In the current economic climate, those agents who take a proactive and passionate approach to self- education and are focused on elevated professionalism have a huge opportunity for success.
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Gfl f?
to Colleen Papciak for the engagement of her son, Spencer, to his new fiancée, Emily Roberts
to Kelsey & Harrison Barocas for the birth of their precious baby boy, Beckett Lewis.
wishes to the whole Barocas & Feldman Family!
Best
by Bob Freeman
NEW LISTING 4206 Townsend Lane Dunwoody, GA 30346 4 Bedrooms/ 3 Full Baths 1 Half Bath Offered at $650,000 Listed
by Lisa Schimming
NEW LISTING 4394 Fitzpatrick Way Peachtree Corners, GA 30092 3 Bedrooms/ 2 Full Bath 1 Half Bath Offered at $450,000 Listed
NEW LISTING 325 E. Paces Ferry Road, Unit# 2205 Atlanta, GA 30305 3 Bedrooms/ 3 Full Bath 1 Half Bath Offered at $800,000 Listed by John W. Patrick Active Under Contract
NEW LISTING 5565 Glen Errol Road Sandy Springs, GA 30327 6 Bedrooms/ 5 Full Baths 1 Half Bath Offered at $1,495,000 Listed by The Robin Blass Group
by
Leslie Hoff & Melanie White
NEW LISTED 6656 Cadence Boulevard Atlanta, GA 30328 3 Bedroom / 3 Baths 1 Half Bath Offered at $975,000 Listed
by
Lauri Leslie | Barocas & Feldman
NEW LISTING 1165 Clandon Place Johns Creek, GA 30024 5 Bedroom / 3 Full Baths Offered at $649,000 Listed
NEW LISTING 4759 Dunwoody Station Drive Dunwoody, GA 30338 6 Bedroom / 3 Full Baths 1 Half Bath Offered at $739,900 Listed by The Robin Blass Group
265 Merrymount Court
$520,000
7930 Jackson Lane $399,000
9055 Club River Drive $499,000
SEPTEMBER
The Jan & Rocky Team
The Jan & Rocky Team
Belew Realty Group
5705 Whitehall Walk $1,000,000 Elizabeth K. Pinder
4825 Adams Road $899,000
28 Mount Vernon Circle $450,000
Bob Freeman
Meg Fitzpatrick
120 Grosvenor Place $780,000 Robyn G. Zimmerman
6851 Roswell Road, Unit #G 20 $305,000
4330 Treeline Way $265,000
3708 Woodsong Court $800,000
891 Coopers Ridge Path $750,000
702 Heritage Post Lane $750,000
4206 Townsend Lane $650,000
4394 Fitzpatrick Way $450,000
325 E. Paces Ferry Road, Unit # 2205 $800,000
5565 Glenn Errol Road $1,495,000
Laurie Miller
The Robin Blass Group
Sabrina McDonald & Paige Holliman
Christina Tran
Christina Tran
Bob Freeman
Lisa Schimming
John W. Patrick
The Robin Blass Group
6656 Cadence Boulevard $975,000 Leslie Hoff & Melanie White
1165 Clandon Place $649,000 Lauri Leslie | Barocas & Feldman
4759 Dunwoody Station Drive $739,900
The Robin Blass Group
LISTINGS
SEPTEMBER PENDING PROPERTIES
6169
2184 Carefree Circle
Brent McSpadden
2161 Peachtree Road Sabrina McDonald
9055 Club River Drive
1615 Harvest Lane
3026 Eamont Terrace
Belew Realty Group
Paige Holliman & Sabrina McDonald
The Robin Blass Group
10200 Twingate Drive Bob Freeman
4980 Hidden Branches Circle
The Robin Blass Group
7500 Roswell Road #54 Christina Tran
305 South Walnut Street
Caitlin Payne
434 Southland Circle Barocas & Feldman
28 Mount Vernon Circle #28
Meg Fitzpatrick
5313 Littlebrooke Court Barocas & Feldman
11015 Linbrook Lane
4427 Dunhaven Road
1169 Mayfield Drive
Spencer Cannon & Gloria Raynor
John W. Patrick
Dave Thomas
3940 Forrest Court Laurie Miller
4968 Village Terrace Drive
The Robin Blass Group
5705 Whitehall Walk Elizabeth K. Pinder
6112 Santa Fe Parkway
3736 Alpine Drive
1057 Pine Grove Avenue
Laurie Miller & Deborah Weaver
The Robin Blass Group
Belew Realty Group
4081 Humphrey Mill Road Rachel McPhail
5420 New Wellington Close
2199 Sage Mountain Court
340 Whitley Park Drive
The Robin Blass Group
Meg Fitzpatrick
The Robin Blass Group
Run
Ana Sterling
Willow
Road
2675 Westbury Court
1994 Carlotta Court
5081 Hidden Branches Circle
7930 Jackson Lane
PENDING PROPERTIES
Mary Morrison
Tim Lynn
The Jan & Rocky Team
The Jan & Rocky Team
Tim Karaman
3465 Alcan Way
SEPTEMBER
5616 Mill Trace Drive
$475,000
6826 Prelude Drive #283 $417,500
40 12th Street #1203 $1,584,009
SEPTEMBER CLOSINGS
The Robin Blass Group
Tim Lynn
Mary Morrison
5942 Sierra Drive $285,900 Barocas & Feldman
190 Grogans Landing $1,080,000
2179 Witton Way $575,000
972 Persimmon Point $510,400
2132 Black Oak Lane $295,000
1059 Rays Road $250,000
600 Camp Avenue $1,800,000
2795 Georgian Drive East $1,050,000
Ana Sterling
Lisa Schimming
John Mason
Ashley Reagin
Leslie Hoff
