Bad advice from Fannie--"Multiple Parcels" from Dec. 2019 'Appraiser Update'

[Andrei Fin]

See posts #521 and 522.

 

[CANative]

My question was rhetorical.

 

[djd09]

says the pot shot king.

 

[Stone]

It's really not that complicated guys. Just takes a little problem solving and thinking outside the box. Every time I turn around someone is trash talking my understanding of this or that to make themselves look smart, but what's closer to the truth is that they are a Form Filler who doesn't understand Scope of Work, after just skipping over it completely for the past however many years. The client adds a second parcel and definition of value, and all hell breaks loose. Adhering to your rigid ideas doesn't make you look professional, it makes you look like a crusty fundamentalist that refuses to look up and see what buyers and sellers are doing. You talk about the public trust in terms of ethics, but the public doesn't trust you to actually understand real estate.

And, some of us don't fill out forms at all. I haven't filled out a form of any sort since 2007 and all of my work requires actual HBU analysis.

The "rigid ideas" aren't what you think they are, it would seem, after reading large chunks of all these threads.

 

[Andrei Fin]

Step one, identify the problem. Your client is asking- since the two parcels are being loaned on together as one property, can you please tell us what this property would most likely sell for? Omg it's so hard. Imagine that it's not Fannie Mae but a homeowner asking you, he's got to sell his house plus the lot next door in the next 90 days and wants to know what he would probably get for it. Solve the problem or turn it down if it's not in your wheelhouse.

 

[CANative]

If patent properties (lot and house) are selling in 30 days, but developable lots are selling in 90 to 120 days (or more), do we assume a single exposure time or split it up or average it out in order to make both sell at the same time for Market Value?

 

[Carnivore]

It's really not that complicated guys. Just takes a little problem solving and thinking outside the box. Every time I turn around someone is trash talking my understanding of this or that to make themselves look smart, but what's closer to the truth is that they are a Form Filler who doesn't understand Scope of Work, after just skipping over it completely for the past however many years. The client adds a second parcel and definition of value, and all hell breaks loose. Adhering to your rigid ideas doesn't make you look professional, it makes you look like a crusty fundamentalist that refuses to look up and see what buyers and sellers are doing. You talk about the public trust in terms of ethics, but the public doesn't trust you to actually understand real estate.

Bold above: Mr Klhar(member here) is a Fundamentalist and will run all over and on top of a lot of folks here. I pay attention to my elders and youngsters especially when they have credentials and experience much higher than I have. i readily admit my weaknesses and am always looking to improve my performance. I have to do that because i am getting old and can't remember chit sometimes. I also have a habit of over-thinking a valuation problem sometimes. That's why i turn to this forum to help get me back on track aka Fundamentals.

In my previous profession Fundamentals were the cornerstone and going against them could result in Mission Failure up to an including catastrophic loss of life and really expensive equipment in the range of million's of dollars. Having said that there were times when we had no choice and went against the fundamentals. We knew the Risk but chose to go that path because there was no other way to even have any success!

 

[Carnivore]

Step one, identify the problem. Your client is asking- since the two parcels are being loaned on together as one property, can you please tell us what this property would most likely sell for? Omg it's so hard. Imagine that it's not Fannie Mae but a homeowner asking you, he's got to sell his house plus the lot next door in the next 90 days and wants to know what he would probably get for it. Solve the problem or turn it down if it's not in your wheelhouse.

Apples to Oranges comparison above. Doesn't work that way. That's the major point i think you are missing. Once is governed by Banking Regulations and the format they REQUIRE you to use make for a rather ugly report OTOH the Civilian! Same Process but Easier to report, The overriding point is there both still based on the Fundamentals.

 

[Andrei Fin]

It is the same problem because if the owner defaults then Fannie will be the owner.

 

[CANative]

One buyer, one seller, one contract, one transaction. One house in Los Angeles and the other in San Diego.