Paterson Valuations

Paterson Valuations The leading appraiser in Southern Maine The purpose of the appraisal is to develop an opinion of market value for the property described in this appraisal report, as improved, in unencumbered fee simple title of ownership.

I was born in Bangor, Maine. My family has been in Maine since the early 1700’s. I am of Scottish decent on both sides, but I am “a bit of a mongrel” as my grandfather Annis would say. “However a great joy in my life has been sharing the Scottish side which includes the playing of the pipes, going to highland games and of course wearing of a kilt. As most scotch/irish I have a strong independent streak. Which helps explains why I have been appraising for 35 years. Mind you the industry has not always been steady so I have experience in real estate sales, instructing real estate courses, general contracting, title and loan processing, independent insurance agent, and mortgage origination. However the evaluation real property seem to have been at the core of what I do for some time. That’s probably because at the core it is often difficult to determine and an accurate conclusion requires a combination of mathematics and experience. My reports differ from my competition in that I believe the three approach to value need proper consideration and that they and the use of statistical models give you a better understand and eventually support for your conclusions. I can providing appraisal reports that accurately reflects the market reaction to a property’s legal and physical characteristics. I always pride ample support for my conclusions and take pride in doing the best job I can. When I not working, I enjoy the outdoor sports such as hiking, watersports and exploring agriculture which includes chickens, gardens, tapping maple trees, fiddleheads and working on hogs and cattle.

My son worked with me for over a year, and said he would not live being treated the way we were treated. Although he pri...
04/19/2019

My son worked with me for over a year, and said he would not live being treated the way we were treated.

Although he primarily dealt with real estate agents. 🤪

The problem AMCs are really having…is that they can’t find appraisers willing to be treated less than professionally any longer.
http://www.workingre.com/appraiser-shortage-or-just-fed-up/

04/09/2019

I have identified market area as the town of Augusta with the town lines being the north, south, west and east boundary. I have defined the submarket as single family homes with 0.50 acre or less, GLA of 1,200 to 2,200 and built in 1970 or prior to that year with no waterfrontage at all.

03/29/2019

I have identified market area that includes the towns of Bowdoin, Bowdoinham and Richmond with the town lines being the north, south, east and west boundaries. I have defined the submarket as single family homes with GLA between 1,400 and 2,200 sqft and built in 1990 or newer.

Just saying .... it could happen
03/16/2019

Just saying .... it could happen

$4.00 a dozen...  The girls thank you for your support!
03/14/2019

$4.00 a dozen... The girls thank you for your support!

03/14/2019
The Income Approach

Gross Rent Multipliers are the ratio between the sales price of real estate and what they were renting for at the time of sale.

A recognized approach to value, it has its strengths and weakness depending your market area, submarket and date your conducting the evaluation.

03/14/2019

Gross Rent Multipliers are the ratio between the sales price of real estate and what they were renting for at the time of sale.

A recognized approach to value, it has its strengths and weakness depending your market area, submarket and date your conducting the evaluation.

With the providing the MLS service, Real Estate Agents have allowed Corologic to change the MLS's focus and direction.So...
03/02/2019

With the providing the MLS service, Real Estate Agents have allowed Corologic to change the MLS's focus and direction.

Soon real estate agents will feel the pinch of loosing their position in the market place.

Meet Total Home Value for Marketing, the newest addition to the CoreLogic Total Home Value suite. Total Home Value for Marketing can help maximize a firm's prospecting capabilities by leveraging property-level valuation insight.

How can this benefit you? Click here to find out: https://bit.ly/2VtDLDG

As deregulation comes the risk factor is increasing.   After 35 years of being in this business I can assure you its the...
02/27/2019
The Danger of Saying Yes to An Appraisal Waiver

As deregulation comes the risk factor is increasing. After 35 years of being in this business I can assure you its the same path we have gone down time and time again.

The american people always pay for the cost cheap and fast in the end.

