Fannie Mae and "Multiple Parcels"

[Adios]

I have no idea how you arrived at your last post comments in response to mine.

The major point of my post was simply; this is a fairly universal problem due to the Standardized FNMA Format. Each entity seems to have there own twist.

FHA seemed to have the best and most workable solution.

i think the problem lies less with the form but more around the policies written by the agencies. Appraisal theory is sound . HBU isn’t that hard to dissect . The recent bulletin will earn an appraiser USPAP jail if they follow the guidance . It is simply wrong . Fannie should issue a correction.

 

[Adios]

Here is a real life example . I bought a condo with a boat slip. Separate parcels but on one deed. The slips were in high demand . I sold off the slip , with permission of the lender, and paid down my mortgage by $30,000. The
property still appraised for the same price with that amenity gone. The appraiser did not do a HBU on each but made a modest adjustment for the slip. And if you want to complicate the conversation there were multiple offers on this property, some higher than mine. I offered cash. Cash is king . Now take a look at the definition of MV and add another 500 comments about that . Is there anything equivalent to cash?

 

[Carnivore]

i think the problem lies less with the form but more around the policies written by the agencies. Appraisal theory is sound . HBU isn’t that hard to dissect . The recent bulletin will earn an appraiser USPAP jail if they follow the guidance . It is simply wrong . Fannie should issue a correction.

i agree. Except for one of your points. Yes, USPAP Jail is possible. But not likely, because FNMA is not going to File a Complaint with your State, nor are they going to place you on their exclusionary list.

The Risk is if the Lender has a review conducted on your report, not for that, but some other issue or just as a normal course of business to review every tenth appraisal.

What will the independent review appraiser conclude and what will that review appraiser possibly do with your report?

 

[Adios]

i agree. Except for one of your points. Yes, USPAP Jail is possible. But not likely, because FNMA is not going to File a Complaint with your State, nor are they going to place you on their exclusionary list.

The Risk is if the Lender has a review conducted on your report, not for that, but some other issue or just as a normal course of business to review every tenth appraisal.

What will the independent review appraiser conclude and what will that review appraiser possibly do with your report?

agree and my point being “Fannie said do it that way” will not be a defense if brought before an appraisal board .

 

[J Grant]

What, specifically, will they go to "USPAP jail" for? Since USPAP does not prohibit a single market value opinion for two properties (or any multiple of properties )

 

[Adios]

What, specifically, will they go to "USPAP jail" for? Since USPAP does not prohibit a single market value opinion for two properties (or any multiple of properties )

Improper HBU analysis. That gets a lot of appraisers. There is a fundamental lack of understanding as evidenced here by 500 plus posts on the topic. "Just because everyone does it that way doesn't make it right".

 

[J Grant]

Improper HBU analysis. That gets a lot of appraisers. There is a fundamental lack of understanding as evidenced here by 500 plus posts on the topic. "Just because everyone does it that way doesn't make it right".

Ok, so you invent an improper HBU analysis of an appraisal you never saw -

 

[Econobot]

Ok, so you invent an improper HBU analysis of an appraisal you never saw -

JGrant, it's time you stop posting. Not only do you have no clue as to what you're doing you are unable to read and comprehend other posts. You are wrong and I hope you get nailed for not understanding HBU. Sadly for you my "concoction" as you call it is a competent way to solve the problem and remain in compliance. You're continued efforts to live with your head in the sand and continue to be wrong are a problem for you. Please take your problems elsewhere, it's a disgrace to this forum that you've been allowed to spam these threads with your pathetically ignorant misinformation. You are the CNN of news, pure garbage with a side of emotional immaturity. How many more people have to come out of the wood work and say, "you're wrong" before you get with the program or at least sit on your hands and stop posting. Please go away and let actual appraisers who can read and comprehend debate. These mildly complex issues are not for form fillers which you've proven to be.

 

[Econobot]

0

Here is a real life example . I bought a condo with a boat slip. Separate parcels but on one deed. The slips were in high demand . I sold off the slip , with permission of the lender, and paid down my mortgage by $30,000. The
property still appraised for the same price with that amenity gone. The appraiser did not do a HBU on each but made a modest adjustment for the slip. And if you want to complicate the conversation there were multiple offers on this property, some higher than mine. I offered cash. Cash is king . Now take a look at the definition of MV and add another 500 comments about that . Is there anything equivalent to cash?

Sounds like a JGrant appraisal, throw in some of the neighbor's land and a slip, boost that value so the borrower can "have it their way"

 

[J Grant]

JGrant, it's time you stop posting. Not only do you have no clue as to what you're doing you are unable to read and comprehend other posts. You are wrong and I hope you get nailed for not understanding HBU. Sadly for you my "concoction" as you call it is a competent way to solve the problem and remain in compliance. You're continued efforts to live with your head in the sand and continue to be wrong are a problem for you. Please take your problems elsewhere, it's a disgrace to this forum that you've been allowed to spam these threads with your pathetically ignorant misinformation. You are the CNN of news, pure garbage with a side of emotional immaturity. How many more people have to come out of the wood work and say, "you're wrong" before you get with the program or at least sit on your hands and stop posting. Please go away and let actual appraisers who can read and comprehend debate. These mildly complex issues are not for form fillers which you've proven to be.

You have nothing better to do with your time than post personal rants about me ? Either post content about the subject or stop - but nothing stops it, Some here said my perspective can be "right," other said wrong - Greg B, George Hatch, Mr Rex and others here have explained how it can be done per the fannie example, but you pick on me for saying the same -funnier still that you, doing AMC work newbie call me a form filler - I have mostly direct lender clients ( takes years to get on their panels ) and do a lot high value and complex work - ocean front estates among them as well as reviews.

I anticipate you will continue with personal rants , since unfortunately they are allowed on threads and the one time you actually addressed topic with your pathetic "solution" of HC mush George Hatch shot it down, so you have nothing to offer on the subject except throwing insults at me - carry on very predictable