1004MC summary of sales?

[imjiminnh]

I've got a lender that is requesting a summary of the sales noted in the 1004MC, so if I noted 20 sales, they'd like a list of the 20 sales considered. This data can't be extracted from the 1004MC tool from NNEREN, and when I use the residential sales search tools (using the same parameters employed to produce the 1004MC) there are more or less # of sales and a differing sales price range. has anyone else had this request and how did you pull the data?

On another note, I hope that everyone is sticking to their guns on quoting "customary and reasonable" fees to the AMC phone monkeys since the inception of the Dodd Frank finacial reform bill! No discounts!!! Stand your ground.

Nice of NNEREN to put the concessions field back on the form now that they've trained the agents not to use it! Maybe we should make our name/phone # info "withheld on request" for purchase appraisals so that the agents can field phone requests instead of us!

On that note, happy Veterans day! I'm off to the rocky coast of maine for a few days of beachcombing with the kids. Thanks for letting me whine and for any help that you may lend in producing the 1004MC sales summary report.

 

[CANative]

I almost always provide a summary.

 

[imjiminnh]

CAN,

I've got no problem with the lenders request, my question is how is the data extracted from NHs MLS system? It appears that the system you use in CA is able to display the info readily, its not the case in NH however.

 

[Lee Lansford]

I've got a lender that is requesting a summary of the sales noted in the 1004MC, so if I noted 20 sales, they'd like a list of the 20 sales considered. This data can't be extracted from the 1004MC tool from NNEREN...

Appraiser members of the MLS have to request that the MLS program the search function so as to provide (on demand) the individual listings/sales used to populate the 1004MC. It can be done, but someone has to ask (it can be done...it may not be the 1st priority for the MLS, but if there are "X"-number of appraiser users, the MLS may well want to satisfy the need).

 

[stangtime]

Have you tried building a custom report option?

Dan

 

[Karen Ryan]

1004mc

Hi Jim,

Can you get the sales' addresses by using "one-liner" or "photo one-liner" displays in addition to the "appraisal addendum"? I haven't had this request and haven't tried it so I don't know for sure. Is the problem that you come up with a different number of sales when you do a different search?

Regarding fees: I have yet to accept a reduced fee but I've only done one job for an AMC. The one I did get for the full fee was only because the borrower insisted they use a local appraiser who knew the Lake Sunapee market. They came back to me after turning me down initially. Then, they had the gall to ask me to LOWER the value! I refused. AMCs call constantly asking for fee and turn times but I never get the job.

I'm really fortunate to work for a handful of local banks that kept their ordering process in-house and appraisal fees intact. Private work makes up the rest of my practice. The impact of AMCs - the added scope of work and reduced fees - is a recipe for disaster. Appraisers I know that are doing AMC work are extremely frustrated and ready to quit. It's hard enough finding three sales much less five or seven!

Now I'm done venting. Hope you had a good weekend in Maine. I just got back from vacation and am determined to have more balance in my life.

Karen

 

[imjiminnh]

Karen,

Yeah, the sales returned from a residential sales search do not jibe with the figures reported in the 1004MC tool, and I've tried everything. I called NNEREN and was told that I should email my concerns to suggestions@nneren.com . If anyone reads this, please feel free to send a similar request and maybe we can get this done. I think that if it was available that I'd like to include it in every report, requested or not.

 

[imjiminnh]

Karen,

I do a lot of work for a local bank that holds its own paper as well. I havent had a single revision request or stupid stip from them in years, I'm not asked to sign an agreement saying that I'll pay for their attorney, and the borrower pays exactly my fee for the appraisal. The check comes 3 days after the report is delivered, and I make a point of stopping in to say hello in person regularly.

I can appreciate your goal of simplifying your life, in that regard I am getting on the VA roster and start marketing to local credit unions and attorneys for non lender work.

The AMCs have caused such a drop in appraisal quality as the people still working for them take every shortcut possible to make a profit and meet the ridiculous turn times imposed. It seems that every review i do these days is from an appraiser in Mass. that drove an hour and a half to the subject, used MLS photos (no explanation as to why or if they drove by the comps), MLS data (no time to stop by town hall and pull cards), don't review the deed, and arrive at unsupportable values via an error filled report.

I sure wish that there was some means to straighten out this countries mortgage related woes, but the greed of the big box lender and the blood sucking AMCs seem to indicate that more of the same will be the norm. That's okay, appraisers like you and I will find profitable niche markets and weather the storm, but i don't think that those appraisers pumpimg out junk for discount fees can survive. There's so many that just don't dare to say no to low fees thinking that there's someone else just waiting to snap up the order, and I don't believe that that is the case. I think that the AMCs are on the ropes, anybody doing their dirty work at this pont is just helping to prolong their existence.

 

[Karen Ryan]

Unfortunately, these "form filler" appraisers are giving us all a bad name. I think more of us have to step up and report these hacks to the state board. It can be done anonymously even though the website says anonymous submissions aren't accepted. I have two friends on the board that told me this was okay. They like a letter explaining what's wrong with the report - not just the report in an envelope. Cyndi Hibbard, the director, reviews the submissions.

There will always be a need for good appraisers who take the profession seriously. I never thought I'd still be appraising in 2010 but here I am with almost 25 years in the business. The down side is that I don't get as many sales to appraise now because most buyers go with the lender who has the lowest rates and that's usually a mortgage company. Prior to HVCC, I got some of that work.

Wouldn't it be nice if we could get more NH appraisers to participate in this forum? Strength in numbers....

 

[Joker]

Mr. Canibus guy, I've got a question for you on your 1004MC. If the sold prices of these comparable sales are from $150,000 to $365,000 are they comparable sales or just sales?