1004MC Question

[Vermonter]

So which is the market trend, the data in the 1004MC and at the top of page 2? or the data (not arguing the point, trust me; just passing on copious time with UW's from AMCs) that you would include as an extension of market on page 1? Remember, the essence of the UAD, etc. is to reduce the work for appraisers, especially since "so much of the data is now available to appraisers" by automated companies and even other resources the names of which the AMCs constantly provide because that is "what the banks want".

Always Page 1....the 1004MC and top of page 2 may or may not concur with page 1.

 

[Lee Lansford]

If I used some of the stringent, narrow search criteria designed to match the subject exactly, as some of you appear to do, I would have an extremely small data set of properties to work with....... Not so good for concluding trends....

...

The data populating the 1004MC--if done properly--does not necessarily result in credible support for identifying trends. That's the way it goes.

In these instances, and Fannie has stated this, the appraiser is obligated to get a bit more 'macro' (vs. the 'micro' of the 1004MC) in the research and analysis of the market.

Specifically, the appraiser is NOT to expand search parameters to include properties that are not market substitutes for the subject for the sole purpose of populating the 1004MC.

 

[Lee Lansford]

,,,

Therefore, no eliminate discussions with the "UW's," unless the home is exactly like the subject, it is not considered comparable or competitive because they do not include ranges of features and pricing.

I have yet to encounter what you describe as being an appraisal "challenge".

In my report of the appraisal, I describe (as part of my explanation of the SOW) my criteria for market substitutes (and this does NOT include everything located within a mile of the subject ) for the subject. When and where these are in limited numbers (which is not at all unusual), and I can't offer an opinion of value lacking 'comps', the appraisal will include lesser 'comps' (appropriately identified as improved properties which are the best available for analysis--and these are NOT included in the 1004MC).

 

[VolcanoLvr]

The great fallacy of the MC Form believed by far too many people is that it is a credible document to derive statistical trends.

It is not.

Plain and simple.

 

[Webbed Feet]

The 1004MC isn't credible document for anything. The check boxes on the right hand side are nothing but lies and innuendo.