Mary Cummins, Real Estate Appraiser, Real Estate Appraisal, Los Angeles, California, Mary Cummins.

Mary Cummins is a real estate appraiser in Los Angeles, California with 38+ years of experience. Cummins provides real estate appraisals for banks, lenders, mortgage brokers, Appraisal Management Companies (AMCs), lawyers, Courts, factors and private parties for lending, lawsuits, probate, estate planning, divorce and all types of litigation. Cummins provides 1004, 1073, 1025 and other form reports, narrative reports and historical appraisals besides real estate research and appraisal advice.

Showing posts with label real estate appraisal. Show all posts

Thursday, February 20, 2025

TrueTracts: How to Stay Compliant with the New GSE Requirements by Mary Cummins real estate appraiser

mary cummins, real estate appraiser, truetracts, adjustments, charts, paul rowe, real estate appraisal, graphs, gse requirements, los angeles, california

Just attended the webinar "Learn How to Stay Compliant with the New GSE Requirements" offered through Appraisal Buzz. "Join us for an essential webinar on the GSE’s new Market Condition Adjustment requirement and how appraisers can navigate these changes with confidence. This session will break down the latest guidelines and provide a live demo of True Footage’s TrueTracts software, a powerful tool designed to help appraisers accurately determine market adjustments. Learn best practices, see the software in action, and discover how technology can streamline your appraisal process." With Paul Rowe.

TrueTracts is in beta testing and is free right now. You import MLS data and it gives you graphs and text commentary for time adjustments, 1004MC, home price ranges and more. I signed up for the class not realizing it was a software offering. I thought they were going to go into how to better use Excel to make time adjustments. Was only an hour webinar. Software seems to offer a lot. Integration with Total, ClickForms...is $50/yr. #truetracts #appraisalsoftware #timeadjustments #marketconditionadjustment #marycummins #realestateappraiser #realestateappraisal #alamode #total

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

Mary Cummins of Cummins Real Estate Services has been in real estate since 1983, over 35 years. She is licensed by the Bureau of Real Estate Appraisers. Mary Cummins was an agent and broker licensed with the California Department of Real Estate selling residential income, commercial buildings, raw land and homes for Merrill Lynch Realty in Beverly Hills and Westside Properties in Los Angeles before concentrating on appraisals. Mary Cummins currently provides real estate appraisals, expert witness testimony, historical research, legal real estate research for mortgage brokers, banks, lawyers, factors, insurance companies, financial consultants and private individuals. Mary Cummins was born and raised in Southern California. Cummins attended Beverly Hills Good Shepherd Catholic School and Beverly Hills High School. Besides being on the Dean's list, Mary Cummins was a top ten national swimmer and competed on the men's water polo team. Mary Cummins began college at the age of 15 attending the University of Southern California on scholarship, majoring in Psychology/Sociology. http://www.animaladvocates.us http://www.facebook.com/AnimalAdvocatesUSA

Wednesday, February 19, 2025

Appraisal of Fire Damaged or Destroyed Properties for Insurance Purposes by Appraisal Institute by Mary Cummins

Attended the Appraisal of Fire Damaged or Destroyed Properties for Insurance Purposes webinar given by Charles Baker, SRA, AI-RRS with the Appraisal Institute. Webinar description: "The urban fires which swept through much of Los Angeles recently have resulted in significant losses of life and property. Economic loss estimates are in the range of $135 to $150 billion but could easily go higher. It is estimated that around 10,000 structures have been destroyed. In the wake of these fires there will be a huge need for timely, accurate, and professionally prepared real estate appraisals for insurance purposes. The Southern California Chapter of the Appraisal Institute will present a two-hour webinar addressing this topic. The webinar will provide participants with vital information on the appraisal process." Really good class covering important issues related to post fire appraisals. Charles included a few case studies which were really informative. #charlesbaker #appraisalinstitute #postfireappraisal #marycummins #realestateappraiser #fireappraisal #realestateappraisal #insurance #casualtyloss I included first six slides. Slide deck will be available at Appraisal Institute.

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Mary Cummins

Sunday, February 16, 2025

Get Wildfire Prepared Home Certified to Reduce Fire Insurance by Mary Cummins Real Estate Appraiser

wildfire resistant, fire proof, wildfire proof, mary cummins, real estate appraiser, real estate appraisal, fire inspection, fire appraisal, los angeles, california

Allegedly Mercury Insurance offers reduced price fire insurance if your home is "wildfire prepared certified." This article shows you how to make your home fire resistant to get the designation certification. It consists of an easy to read shortish list. These are all the common sense things I've talked about over the last 20 years. They are the exact items I look for when doing insurance company wildfire inspections. They offer two levels of certification, base and plus.

