Fannie Mae and "Multiple Parcels"

[Mr Rex]

Is USPAP based on an antiquated version of the US economy?

 

[Carnivore]

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?

Its not as much of a problem as you imagine. I have a solution. Its could be described as two or more reports within a report. Much Similar to a FNMA REO assignment.

 

[Andrei Fin]

Its not as much of a problem as you imagine. I have a solution. Its could be described as two or more reports within a report. Much Similar to a FNMA REO assignment.

I've already agreed with George that is the best solution. That doesn't mean the second best solution lacks credibility, or is some sort of USPAP violation etc. Nor does it concern me personally in terms of liability.

 

[djd09]

The Beauty of USPAP and our Individual Independent Thinking as an Appraiser.

 

[Carnivore]

View attachment 42987

Well i don't expect you to know the Market I work in, but I can give you a reason for what your seeing.

1. Population is steadily increasing in the Charlotte MSA.
2. We have more Jobs then people
3. Mecklenburg is Running out of Land to develop.
3a. We have Gentrication taking place.
4. People are looking in the five counties include SC, surrounding Charlotte
5. We are also Building UP vertically not just laterally
6. HBU of Sites are changing because the Municipalities are changing the density via zoning

California and New York are losing population. Yep! I hope they keep thinking we are a bunch of Gun Toten , Rednecks. So they won't come here.

We are following along the same path Atlanta did years ago and is still doing today. Expanding

 

[George Hatch]

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?

I don't think there's any problem with going back and asking for clarification or further instructions. I think it's always better to ask than to try to guess what they want to do.

In the example of the 2 parcels on Walnut street, the SFR appears to have been encumbered with a high LTV loan and the land was apparently seller-financed. So the SFR did end up qualifying for some lender's program. For all I know it might have been a Fannie loan. If so, that would have ended up being a very vanilla appraisal with no complications relating to the additional lot. It's trying to get to the MV of the assemblage that might be a bit of challenge.

 

[Terrel L. Shields]

 

[Andrei Fin]

I don't think there's any problem with going back and asking for clarification or further instructions. I think it's always better to ask than to try to guess what they want to do.

What's funny, after all this, there's a good chance Fannie Mae will just say: slap any HC you please on there and just give us the damn appraisal

 

[George Hatch]

There are limitations to the use of an HC. You can't just whip one up out of convenience.

 

[Terrel L. Shields]

USPAP was easy to understand they said. Piece of cake they said. No conflict with FNMA they said... Highest and Best Use... EZ PZ... At times like this I'd like to strangle Irving Fisher with my bare hands.