The Norris Group’s award-winning event returns September 11, 2009 to the Nixon Library in Yorba Linda, California. In this critical, final quarter, we’ve assembled a Gold Star panel of accomplished industry specialists to discuss the impact of seismic economic shifts, head-scratching regulations, challenging legislation, micro and macro industry reforms, and the accelerated pace of opportunities emerging for real estate professionals.
New guidelines affect every sector of our industry, from novice investors to veteran builders to REO Realtors. In a climate ripe for both miscalculation and profitable advances, how are our colleagues and partners navigating an industry in transition? This timely symposium gathers a Who’s Who Round Table Including:
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Bruce Norris |
David Kittle |
Pat Vredevoogd Combs |
Robert Rivinius |
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Tommy Williams |
Christopher Thornberg |
Joseph Magdziarz |
Rick Sharga |
Last year we covered the dramatic shifts in store for the real estate community in 2009. The response was enormous, beyond our expectations. Now we’re here, living through the forecasts and predictions, in the midst of an evolving market primed for motivated professionals to thrive.
100% of the proceeds benefit the Susan G. Komen for the Cure of Orange County. The Norris Group is currently seeking Platinum and Gold Sponsors for the event. Sponsors will be positioned in premium advertising spots, including radio, video, signage, mailers, the event program, and website. See back for more details. To find out more, please contact Diana Barlet at 951-780-5856 today.
We extend a HUGE THANK YOU to all of the Platinum and Gold Sponsors for making this very special event possible. Without their help, none of this would be possible.
Platinum Sponsors |
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Gold Sponsors |
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| Mike Cantu |
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Joseph says the ultimate goal of an appraisal is to assign a value of an asset in the now. An acceptable margin of error for an appraisal is 3% but no more than 5%. The definition of market value is a buyer and seller under no undue stimulus coming to an agreement on a price to be paid for an asset. Joseph talks about REOs and short sales and how they should not be factored in to appraisals as they are liquidation prices.
Bruce beings up this appraisal issue which investors are having to deal with when they purchase these types of homes and then repaire them in California. Joseph says the banks should not consider REOs and short sales market value because of the repairs being done and the risk the investor takes in this market. Bruce asks if the new buyer of a fixed home is setting the new market value. Joseph says in the open market, it should but the appraisal might be different because of all glut of REO comps. Often times, appraisers are not being fair and many properties are being undervalued which is a problem.
Bruce brings up the typical scenario of The Norris Group when dealing with appraisals in the current California real estate market. TNG purchases the distressed, “as is” property from auction or from an REO agent and spends time and money upgrading the property. If TNG gets multiple offers, why isn’t it considered market value?
Joseph says competent appraisers will say that that does create market value. Submitting those back up offers could really help force the appraisers make that market adjustment.
Bruce asks if there is no similar inventory, what should investors do? Joseph says hire someone with specific experience with an MAI or SRA designation. Bruce talks about an area in Moreno Valley and the glut of vacant REO and “as is” inventory. When TNG fixes something, the appraiser is typically not getting cooperation because there is no similar substitutions in the market. We’re the only fixed up property.
Bruce talks about the appraisal business in 2004-2005 and how they were feeling pressure to get to a certain high number for refinances. Bruce asks if there is now the opposite pressure from banks wanting to loan less thinking the value will continue to decline.
Joseph says lenders can make loans in a declining market at today’s value and shouldn’t feel like there’s excessive risk if there are the three C’s: collateral, capacity to pay, and credit rating. Joseph says he heard that appraisers were using foreclosure and short sales and these DO NOT make market value so are inappropriate. Liquidation value is a better term for these types of inventory.
Bruce brings up review appraisals and how the original appraisers are worried about coming in too high for fear of being blacklisted from doing work for a certain account if the numbers are adjusted. Bruce asks about the review appraisal process and what authority they have to adjust prices the way they do. Joseph says these review appraisals have to come up with their own opinion but to arbitrarily adjust a number up or down 10% without just cause would be a violation. Many times these reviewers are not following the same license laws the appraisers are required to follow. Appraisers could ask for the review appraiser to send to them the review but most probably won’t. They are entitled to a copy of the review appraisal.
