 |
|
|
|
CUSTOMER
SERVICE IS A PRIORTY AT ELLIOTT® |
|
 As an appraisal management company, ELLIOTT® & Company
Appraisers takes pride in its customer service. Whether
clients call our toll-free number or order online, they can
count on superior customer service from the moment the
appraisal is ordered until the final version of it is
delivered. Our nationwide service includes an online
tracking system, where the progress and status of an order
can be checked seven days a week, 24 hours per day, through
the company’s website.
When problems arise, as they inevitably do in our unique
industry, we do our best to solve them quickly and
professionally. We are proud of the technology we have
incorporated to handle 21st century appraisal management,
but we also understand there has yet to be an invention that
can take the place of a caring, informed human personality.
With more than three decades in the real estate appraisal
business, ELLIOTT® makes sure all of its customer service
representatives are educated in the needs of its clients, as
well as its appraisers, and how to offer these unique
customers solutions designed to meet their needs.
|
 |
|
INVESTORS ARE BUYING HOMES
IN LARGE QUANTITIES |
The current nature of the economy
has entrepreneurs buying homes in
bulk at low prices. Michelle Conlin,
in an article she wrote for Reuters,
called the phenomenon of purchasing
homes in such vast quantities, “the
greatest real-estate fire sale in
the history of the United States.”
In areas where there have been a lot
of foreclosures, Conlin wrote, “It
is almost as if the housing market
has become the new big box store,
with investors wiping out whole
shelves at a time.”
The plan of most of these investors
is to buy cheap, pay for necessary
repairs, rent the homes and
eventually sell them.
“While these homes are no longer in
foreclosure and are well maintained,
investors are unlikely to hold on to
them for very long,” read a recent
article without a byline in The
Niche Report. “Foreclosed homes with
rental agreements are destined to
become like the mortgage backed
securities of yore: financial
instruments that can be marketed and
traded in open markets.” |
|
|
|
IS STUDENT DEBT A THREAT TO THE
HOUSING RECOVERY? |
 Student debt in this country has
reached an astronomical total of
more than $1 trillion. According to
Rohit Chopra of the Consumer
Financial Protection Bureau, that is
more than credit card debt in the
United States. This enormous figure
also casts a cloud over the future
of home sales.
“Excessive student debt can slow the
recovery of the housing market,”
Chopra said in a speech at a
Consumer Bankers Association meeting
in Austin, Texas. “Student loan
borrowers are sending big payments
every month to their loan servicers,
rather than becoming first-time
homebuyers.”
An article written for Housing World
by Jessica Huseman pointed out that
large student-loan balances prevent
many grads from having the necessary
credit to qualify for a mortgage.
“While the education students
receive in college will stick with
them for a lifetime, so may their
debt,” Huseman wrote, adding, “and
perhaps a struggling housing
market.” |
|
|
|
LOW U.S. HOME PRICES ATTRACT FOREIGN
INVESTORS |
|
Wealthy people from other countries
are attracted by bargain prices in
the U.S. housing market.
Particularly of interest to foreign
housing investors are tourist
destinations. Inman News reporter
Andrea Brambila listed the top 10
U.S. markets in order of percentage
of foreign home buyers. Using these
criteria with information compiled
by DataQuick, a
real-estate-data-analysis firm, the
top 10 U.S. markets ranked by
percentage of foreign real-estate
purchases are:
- Lakeland-Winter Haven, Fla.
- Cape Coral-Fort Myers, Fla.
- Orlando-Kissimmee-Sanford, Fla.
- North Point-Bradenton-Sarasota,
Fla.
- Miami-Fort Lauderdale-Pompano
Beach, Fla.
- Phoenix-Mesa-Glendale, Ariz.
- New York County (Manhattan), New
York
- Honolulu, Hawaii
- Tampa-St. Petersburg-Clearwater,
Fla.
- Las Vegas-Paradise, Nev.
|
|
|
|
NOTES OF VALUE |
-
 CoreLogic
reported that 11.1 million homes
had negative equity at the end
of 2011, accounting for 22.8% of
all homes in the United States.
Nevada (61%), Arizona (48%) and
Florida (44%) had the highest
percentages of underwater homes.
- Forbes, with data compiled
by McGraw-Hill Construction,
rated the top 20 Metropolitan
Statistical Areas in terms of
construction starts in 2011.
Measured in dollar value and not
counting government or electric
utility projects, the top 10
were: (1) New York, $17.2
billion, (2) Dallas, $9.5
billion, (3) Houston, $8.8
billion, (4) Washington, $8.1
billion, (5) Chicago, $6
billion, (6) Boston, $5.9
billion, (7) Los Angeles, $5.8
billion, (8) Phoenix, $5.3
billion, (9) Seattle, $5.2
billion and (10) Atlanta, $4.9
billion.
|
|
|
|
ASK MARTITIA |
 Question:
Why
does USPAP require appraisers to
document the scope of work in their
reports?
Martitia: The
Uniform Standards of Professional
Appraisal Practice require
disclosure of the scope of work on
all appraisal, appraisal review and
appraisal consulting reports so that
the intended users of these reports
can gain a clear understanding of
how much research and analyses went
into the preparation of the report.
This requirement protects the
client, as well as the appraiser, by
showing precisely what was done and
what was not done during the
performance of the assignment.
Martitia Mortimer, Elliott's
executive vice president, answers
appraisal questions on a regular
basis in Elliott Evaluation News. |
|
|
|
QUOTES OF WIT &
WISDOM |
“Quality is never an accident.
It is always the result of high
intention, sincere effort,
intelligent direction and
skillful execution.” – William
Foster
“Nothing so dates a man as to
decry the younger generation.” –
Adlai Stevenson
“Love thy neighbor as thyself,
but choose your neighborhood.”
–
Louise Beal
“Challenges are what make life
interesting. Overcoming them is
what makes life meaningful.”
–
Joshua Marine
“Our forefathers made one
mistake. What they should have
fought for was representation
without taxation.” – Fletcher
Knebel
|
|
|
|
Forward
To A Friend
Know someone who might be interested in the email? Why not
forward this email
to them. |
Unsubscribe
Don't want to receive these emails any more. Please
click
here to be removed. |
|
|
|
ELLIOTT® & Company
Appraisers • 3316-A Battleground
Avenue • Greensboro, NC 27410 •
(800) 854-5889 |
|
|
|
|
|
 |
