Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California

Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California
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Saturday, August 10, 2013

Real estate appraisers are not derailing home sales by Mary Cummins real estate appraiser

This writer below feels that real estate appraisers are holding the market back. The writer states that we consider tax assessment values in our appraisals. No, we don't. That would not be legal or accurate. I clear up a few other misconceptions in the article. I do agree that a buyer should have an appraisal contingency clause. Generally they do in the form of loan contingency. The loan is contingent upon the appraisal. If they are paying cash, then they should have an appraisal contingency clause. I also agree that owners need to consider their improvements carefully. There are articles they can easily find which will tell an owner in different markets which improvements will give them the best return on investment. Slight kitchen remodel, good return. Full kitchen remodel, you won't get all your money back. Now if you really enjoy cooking and will enjoy your kitchen for years while you live there, then it's a good investment for you personally. Just don't expect to get every penny spent back in increased sales price.

The article is linked. My comment is beneath it.

http://www.marketwatch.com/story/how-appraisers-are-derailing-home-sales-2013-01-25

I'm also a Certified Residential Appraiser with over 28 years of experience. I agree with Mark. We don't look at tax assessment values. They rarely reflect the true value. That's why we sometimes do appraisals for home owners so the tax assessor can adjust their tax value. It would not be legal for us to appraise a property based on its tax value.

In today's real estate sales, refinance market there are some issues with appraisals. The biggest issue is that the homes that are selling now which we use as our matched pairs comparables in our appraisals include short sales, Real Estate Owned (REO) by banks and some not so prime properties. Because the market is finally picking up, anyone who could hold onto their property for increased value would do that. People with very desirable homes are generally staying put and refinancing. They are not selling. This leaves us with few truly comparable sales.

Appraisers as per government mandate Uniform Standards of Professional Appraisal Practice (USPAP) and most Letters of Engagement (LOE) from Appraisal Management Companies (AMC) must use the following comparables, i.e. sales within last six months, +/- 15% difference in square footage, within one mile radius, similar age, lot size...range. We must include at least three sales and one listing. We must include a Comparative Market Analysis showing all comps we considered. We must include the range of values of all sales and listings within the last year. Our individual line item and gross adjustments can only vary by a small set percentage. We can deviate slightly from these standards only with a ton of explanation. Still, lenders frown upon it.

We also now must include form 1004MC which shows marketing conditions, i.e. absorption rates, inventory, marketing time, sale to list price ratios... All of my 1004MCs are showing very little inventory. I'm in Los Angeles, California by the way. With few properties on the market, you are getting at list if not above list sales with multiple offers. That's all fine and dandy but the property probably will not be able to appraise that high based on the rules we must follow. The resultant appraised value must fall between the range of our best matched comparables. The buyer will have to put a higher down or pay a higher rate because the loan to value ratio is higher. As things improve this will change but for now, that's the way it is.

A last note, quit blaming appraisers for the real estate booms and busts. It's human nature. Real estate is cyclical just like the stock market. I've been through three recessions. The charting is almost identical.


Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.


Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin
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Mary Cummins of Cummins Real Estate supports conditional use permit CUP for Lockwood - Real Estate Appraier

 

Mary Cummins
Cummins Real Estate Services
645 W. 9th St. #100-140
Los Angeles, CA 90015-1640
Direct: ****
 
 
 
 
 
July 18, 2013
 
 
 
As per telefax (805) 654-2509
Josias Gonzalez
Ventura County Planning Division
800 S. Victoria Ave.  L-1740
Ventura, CA 93009-1740
 
Josias Gonzalez,
 
I am a real estate appraiser and expert witness with over 30 years of experience in California. I wrote and lobbied to get an amendment to Los Angeles County zoning to allow wildlife rehabilitation in 2006 i.e. Ordinance 2006-0019 amending section 22.08.180 ( http://planning.lacounty.gov/assets/upl/data/ord_drp-wild-animal-ord.pdf ). I wrote and lobbied to change the wildlife policy for the City of Los Angeles so it would comply with Fish & Wildlife regulations in 2004 ( http://www.businesswire.com/news/home/20040824005654/en/City-Los-Angeles-Approves-Wildlife-Policy ). I have been a real estate expert for noise and animal legal cases for 30 years. I am familiar with legally acceptable sound levels and planning and zoning issues as they relate to all types of animals including exotic, wildlife, farm or domestic animals.
 
I am also President of non-profit Animal Advocates in Los Angeles. Animal Advocates rescues ill, injured and orphaned native wildlife for release back to the wild. We have rehabilitated coyotes, bobcats, foxes, raccoons... We have also rehabilitated a wolfdog with guidance and help from Lockwood Animal Rescue Center. We highly recommend their center.
 
We have worked with Dr. Lorin Lindner, Matthew Simmons and their veterinarian Dr. Jennifer Conrad for over ten years. My volunteers and I have visited the facility quite a few times. Their facility has always been very well maintained, clean and secure. 
 
As a real estate expert I can confirm that their facility does not have a negative impact on the neighbors or neighborhood. I support Lockwood's application for a conditional use permit. I am willing to testify to this at the public meeting for the conditional use permit. Feel free to contact me if you have any questions. 
 
Sincerely,
 
 
 
Mary Cummins
President
Cummins Real Estate Services
Over 30 years of experience!
 
 

http://www.marycummins.com/letter_lockwood_conditional_use_permit.pdf

Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.


Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin
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Mary Cummins of Cummins Real Estate receives award 2013 - by Mary Cummins real estate appraiser

Mary Cummins, Cummins Real Estate Services, Los Angeles, California

Mary Cummins of Cummins Real Estate Services has won the Los Angeles award program award. The Los Angeles Award Program is an annual awards program honoring the achievements and accomplishments of local businesses throughout the Los Angeles area. Recognition is given to those companies that have shown the ability to use their best practices and implemented programs to generate competitive advantages and long-term value.

Each year, the Los Angeles Award Program identifies companies such as Cummins Real Estate Services that we believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and our community. These exceptional companies help make the Los Angeles area a great place to live, work and play.

The Los Angeles Award Program was established to recognize the best of local businesses in our community. Our organization works exclusively with local business owners, trade groups, professional associations and other business advertising and marketing groups. Our mission is to recognize the small business community's contributions to the U.S. economy.

D&B listed, Active member of the US Chamber of Commerce.

Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the California Department of Fish and Game. Mary Cummins is also a licensed real estate appraiser in Los Angeles, California.

 

Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the

Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the California Department of Fish and Game and the USDA. Mary Cummins is also a licensed real estate appraiser in Los Angeles, California.


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