Purposely Mis-reporting Form Requirements ?

[TerryRohrer]

It matters when you get revisions and you have to explain it to them.

Simply ask for a citation of the requirement they are misinterpreting.

 

[Fernando]

The 1004MC form has been eliminated as a requirement by Fannie Mae. Although lots of our peers still use it. The requirement for appraisers to analyze and report on market conditions remains.

This analysis must be supported within the Neighborhood section of the appraisal report (page 1) which the OP was referring to.

You went off into the weeds with the comparables and the MC....that's all I was saying.

What's with the weed comment. Freudian Slip. I'm just saying.

Anyway, 1004MC's purpose is to justify the price trend for the report. When not enough comparable data, we expand our search criteria with most relevant characteristic to get the trend.
Thus it doesn't have to do with comparables at that point. And that's where reviewers and even some appraisers get confuse.
I use the 1004MC for what it is - to "legitimize" my price trend in my report.
Give me sufficient data and I can spin the numbers which way I can.

 

[ZZGAMAZZ]

What's with the weed comment. Freudian Slip. I'm just saying.

Anyway, 1004MC's purpose is to justify the price trend for the report. When not enough comparable data, we expand our search criteria with most relevant characteristic to get the trend.
Thus it doesn't have to do with comparables at that point. And that's where reviewers and even some appraisers get confuse.
I use the 1004MC for what it is - to "legitimize" my price trend in my report.
Give me sufficient data and I can spin the numbers which way I can.

I'm gonna start calling u Donald Jr. You cant use the dara, 1004MC or anywhere else to confirm, or legitimize the trend-- which is based on data, rather than what you are describing-- although like your Anti Hero President Trump sometimes allow your arrogance to interfere with your competence... unless maybe you do, indeed, have it all figured out, but if so a lotta homies got it all wrong. Tempted to say The Jury is still Out. But that would reflect the theoretical lipstick on the mythical wild boar..lol

 

[Fernando]

I'm gonna start calling u Donald Jr. You cant use the dara, 1004MC or anywhere else to confirm, or legitimize the trend-- which is based on data, rather than what you are describing-- although like your Anti Hero President Trump sometimes allow your arrogance to interfere with your competence... unless maybe you do, indeed, have it all figured out, but if so a lotta homies got it all wrong. Tempted to say The Jury is still Out. But that would reflect the theoretical lipstick on the mythical wild boar..lol

Donald Jr is dumb and don't know statistics. Bad comparison.
Nando feels comfortable in choosing "legitimate" data to set the narrative as he wants.
Real appraisers understand how to manipulate 1004MC and make it convincing since many readers and reviewers don't understand stats.

 

[Fernando]

This morning I'm ready to give up the battle, devoting as much time to explain why i won't or can't make any changes in response to client conditions no matter how hard i try to anticipate conditions... like explaining why Special Assessments arent an HOA fee, although it's explained sooo well in the report, even explaining that the 18 point BF red font text that explains that it is often misunderstood is emphasized TO AVOID this type of Condition!!! My original mentor charges like 800 for legal reports THAT NEVER EVER GET STIPULATIONS !!!

My friend, you seem to be picking the wrong battles. Don't stand your ground with the Special Assessments. Just put 0, none.
The only time you should put it is when there is a large Special Assessment amount on subject property.
For example, and is not uncommon, a condo project has major deferred maintenance, and each unit is assessed $50,000 to repair the defect.
Because of bad management in not budgeting or too low HOA fees, the problem has to be fix and the condo owners have to pay their share either upfront or a lien.
Such Special Assessment is significant and worrisome and is red flag to reader of a serious problem (like many lenders won't lend on that condo project)

 

[ZZGAMAZZ]

My friend, you seem to be picking the wrong battles. Don't stand your ground with the Special Assessments. Just put 0, none.
The only time you should put it is when there is a large Special Assessment amount on subject property.
For example, and is not uncommon, a condo project has major deferred maintenance, and each unit is assessed $50,000 to repair the defect.
Because of bad management in not budgeting or too low HOA fees, the problem has to be fix and the condo owners have to pay their share either upfront or a lien.
Such Special Assessment is significant and worrisome and is red flag to reader of a serious problem (like many lenders won't lend on that condo project)

I appreciate your insight as always, as I often mention, and someetimes I kinda admire you for being so self-assured, possibly from having a strong family support system as a youth. Only damn downside --one that I share with several of my close personal friends--is that we literally are able to understand how any logical, intelligent, right-thinking individual could possible support the liberal philosophy so determined to neuter the positive factors of our lives here in the USA. I emphasize "literally"because ....... just because....

 

[Fernando]

I appreciate your insight as always, as I often mention, and someetimes I kinda admire you for being so self-assured, possibly from having a strong family support system as a youth. Only damn downside --one that I share with several of my close personal friends--is that we literally are able to understand how any logical, intelligent, right-thinking individual could possible support the liberal philosophy so determined to neuter the positive factors of our lives here in the USA. I emphasize "literally"because ....... just because....

I think I'm the dumbest MF on this thread.
I still don't understand what's your problem with the price range for the neighborhood.
One post said to look at the data for past 12 months as indicated by Fannie (Interesting rule for appraisers to follow...whether that's accurate is another story).
On page one it states neighborhood price range for SFR. Not comparable. Comparable is on page 2. Am I missing something?

 

[Tom D]

And remember on the neighborhood price range, do not count distressed sales or homes needing to be habd. A fannie rule, don't ask me when i saw dat.

I'm still using 1004mc, cause it shows the list to sale price ratio. Now we have to minus the listing price if below 100% ratio. I only bring this up because the stupidness on this thread, may not know this.

 

[Dublin ohio]

Give me sufficient data and I can spin the numbers which way I can.

This might make it easier for you

 

[Dublin ohio]

Am I missing something?

...........................