#FireResistant #wildfirepreparedhome #wildfirepreparedness #marycummins #realestateappraiser #fireinspection #fireappraisal #losangeles #california

https://wildfireprepared.org/wildfire-prepared-home-overview/

Here is the checklist

https://wildfireprepared.org/wp-content/uploads/WPH-How-To-Prepare-My-Home-Checklist.pdf

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Mary Cummins

Saturday, February 15, 2025

Real Estate Appraisal Fire Inspection in Pacific Palisades Fire Zone by Mary Cummins

Mary Cummins, fire inspector, fire inspections, real estate appraiser, real estate appraisal, pacific palisades, los angeles, california, pre fire value, post fire valuation, insurance

Back in Pacific Palisades burn area in Los Angeles, California. Mary Cummins. Mayor Karen Bass said the EPA finished all inspections in Pacific Palisades. That's not true. I met property owners and EPA inspectors today. They still have a lot more to do. I also noticed not all properties had EPA inspection signs. #palisadesfire #marycummins #losangeles #california #losangelesfires #pacificpalisades

None of these photos are from clients' properties.

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Mary Cummins

Sunday, February 9, 2025

95 W Calaveras St Destroyed in Eaton Fire in Altadena in Escrow for $449,000 by Mary Cummins Real Estate Appraiser

95 W Calaveras St was a two/three bed, two bath 1,636 sf home built 1939 that was destroyed in the Eaton fire. The owner doesn't want to rebuild so they listed it for sale January 29, 2025 for $449,000. It's pending as of February 5, 2025. It allegedly sold $100,000 over list all cash. We should wait to see the closing price. It was purchased August 2023 for $965,000. There is a $570,000 first trust deed. This may take a while to close with the mortgage cram down, fire claims and inability to demolish or clear the site. They still must do toxicity soil tests before they can break ground. It will take a while to get gas, water and electric back to the sites as the poles, meters have burned. Whoever buys it will have to pay holding costs while they wait until they can get permits approved and start building. That could take 18 months.

Notice the AVMs think the home still exists and is now worth $1,193,900 or about $1-$1.3M. This is why AVMs aren't accurate. It'll be interesting what the AVMs think the values are after a few of these homes sell at land value. Now IFFFFF it were worth $1.2M, land in this area runs about 60-70% of value depending or $720,000 to $840,000. That means the land is now selling at about 40-50% pre fire land value. This makes sense because I bet new owner has to pay all cash because they can't get a loan. They may not be able to get a construction or final loan for the home when it's built because they may not be able to find fire insurance. That is why the property is selling at a discount. These are very rough guesstimates for the sake of the article.

The people in the Palisades have a more difficult situation. They are in a coastal zone and have to deal with the Coastal Commission. You have to get permits for trucks just to deliver construction material. Every individual permit must be approved which takes a lot of time. Many speculative projects go bankrupt because projects take so long for approvals that holding costs eat up any possible profits. A lot of the Palisades is hillside property which makes things even more difficult.

Oddly enough neighbor's home at 103 W Calaveras appears to be intact from satellite view. That home had stucco siding which is more fire resistant. 95 W Calaveras had wood siding. Below is photo of 95 W Calaveras before the fire.

Previous MLS listing.

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Mary Cummins

Saturday, February 8, 2025

Fire Risk Map for Los Angeles and California by Mary Cummins Real Estate Appraiser

Here is the wildfire risk map for Los Angeles County area. You can see the Palisades fire was in a high risk wildfire zone. Parts of Altadena, Pasadena were higher risk. You will probably need wildfire insurance in these areas. #firerisk #wildfirezone #marycummins #realestateappraiser #realestateappraisal #losangeles #california

https://experience.arcgis.com/experience/03beab8511814e79a0e4eabf0d3e7247/

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Mary Cummins

Friday, February 7, 2025

Scott Turner Confirmed as Secretary of HUD, Conversation on False Narrative of Appraisal Bias, by Mary Cummins

appraisal bias, mary cummins, real estate appraisal, real estate appraiser, steve womack, scott turner, hud, confirmation hearing,

Scott Turner was confirmed as the Secretary of HUD yesterday. During his confirmation hearing Senator Steve Womack promoted the false narrative of the racist appraiser lowballing Blacks. Senator Steve Womack stated "So one of the overlooked drivers of racial wealth and equity within our housing system is the very well-documented pattern of lenders and the appraisal market persistently assessing the value of black and brown homes lower than white homeowners. If confirmed, will you commit to continue to use HUD's tools and authorities to crack down on appraisal bias, including by continuing to provide consumers with data to push back on suspected bias?" Scott Turner said he would look into it.

