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  #21  
Old 05-05-2012, 10:31 PM
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Not so. Fannie's only hope is to be concerned with the new UAD world. The most important thing is making sure if a box is checked it has a number greater than 0, except if you check the "none" box and then have any entry, then its a 'fail.' In the future all reports will be syntax perfect and cost the borrower $1000 (appraiser gets $200 as C&R).

Never forget that the original 1004 form creator didn't want a CA included, but it was included as an after thought.
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Old 05-05-2012, 10:32 PM
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Quote:
there were low skippys in the assessor's office just like in the lending world.
It's only all over the LA Times lately.
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  #23  
Old 05-05-2012, 10:39 PM
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Okay, here's another quote to discredit the OP's case:

"The cost approach reflects market thinking because market participants relate value to cost. Buyers tend to judge the value of existing structure not only by considering the prices and rents of similar buildings, but also by comparing the cost to create a new building with optimal physical condition and functional utility. Moreover, buyers adjust the prices they are will to pay by estimating the cost to bring an existing structure up to the physical condition and functional utility they desire."

The 13th Edition, Page 378.
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  #24  
Old 05-06-2012, 01:30 AM
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Quote:
Originally Posted by CANative View Post


Okay, here's another quote to discredit the OP's case:

"The cost approach reflects market thinking because market participants relate value to cost. Buyers tend to judge the value of existing structure not only by considering the prices and rents of similar buildings, but also by comparing the cost to create a new building with optimal physical condition and functional utility. Moreover, buyers adjust the prices they are will to pay by estimating the cost to bring an existing structure up to the physical condition and functional utility they desire."

The 13th Edition, Page 378.

I made no case, only made a request for a citation of a popular phrase.

Don't get carried away.

This is a dimunition in value, same day two values, one before the accident, one after the accident. In Retrospect, thre are hard costs to cure the issues caused by the accident, but on the day of the accident, the cost to cure is speculative, because it involves some government mandated "curing".

So two old guys write reports. One says market value before accident is $X, value after accident is $X-cost to cure. No additonal market data for after the accident condition of the property.

The other guy says, six months after the accident the value as-is under EAs is $X dollars and the cost to cure is probably not sufficient to "really" cure, so bulldoze the building. This one makes no opinion of the market value after the accident eventhough, the effective date is 6 months after the accident. So many issues with both of these reports, I could start a book, but.

I love these guys that specialize in litigation, so I wanted to provide just the citation to the attorney for cost does not equal value and let him go where he will with it. It's not job to train anyone.
  #25  
Old 05-06-2012, 09:54 AM
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Google it....something like 3 million entries...that should keep you busy for awhile.
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  #26  
Old 05-06-2012, 10:49 AM
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Sorry for the misunderstanding Marion. I didn't mean your case. I meant your attorney friends case. "Cost does not equal value" is a declarative statement, easily argued. Similar to testifying about a subject property and stating it has a 50 gallon water heater. If the opposing side knew it was actually a 40 gallon water heater they could discredit the statement and possibly discredit all testimony. It would have been better to just say it had a water heater.

I'm in "court" almost every other week and have been for the last two years or so. It's just like Perry Mason or Law and Order. Me at one table and the opposition (with their County Counsel) at the other table. One to three judges hearing the cases. Spectators in the galleries. It used to scare the cr@p out of me but now it's fun and exciting.
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  #27  
Old 05-06-2012, 12:52 PM
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Thats okay Greg,

I have had my fun days in court to. But mostly the old guys here do that kind of work, because appraisal reports are so foreign to courts and lawyers, they get away with a ton of stuff they could never get away with in the lending world now.

I bid the jobs, mostly because I intend to do all the work and testify to it. Seems that my bids are higher than some of the old guys, so viola! I don't go as often as I bid. Which is okay with me. I still get a fair share of non lending work, maybe more than my share, but it's all in how you approach the marketing aspect.
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