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Old 03-26-2012, 12:39 PM
zdfenton's Avatar
zdfenton zdfenton is offline
Join Date: Nov 2008
State: Wisconsin
Professional Status: Certified General Appraiser
Posts: 373

I don't disagree with you in theory. But in practice, there is rarely enough data in a narrowly defined district (that is the proper term for the area from which most appraisers pull data in a 1004MC) for analysis. I think a lot of appraisers define "competing" far too narrowly. Just because it couldn't be used as a comparable in the report doesn't mean it isn't indicitive of trends in the market for your type of property.

I do find your point about doing multiple analyses very apt though, as it's something that's appropriate in most cases but rarely performed.
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Old 03-26-2012, 12:41 PM
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residentialguy residentialguy is offline
Join Date: Mar 2009
State: Minnesota
Professional Status: Certified Residential Appraiser
Posts: 15,227

Originally Posted by zdfenton View Post
I do find your point about doing multiple analyses very apt though, as it's something that's appropriate in most cases but rarely performed.
Now we come to the real problem
We must reject the idea that we are not trustworthy. We work by a code of ethics, AMCs do not.
Old 03-26-2012, 04:13 PM
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fritzvogel fritzvogel is offline
Join Date: Dec 2004
Location: Albany, NY
State: New York
Professional Status: Certified Residential Appraiser
Posts: 1,631

I think the key word here is "neighborhood", populate the top of page two with comps in the same hood or the old 10 blocks, 1 mile, 10 miles stuff. The MC report would expand to include the whole market in 1 mile, 10 miles etc.
YES, UW's are morons if they expect us to have these match.
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A professional in applicants mind until value comes in low.
Old 03-26-2012, 05:05 PM
2008 KC Royals 2008 KC Royals is offline
Join Date: Oct 2005
State: Missouri
Professional Status: Certified Residential Appraiser
Posts: 317

Originally Posted by Mike Kennedy View Post

Should data on the 1004MC mirror that in the neighborhood section of the appraisal report?

"Not necessarily, the information on the 1004 MC relates to properties that are comparable to the subject property and which a buyer may select as a competitive property. This reflects the subjectís micro market. The information in the neighborhood section is broader and encompasses market activity in the subjectís macro market."

Good to see FHA can read but I am not sure if everybody got the memo. This is directly from the review FHA did on three of my appraisals, "The analysis of the Market Conditions in the Neighborhood section was inconsistent with that reported in the Market Conditions Addendum to the Appraisal Report (1004MC), resulting in submission of misleading appraisal reports."
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