Thanks to those who commented on the last post about text vs. videos!

It feels like working in a vaccum at times, because not that many people leave comments (which is fine).  If you have thoughts on the blog material or direction, feel free to comment – I think there are only 50-100 commenters, yet there were over 14,000 unique visitors in the last month!



Thanks to JP for sending this along:

To help make appraisals more consistent and accurate, the Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to develop the Uniform Appraisal Dataset (UAD). The UAD will (1) define what fields are required for an appraisal submission and (2) standardize both responses and definitions for certain fields.

Here are just a few of the items impacted by the new appraisal standards:

  1. Days on the Market: Days on market is now defined as the total number of continuous days. If a property is taken off the market and then relisted, the appraiser will have to count all of the days it has been listed.
  2. Offering Price: The original offering price and history of all price changes must be reported.
  3. Property Style: Appraisers must use appropriate architectural design indicators such as “Colonial,” “Farmhouse,” etc. Descriptions such as 1 story, 2 stories, etc are no longer acceptable.
  4. Condition of the Subject Property: An overall condition rating must be assigned from the predefined condition categories provided.
  5. Quality of Construction: The appraiser must rate the quality of construction of the subject property and all comps using a list of 6 predefined quality levels.

The UAD appraisal standards are required for all appraisals conducted on or after September 1, 2011 for conventional loans sold to Fannie Mae and Freddie Mac.

To read FAQs about the UAD appraisal standards, visit:



Hopefully the appraisers will be diligent enough to catch the short-sale listing agents who never expose their listings to the open market – because the Sandicor MLS is still complicit in the fraud.  The typical fraud is for the listing agent to immediately mark the property ‘contingent’ in the MLS upon input – but Sandicor’s MLS doesn’t stop the count of days on market until it’s marked pending.  The date the listing is marked contingent is mentioned in the listing history – but will casual appraisers look there?  Or just take the DOM count which is calculated from listing input to pending?  A typical short sale isn’t marked pending until the short sale is approved, which is 1-6 months after listing input.


Here is how B of A is trying to fight short-sale fraud:

BofA short-sale add and broker cert

It’s a general form that has all parties sign that they aren’t committing fraud, which may not stop them but at least make them think about it before doing so.  The listing agent also has to certify that:

“the subject property has been listed on the local multiple listing service at fair market value to provide open market competitive bids to present to the seller as per the terms of the seller/agent listing agreement, and that the marketing is in fact and ‘in spirit’ seeking to maximize the selling price of the property.”

There will be some agents getting out of the short-sale business if they can’t commit fraud, so I hope more banks crack down like this.


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