Gated Community

[Brisco58]

I look at MLS for all listings in the PUD and get a gate code from MLS. Then I use it. Come-on guys. User your head.

Very few agents will post gate codes within the MLS locally. It used to be much more common. However, I have had good luck finding gate codes within the active, withdrawn, and recently leased rental properties found within the MLS. My thoughts are that agent really do not want to show rental properties and are much more willing to place the gate codes within the listing to avoid extra work.

 

[HF Mudd]

Hang 'em and hang 'em high - there ain't no justice in Fort Grant!

http://www.youtube.com/watch?v=ylY9wlnTdlw

 

[J Grant]

In my area, we have security guard gated communities where they will not let an appraiser in w/out owner permission. Still, one can do a credible review. First, disclose you could not enter and why. Take photo of gate and street.

The appraiser can rely on original report ext photos of the subject in the original appraisal under review, and any avail MLS photos, plus overhead maps and aerial photos. Knowledge of community from prior appraisals. Since the date is retrospective to original report, the description and photo in report can be relied on.

 

[J Grant]

My local Craiglist had an ad for hire to work for a lender defending appraisals that were reviewed and found to have "alleged errors" , ( lenders have to repurchase the loans)...thus we will see more posts like this fishing for ways to discredit review appraisers who did their jobs.

Says a lot about the lender that they were using CL to find talent...guess they did not want to pay for an ad ...

 

[Smokey Bear]

Are you are working for a lender trying to defend inflated value appraisals?

HUGE assumption. BTW, some companies caught holding the bag (the bad loan) will do anything to get the originator to take the loan back, so I'm not sure why you're assuming the appraisal was inflated. After all, loans don't go bad because the appraisal was inflated. They go bad because the borrower quits paying.

 

[J Grant]

HUGE assumption. BTW, some companies caught holding the bag (the bad loan) will do anything to get the originator to take the loan back, so I'm not sure why you're assuming the appraisal was inflated. After all, loans don't go bad because the appraisal was inflated. They go bad because the borrower quits paying.

How many appraisals have you reviewed, Smokey? I have reviewed hundreds over the years and the majority had inflated values with cherry picked comps etc ( of course, these are the appraisals that come up for review).

Though a loan may go bad because a borrower defaults, if the loan was made due to the appraised value being inflated above MV , a lender is responsible for the appraisal, and can be forced, apparantly, to repurchase the loan. In other words, if a sale price was 650 k and the property was only worth 600k, and the appraiser "made value" of 650 k by ignoring lower price similar comps and cherry picking high sales and not dislclosing market conditions etc, the appraisal is one of the faulty aspects of the loan decision, aka the lender would not have loaned on the property if it had been valued at 600 k instead of 650 k ( same for refis as well as purchases)

I did not see the appraisal in question , nor did you, however, a review appraiser has to find legit, supported reasons the original was bad...so if the reviewer finds better comps that should have been used, or market conditions not dislcosed or misleading etc, then that would prove the original appraisal was inflated or misleading or whatever the issue with the appraisal is. If the banks could stand behind good, solid appraisals, they would not be hiring people to try to discredit the review appraiser.

 

[Noreen]

Gated Field Review.

Do you think an appraiser should perform a field review (FNMA 2000 Rev 3/05) when he/she cannot gain entrance to the development. I'm seeing a lot of these.

SOW states "the appraiser must, at a minimum, (2) perform a visual inspection of the exterior areas of the subject property from at least the street", which he/she has not done.

Certification #1 states "I have, at a minimum, developed and reported this appraisal feld review in accordance with the scope of work requirements stated in this appraisal field review report", which is false.

If the field reviewer did not gain access to the subject complex, they cannot certify that they viewed the subject from the street, correct? Then the review is a misleading report, correct? The truth is the truth.

 

[Smokey Bear]

Still making huge assumptions, J. What makes you think that from the pool of awful appraisers, only good appraisers are doing reviews?

If the field reviewer did not gain access to the subject complex, they cannot certify that they viewed the subject from the street, correct? Then the review is a misleading report, correct? The truth is the truth.

I don't see ANY exception on the form that says you can waive this requirement.

How many appraisals have you reviewed, Smokey?

I've reviewed plenty, and plenty of them were bad, but mostly incomptetent, not inflated. BUT, I'm not reviewing stuff from 2002 - 2006. But still, too many assumptions here, you don't know what Sunshine is looking at, except for what is on the review, which appears to contradict the signed certification.

 

[J Grant]

On a field review, if the appraiser cannot access the subject for a photo and discloses it, and states that they can still do a credible appraisal and can rely on subject photos from original report etc, then they are still compliant with SOW.

Smokey, it is true there are some lousy reviewiers as well. I have not seen the orig appraisal nor the review in question. Oh you missed out reviewing stuff from 2002-2006. Your area may differ, but 95% of the appraisals I have reivewed were inflated, and very easy to prove that they were, skipping comps right in the subdivision etc.

What is your definition of an incompetent appraisal that you reviewed?
Re, what Sunshine is looking at, I don't know if rev appraiser dislcosed he/she could not drive by subject due to gated community on the review or not. I would imagine they put in a photo of the security gate instead of subject front.

 

[realbiz]

I look at MLS for all listings in the PUD and get a gate code from MLS. Then I use it. Come-on guys. User your head.

I do this often, also if there is not a guard at the gate just wait and follow another car in.