"For only $599, we will grant you an appraisal waiver to help you avoid having an appraisal that 'comes in short." ** I just saw yet another ad promoting this

So the consumer protection says ...  bankers are finding ways to skirt around real estate appraisals.   Appraisal licens...
02/20/2019

So the consumer protection says ... bankers are finding ways to skirt around real estate appraisals. Appraisal licensing was created to protect the public, now bankers have exempted half the state of Maine!

The Consumer Financial Protection Bureau released its 2019 list of rural and underserved counties, which those entities can use to determine if they are exempt from certain appraisal and ability-to-pay rules. Read more in today's Appraiser News Online: http://ow.ly/Yx9130nM5DR

01/23/2019
Appraisal Institute President Outlines 2019 Goals

Do you think the Appraisal Institute contributes to the real estate profession in meaningful way.

and why?

2019 Appraisal Institute President Stephen Wagner, MAI, SRA, AI-GRS, outlines the Appraisal Institute’s priorities for the year in the organization’s latest ...

01/17/2019
Episode 21: Excess vs. Surplus Land.mov

Just an FYI of the difference between surplus and excess land

This video is one in a short series that deals with complex property appraisal assignments. In this segment, JP McKissock takes a look at the similarities an...

What Can You Say to Appraisers?Arrrrgh! Another off-base appraisal, you think! When that happens, what’s OK to say, an...
01/04/2019

What Can You Say to Appraisers?

Arrrrgh! Another off-base appraisal, you think! When that happens, what’s OK to say, and what is it best to avoid saying? Watch NAR Legal’s Window to the Law video for answers to those questions, plus best practices for working with appraisers.

10/30/2018

I have identified market area that includes the island of Vinalhaven.

I have defined the submarket as single family homes with no waterfrontage at all.

The graphs show over supply, relatively stable sales prices and a marketing time of at least six months on average.🤔

10/28/2018

I have identified market area that includes the towns of Appleton, Lincolnville and Hope with the town lines being the north, south, east and west boundaries.

I have defined the submarket as single family homes with 10.0 acre or less with no waterfrontage at all

10/24/2018

I have identified market area that include the counties of Lincoln and Knox the county lines being the north, south, east and west boundaries. I have defined the submarket as single family homes with GLA of 800 sq.ft. or more and listed for $100,000 or less.

The intent is to find properties in fair to poor condition.

So $15.00 equates to $600 a week. Local stores in downtown Damariscotta are pay $15.00 a hour.   While its a good start ...
10/04/2018
Amazon to Raise Minimum Wage to $15 for All U.S. Workers

So $15.00 equates to $600 a week. Local stores in downtown Damariscotta are pay $15.00 a hour.

While its a good start the owner "Jeff Bezos" just made Forbes wealthest person list with 160,000,000,000 in network.

I was sort of expecting more to be honest.

The company also said it would lobby the federal government for a higher minimum wage.

For those that can lend a hand it would be greatly appreciated.
10/01/2018
Repair the Shaker Hay Field

For those that can lend a hand it would be greatly appreciated.

Saturday, October 13, 2018 | 9:30am until the work is done We send our heart-felt gratitude to each and every person in our community who has expressed concern, outrage, and a willingness to help …

Corelogic is getting into everything!
09/28/2018
CoreLogic

Corelogic is getting into everything!

MyRental™ from CoreLogic® offers tenant screening solutions to help agents and brokers identify top-quality applicants. Schedule your demo today!

I have defined the market area as a portion of the town of Damariscotta, Newcastle and Nobleboro their town line being s...
09/18/2018

I have defined the market area as a portion of the town of Damariscotta, Newcastle and Nobleboro their town line being south, east, west and north boundary.

I have concentrated on the subject market which I identified as single family homes with 15 acre or less of land with 1,100 to 2,800 sq.ft. of GLA as defined by the MLS and was built in 1970 or later.

I have identified market area to include the towns of Berwick, the town lines being the north, south, east and west boun...
09/11/2018

I have identified market area to include the towns of Berwick, the town lines being the north, south, east and west boundary. I have defined the submarket as single family homes with 1,400 to 2,500 sqft of GLA as defined by the MLS service built in 2000 or older with 5 acres or less of land.