Belew Realty Group
The Jan & Rocky Team
515 Valley Hall Drive $775,000 Belew Realty Group
10 Perimeter Summit Boulevard #14 $198,000
6851 Roswell Road, #N 1 $220,000
13 Mount Vernon Circle $480,000
1485 Whitecap Trace $390,000
80 Deaver Cove Road $380,000
16427 Waxmyrtle Road $1,425,000
5275 Linnadine Way $805,000
3435 Kingsboro Road, #602 $387,000
2245 W. Village Lane $468,000
Sabrina McDonald
Deborah Weaver
The Robin Blass Group
Bob Freeman
Jeanne Craft
Barocas & Feldman
Bob Freeman
Barocas & Feldman
Robyn G. Zimmerman
185 Lochland Circle $883,500 Belew Realty Group
1423 Waterford Green Drive $935,000
Laura Addison
580 Fawn Glen Court $999,900 Star Newman
840 Braesridge Way $330,000
Elizabeth K. Pinder
1919 Meadow Lane $263,000 Caitlin Payne
SEPTEMBER CLOSINGS
200 River Vista Drive, #324
$450,000
2965 Steinback Street $577,735
5108 Lakesprings Drive $651,000
2720 Heritage Bend Court $530,000
9055 Club River Drive $525,000
4980 Hidden Branches Circle $775,000
Robyn G. Zimmerman
Jeanee Lutterman
John W. Patrick
Christina Tran
Belew Realty Group
The Robin Blass Group
MARKETING MINUTE
Alexis PTO
Wednesday, September 28 th –Friday, September 30th
ANNOUNCEMENTS
OFFICE
AP
As The Market
Turns
Why Build Your Business With Real Estate Reviews? Let's Ask Elizabeth.
DEREK OWINGS
National Market Data Local Market Data Reading an Appraisal Partnership/One Team Appraisal Review Current Events Q&A
The median home sale price was $371,125, up 6% year over year.
Pending home sales were down 17% year over year.
The median asking price of newly listed homes increased 10% year over year to $382,475. Asking prices are down 5% from the all time high set during the four-week period ending May 22
38% of homes sold above list price, down from 50% a year earlier.
The average sale to list price ratio, which measures how close homes are selling to their asking prices, declined to 100.0% from 101.5% a year earlier.
Potential Head Winds
Foreclosure sales remain 70% below pre pandemic levels
At 0.19 percent, the foreclosure starts rate remains below the quarterly average of 0.41 percent dating back to 1979.
Given the nation’s limited housing inventory and the variety of home retention and foreclosure alternatives on the table across various loan types, the probability of a significant foreclosure surge is minimal
The Refinance Index dropped by 6% and was down 75% compared to a year ago.
The 30 year fixed rate mortgage averaged at 5.4% for the week ending June 3, up from 5.33% the week before, the MBA said
Agents should work up an Appraiser Package and meet the appraiser at the property. Below are some items you should consider including:
Copy of the Plat or site plan.
•Site dimensions save the appraisers time (which they like)
•Unique or desirable lot characteristics. (size, view, level, quiet)
Sales and Listings that aided in the pricing of the property.
•What do you think the neighborhood is? Agent’s better at this then typical appraiser.
•Geographical Footprint
•Are there sales that are outliers, not comparable in the immediate area?
•Are there FSBO comps available
List of Improvements and renovations.
•Major items, like Kitchen and Bath renovations (completion date, $$ spent)
•Outdoor hardscape (decks/patios) and landscaping
•Replacement of mechanicals and utilities
Story of the transaction.
•Multiple offers, special concessions, repairs in the contract, Etc.
Neighborhood Section (page 1) o Neighborhood characteristics and housing trends Date/Time of Sale (grid page) o Marketing/time adjustments Above Grade GLA (grid page) o Room count and living area Basement Finished Area (grid page) o Room count and living area Reconciliation Section o Property value and any subject-to conditions.
Neighborhood Boundaries There should be clear, delineated neighborhood boundaries
• North, South, East and West must be specified
• Check the map included with each appraisal to ensure the boundaries show a neighborhood and the comps are within that neighborhood
• Natural boundaries, such as large waterways and highways often divide one neighborhood from another
• Municipality and school borders are often neighborhood boundaries
Our review team looks for consistency between the Neighborhood housing trends section and the Market/Time adjustments on the grid.
