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Landsafe Condo GLA requirement?

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Sure, I'll take a shot at it.

Page four of the 1073 has the following certification that you signed:

2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraisers's determination of its size.

You did not provide a sketch. You provided a "plat" from the condo docs.
The plat provided is a sketch. The cert. does not say that the sketch provided must have been drawn by the appraiser. So the appraiser met the requirement of this cert when he provided the plat
You did not determine the size of the improvements, you got it from the condo docs.
Yes, he did determine the size of the improvements, he did it by looking at the legal plat and the sqaure footage listed in the public records....which, is the exact same way that most appraisers determnine the size of the site on an appraisal of most improved properties......Maybe you thin that the appraiser should survey the site on every appraisal.

That would not be acceptable to me if I were the reviewer.
Who cares, you would not be following the guidelines, but would be making up your own guidelines, and, thus, you would be in violation of USPAP.

Telling the MB that the reviewer should measure the property is not very smart. It is not your business to tell them how to do their job. It is their job to determine if you have done yours.
The reviewer told him how he should do his job...what's good for the goose is good for the gander.

I bet the next time the MB needs a condo appraisal you will be the last appraiser they call.
The reviewer did not even work for the entity who ordered the appraisal (the mortgage broker). It is more likely that the mortgage broker would stop sending loans to Countrywide and other lenders who use idiot reviewers who do not know the guidelines and have an attitude problem.

Bang! Hole blown.
I think not.

The SOW on page four has the following item:

(5) research, verify, and analyze data from reliable public and/or private sources. If the dimensions and GLA in the plat matched the GLA in the public records, then it was verified.

How did you verify the dimensions and GLA from the plat unless you measured the condo? Apparently you didn't until they demanded that you measure it.
He did'nt measure the condo, because he was not required to by the Fannie guidelines guidelines, USPAP, or the Fannie Mae SOW for the assignment.

Bang!. Another hole blown.
Hardly.

Call me "persnickety" if you want. I am picky about measuring though.

I would call you a loose cannon who apparently either cannot read and understand the actual guidelines or ignores the actual guidelines and makes up his own guidelines in order to slam somebody who does an appraisal differently than you would have, even if the orginal appraisal conformed to all applicable guidelines. Everytime you do that, you violate USPAP.

It is my opinion that reviewers who are unable to follow actual guidelines and make up their own guidelines are not competent to perform appraisal reviews......but just call me persnickety.
 
Lee, as appraiser's we have to take a stand against our clients many times. But IMO this is not one of them. You really should measure your condo units unless there is a legitmate reason why it can not be done. Just do it and chalk it up to experience for the future and a marketing chance to your client, that you provide excellent service. We have to pick and choose our fights, save it for when it really matters.
I agree, Lee... Can't find your reasoning with good cause. I think you would still be hard pressed in court, defending your stance, if all the units in the development were 350 Sq.Ft. short, (10 to 15 minutes?). Discovery may come 5yrs down the road in the re-sale market, I've measured to many that didn't add up. Besides why not measure anyway, too busy? I love doing the sketches, its my favorite part.
 
You guys keep saying "Tax Records" but the drawings and GLA are from condo docs, a totally different animal here. It is the same as taking lot dimensions from a recorded subdivision plat. Does Bama Bayou verify lot dimensions on 1004's?

To measure or not to measure and rely upon condo docs is a personal preference and totally acceptable under Fannie guidelines, which means that it can not be used as a point of contention. A reviewer injecting personal preferences rejecting a perfectly good report is like a judge legislating from the bench. It is wrong and just as dangerous.
 
A reviewer injecting personal preferences rejecting a perfectly good report is like a judge legislating from the bench. It is wrong and just as dangerous.

It is not only wrong and dangerous, but is also a USPAP violation.
 
I would call you a loose cannon who apparently either cannot read and understand the actual guidelines or ignores the actual guidelines and makes up his own guidelines in order to slam somebody who does an appraisal differently than you would have, even if the orginal appraisal conformed to all applicable guidelines. Everytime you do that, you violate USPAP.

It is my opinion that reviewers who are unable to follow actual guidelines and make up their own guidelines are not competent to perform appraisal reviews......but just call me persnickety.

You make some good points Tim. However, the FNMA guidelines are minimal standards. I hardly think it is a USPAP violation to measure the thing just because Fannie says you don't have to.

Since I don't do any work for CW, I don't know what their additional guidelines are. Someone did post ealier that they require that condos be measured. If so, the reviewer is just doing their job. It would not be their personal guidelines but additional lender requirements that go over and above what FNMA requires. That is their right. Since the OP did not know that the target lender was or would become CW, then he would not have to measure if he has reason to believe that the plat from the condo docs was reliable.

I also think that you are assuming that the reviewer is an appraiser. May or not be. It they are not an appraiser they are not bound by USPAP, and therefore cannot violate it.

I'm not trying to slam the OP. I just don't see how using the condo docs for the GLA is reliable. They would not be here. Maybe in FL the condo developers are completely honest and their recorded measurements are perfect.
 
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We might be overlooking the big picture here. HVCC or not, many lenders are insisting more and more for brokers to use their blessed AMC in order to do loans with them. Part of the pressure brokers are facing to comply with this is for AMC "reviewers" to find as much as possible wrong with the broker's appraiser. After a few hassels like this most brokers will just relent and order all their appraisals through the investors designated AMC. It is a sign of the times. No offense to the OP, but by being a hard as* on this, you are just helping to bring an end to your own independence and driving more assignments to the AMCs of the world.
 
You guys keep saying "Tax Records" but the drawings and GLA are from condo docs, a totally different animal here. It is the same as taking lot dimensions from a recorded subdivision plat. Does Bama Bayou verify lot dimensions on 1004's?

To measure or not to measure and rely upon condo docs is a personal preference and totally acceptable under Fannie guidelines, which means that it can not be used as a point of contention. A reviewer injecting personal preferences rejecting a perfectly good report is like a judge legislating from the bench. It is wrong and just as dangerous.

My bold.

I gotta disagree with that one.

The SOW on page four of the 1073 has the following item:
(5) research, verify, and analyze data from reliable public and/or private sources.

A recorded subidivision plat is generally prepared by a certified surveyor or engineer who is accountable to a state board. I have reason to believe that recorded plats prepared by a these people can be relied upon.

The condo docs are provided by a developer. I have reason to believe that the GLA and sketch provided by developers are not reliable because about 95% are inflated. At least they are by FNMA guidelines for measuring condos. I know that because I have measured many of them.

How does someone determine if the GLA from the condo docs is reliable without personally measuring the unit?
 
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Lee
I hate to tell you this but he who has the gold rules and I can tell you this and I have been appraising for cw landsafe for 9 yrs. If you don't do exactly as they tell you then you will be knocked out of the program you can quote all the USPAP yoiu want, IT WILL GET YOU NOWHERE BUT OUT THE DOOR. Do what they ask or hit the road.
just some friendly advice.
 
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