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  #1  
Old 07-30-2005, 01:16 PM
Ray Miller's Avatar
Ray Miller Ray Miller is offline
 
Join Date: Feb 2002
Location: Southwest Wisconsin
State: Wisconsin
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I am wishing some one would climb aboard the Skippy wagon for real estate agents and appraisers and just shoot each and every one of them Double Dead.

I am working on an appraisal that the subject was bought two years ago for $255,000.00 out of state owners from the big city on the big lake. The best I can do with it using similar comparables sales next to public DNR land in the area is $166,000.

CMA Summary of the tri-county area ľ each county;

Current Sales in the past 12 months.

LP: High 199,900 Low 64,900 Average 137,475 Median 143,450

Current Listings

High 269,900 Low 79,900 Average 162,042 Median 166,400

Subject is 920 GLA above grade, 2 bedrooms 1 Bath with a walkout basement that is about 40% finished.

The high selling sale is 1405 GLA 3 bedroom, 2 baths with a 90% finished basement, 3 more acres then the subject. 16 years newer.

The high listing is 1680 GLA 4 Bedroom, 3 Bath, 90% finished basement and on 5 more acres then the subject. 15 years newer.

Township has him at $27,900 land, $148,600 Improvements (includes a 3-c detached) FMV $166,000. They just re-assessed this township last year.

I am getting so I just hate Mondays after I have worked on reports all weekend. Giving them what the market says it is instead of what they think it is after being huff and puff by others.

I could jump the area and ignore other parameters and get the value, like the first appraiser did when they sold the subject.
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  #2  
Old 07-30-2005, 01:29 PM
Randolph Kinney Randolph Kinney is offline
 
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Location: SoCal
State: California
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Quote:
Current Sales in the past 12 months.

LP: High 199,900 Low 64,900 Average 137,475 Median 143,450

Current Listings

High 269,900 Low 79,900 Average 162,042 Median 166,400

Subject is 920 GLA above grade, 2 bedrooms 1 Bath with a walkout basement that is about 40% finished.

The high selling sale is 1405 GLA 3 bedroom, 2 baths with a 90% finished basement, 3 more acres then the subject. 16 years newer.

The high listing is 1680 GLA 4 Bedroom, 3 Bath, 90% finished basement and on 5 more acres then the subject. 15 years newer.
Question: Are you going to put the above data in the appraisal report?
  #3  
Old 07-30-2005, 01:42 PM
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Ray Miller Ray Miller is offline
 
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State: Wisconsin
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You bet I am. Scaned it right in.
  #4  
Old 07-30-2005, 02:28 PM
Randolph Kinney Randolph Kinney is offline
 
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I have done something similar where I have a statement addressing market conditions where I discuss exposure time before sale, listings, pendings, etc., that fit the subject's neighborhood and profile. It really gives the UW a good look at what the situation really is, good or bad. And, if the current market information does not support the purchase price paid back then, I will go back in time and do the same analysis at the time of purchase, tracking forward for trends.

It seems the data you have developed points a "dirty" finger at the original purchase transaction for those involved.
  #5  
Old 07-30-2005, 06:17 PM
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Don Clark Don Clark is offline
 
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Location: Virginia Beach, Virginia
State: Virginia
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B) Ray,

That's the kind of data that goes in every report I do in the Market Conditions Section of the report. Also, I often show the differen between the average list price and sales price. Stops a lot of stupid questions right up fron. As a matter of fact, had 2 calls this week where I simply pointed them to the data and said "now, where do I find the higher sales your borrower says in in their neighborhood"?

Works like a charm.
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  #6  
Old 07-30-2005, 07:03 PM
Ray Miller's Avatar
Ray Miller Ray Miller is offline
 
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Don,

I started doing this a few months back. Still get some of the phone calls about why I did not get the value they needed.

I ask them if they read the report. It's all in there. If you can find me any better sales I will sure look at them.

Had a LO send me a copy of the appraisal that was done 3 months ago on a subject I appraised for her. Every one was really up tight because I brought it in 100K below what the owner and the other appraiser said it was worth.

I ask her why the people were going with her for a loan now, if they just had the property appraised three months ago. She responded by saying that for some reason the other lender couldnít get the appraisal to fly.

After seeing it I knew why. Lots of fudging and jumping boundaries. One of the comparables I could not find. Even call the MLS people and ask them to help me, because the report said it came from their MLS. They could not find it. I reviewed it line by line with the LO and gave her the problems in the report. Like the subject was 1600 GLA and the comparables were 2200 to 4500 GLA.

Her finial response to me was, well I guess we will have to get that appraiser on our list so we can used his report. You need to send the money she paid you back. We canít use your report. She never heard a word I said.
  #7  
Old 07-30-2005, 07:20 PM
Edd Gillespie Edd Gillespie is offline
 
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Location: Kansas Territory

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Ray,

I'm concerned you are going to be attacting skippies with stories like that.

Headlines in tomorrow's Lake Wobegone News. "Ray Miller's Pristine Corner of WI Completely Inundated with Skippies! Motels and Restaurants Doing Best Business in Years! New Gasoline Stations Opening Soon!" The chamber will love ya Ray!
  #8  
Old 07-30-2005, 07:45 PM
Ray Miller's Avatar
Ray Miller Ray Miller is offline
 
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State: Wisconsin
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Edd,

I am starting to believe it. Two of my best clients are investment banks. They send me at least 5 and some time 10 reviews a week. They have been flaged for some reason by the computer and then by the staff appraiser. Then I get them for an FR.

One of the main problems is poor selection of comparables. Not calling the subject what it is. And cherry picking sales out side of the area.

When less then 50% of the sales are in the data base they use how can they have a good selection. You really need to have at least four of the MLS systems and you might get 75% of the sales. The rest is gathered by manual searches of the real estate office and court houses.
  #9  
Old 07-30-2005, 08:27 PM
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Charles Witt Charles Witt is offline
 
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Funny thing about reviews! Now Fannie Mae are requesting retrospective reviews. Maybe finally some Skippys are going to loose their licennse to appraise!
  #10  
Old 07-30-2005, 08:34 PM
Randolph Kinney Randolph Kinney is offline
 
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Quote:
Originally posted by Charles Witt@Jul 30 2005, 06:27 PM
Funny thing about reviews! Now Fannie Mae are requesting retrospective reviews. Maybe finally some Skippys are going to loose their licennse to appraise!
For the retrospective reviews, do you know if the loans have defaulted or are any way troubled loans?
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