Do you have a office parrot?  I find the politics can confusing sometimes. However its nice to have someone to socialize...
08/24/2018

Do you have a office parrot? I find the politics can confusing sometimes. However its nice to have someone to socialize with!

Worth sharing !
06/26/2018
Maine Farm Bureau

Worth sharing !

We are proud of our members Donald and Dorothy Fitzpatrick on being named Farm Family of Year by the Maine Potato Board. Donald planted his 66th crop this year, and at times has been joined by four generations of his family working the harvest. Congratulations on all the hard work, and thank you for being a member of Maine Farm Bureau!

05/23/2018
O'Meara Family Farm

Good people are the best people to buy from ....

Fruit trees available now. Pie cherries and seedling plums-- 3ft tall. Also apple and plum trees grafted this year-- whips-- all $8 each. Black walnuts-- $12 each

Data accuracy is important ...   Its amazing how often the MLS is missing information about finished bedrooms, incorrect...
05/23/2018
Matrix Minute - Importance of Accurate Data Input

Data accuracy is important ... Its amazing how often the MLS is missing information about finished bedrooms, incorrect GLA and etc.

Appraisers are held hostage to right a wrong they can not control.

When inputting a listing please be sure to double check all of the listing information, including the map location. The more accurate the data is - even in fields that aren't required - the more your listing will appear in searches and be sent our via auto-emails.

New Construction Starts in April Pull Back 13 PercentDecreased Activity Reported for Public Works, Institutional Buildin...
05/21/2018

New Construction Starts in April Pull Back 13 Percent
Decreased Activity Reported for Public Works, Institutional Building, and Housing

You got to love this if your an appraiser?  How is it going to affect existing housing?  What demand will it put on sola...
05/06/2018
California to become first U.S. state mandating solar on new homes

You got to love this if your an appraiser?

How is it going to affect existing housing?

What demand will it put on solar production and what effect will that demand have on cost?

California is about to become the only state in the nation mandating that virtually every new home have solar panels by 2020.

We have half a dozen appraisals request that are on hold because the lenders has put them on hold to see if they can fin...
04/30/2018
AMCs Add Weeks to The Appraisal Process? - Appraisers Blogs

We have half a dozen appraisals request that are on hold because the lenders has put them on hold to see if they can find an appraiser that will pay a lower fee.

There are ample enough appraisers in this state... the problem has been lenders not wanting to pay a fair and reasonable fee for the work they are request. As this article points out turn around time is extended because loan originators/lenders are more concern about making profit on loans than they are servicing the borrower.

Day 14 – I send an email to both the bank and AMC requesting a call to discuss review process. AMC responded that chief appraiser would review. Day 15 – no response yet. By my math, this is a 18-day process although we don’t have a response yet. The appraisal part only took 3 days as a rush.

Support your local farmers ...  its good for Maine!
04/10/2018
Maine Highland Cattle Association

Support your local farmers ... its good for Maine!

The Maine Highland Cattle Association's mission is to promote the Highland Cattle breed, share information and educate members and the public.

Theoretical conversation 🤨On March 28, 2018 In York County, Maine there are 703 single family home listings. There ar...
03/28/2018

Theoretical conversation 🤨

On March 28, 2018 In York County, Maine there are 703 single family home listings. There are 464 pending sales of single family homes and there were 3,215 single family home sales last year.

Checking on new construction according to the MLS there are 176 current listing of homes were built in 2016 or newer. There are 85 pending sales and 281 sales of new homes in the past year.

In York County there are 510 vacant land listings. Currently there are 70 vacant land listing indicated as pending sales, In the past year there have been 442 vacant land sales

Generally speaking: Could it be reasonably concluded that the cost approach applicable in portions of York County Maine? 🤔

If not, then what kind of numbers would appraiser need to support such a conclusion?

