Feb 4th GSE requirements

[DWiley]

There is a lot of stuff on there that had zero to do with value.

What fields are specifically causing the angst for you?

 

[Phlyguy]

From what I have seen so far….

The height of the front door from the ground is the item I will hang my hat on to show we are no longer being used as appraisers but as property data collectors.

Measuring the linear frontage of water frontage- good luck with that one on a saltwater marsh.

Reporting the SqFt of patios, decks, kidney shaped pools etc when the market doesn’t respond to differences

On the new sample forms I have seen carpet stains reported- how big does a carpet stain have to be to be reported?
I have seen missing bathroom cabinet hardware being reported. Let’s spend time writing for a $50 piece of hardware in a $2,000,000 house.
If the answer is you only have to acknowledge these condition items if there is a market response that is fine, but I am yet to read that.

 

[DWiley]

From what I have seen so far….

The height of the front door from the ground is the item I will hang my hat on to show we are no longer being used as appraisers but as property data collectors.

Measuring the linear frontage of water frontage- good luck with that one on a saltwater marsh.

Reporting the SqFt of patios, decks, kidney shaped pools etc when the market doesn’t respond to differences

On the new sample forms I have seen carpet stains reported- how big does a carpet stain have to be to be reported?
I have seen missing bathroom cabinet hardware being reported. Let’s spend time writing for a $50 piece of hardware in a $2,000,000 house.
If the answer is you only have to acknowledge these condition items if there is a market response that is fine, but I am yet to read that.

OK - I see one that is valid. Height of front door is collected for a non-value reason.

Water footage may be difficult in some cases, but I think it is value related (at least in most cases).
I always measured decks patios etc. Sometimes they don't matter, but sometimes they do.

As for the latter examples from the posted samples, those are to illustrate how fields could be used.

 

[Phlyguy]

OK - I see one that is valid. Height of front door is collected for a non-value reason.

Water footage may be difficult in some cases, but I think it is value related (at least in most cases).
I always measured decks patios etc. Sometimes they don't matter, but sometimes they do.

As for the latter examples from the posted samples, those are to illustrate how fields could be used

OK - I see one that is valid. Height of front door is collected for a non-value reason.

Water footage may be difficult in some cases, but I think it is value related (at least in most cases).
I always measured decks patios etc. Sometimes they don't matter, but sometimes they do.

As for the latter examples from the posted samples, those are to illustrate how fields could be used.

And If

OK - I see one that is valid. Height of front door is collected for a non-value reason.

Water footage may be difficult in some cases, but I think it is value related (at least in most cases).
I always measured decks patios etc. Sometimes they don't matter, but sometimes they do.

As for the latter examples from the posted samples, those are to illustrate how fields could be used.

The point here is that with appraisal licensing the appraiser should be given enough credit to determine when the market responds to these differences and report them if so.
Remember how swell it went when big brother came up with the 1004 MC form? This is the same thing on a much larger scale.

OK - I see one that is valid. Height of front door is collected for a non-value reason.

Water footage may be difficult in some cases, but I think it is value related (at least in most cases).
I always measured decks patios etc. Sometimes they don't matter, but sometimes they do.

As for the latter examples from the posted samples, those are to illustrate how fields could be used.

”How the form could be used”

And by putting small stupid examples like that on the sample forms lenders and AMCs will now expect something as small as carpet stains to be noted.

 

[Mike Ault]

And by putting small stupid examples like that on the sample forms lenders and AMCs will now expect something as small as carpet stains to be noted.

Don't forget to measure the stain… to support your adjustment.

 

[alebrewer]

And by putting small stupid examples like that on the sample forms lenders and AMCs will now expect something as small as carpet stains to be noted.

Fact. Crazy how many conversations I've had with underwriters - trying to explain to them that the following chart is not a requirement...

 

[chad hampton]

I've always measured patios/decks/porches, etc. I don't do many lakefront homes anymore, but water frontage I would always pull off GIS maps. I always adjusted for significant distances in lake front. In my market, is does matter. Similar to cove or open channel lots.

 

[alebrewer]

 

[Phlyguy]

In my market the type of saltwater frontage (sandy beach, marshy, rocky) is much more important than the amount of frontage. Sample sizes of comps are very small and I’m usually going to other towns for similarly appealing shoreline. At that point there are too many different variables to determine a difference in value between 50’ or 75’ and the potential buyer doesn’t recognize that difference either.

Differences in patio and deck sizes do not matter at all- buyers will modify that stuff to their preference.

The point is the appraiser is a licensed professional being asked to value a property, different markets value different things and it should be the market (not a form) that dictates what is noteworthy enough to be measured and adjusted for.
If the appraiser is not doing their job take their license. The answer is not a 1 size fits all form (if value really is the objective here).

Part of the reason the hybrid form was developed was because appraisals were taking too long. Now appraisers are going to be spending much more time doing work that may have no merit in their market.

 

[DWiley]

The point is the appraiser is a licensed professional being asked to value a property, different markets value different things and it should be the market (not a form) that dictates what is noteworthy enough to be measured and adjusted for.

I agree. The UAD (old and new) does not require any sort of specific adjustments. I see lots of reports with differences in fireplaces, half baths, decks, etc. but with no adjustments.
No one should let the reporting format dictate their adjustments.