Facts:
Comp 1, 1,700 SF
Comp 2, 1,500 SF
Price Diff. $10K
$10K/200 SF = $50
Subject 1,600 SF
Adjustments: 100SF on both Comps $5K
In the example above the appraiser used the match-pairing methodology to address the GLA adjustment. Match-pairing can be utilized to adjust for all line items in the grid.
The Appraisal is Made “As Is”
If any other box is checked, the appraiser or a subject matter expert will have to inspect the property after work is completed.
Chief Appraiser 2 National Appraisal Review Managers PHM Appraisal Panel A QC review process that focuses on communication. o 6 Tech Reviewers o Hard stop for Sales Variance o A user-friendly reconsideration of value process Protocol for reaching out to all parties in the transaction. Derek Owings– National Review Appraisal Manager o Pull all parties together to discuss appraisal and dispute o Help facilitate getting the transaction to the table
All Conventional and FHA purchase appraisals that come in below sale price or more than 10% above sale price are automatically subject to enhanced review by our internal state specific reviewer. The Tech Reviewer will communicate the results of the appraisal to the MC and hold the appraisal from underwriting for 48 hours unless the MC requests otherwise.
The QC review focuses on ensuring the appraisal valuation appears credible. Results of this review are communicated directly to the mortgage consultant to foster transparency to buyers and agents.
o If the buyer & agents agree, a Reconsideration of Value (ROV) request may be submitted back to the assigned internal reviewer utilizing the PHM custom dispute form. We allow up to 4 additional comps for review. The comps should be supplied on the ROV form which must be signed by the buyer.
o Reviewer will communicate the results of the Reconsideration of Value to the MC and hold the appraisal from underwriting for 48 hours unless the MC requests otherwise.
o If the outcome of the Reconsideration process is not satisfactory to the borrower/agents, a call can be scheduled between the loan parties, National Appraisal Review Manager to discuss the results.
o Prosperity is committed to getting the appraisal “right”, to that end, replacement appraisals will be considered by management when warranted.
Refinance appraisals that come in significantly below the estimated value can follow a similar Reconsideration of Value process as purchases but must be MC initiated via a manual email to the collateral underwriter or state specific reviewer. No borrower signature is required on the dispute form.
Reconsideration of VA purchase or refinance appraisals must follow that agency’s Tidewater or ROV (reconsideration of value) process. Please contact the loan’s SAR collateral underwriter to assist.
Process Highlights
Lender receives message from Desktop Underwriter® (DU®) indicating the casefile is eligible for a Desktop appraisal (starting in Mid-March).
Appraiser receives assignment for 1004 Desktop appraisal order.
Appraiser submits a report without physically inspecting the property leveraging 3rd party resources, agents and other available online data.
Lender reviews the appraisal to confirm it: is reported on Form 1004 Desktop, includes a floor plan, and meets all other agency requirements.
If the appraiser doesn’t have sufficient information to complete a credible Desktop appraisal, the assignment should be declined for a possible traditional appraisal.
Why the change?
Valuations of residential property correlate strongly with GLA, yet to date there is little consistency in how appraisers determine it. Our adoption of the ANSI standard for measuring, calculating, and reporting square footage:
• Creates alignment across market participants.
• Provides a professional and defensible method for the appraiser.
• Allows transparent and repeatable results for the user of the appraisal report.
How well do you know ANSI?
Here are some items for appraisers to consider when using the ANSI standard1 :
• Measurements are taken to the nearest inch or tenth of a foot, and the final square footage is reported to the nearest whole square foot.
• Staircases are included in the GLA of the floor from which they descend.
• Basement is any space that is partially or completely below grade.
• The GLA calculation does not include openings to the floor below, e.g., two -story foyers.
• Finished areas must have a ceiling height of at least 7’. In a room with a sloping ceiling, at least 50% of the finished square footage of the room must have a ceiling height of at least 7’ and no portion of the finished area that has a ceiling height of less than 5’ can be included in the GLA.
• If a house has a finished area that does not have a ceiling height of 7’ for 50% of the finished area, e.g., some cape cods, in conformance with the ANSI Standard, the appraiser may put this area on a separate line in the Sales Comparison Grid with the appropriate market adjustment. The report will be ANSI-compliant and also acknowledge the contributing value of the non-GLA square footage.
If there is a choice of offers/lenders, See what they offer around the quality of their appraisers and dispute process:
Lenders are required to set the qualification and credentials of the appraisers they use. Even if they use an AMC. What are those standards?
Does the lender hire appraiser directly or use an AMC?
Do all the appraisers used have to be local? What is the lenders definition of local?
When the appraiser calls for the appointment, this is a great opportunity to politely ask about their background and experience in that market.
If the appraiser does not live up to the expectations set in your lender due diligence, have the borrower or borrower’s agent question the lender.
That lender might not know that the appraiser is not qualified.
The time to resolve problems with an unqualified appraiser is before the completion of the appraisal
If the lender won’t commit to getting you a quality appraisal or dispute process, ask the buyer to use another lender or select another offer.
What can an Agent do?
Due Diligence on the Lender
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