Dear Jeffrey,I cosponsored and voted for S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, b...
03/24/2018

Dear Jeffrey,

I cosponsored and voted for S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, because it provides targeted and much-needed regulatory relief for small banks and credit unions without decreasing the safety and soundness of our financial system or compromising the core of the Dodd-Frank Act. The bill’s intent and many of its provisions were badly mischaracterized in the debate leading up to its passage; here are the principal arguments made against the bill and the responses that persuaded me that the bill would be a net benefit to Maine’s consumers and communities.
CHARGE: This bill is a major rollback of the 2010 Dodd-Frank Act.

FACT: In the words of Former Representative Barney Frank, a key architect of the bill, “if the bill [S. 2155] became law tomorrow, well over 90 percent of the Wall Street reform bill would be unchanged.” While this bill does modify the Dodd-Frank Act, its main thrust is to provide limited regulatory relief to small, mid-size, and regional financial institutions. In fact, when asked directly if he agrees with the argument that the bill would increase the likelihood of another financial crisis, he said, “greatly disagree... and I think that’s a misreading [of the bill].” Representative Frank’s entire interview is here: https://goo.gl/4Q24wN.

CHARGE: This bill was written by and for the largest banks.

FACT: My staff and I consulted with current and former regulators, lawmakers, and policy experts as the bill was crafted over the course of several years and were satisfied that it does not increase the risk of repeating the crisis of 2008. Since the majority of changes in this bill are designed to help the smallest financial institutions grow responsibly and be sources of strength in their communities, it is inaccurate to claim that big bank lobbyists wrote this bill. Representative Frank agreed that support for the bill is driven by banks with less than $10 billion in assets—such as community banks and credit unions.

CHARGE: This bill allows foreign banks to escape from all enhanced prudential regulation.

FACT: This bill does nothing – zip, zilch, nada – for large foreign banks.

CHARGE: This bill will help banks hide racial discrimination.

FACT: The exemption for small volume lenders from reporting on an expanded set of mortgage data points will provide substantial regulatory relief with very little loss of data. Based on current data collection rules, this provision would exclude just 3.57% of mortgage data from the new reporting requirements. Importantly, banks and credit unions would still be required to report on race and gender, and regulators would retain the ability to require enhanced mortgage data on a case by case basis from lenders who may be at risk of fair lending violations.

CHARGE: This bill ignores the concerns of everyday consumers.

FACT: This bill includes numerous new and enhanced consumer protections to help seniors, veterans, student borrowers, renters, and victims of fraud.
Bottom line: community banks and credit union in Maine and nationwide have struggled to adapt to the heavy Dodd-Frank regulations designed for large global banks. These small institutions did not cause the financial crisis and they should not be punished for it. Both community banks and credit union executives and members in Maine have called this “much-needed legislation,” explaining that it will help free up capital that they can lend to small business owners, farmers, and folks looking for a mortgage. Since Maine’s lending landscape relies on our community banks and credit unions—all of which have been struggling under disproportionately costly and outdated regulations—I was glad to support a responsible, bipartisan measure to help them and Maine’s economy.

I expect the bill to pass the House of Representatives in its current form, but will not vote for it again if the House attaches unworkable or unreasonable provisions that would ease regulations on larger banks or hurt consumers.

I appreciate the opportunity to set the record straight on the bill, and to explain why I support the legislation in its current form. As always, I try to do my homework and reach conclusions on the facts; although skeptical at first, as I come to understand the actual terms of the bill, I realized that much of the rhetoric surrounding the debate was simply inaccurate and exaggerated. You can read further about the misconceptions and facts about the bill in this balanced article: http://politi.co/2GAwYSn. I appreciate your being in touch on this and welcome follow-up questions or comments.
Best Regards,

ANGUS S. KING, JR.
United States Senator

Like many rural appraisers I learning to diversify what I do to live  in the state I love ..   Chickens and eggs are pic...
03/19/2018

Like many rural appraisers I learning to diversify what I do to live in the state I love .. Chickens and eggs are picking up and this is our second year learning how to make maple syrup.