Bruce asks if the review appraiser goes out into the field. Joseph says they often do the review behind a desk using AVM. This is not the same and is just an estimate. Joseph says many lenders might be looking for quick and cheap. Joseph says the lending institution or review company they pay does the review appraisal which is also causing a problem.
Bruce asks how difficult it is for appraisers to work in a market with such wide swings in price, sometimes monthly. Joseph says he doesn’t know how they work in states like California. He says only the best people should be doing these appraisals. People need to use a professional appraisers and not AVMs or BPOs.
Bruce asks if there are new rules for appraisals coming down the pike. Joseph say the Home Valuation Code of Conduct (HVCC) says any new loans that are purchased has to have an appraisal and any existing can be less than that. A borrower is also required to get a copy of the appraisal. Joseph said the use of management companies is causing a problem because they are keeping part of the fees that should go to the appraisers so they may be spending less time doing a proper job.
Joseph says an appraisal is typically good for six months but in this market, it’s not as relevant. Bruce asks about improvements on homes above and beyond like pools and upgraded hardscaping. In an inactive market, it’s very difficult to assign a value to these extras. An appraisal will have to try and find similar comps. In this type of market, it is possible for these extras to result in little extra value.
Bruce asks about “standard 3.” Joseph says they are 10 sets of rules that govern the appraisal industry. For more information, visit appraisalinstitute.org.
Joseph C. Magdziarz, MAI, SRA is the 2009 vice president of the Appraisal Institute. He will become the president elect in 2010 and president of the Appraisal Institute in 2011.
Magdziarz has been an active member of the Appraisal Institute for 38 years. He has served in a variety of capacities at all levels of the organization.
At the regional level, Magdziarz has served two terms as Regional Vice Chair and two terms as Region III Chair. He has also been a regional representative for many years. On the national level, Magdziarz served two terms on the Appraisal Institute’s National Board of Directors. He has served as Chair of the Education Committee for five years and has also chaired the National Audit Committee, Instructor and Faculty Committees, and Education and Publications Committees. In addition, he has served on a number of project teams. Presently, he is serving on the ADAPT (MAI demonstration report alternative) project team and the International Education and Designation project team.
Magdziarz has been President of Appraisal Research, Inc. in Rockford, Illinois for 38 years. He resides in Rockford, Illinois with his wife Sandra of 41 years and his bulldog Bella.
Magdziarz is an approved Appraisal Institute instructor for 26 courses in the Appraisal Institute’s QE, AE, CE, and USPAP curriculums. He has also had international assignments in Naples, Italy; Istanbul, Turkey; Seoul, South Korea; and Beijing, Tianjin, and Shanghai, China.
Thank you MVT Productions for helping us put on an amazing, award winning event. The Norris Group always knows we're in good hands. The event was effortless and we can't thank you enough.
MVT Productions is a full service, award-winning, professional film, video and multimedia production company in Orange County, CA. Whether you are looking for professional videos, broadcast or event productions, MVT is your one-stop source.We work with you in partnership from concept and script writing to shooting, editing and duplication.
MVT Productions offers a wide range of film, video multimedia and event productions services such as: Video Production, Post Production, Video Editing, Live Events and Show productions, Corporate Event Productions, DVD and CD Authoring, Replication and Duplication.
I Survived Real Estate
On August 23rd 2008, The Norris Group hosted the sold out event, "I Survived Real Estate 2008" at the Nixon Library in Yorba Linda, Ca. Proceeds benefited the Orange County Affiliate of the Susan G. Komen for the Cure. The event went on to win first place from komen for education team fundraising and a Platinum Hermes Creative Award for the Events Category.
Over 400 people attended the live event including builders, Realtors, escrow, title, REO agents, mortgage brokers, investors, city government, press, economists, professors, and students. An untold number of others joined us live via Proxibid. Many more will watch the recording of the event via YouTube or Google Video.
This event was about solutions. Eight industry experts converged to discuss where their respective industries are headed in the coming year and how we can work together to weather the storm. Get to know the guests by listening to their radio show interviews and then watch the complete program via YouTube or Google Video.
We extend a HUGE THANK YOU to all the Platinum and Gold Sponsors for making this very special event possible. Without their help, none of this would be possible.
