Assessor Data And Fannie Mae Collateral Underwriter

[normando]

Many many years ago I remembered looking at this remodeled home 2000+ sf in this expensive neighborhood. However, assessor shows about 1,000 sf. Homeowner had permits but for some reason his assessed value did not increase.
I had feeling he knew someone in the office and kept it low. It's not fair for rest of us but that's the way it is.

 

[CANative]

Many many years ago I remembered looking at this remodeled home 2000+ sf in this expensive neighborhood. However, assessor shows about 1,000 sf. Homeowner had permits but for some reason his assessed value did not increase.
I had feeling he knew someone in the office and kept it low. It's not fair for rest of us but that's the way it is.

Up until very recently the assessor and the planning department didn't communicate with each other (and that is still the case in some Counties). It might take years for the assessor to pick up additions and reassess (only for the value of the addition - The original P13 value is only affected to the extent of the value (or cost) of what is added.) But when it is picked up the property owner will receive a supplemental assessment which can go all the way back to the date of the new addition.

Also, don't forget that assessed value does not change with the market.

 

[normando]

Each building department is different. I know which cities have their files electronically accessible and which are still using paper and file. It's amazing how a slip of a paper and the paper record will be lost forever.
Every homeowner if they want to can argue with the assessor office if they want. Zillow which gets its information from public records has my house records incorrect and is estimated off by a million dollar. If I wanted to, I could argue with assessors office but I don't bother. It's none of the public's business.

 

[EddieB]

I would highly recommend spending some time in the tax office for each county you appraise. This once was a common practice.

 

[CANative]

Each building department is different. I know which cities have their files electronically accessible and which are still using paper and file. It's amazing how a slip of a paper and the paper record will be lost forever.
Every homeowner if they want to can argue with the assessor office if they want. Zillow which gets its information from public records has my house records incorrect and is estimated off by a million dollar. If I wanted to, I could argue with assessors office but I don't bother. It's none of the public's business.

Off by a million dollars? That's $11,000 a year in taxes.

 

[Amy Perkins]

The lender ended up pressuring me to give them a report on an SFR; I told them that it would be mortgage fraud. This was all legally two units, two meters and two separate addresses. They ended up getting someone else to do it. It's the assessor's fault because now the title company has it as a single-family. Now their property is going to get undervalued and it's not the only one in that market. The problem is that it is an internal use code, not a description of the property. Did I mention it is legal and I had gotten a copy of the permits. Besides, no one gets an enforcement case against them unless a neighbor complains and leaves their name. Their taxes are not going to go up because of this. It is negligence on the part of the assessor's office and we will end up getting blamed; well some other appraiser who doesn't know any better will.

 

[Deleted member 77547]

I would argue that it's up to the title company to do proper due diligence to determine what the property is. Your client wanted what they wanted or didn't have confidence in your explanation so they tried someone else. In any case, it seems you avoided a headache that you would not have been compensated for.

 

[normando]

That's a complicated appraisal. Last week I had this one order which had a legal second unit in a single family zoning. At first I raised my fee and lender accepted.
That was odd. I looked further and I couldn't find any comps with legal 2nd unit. I contacted lender and rejected that assignment. I rather do two simple appraisals than that complex one.
Assessor record was the least in my mind. How can you find comps? From experience, you know when to reject an order that will cause you stress.
However, going back to your question. Fannie Mae allows an accessory unit to a single family residence. So I would call subject as a single family residence but with an accessory unit.
I've done an appraisal like that. Two houses on one lot all done with permits. Did it as a single family home and got some comps with accessory unit.

 

[KYLECODY]

I would argue that it's up to the title company to do proper due diligence to determine what the property is. Your client wanted what they wanted or didn't have confidence in your explanation so they tried someone else. In any case, it seems you avoided a headache that you would not have been compensated for.

The client wanted quick and easy, close the loan, get paid and make it disappear..if you disrupt that flow with too much knowledge or too many questions they will usually find someone more willing to "go along"..

I commend you Amy for all your diligence and work trying to do things the right way. Your karma and knowledge will pay you more going forward than that one fee.

 

[normando]

Amy, was your property originally a 2 unit property. I had the assumption it was a house and a legal second unit was added to it.
If that's the case, you can't argue its a 2 unit property especially with the SFR zoining.