UAD 3.6 discussion

[DWiley]

I didn't bold it, Surf Cat did. It is making the report more complex than is necessary. How much frontage varies on the time of year for some properties. How deep is deep? again that varies on time of year. It has been my experience that appraisers who appraise waterfront property already address these issues in the report since many times much of the value is in what type of watercraft, if any can be launched from the subject property. Same for the ability to build a dock/boathouse. But this is the least of the issues I have with the new form, not a form.

So, you are saying that the designers of UAD 3.6 did what they said they were doing - providing structured data fields for information that needed to be there anyway.

 

[alebrewer]

When I appraised waterfront properties all those data points listed were important considerations.

And were you able to confirm all of those important elements of comparison for the comparables you were using? Or is the thought process (for the GSE's) that some of these items 'might' be important elements, so you'd like to start tracking to see if, in fact, the market does recognize those elements as statistically meaningful elements of comparison? Cuz I'll hazard that, even if those elements are important to the market - unless they're able to reasonably make comparisons (to other similar properties that have sold), they don't affect the price. They might affect the decision to purchase or not, but without being able to compare to other sales, the market would have no basis for those items influencing the agreed contract price, no?

 

[chad hampton]

My market has lakes. Are you on a main channel or are you on a cove - Everything else gets marked n/a. If it’s a significant difference in frontage, then it’s also an adjustment. Most are market based off of experience in the market.

 

[DWiley]

And were you able to confirm all of those important elements of comparison for the comparables you were using?

Yes. That kind of data has been around and available for quite a while. Over the years I spoke with a lot of people who owned lakefront homes, and they were generally not shy about sharing what was important to them in the buying decision.

My market has lakes. Are you on a main channel or are you on a cove -

We saw the same thing, with a further distinction between shallow water coves and deep water coves. That might not be the case in other markets.

 

[alebrewer]

Yes. That kind of data has been around and available for quite a while. Over the years I spoke with a lot of people who owned lakefront homes, and they were generally not shy about sharing what was important to them in the buying decision.

Tennessee must be light years ahead of Texas WRT MLS information... I'll have to admit I've never seen approximate elevation from grade to the bottom of the front door in any MLS in Texas (or any other that I've used over the years). Granted - I've never been exposed to Tennessee MLS.

 

[Essexfenwick]

Measuring the data points is more important than the appraisal.

AI can easily do the appraisal.

It just needs data points.

Appraisers are pretty much not necessary but Datapoint Specialists are being trained with the temporary 3.6.

A new D.D.S. designation (Doofus Datapoint Specialist) will be offered by the Institute. Annual dues will exceed Annual net income after taxes.

 

[Surf Cat]

Please note that comparable #1's elevation sits up 3 ft above the subject's threshold. - $10,000.

 

[Sadie]

Please note that comparable #1's elevation sits up 3 ft above the subject's threshold. - $10,000.

Its not threshold, its the ground underneath. Will someone's head explode when the front door is 100' above grade? "Approximate elevation from grade to the bottom of the front door (Ground Level, Up to 1 foot, 1-2 Ft… 10 or more feet)" Can't wait for the reviewer's comments on that one.

 

[shrubberyvaluation]

Tennessee must be light years ahead of Texas WRT MLS information... I'll have to admit I've never seen approximate elevation from grade to the bottom of the front door in any MLS in Texas (or any other that I've used over the years). Granted - I've never been exposed to Tennessee MLS.

Have you seen the surface area of windows in your MLS? Normally its just floor to ceiling windows or something if its more than typical.

 

[shrubberyvaluation]

Measuring the data points is more important than the appraisal.

AI can easily do the appraisal.

It just needs data points.

Appraisers are pretty much not necessary but Datapoint Specialists are being trained with the temporary 3.6.

A new D.D.S. designation (Doofus Datapoint Specialist) will be offered by the Institute. Annual dues will exceed Annual net income after taxes.

It needs more than data, at least based on FNMA CU system suggesting C4 comps in a different market area for my C2 subject. Meanwhile scoring the appraisal 4.3 (high risk) when all of my comps were recent renovations within a couple blocks.

Even with just using public data it should be better than that in theory, but its not. Many overestimate where these systems are right now.

Its not a matter of perfecting it, its a matter of making it not horrible.