-conversion "casita" rentals due to high cost of housing.

 

[Elliott]

Questions on the PDR Form:

Has the property been altered or modified
specifically to support or facilitate any non-
residential, or income producing use?

Is there any apparent fire or water damage that may
compromise the livability, safety, soundness, or
structural integrity of the property?

Does the property appear to be constructed to
community standards, is not of poor quality,
substandard or non-conforming workmanlike
manner?

Does the property have adequate access and
appropriate systems, for all seasons?

Are there any apparent defects or deficiencies to
the electrical, plumbing systems, water or sewer
that may cause them to function inadequately for
their intended purpose?

Is there any apparent fire or water damage that may
compromise the livability, safety, soundness, or
structural integrity of the property?

Are any parts of the subject property under
construction or incomplete?



Well, no home inspector is going to sign off on those questions for $150.

Those doing a 'side hustle' are probably not qualified to answer the questions above. Way beyond their scope of competency.

 

[ucbruin]

What's the proper fee for the possible liability....