Fannie Mae and "Multiple Parcels"

[Mr Rex]

Appraiser GODs self appointed and supported by UPSAP??? In the vernacular, check yourself before you wreck yourself. There are some serious shortcomings in USPAP, but whats new? A reason to change the Bible of appraisals...God love USPAP and its intent.... 10 most important things to USPAP would be helpful...Carry on, there is a 2 lot property in BFE that can't self identify as 1 or 2 units




when H&BU tests are applied. The Appraisal GODS will

 

[George Hatch]

We're not talking about most profitable, we've agreed on HBU. Now we're talking about most probable.

As I keep saying, if you can come up with the *group* of sales during a given time frame showing the one behavior then that's what is most probable. There's nothing wrong with analyzing and considering the subject's own sales history - I do that every time. But by itself that is not definitive if/when contradicted by the wider dataset. You need to step away from assuming the subject's sales history is definitive on the issue because I have already cited examples that show the opposite.

 

[Carnivore]

comical. putting words in my mouth again. gee wally the check box on the 1004p looks like a check box on a 1004. carry on, clear capital.

The Beauty of USPAP and our Individual Independent Thinking as an Appraiser. We can always decline any assignment without really giving a reason. If they insist for a reason, like some AMC's do! We can Fib!

Back to the HBU Marathon!

 

[George Hatch]

comical. putting words in my mouth again. gee wally the check box on the 1004p looks like a check box on a 1004. carry on, clear capital.

That's one of my criticisms of the 1004p, is the potential for conveying the idea that it's exactly the same as the 1004. But that's a reporting issue, not a development issue.

 

[Andrei Fin]

How would you guys feel about this?

Excess land is considered
“value in use” for the purpose of the appraisal, so
the land should be described and its contributory
value included in the grid.

To

Excess land might be considered
“value in use” for the purpose of the appraisal, so
the land should be described and its contributory
value included in the grid.

 

[George Hatch]

Appraiser GODs self appointed and supported by UPSAP??? In the vernacular, check yourself before you wreck yourself. There are some serious shortcomings in USPAP, but whats new? A reason to change the Bible of appraisals...God love USPAP and its intent.... 10 most important things to USPAP would be helpful...Carry on, there is a 2 lot property in BFE that can't self identify as 1 or 2 units




when H&BU tests are applied. The Appraisal GODS will

View attachment 42986

So I take it your "APPRAISAL GOD" is Fannie? If so then good for you. I'm not sure how you're going to square it if/when they go private but i guess we'll cross that bridge when we come to it.

 

[George Hatch]

How would you guys feel about this?

Excess land is considered
“value in use” for the purpose of the appraisal, so
the land should be described and its contributory
value included in the grid.

To

Excess land might be considered
“value in use” for the purpose of the appraisal, so
the land should be described and its contributory
value included in the grid.

I don't care what definition Fannie chooses to use, so long as the don't hassle us for calling the "Queen of Hearts" card by it's name.

 

[Carnivore]

How would you guys feel about this?

Excess land is considered
“value in use” for the purpose of the appraisal, so
the land should be described and its contributory
value included in the grid.

To

Excess land might be considered
“value in use” for the purpose of the appraisal, so
the land should be described and its contributory
value included in the grid.

You have come full circle to the Reason for the Thread.

Question: If your familiar with the 1004 What would you enter on the bottom of Page two for the AS-IS?

 

[Mr Rex]

I wonder why USPAP wanders into some of the ideas of excess land etc that is contrary to the "intended users" ideas of H&BU and/or if lending based on H&BU is in the overall best interest of the economy today? FNMA, FHA, et al really have lost focus on collateral as basis of lending decisions. The most dangerous threat to appraisers. As the collateral factor diminishes in the overall scheme, the more a threat to appraiser's day to day business. Guess what happens to AMCs? Ever considered we are both on the same slave ship in rough water?

 

[Andrei Fin]

You have come full circle to the Reason for the Thread.

Question: If your familiar with the 1004 What would you enter on the bottom of Page two for the AS-IS?

MV of A+B. Which in the three examples I've seen, has been MV of A + value in use of B. It's possible that you may find data to contradict this, in which case the main point of the newsletter is that the subject property does not qualify for the loan in question and they've asked you to stop work and inform the client. What's the problem?