- Jan 16, 2002
- Professional Status
- Certified Residential Appraiser
Completed a new construction V.A. appraisal and found there were no current new construction sales in that subdivision. I utilized resales in there and in another similar subdivision. Estimated value was a little short of contract price. Builder jumped up and down and faxed 2 settlement sheets of new constructions in there that settled a couple months ago....but, cut and pasted to omit closing costs paid by builder. Seems this story keeps replaying itself in my office. This is the second case of this kind within 6 weeks here. Of course, I didn't accept those sales. Now, two more settlement sheets have been sent by the builder, all intact, But these sales occurred 10 days after the inspection date of the subject property. Properties were not multi-listed and of course, not yet recorded. I guess if we wait long enough something will eventually settle to increase a value. V.A. says ... use them. There's the rub. Now I'm being criticized for jumping the gun. My turnaround was 2 days and the builder says I rushed it and didn't wait until the end of the month for new data to occur. Do any of you ever feel we are not relevent? It appears to me these builders push the envelope until they get what they want. We can talk USPAP and right/wrong all day long, but when it comes to being in the trenches we are constantly being tested. To me, resales are a better indicator of market conditions, but these new construction sales are being pushed on me from all sides. To me, it's just "order taking." Sheriff sales have already started in that new subdivison, but nobody listens. The V.A. wants less grief, the builder wants to unload these new units fast, the lender wants to get the loan through, the veteran wants that house bad, and to hell with what the appraiser says. I am just getting tired of bucking traffic!