Platinum Sponsors:
The San Diego Creative Investors Association (SDCIA): http://www.sdcia.com/
Investors Workshops: http://www.investorsworkshops.com/
Frye / Wiles: http://www.fryewiles.com/
Proxibid: http://www.proxibid.com/
White House Catering: http://www.whcatering.com/
MVT Productions: http://www.mvtpro.com/
Pechanga Resort and Casino: http://pechanga.com/
The Denver Nuggets: http://www.nba.com/nuggets/
The Chicago Bulls: http://www.nba.com/bulls/
The Cleveland Cavaliers: http://www.nba.com/cavaliers/
Gold Sponsors:
7 Steps to a 720 Credit Score and Philip X. Tirone- http://www.7stepsto720.com/
Chicago Title - https://www.ctic.com/
Elite Auctions - http://www.sellwithauction.com/
RealtyTrac - http://www.realtytrac.com/
Investors Resource Center of America LA and Steve and Robyn Love - http://www.irca-losangeles.com/
Las Brisas Escrow - http://www.lasbrisasescrow.com/
National Club of Real Estate Investors and Sam Saddat - http://www.ncrei.com/
Northern California Real Estate Investors Association (Norcalreia) and David Granzella - http://www.norcalreia.com/
Foreclosure Trackers - http://www.foreclosuretrackers.com/
North San Diego Real Estate Investors and Linda Wessels - http://www.nsdrei.org/
RE Ventures and Michael Pines - http://www.reventuresrealty.com/
Real Estate Investors Club of Los Angeles and Phyllis Rockower - http://www.realestateclubla.com/
Real Wealth Investor and Scott Whaley - http://www.realwealthinvestor.com/
Saddleback Valley Communities - http://svc4.com/
Silverstar Finance and Janet French - http://www.silverstarfinance.com/
Sunset Hills Memorial Park and Mortuary - http://www.sunsethills.cc/
The Mission Inn - http://www.missioninn.com/
The Mortgage Equity Group - http://themeg.net/
The Naked Real Estate Investor Club - Rosie Nieto - http://www.nakedrealestateinvestorscl...
The Short Sale Processor and Nick Manfredi - http://www.theshortsaleprocessor.com/
Virtual Real Estate Tour and Layla Tusko - http://1wealthcreation.com/
Wholesale Capital Corporation - http://www.wccmtg.com/
For more information on becoming a sponsor for I Survived Real Estate 2009 in Yorba Linda, California, please contact the Norris Group at 951-780-5856. The 2009 theme will be legislation and stimulation and how each are affecting our respective industries. 100% of the proceeds go to the Susan G. Komen Foundation of Orange County.
Thank you so much Bill Tan and the San Diego Creative Investors Association for being Platinum Sponors for I Survived Real Estate 2008. We couldn't have done it without you!
More information on San Diego Creative Investors Association (SDCIA) - http://www.sdcia.com/
SDCIA was formed to promote networking and learning between San Diego real estate investors. If you buy, sell, rent, flip, lease-option, loan, etc, this is your club! We welcome all levels of experience. We normally meet on the 2nd Wednesday of every month (but dates can vary) and feature an expert speaker at every meeting. SDCIA is one of the only clubs with an extensive investor library. This is a not-for-profit investor club and the largest in the area.
San Diego Creative Investment Association - Platinum Partners
May 1st, 2009
Thank you so much Bill Tan and the San Diego Creative Investors Association for being Platinum Sponors for I Survived Real Estate 2008. We couldn't have done it without you!
More information on San Diego Creative Investors Association (SDCIA) - http://www.sdcia.com/
SDCIA was formed to promote networking and learning between San Diego real estate investors. If you buy, sell, rent, flip, lease-option, loan, etc, this is your club! We welcome all levels of experience. We normally meet on the 2nd Wednesday of every month (but dates can vary) and feature an expert speaker at every meeting. SDCIA is one of the only clubs with an extensive investor library. This is a not-for-profit investor club and the largest in the area.
A very special thank you to Shawn Watkins, Angel Bronsgeest, and Investors Workshops of Orange County for playing such an important role in this event. With the help of Investor Workshops, 100% 0f the proceeds went to the Komen cause. Thank you.
If you are in the Orange County area and looking for a place to network with professional real estate investors, please take advantage of this incredible club.
