$25,000 Adjustment for EV Charger

[ZZGAMAZZ]

Ridiculous adjustment - sounds like value pushing.

Reminds me that I've been meaning to ask whether peers take the word of a borrower who describes a solar system as fully-owned, etc?

 

[J Grant]

Reminds me that I've been meaning to ask whether peers take the word of a borrower who describes a solar system as fully-owned, etc?

yes

 

[Dublin ohio]

Reminds me that I've been meaning to ask whether peers take the word of a borrower who describes a solar system as fully-owned, etc?

I always check for a UCC filing. Trust but verify

 

[John Hassler]

This isn't worth state intervention, not even to make a phone call. It's just an adjustment.

A note from a reviewer or from the lender would be sufficient

There would be much less need for state intervention if AMC/Lenders did their job of vetting appraisers or took the time to contact the appraiser on these situations. Because of this, the state gets stuck doing it for them.

I have a lot of latitude for adjustments but there is a limit. Also, I’m not a fan of malleable appraisers who “make the deal work.” If the adjustment in question were as described and the licensee was not even remotely able to support their position it would likely be an action more than a “tune up” phone call. An 8% “error” may not be very relevant to the security for a loan but it’s big when we’re talking overpayment of buyer’s acquisition cost, or division of assets for dissolution or between heirs.

 

[eskayenterprises47]

Sounds like the report that I just finished. How did you get it so quickly?

I used a comp just becuse it had solar panels to avoid across the board adjustments and to support it marketability. Don't you love it when we use stupid sales just for bracketing or to include a sale with a similar feature?

Perfect example when using a comp sale with a similar feature goes wrong. Can't die on every hill. Sometimes we just have to do stupid things just to keep our sanity


Welcome to checklist, comment on this mortgage appraising world.

I included matched paired and the actual sales that I used with their closing prices in the report. $20k solar panel adjustment for a $80k system 1.6 mill home. 2 year old system. They had ev chargers 5000 sqft home...avg $100 month bill. Typical bill $500 month.

Seems to me they were target practicing and they need more practice......

Back in around 2022 when tesla and solar panels were the it things, I had a comp with tesla solar, tesla ev charger etc. Sold 70k above. Paying for the name. Atypical situation....fan boy comp. People love to show me the app lol.

Interesting reply.....and I agree on all counts. Question I have is.....how often do you actually adjust for solar panels? In some cases they're leased and some they are owned. I only make adjustments if they are owned outright.

 

[eskayenterprises47]

Sounds like the report that I just finished. How did you get it so quickly?

I used a comp just becuse it had solar panels to avoid across the board adjustments and to support it marketability. Don't you love it when we use stupid sales just for bracketing or to include a sale with a similar feature?

Perfect example when using a comp sale with a similar feature goes wrong. Can't die on every hill. Sometimes we just have to do stupid things just to keep our sanity


Welcome to checklist, comment on this mortgage appraising world.

I included matched paired and the actual sales that I used with their closing prices in the report. $20k solar panel adjustment for a $80k system 1.6 mill home. 2 year old system. They had ev chargers 5000 sqft home...avg $100 month bill. Typical bill $500 month.

Seems to me they were target practicing and they need more practice......

Back in around 2022 when tesla and solar panels were the it things, I had a comp with tesla solar, tesla ev charger etc. Sold 70k above. Paying for the name. Atypical situation....fan boy comp. People love to show me the app lol.

And on another note I would like your opinion on something. I'm a certified residential appraiser here in NJ. I haven't had to go down this road as of yet but have you ever had to consider making an adjustment for a whole house generator? In my neck of the woods we seem to be losing power for stretches of time more than usual and it may/may not become something to make a line item for. I know they can cost around $5,000-$10,000 to connect to the home while independent ones used to be around $1,000......not sure what they cost now. As far as contributory value which is the real question here......what do you think? Thanks in advance and to anyone else who would like to weigh in.

 

[Fernando]

If you believe the adjustment was unwarranted and effectively done to hit the contract price, I would encourage you (if you don’t have the legal obligation to) send the report to the state. At a minimum I would expect the state to have a “chat” with the licensee. Alternatively, the licensee could already have priors or be on probation and this is one bridge too far.

This is not directed at you, but as a prior regulator it bothers me when someone complains state enforcement is ineffective yet will not file a complaint.

Is it true if you send a complaint on another appraiser, the state will put burden on you to prove the accusation you are making. Even on this thread, there are differences in opinion.

 

[John Hassler]

Is it true if you send a complaint on another appraiser, the state will put burden on you to prove the accusation you are making. Even on this thread, there are differences in opinion.

Nope, not your burden. You do need to identify the reason you are filing a complaint. That said, the state is more than happy to look at any information you may wish to provide.

 

[John Hassler]

There has been reference to using Reconciliation to resolve issues like the OP’s. That would be inappropriate. Your Reconciliation is to opine on the quality and quantity of the data you used in an approach. It’s one of the best and most underused tools you have but it is not meant to be used as a coverup for weakness in an appraiser’s skill set such as how to calculate an adjustment for (insert: GLA, bedroom, view, solar, ev charger, etc.)

 

[sputnam]

As always, adjustments should be extracted from market data.