Appraisers' Free Forum

Ever want to write an addendum that says:

The market is in the toilet with no truly comparable sales in the past 6 months. Actually "comparable" is a relative term, because, while the subject is a lovely huge home on a big lot, it is at the same time a total freakin' oddball. Anybody will tell you that valuing this thing is a total shot in the dark. I did the best job I could with the crap that is this market.

You cannot have 3 sales within 3 months and 1 mile 'cause I don't have a magic wand. If I did, don't you think I would have used it? Maybe this is just not a suitable property to cram into Fannie's guidelines.

OK, so instead you want a detailed discussion of the market. Did you not like the one I gave you already? Really, what do you need to know beyond the reported declining values, oversupply, un-reported concessions and rapidly increasing foreclosures?

Hummm, maybe what you want in a market discussion is the reassurance that the subject will not decrease in value. Well, you are not getting one from me. Like the magic wand, I do not own a crystal ball. It's your money, you decide if you want to risk it.
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ahhh, I feel better now.

I'm in the middle of doing one of those right now! And bulletproofing it for the same reason.

I wrote a reply to a STUPID stip once that they specifically requested that I state the subject was not in a FEMA designated flood zone. I wrote something like

"Per your request that I indicate that the property is not within a FEMA designated special flood hazard zone, I refer you to the pre-printed form that has a section for every appraiser to indicate if the subject property is or is not within such a zone. I am looking at the report this minute and I can clearly see that there is a box marked, as required.

While we're at it, and before you ask, I will clearly ahead of time, that the subject is NOT located in Canada, Spain, Poland, South America or any other such places."

The LO called me up and thanked me - the entire office was standing behind him laughing so loud I could hear them all.

I just dealt with one today. UW said: since there is a HOA is the Subject in a PUD".

We include a comment regardng PUDs in every report and the PUD box was not checked. UW wanted a statement in the report stating that there is no PUD involved.

So I added a Comment Addendum page to to end of the report and stated: (Heading stated "At the Lender's Request)

A Home Owners Association with fees (be it voluntary or mandatory) does not automatically make the Subject property be located in a PUD.

In the case of this Subject, as indicated on page 1 of the URAR, there IS a Home Owners' Association Fee (we could not verify whether it is voluntary or mandatory as explained elsewhere in this report) but the zoning does NOT indicate a PUD, also indicated on page 1 of the report (unchecked PUD box).

Sent it off ... get an email back: where in the report did you put the statement? I can't find it.

My response:

It is the last page of the report

DUH

Got one today...

"Other sales that suggest adjustment should not have been made for superior location. The subject is on a busy street"

In fact, a comparable was adjusted for a SUPERIOR location and another comparable was adjusted for INFERIOR location, the 2 others were EQUAL. No...the street is not busy because of a recent road that was punched through providing alternate access to the surrounding areas....This shows a complete lack of basic understanding of appraisal practice not to mention geographical compentency. This person obviously has too much time on their hands and not enough intelligence to know what to do with it.

Almost forgot.

"Appraiser failed to state the subect is listed"

NO...I marked the listing box "Yes", stated the subject WAS listed, gave the MLS board name, MLS#, list price, list date and cancel date.....

Y does it matter ifn it was Listed, they call the Broker tell em to git a cancelation, include it in the docs. and walla a deal is made anyway, so whats the point

Does it really matta ifn the street is paved or a dirt road, in about 6 months it'll be paved anyway, they keep raisin Taxes, so they do sum "public patronage" and everyone is happy......does that acutally change the "Value" They've gots so many "Line Item" pop tarts, nobody nose what creates value anyway

It's the public and as Looney as they've bean over the past few years, joined by the Greedy, it's a wonder we can figure these "jerk offs" out at all. They keep pissin in the Wind and we keep tellin em they're all wet and they still dunn believe in us.......it just shows ta go ya

Read "Slow, slow as we go."

Everytime markets slow down...Processor's scramble to save their jobs.