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1004 desk top, my brain is melting

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Marty Boone said:
I have walked up to people many times and politely explained that I am an appraiser working on an appraisal in the neighborhood and if they mind if I take a picture of their house. It helps to have the comparable sale's MLS sheet and a business card as well as being incredibly charismatic. "How are you liking your new home" or reference their buyer's agent, "It looks like Jim Smith was your realtor, how was it working with him".
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Good for you, sorry not going to do that, glad you are so charismatic :rof:
 
J Grant said:
It is insane. They add so many time consuming tasks to a full 1004, then complain it takes too long so they are going to use a desktop - where nobody inspects and no comps are observed.

They could have speeded up the turn time by adjusting requirements on the full 1004, such as make drive the comps optional, let appraiser decide on a case by case basis if need to observe a comp, and let appraiser hire an assistant to do an inspection where appraiser deems appropriate.
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The majority of the time consuming crap is coming from the clients. They ask for so many extra exhibits, verbiage and "comp requirements" that it adds quite a bit of extra time to get an appraisal out the door. The actual FNMA 1004 requirements haven't changed too much except ANSI. This is client driven.
 
mp2277 said:
In the majority of cases driving the comps is antiquated and absurd.
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That may or may not be the case. And the fact I've driven by a house 30 times in the past year does not mean I paid attention to the least of details. Sure we can go into a subdivision of 10 years age and see that all the houses are similar on the outside. And we have pictures in the MLS....when we have an MLS and I work areas where there are few Realtors and some do not belong to any board nor MLS. And as a rural appraiser, many sales, particularly land, are not sold by a Realtor. I need to see what I am looking at because if a complaint is filed, you can bet the investigator will go look at them. I had a comp, not unreasonable for price, of an older Manf. home, looked typical in the MLS but when I arrived there to take a picture, all I found was a pile of blocks that was once the foundation. The MH was gone. This was a land sale...great for determining the site value, but not a comp for a functional HUD code home.
 
Terrel L. Shields said:
That may or may not be the case. And the fact I've driven by a house 30 times in the past year does not mean I paid attention to the least of details. Sure we can go into a subdivision of 10 years age and see that all the houses are similar on the outside. And we have pictures in the MLS....when we have an MLS and I work areas where there are few Realtors and some do not belong to any board nor MLS. And as a rural appraiser, many sales, particularly land, are not sold by a Realtor. I need to see what I am looking at because if a complaint is filed, you can bet the investigator will go look at them. I had a comp, not unreasonable for price, of an older Manf. home, looked typical in the MLS but when I arrived there to take a picture, all I found was a pile of blocks that was once the foundation. The MH was gone. This was a land sale...great for determining the site value, but not a comp for a functional HUD code home.
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I suspect the markets you describe here will continue to see full inspection appraisals for the foreseeable future. It doesn't seem to me that the GSE's are asking appraisers to make stuff up, or fill in the blanks with subjective ideas when there is a lack of quantifiable data...
 
alebrewer said:
the markets you describe here will continue to see full inspection appraisals
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Yep, rural properties are often nuanced beyond the ordinary 'town' property. And probably more prone to having few regulations that would cure some of the problems we might see routinely. I mean a town appraiser would go nuts over over something like this - (MLS photo) But in rural properties, that ratty shed is likely to be a nothing burger.
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One of the big reasons I feel I do know my market area is the knowledge gained by driving comps. Not so much on cookie cutter subdivisions, but the more heterogeneous areas.

But that's the catch 22--in a subdivision, driving the comps takes 2-5 minutes. Big whoop. Its the rural ones where I might spend over an hour driving, sometimes getting a nice picture of...the driveway, cause the house cannot be seen from the road.

I don't get many rural assignments anymore, because once I add up the extra potential time and gas money to drive comps, plus the time/gas $ just to get there, and work that into my fee formula, most clients don't want to pay that, because some appraiser will be glad to do it without driving comps, and no one ever slaps their wrist for doing that. So the competitive playing field is not quite level, but that's part of the game today.
 
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