I took the opportunity to email Scott Turner at HUD the following. I encourage everyone to try to meet, speak with Turner in hopes he will see and believe the independent data and research on this subject. I sent the following email.

Email to Scott Turner:

"I watched your confirmation hearing. Senator Warnock mentioned the false narrative of "appraisal bias." He stated "So one of the overlooked drivers of racial wealth and equity within our housing system is the very well-documented pattern of lenders and the appraisal market persistently assessing the value of black and brown homes lower than white homeowners."

This is totally false and has been proven with independent research by AEI and others. People who make more money have more money and buy more expensive homes in more expensive areas. Whites make more than Blacks, Latinos. That explains the difference in value of white and Black, Latino owned homes. No one is low balling Blacks and Latinos. It's the income gap.

Joe Biden used this false narrative for political purposes to try to court the Black, Latino vote. He knew this was false. So did Marcia Fudge the ex secretary of HUD. Income inequality is not under the jurisdiction of HUD. It would be under the Department of Labor. This is why Donald Trump got rid of the PAVE Task Force. PAVE promoted the false narrative which has harmed appraisers and the industry.

I'm asking you and HUD to not continue to promote the false narrative of the "racist appraiser" lowballing home values of certain groups. It's discriminatory and racist. I hope the government can work on the income and wealth gap instead with programs that help people make more money so they can buy a home.

References

AEI How Common is Appraiser Racial Bias? It's not.
https://www.aei.org/how-common-is-appraiser-racial-bias/

AEI A Critique of the Brookings Institute Andre Perry The Devaluation of Assets in Black Neighborhoods. AEI proves Andre Perry's paper deeply flawed and incorrect.https://www.aei.org/wp-content/uploads/2021/08/Impact-of-Race-and-Socio-Economic-Status-on-the-Value-of-Homes-by-Neighborhood-Presentation-8.5.21-FINAL-v4.pdf?x91208

From the confirmation hearing of HUD Secretary Scott Turner:

Senator Warnock (02:22:25):

So one of the overlooked drivers of racial wealth and equity within our housing system is the very well-documented pattern of lenders and the appraisal market persistently assessing the value of black and brown homes lower than white homeowners. You and I discussed this a little bit the other day in my office, and my staff sent you some background information and data on appraisal bias. This is real money hurting real people. In part of my urging, the Biden administration took steps to crack down on appraisal bias with HUD leading an interagency effort. If confirmed, will you commit to continue to use HUD's tools and authorities to crack down on appraisal bias, including by continuing to provide consumers with data to push back on suspected bias?

Mr. Turner (02:23:15):

Thank you, Senator. Thank you for the information that you sent. I have begun to read and I look forward to exploring that more with you. And as I said before, I do commit to upholding the law as it is on the book, against all illegal discrimination.

Senator Warnock (02:23:29):

Including appraisal bias.

Mr. Turner (02:23:31):

We will continue to look into that and I look forward to working with you on that and become more well-studied. Thank you.

https://www.rev.com/transcripts/scott-turner-confirmation-hearing

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Mary Cummins

Wednesday, February 5, 2025

Photos of Homes in Palisades Fire zone by Mary Cummins Real Estate Appraiser

Was in the Palisades fire zone and took a few photos. Getty Villa museum has some burned fences, trees and bushes. There's a mudslide, landslide at Will Rogers park. Vons is now open near Sunset/PCH. PCH closed at Entrada. I obviously had a permit to enter. National Guard is still providing security for the homes. Military barracks, tents still set up near the beach. Utilities are trying to restore power on PCH. EPA is clearing hazardous debris. Flat beds removing burned cars. Most homes have been inspected for bodies and have been red, yellow or green tagged. Some streets are still not passable as burned homes fell down the hillsides onto the road.

If you live in a wildfire area, don't use vinyl fences, windows, gutters or downspouts. Make sure you have double pane tempered glass in metal windows only in your home. Make sure garage windows are glass. Do not use plastic skylights and tubes. Do not use wood fences. Use metal.

None of these photos are of clients' properties.