If nothing else we are having lots of fun!

03/16/2018

Friday Irish Humor:

An old irish woman visited her physician to ask his advice on reviving her husband's libido. "What about trying Viagra," asked the doctor. "Not a chance," she said, "He won't even take an aspirin." "Not a problem," replied the doctor. "Give him an Irish Viagra." "What is Irish Viagra?" she asked. "It's when you drop the Viagra tablet into his coffee. He won't even taste it. Give it a try and let's talk in a week." A week later the doctor called the woman to check on the results. The poor dear exclaimed, "Oh, faith, bejaysus and begorrah! T'was horrid! Just terrible, doctor!" "Oh my, really? What happened?" asked the doctor.

"Well, I did as you advised and slipped it in his coffee and the effect was almost immediate. He jumped straight up, with a smile on his face, a twinkle in his eye and with his pants a-bulging fiercely! With one swoop of his arms, he sent me biscuits, gravy, cups and saucers flying, ripped me clothes to tatters and took me then and there passionately on the tabletop! T'was a nightmare, I tell you, an absolute nightmare!"

"Why so terrible?" asked the doctor, "Do you mean the sex your husband provided wasn't good?" "Freakin' jaysus, it was the best sex I've had in 25 years! But sure as I'm sittin' here, I'll never be able to show me face at Applebees again."

03/12/2018

The Honorable Susan Collins
68 Sewall Street Rm 507
Augusta, ME 04330

RE: S.2155, Section 103, False Claims of Appraiser Shortage
I am writing today about the Economic Growth, Regulatory Relief, and Consumer Protection Act, referenced as S.2155. As a Licensed Appraiser in Maine, I am concerned about Section 103 and specifically the exemption of appraisals for real estate located in rural and underserved areas. There are a few points we would like to share as a professional valuation provider in our rural regions.

Mortgage lenders are trying to convince lawmakers there is a shortage of real estate appraisers in our country, specifically in designated rural markets and this simply is not true. There has always been a limited number of appraisers in remote regions but area appraisers respectively serve those sectors of the market place. Section 103 would allow banks to blanket more than (% coverage) percent of the state. To claim there are no appraisers in that much territory is simply false.

The problem is, the passage of the Dodd-Frank Act caused a proliferation of Appraisal Management Companies (AMC’s), although not required by law. It is noted publicly that AMCs control more than 80 percent of mortgage market appraisals in the United States. The perceived intent was for them to act as intermediary between lenders and appraisers to eliminate coercion, protect consumers, and provide fully independent appraisals to clients. The opposite effect has happened and it is harming consumers with excessive fees, causing inferior quality appraisals, and fake claims of an appraiser shortage. Lenders and third-party AMC affiliates caused the market push back because of poor business practices and not investing in the cost of doing business in rural regions. To offset the negative economic factors affecting appraisers who will not work for 50 percent the market rate (which lender/AMCs call reasonable), they have created a false appraiser shortage narrative that seriously harms the safety and soundness of housing markets and the public.

I appreciate that community banks and credit unions want to be involved in appraisals, but am concerned about the possible gaming of the system as proposed. Without clarification, one can imagine the scenario where a bank would contact three out of area appraisers, offer them a low fee to be declined, and move forward with no neutrality to their internal valuation processes.
Section 103 defies the logic, intent, and the spirit of FIRREA for which it was written. Further investigation is recommended for transparency, real facts about allegations of a fake appraiser shortage, and where fees paid by consumers to third party lender affiliates for appraisals is going. I assure you, not all is going to appraisers and there is not accountability for the difference.

Thank you for your consideration. Appraisers are more than willing to serve our community bank and credit union customers across the country. Please contact me at 207-251-1339 to discuss further as I am available to answer any questions you may have regarding this very sensitive housing economy matter.

Sincerely,

Jeffrey A Patterson
477 Mouse Lane
Alfred, ME 04002

Address

477 Mouse Lane
Alfred, ME
04002

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