Meetings: Last Wednesday Monthly
Networking: 6:30pm
Meeting: Until 10pm
Meeting Location:
DoubleTree Hotel
100 The City Drive
Orange, CA. 92868
President: Shawn Watkins
Phone: (801)678-1901
Email: investorsworkshops@comcast.net
Website: www.investorsworkshops.com
Information:
Investors Workshops allows real estate investors the chance to learn with other creative people. Each month, they present a speaker covering a different topic relating to real estate investment and the creation of wealth through real estate.
We welcome real estate investors of all experience levels. Whether you're new to real estate or looking for a great networking resource, I think you owe it to yourself to check out a meeting.
I Survived Real Estate
On August 23rd 2008, The Norris Group hosted the sold out event, "I Survived Real Estate 2008" at the Nixon Library in Yorba Linda, Ca. Proceeds benefited the Orange County Affiliate of the Susan G. Komen for the Cure. The event went on to win first place from komen for education team fundraising and a Platinum Hermes Creative Award for the Events Category.
Over 400 people attended the live event including builders, Realtors, escrow, title, REO agents, mortgage brokers, investors, city government, press, economists, professors, and students. An untold number of others joined us live via Proxibid. Many more will watch the recording of the event via YouTube or Google Video.
This event was about solutions. Eight industry experts converged to discuss where their respective industries are headed in the coming year and how we can work together to weather the storm. Get to know the guests by listening to their radio show interviews and then watch the complete program via YouTube or Google Video.
We extend a HUGE THANK YOU to all the Platinum and Gold Sponsors for making this very special event possible. Without their help, none of this would be possible.
Platinum Sponsors:
The San Diego Creative Investors Association (SDCIA): http://www.sdcia.com/
Investors Workshops: http://www.investorsworkshops.com/
Frye / Wiles: http://www.fryewiles.com/
Proxibid: http://www.proxibid.com/
White House Catering: http://www.whcatering.com/
MVT Productions: http://www.mvtpro.com/
Pechanga Resort and Casino: http://pechanga.com/
The Denver Nuggets: http://www.nba.com/nuggets/
The Chicago Bulls: http://www.nba.com/bulls/
The Cleveland Cavaliers: http://www.nba.com/cavaliers/
Gold Sponsors:
7 Steps to a 720 Credit Score and Philip X. Tirone- http://www.7stepsto720.com/
Chicago Title - https://www.ctic.com/
Elite Auctions - http://www.sellwithauction.com/
RealtyTrac - http://www.realtytrac.com/
Investors Resource Center of America LA and Steve and Robyn Love - http://www.irca-losangeles.com/
Las Brisas Escrow - http://www.lasbrisasescrow.com/
National Club of Real Estate Investors and Sam Saddat - http://www.ncrei.com/
Northern California Real Estate Investors Association (Norcalreia) and David Granzella - http://www.norcalreia.com/
Foreclosure Trackers - http://www.foreclosuretrackers.com/
North San Diego Real Estate Investors and Linda Wessels - http://www.nsdrei.org/
RE Ventures and Michael Pines - http://www.reventuresrealty.com/
Real Estate Investors Club of Los Angeles and Phyllis Rockower - http://www.realestateclubla.com/
Real Wealth Investor and Scott Whaley - http://www.realwealthinvestor.com/
Saddleback Valley Communities - http://svc4.com/
Silverstar Finance and Janet French - http://www.silverstarfinance.com/
Sunset Hills Memorial Park and Mortuary - http://www.sunsethills.cc/
The Mission Inn - http://www.missioninn.com/
The Mortgage Equity Group - http://themeg.net/
The Naked Real Estate Investor Club - Rosie Nieto - http://www.nakedrealestateinvestorscl...
The Short Sale Processor and Nick Manfredi - http://www.theshortsaleprocessor.com/
Virtual Real Estate Tour and Layla Tusko - http://1wealthcreation.com/
Wholesale Capital Corporation - http://www.wccmtg.com/
For more information on becoming a sponsor for I Survived Real Estate 2009 in Yorba Linda, California, please contact the Norris Group at 951-780-5856. The 2009 theme will be legislation and stimulation and how each are affecting our respective industries. 100% of the proceeds go to the Susan G. Komen Foundation of Orange County.
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