Sounds like MN is joining the Dirty Board List

[lisagruhot]

Vegan,

I have already posted that the adjustment was warranted and it WAS MADE. The state is wrong in stating that it wasn't made.

 

[Terrel L. Shields]

I assume if you miss making warranted adjustments that it does violate USPAP.

OK, take GLA adjustments and room counts. Some people adjust for BOTH. Some only for GLA. Which is the "warranted" method? In fact, if you run a linear regression you might find either way 'works'. It depends entirely upon how you make those adjustments - how you pick the factors to regress.

Condition/quality...another one. One of the most ephemeral adjustments you can make is "age." effective/actual. We call 100 yr old homes "50" or "20" years "effective" age...

Further, how many appraisers identify and parse obsolescences? A remodelled home imho generally contains some element of functional obsolescence. Yet, we use a sort of 'escape' clause by referencing "replacement costs" instead of "reproduction" costs. go figure. And whose judgment is it? The appraiser who certifies these are his PERSONAL UNBIASED opinion? or, the boards ARBITRARY INTERPRETATION?

Sure a storage shed adjusted at $50,000 is wrong. But in the mix of factors that fannie's forms allow for (does that imply we should adjust for ALL those factors??) don't we just skip some? Combine some?

 

[CCAAMO]

I am confused about the basement. Was an adjustment warranted and he didn't make it or are you saying that there was a basement and he deemed no adjustment was warranted?

As for type of financing, I use whatever is in the MLS. I do not use any secondary sources for verifying the type of financing other then verifying that the sales price listed in the MLS matched what was recorded with the county.

As for the fine $3k seems reasonable to me. They have to cover investigative fees, etc. I would assume. In the realm of things today $3k doesn't really represent much anymore other then a slap on the wrist in regards to fines, etc. Did he receive any other punishment like continuing ed, etc?

Vegan, most MLS data indicates conventional financing 99% whether it is not. Most MLS listings do not indicate how much the down payment was. Since your verifying the sales price, why wouldn't you verify if there was a mortgage at all, and if there was how much was the down payment? A lot of the jacked up sales prices had 100% financing.

 

[Vegan702]

Vegan, most MLS data indicates conventional financing 99% whether it is not. Most MLS listings do not indicate how much the down payment was. Since your verifying the sales price, why wouldn't you verify if there was a mortgage at all, and if there was how much was the down payment? A lot of the jacked up sales prices had 100% financing.

Where do you find this information? Our MLS does list a majority of the financing as conventional, however they also list cash, VA, FHA or other, so I am going to assume that the agents are correctly filling out the type of financing as a majority of the financing is conventional around here. Now if I were say next to a military base and knew that a majority of the financing was VA/FHA and I saw that the agents were filling it out the majority as conventional I would probably investigate further.

 

[Karl]

Where do you find this information? Our MLS does list a majority of the financing as conventional, however they also list cash, VA, FHA or other, so I am going to assume that the agents are correctly filling out the type of financing as a majority of the financing is conventional around here. Now if I were say next to a military base and knew that a majority of the financing was VA/FHA and I saw that the agents were filling it out the majority as conventional I would probably investigate further.

What is your second source of verification as to the sale actually closing mine is the,

 

[CCAAMO]

Where do you find this information? Our MLS does list a majority of the financing as conventional, however they also list cash, VA, FHA or other, so I am going to assume that the agents are correctly filling out the type of financing as a majority of the financing is conventional around here. Now if I were say next to a military base and knew that a majority of the financing was VA/FHA and I saw that the agents were filling it out the majority as conventional I would probably investigate further.

In Southern California, the tax records from the various data sources indicate not onlly the sales price and doc number but also the mortgages on the properties as well as the type of financing. If MLS says conventional and Assessor's data says VA I will call the agents to verify which is correct. The problem appears to be that in some states this data is not available and makes it much easier for an agent to manipulate the data. Is this data available in Nevada?

 

[Vegan702]

What is your second source of verification as to the sale actually closing mine is the,

Is the what?

 

[Vegan702]

In Southern California, the tax records from the various data sources indicate not onlly the sales price and doc number but also the mortgages on the properties as well as the type of financing. If MLS says conventional and Assessor's data says VA I will call the agents to verify which is correct. The problem appears to be that in some states this data is not available and makes it much easier for an agent to manipulate the data. Is this data available in Nevada?

The only thing I have found that is close is using something like sitexdata or a similar service that will give out the mortgage transaction information. It may not tell me if it was a conv or VA type loan but on most it will tell me if they have 1 or 2 mortgages and the amounts of those mortgages. So from that I can tell if they did a 80/20 etc, but again not the specific type of mortgage. This is for the northern counties in NV, now in the southern NV counties like Clark county the assessors information discloses a lot more information such as loan type and who the lender was, but for the most part that information is behind if available at all and not very reliable.

 

[Em Tee]

The problem with this is that we don't know the facts of the case and haven't seen both the appraisals, so no one here can make any informed comments on the situation.

 

[L Squared]

Disclosure papers are to be filed with the auditors office, but a copy of the HUD 1 does not. Basically anyone can put any sales price or any other information in the disclosures at this time. Pain in the rump!!

I know Doug! I see them all the time with $0 for the sales price or nothing at all.