Using The Assessor Sketch Instead

[Eli]

so why is data from an appraiser submitted to FNMA better data than that which an appraiser submits to MLS? you said it.

I find your posts amusing with little substance. Who are your clients on appraisals? Your relatives?

 

[TRESinc]

I find your posts amusing with little substance. Who are your clients on appraisals? Your relatives?

yes, you figured it out. now that i have answered your question....

What I do is start going through MLS data where appraiser has uploaded GLA first on most similar properties. See, if the government owned Fannie, you would have better data.

why is data from an appraiser submitted to FNMA better data than that which an appraiser submits to MLS? you said it.

 

[Mr Rex]

When using MLS data and I see that the GLA matches the tax records then I know they are not accurate or are highly suspect at best. So when doing the GLA adjustments I do not adjust for 50 or 100 square feet differences depending on size. When I see MLS GLA that does not match the tax records then I know some “professional” has measured. Either the RE agent measured or used the GLA from a prior appraisal. Since appraisers are supposed to use ANSI or the NC RE Commision “Yellow book” which is almost a duplicate of ANSI standards, and RE agents are supposed to follow the “Yellow book”, I have greater confidence in the reported GLA and may still not adjust for minor differences, or go to 25 or 50 sf differences without adjustment since the data Is considered more reliable. The idea of “false accuracy” is a crock, unless all reported GLA matches the Tax records. Here it is exponentially more likely not to match than it is to match. Perhaps it’s because there are standards and/or the number of RE agents that were sued and lost for misreporting GLA.

 

[NC Appraising]

When using MLS data and I see that the GLA matches the tax records then I know they are not accurate or are highly suspect at best. So when doing the GLA adjustments I do not adjust for 50 or 100 square feet differences depending on size. When I see MLS GLA that does not match the tax records then I know some “professional” has measured. Either the RE agent measured or used the GLA from a prior appraisal. Since appraisers are supposed to use ANSI or the NC RE Commision “Yellow book” which is almost a duplicate of ANSI standards, and RE agents are supposed to follow the “Yellow book”, I have greater confidence in the reported GLA and may still not adjust for minor differences, or go to 25 or 50 sf differences without adjustment since the data Is considered more reliable. The idea of “false accuracy” is a crock, unless all reported GLA matches the Tax records. Here it is exponentially more likely not to match than it is to match. Perhaps it’s because there are standards and/or the number of RE agents that were sued and lost for misreporting GLA.

I agree. I have a entire canned paragraph on the GLA. Appraisers are still including the knee wall below 5ft......when will they learn?

FWIW, agents are not allowed use the GLA from prior reports.

It's funny that most AMC's want a statement if the appraisers GLA differs from the tax records. I realize they want this to indicate if a addition was made without a permit. In the two counties that I cover, both round to the nearest foot, and one county messes up foyers. One county I cover is 80% inaccurate. The other county is 20% inaccurate.

If the home is 1,200, no adjustments if +-50 sqft.

2,200 no GLA adjustments is +-75 sqft.

I got turned into the board 2 years ago and part of the compliant was for the GLA. The board LOVES sqft disputes. They said it was one area that cannot be disputed, ie its a fact that they can prove. If you read some of the disciplinary actions, sqft is a common occurrence.

 

[Digger88]

In my area, the assessor uploads Apex sketches of floor plans online. The homes here were nearly all built since 2000 and the sketches are very reliable. I'm considering just inserting the assessor pdf into my reports instead of re-sketching and stating that the measurements were confirmed on-site. Is anyone doing this?

i wouldnt do that personally. i find discrepencies all the time.

 

[Pittsburgh Pete]

i wouldnt do that personally. i find discrepencies all the time.

You did notice that he said the measurements were confirmed by the appraiser?

 

[NC Appraising]

In my area, the assessor uploads Apex sketches of floor plans online. The homes here were nearly all built since 2000 and the sketches are very reliable. I'm considering just inserting the assessor pdf into my reports instead of re-sketching and stating that the measurements were confirmed on-site. Is anyone doing this?

To me that is the same thing as using MLS comparable photos, and making a statement that the appraiser drove by the comparable sale. winking. I know you are confirming the measurements on site.....but it looks fishy and skippy. Review appraisers and UW's might automatically assume that other areas were also scammed around.

We all know you didn't drive by the sales!!!

We are getting paid to do a job. Part of that pay is measuring the home and providing a personally made sketch. Some lenders and AMC do not allow PDF of sketches. It says that in there engagement letter. I has to be produced by the appraiser.

 

[bnmappraisal]

I agree pretty much with everything you posted NC and pretty much think you're right but

We are getting paid to do a job. Part of that pay is measuring the home and providing a personally made sketch. Some lenders and AMC do not allow PDF of sketches. It says that in there engagement letter. I has to be produced by the appraiser.

I still think it comes down to the SOW between appraiser and client

Yes, I agree, almost across the board that most lenders/AMCs an original sketch is required as part of their assignment conditions. In such cases, I definitely agree, original sketch should be provided.

 

[Eli]

yes, you figured it out. now that i have answered your question....



why is data from an appraiser submitted to FNMA better data than that which an appraiser submits to MLS? you said it.

 

[NC Appraising]

I agree pretty much with everything you posted NC and pretty much think you're right but

I still think it comes down to the SOW between appraiser and client

Yes, I agree, almost across the board that most lenders/AMCs an original sketch is required as part of their assignment conditions. In such cases, I definitely agree, original sketch should be provided.

I agree. On some appraisals for private, non-mortgage assignments I discuss this with the client. If it is ok with them and they agree with it, I'll just copy and paste the tax GLA and sketch. Some people are just cheap skates. Desk tops are a perfect example.

Some of these new products may be a game changer too. I dont do them for fee reasons, but in the future we might just rely on the tax sqft for these products.