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  #1  
Old 11-02-2009, 05:14 PM
Tim Stein Tim Stein is offline
 
Join Date: Nov 2005
State: Oklahoma
Professional Status: Certified Residential Appraiser
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Cool Concession Adjustment

Thanks for the help!

Last edited by Tim Stein : 11-02-2009 at 05:40 PM.
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  #2  
Old 11-02-2009, 05:18 PM
leelansford leelansford is offline
 
Join Date: Mar 2002
State: Illinois
Professional Status: Certified Residential Appraiser
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Quote:
Originally Posted by Tim Stein View Post
Does any one else adjust the sales for concessions? If the subject has a seller concession I generally adjust the comps if they did not have concessions. I have a lender that stated this is inappropriate? Please give me feedback.
Thanks
The lender is correct.

If you want to receive a brief, but to the point, article on the topic of "concessions", e-mail me at (removing the spaces): Lansford @ ameritech. net

Discussions here are the AF regarding concessions are becoming a monthly (and, often more frequent) topic of discussion.
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  #3  
Old 11-02-2009, 05:23 PM
Ken B Ken B is offline
 
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I just realized that 15 hasn't been heard from around these parts in a while.

Or has he?
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  #4  
Old 11-02-2009, 09:57 PM
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Doug DeMars Doug DeMars is offline
 
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15!

....where are you?
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  #5  
Old 11-02-2009, 10:16 PM
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Calvin the Airedale Calvin the Airedale is offline
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Last time on = 10/11. Last post = 09/26.
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  #6  
Old 11-02-2009, 10:22 PM
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Michigan CG Michigan CG is offline
 
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Forum members are allowed to change their screen name once. No other name changes are allowed. 15 will be 15 forever unless their are extenuating circumstances.

Some previous forum members have re-registered as General Public and once they identify themselves as appraisers we are taking the effort to get them to correctly register.

There are just some people we miss in a perverted way....Genteel and others come to mind.
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  #7  
Old 11-02-2009, 11:06 PM
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PropertyEconomics PropertyEconomics is offline
 
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State: New Mexico
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Quote:
Originally Posted by Timothy Evans View Post
Forum members are allowed to change their screen name once. No other name changes are allowed. 15 will be 15 forever unless their are extenuating circumstances.

Some previous forum members have re-registered as General Public and once they identify themselves as appraisers we are taking the effort to get them to correctly register.

There are just some people we miss in a perverted way....Genteel and others come to mind.

And others we miss for their true contributions to this Forum ... Steven Santora comes to mind.
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  #8  
Old 11-03-2009, 01:00 AM
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Elliott Elliott is offline
 
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State: Oregon
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50% of appraisers adjust for concessions, 50% of appraisers partially or
don't adjust for concessions, where concession mean the Fannie Mae
supported 3 to 5% of closing costs being paid by the seller.

The trick is to figure out which is your peer group.
  #9  
Old 11-03-2009, 08:24 AM
ZZGAMAZZ ZZGAMAZZ is offline
 
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State: California
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If concessions of a given range are typical in a specific market, should an appraiser adjust for concessions by default if unable to determine whether they do or don't exist for a specific comparable, disclosing that rationale?
  #10  
Old 11-03-2009, 08:37 AM
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Mike Garrett, RAA Mike Garrett, RAA is offline
 
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There will never be a concensus on this. Too bad powers to be can't just say..."adjust (deduct) any and all concessions". Why do you suppose they don't?
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