Coest2Coest – Week of 10.3.2018 -No More Open Houses – 2nd Appraisals on FHA on HECM’s

October 3rd, 2018

Image result for virtual reality house tour

“Artificial intelligence would be the ultimate version of Google. The ultimate search engine that would understand everything on the web. It would understand exactly what you wanted, and it would give you the right thing. We’re nowhere near doing that now. However, we can get incrementally closer to that, and that is basically what we work on.” —Larry Pa

Real Estate:

Digital Trends: Virtual Reality Technology helping Real Estate Agents sell homes.

  • 47% of millennials made an offer sight unseen on a home in 2017.
  • Coldwell Banker called 3,000 adults, and 84% wanted to see a virtual tour of the house before seeing it in person.
  • Virtual Reality and video tours of properties are becoming expected.
  • ReMax is starting to promote open houses on Facebook LIVE and the use of others platforms.

See Venture Beat Article: 

“AR cloud technologies enable us to digitally stage a property for many different types of buyers. For example, the visual narrative told to a young couple with a newborn could have 3D assets of a crib and toys spread around in the baby’s room. The pantry could be stocked with digital assets of baby formula and the yard could have a swing set and playground. However, the narrative told to a young bachelor could focus more on entertainment: the den can be digitally staged with a big screen TV and gaming systems, and the yard staged with a top end grill and cases of beer. Due to new AR persistence capabilities, these digital assets can be placed once and then remain in spot for realtors to easily load when giving tours to different types of buyers.”

How Virtual Reality will affect the Real Estate Industry 

Virtual reality and 3D Modeling is here for real estate, and the millennials are using it more than ever to purchase homes. Using companies like to make a digital version of the house is becoming a most for real estate agents wanting to compete in today’s digital world. They also are using social media sites like Facebook, Instagram and Youtube to broadcast LIVE versions of the Open House and attract buyers who may not be up for coming to tour the properties.

FHA Requiring 2nd  Appraisals on some HECM Loans:

The Federal Housing Administration announced on Friday that they will now require a second appraisal on reverse mortgage appraisals if they believe the initial figure has been inflated. Starting October 1st, FHA will perform a collateral risk assessment on all reverse mortgage appraisals to make the determination.

“The mortgagee must not approve or close a HECM before FHA has performed the collateral risk assessment and, if required, a second appraisal is obtained,” the administration wrote in Mortgagee Letter 2018-06. “Where a second appraisal is required by FHA and provides a lower value, the mortgagee must use the lower value of the two appraisals in originating the HECM.”

Please click on the link below to view the full article:

Click here to see the full article

America’s Best Small Cities to Move to Before they Get Popular:

The best small towns to visit in America are easy to commit to for a weekend. It doesn’t take much to fall in love with Main Street; all you need is a couple of friends, a shaded porch, a six-pack of pale ale, and nothing but time to kill for you to think, “Hmm, I could get used to this.”

Read Full Article

Appraisal waiver offers excluded for 18 North Carolina counties

The Federal Emergency Management Agency (FEMA) has declared individual assistance for 18 counties in North Carolina affected by Hurricane Florence. By Selling Guide policy, these counties have been added to our appraisal waiver exclusion list in DU. For a list of the affected counties, visit FEMA’s Hurricane Florence page. For more information about Fannie Mae appraisal waivers, visit our Appraisal Waivers and Assistance in Disasters pages.

New Appraiser Update

Want to know more about MH Advantage™? The latest Fannie Mae Appraiser Update provides tips for appraising MH Advantage homes, information about a revised policy for manufactured homes with additions, and updates on our condo project standards. Also in this issue, find out what topics we hear about from readers. Sign up to receive future newsletter notifications and other appraisal-related updates!

Around the Web:

1. Alexa is getting smarter and emotional.
Amazon is making Alexa more sensitive to emotions and more alert for trouble, including a smoke alarm or breaking glass. The new feature, called Alexa Guard, will also be able to detect frustration in a person’s voice, making Alexa a lot smarter and emotional. (

2. The world’s first autonomous tram is launched in Germany.
The city of Potsdam has launched a world’s first: a fully autonomous tram. Trams often operate in high-pedestrian areas, where everything can happen. So, an AI-driven tram, developed by Siemens, is a remarkable achievement. (
The Guardian)

3. Japan landed two rovers on an Astroid and took a selfie.
Japan’s Hayabusa2 spacecraft has managed to deploy two landers on an astroid’s surface and while doing so, took an awesome selfie, sort of. The rocket made a picture of its own shadow on the object’s surface. (Gizmodo)

Thank you,



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Brian Coester - CoesterVMS - Coester Valuation Management Services - CEO will use the information you provide on this form to be in touch with you and to provide updates and marketing.