Year-End Statistics
Full 2019, year end statistics are now available here on the COAR website.
Annual Market Report
COAR's annual market report developed with EcoNorthwest will be available on January 24th on the COAR website.
New Supra Key App
Supra has released a new app for iPhone and Android users. For eKEY app users that have automatic app updates turned on, the app stores will automatically deliver the app to users. eKEY users that do not have automatic updates turned on can go to the app store and download it. The minimum requirement for the new eKEY app is Android OS 5 or iOS 10. If you have any questions, please contact our Liaison Team at 1-800-545-9601, option 2. For more information, click here.
Charitable Giving
Charitable Giving applications are now available. If you would like to help a non-profit apply, click here for an application.
Building a Better Central Oregon
Applications for the Building a Better Central Oregon are now available here. BBCO's main purpose is to recognize worthy residents who have enhanced their community with outstanding new or renovated residential, commercial or industrial buildings. Projects are judged on economic impact, neighborhood improvement, unique design or use of materials.
Property History Report Change
Please be advised, that as of January, the property history report in Rapattoni will be available back to 90 days from the change. Everything past 90 days will no longer be available in the report format. Currently the limit is 30 days.
Window on the Law: Working with Appraisers
NAR has just released a new video as part of their series to help REALTORS improve the working relationship with appraisers, we shared this video in the newsletter to the general membership yesterday.
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Save the Date
April 18, 2019
5:30 PM
EnCOAR Awards
April 2, 2019
REALTOR Day at the Capitol
October 16, 2019
4:00 PM
Building a Better Central Oregon
December 13, 2019
6:00 PM
COAR Holiday & Installation Party
Next Code of Ethics Deadline: December 31, 2020
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Additional Resoures
RPR Advanced Feature: Sales Comparison Analysis
Learn how to utilize RPR’s advanced Sales Comparison Analysis tool and Valuation Workbook. This tool will help you create an in-depth report using advanced analysis and property valuation best practices, leveraging RPR’s nationwide, parcel-centric database in a way that has not been done until now. Click Here to View Videos
Valuation Magazine
Click Here to access a copy of the Appraisal Institutes’s Valuation Magazine, Q4 2018 issue.
Senate Passes SBA Bills Increasing Appraisal Threshold
The Senate passed two pieces of legislation Dec. 19 that link the Small Business Administration’s appraisal threshold to the threshold for commercial real estate as established by the federal bank regulatory agencies. Identical legislation passed the House in September. The bills are S. 3552, the 7(a) Real Estate Appraisal Harmonization Act, and S. 3553, the Small Business Access to Capital and Efficiency Act. The SBA appraisal threshold is set by statute and currently stands at $250,000. If President Trump signs the legislation, SBA loans for commercial transactions below $500,000 would no longer require an appraisal. Passage of these bills would expose a majority of the SBA loan portfolio to significant collateral risk. Additionally, the National Credit Union Administration has proposed quadrupling (to $1 million) the appraisal threshold for non-residential loans made by credit unions, which potentially could push the federal banking regulatory agencies to follow with an additional round of threshold increases. The Appraisal Institute has previously expressed opposition to the SBA threshold increase and to the NCUA’s proposal to quadruple the appraisal thresholdfor non-residential loans.
Proposed Increase to Residential Appraisal Threshold
On Nov, 20, 2018, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively "the Agencies") released a proposed rule that would increase the current threshold for residential real estate transactions requiring an appraisal to $400,000. Click here to read more and to access the proposed rule.
Rural Appraisal Waivers
Fannie Mae is currently offering appraisal waivers in exchange for a mandatory home property inspection, for properties in high-needs rural areas as determined under the Duty to Serve Underserved Markets rule. The appraisal waivers are intended to reduce cost for borrowers while ensuring properties meet certain safety standards. Fannie Mae expects the home inspections to help mitigate the risk of delinquency or default due to future repair costs. The waivers will become available in late 2018. Click here to see the eligibility requirements and the Fannie Mae Fact Sheet on Rural Appraisal Waivers.
Third Party Liability
NAR examines the liability of inspectors, appraisers, and other third parties involved in real estate transactions. Many of these cases involve claims against appraisers. As demonstrated in the cases listed, courts frequently consider whether the appraiser’s duty extends to the purchaser of a property, and whether the complaining party could reasonably rely, and did in fact rely, on the appraisal. In another case, the court examined the duty of an escrow agent to the purchaser of a property. Click here to read more.
Requests for Reconsideration White Paper
On November 26, 2018, the Appraisal Foundation released a White Paper entitled Requests for Reconsideration. The purpose of the White Paper is to examine best practices for requests to appraisers for a reconsideration of a completed appraisal. Click Here to read more and to access the White Paper.
Plan to Reduce Human Appraisals May Lead to ‘Wildly Inaccurate’ Estimates
Federal agencies have proposed a plan to reduce the number of homes that require an in-person appraisal, hoping to speed up the closing process and save money for home buyers and borrowers looking to refinance. Under the proposal, which was developed by the Federal Deposit Insurance Corp., the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency, in-person appraisals would be necessary only for homes valued at $400,000 or more. Currently, that threshold is $250,000. Read more |
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