Always Bucking Traffic!

[Charlotte Dixon]

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!

 

[J. Parker Graham]

Hello Charlotte,

Builders enjoy giving out unverified data because some appraisers will actually use it.

A quick check at the municipal assessing office should have deed transfer records that would prove or dispute actual transfers. Some mortgage companys have usefull records also.

To wait till the end of the month for better data is a bad idea. Because the "better" data might never arive. An apprisal update could help later on, but not a delay rite now. Builders want to contoll the market place, with pet vendors, and in-house financing.

Have you ever noticed how many "expert unlicensed " appraisers there are out in this world that, "Know Value"

Do your job as you and only you know best. If you find that no one is listening - just stop talking but contiue writting. Save your field notes too. The realization will bite hard when the Vet tries to refinance the over priced sale. He will owe more than the current market value - then what ? The builder won't help out for a later refinancing.

Stick by your guns, and "Don't back down" , as per Tom Petty

I wish you the best, and I have been in your position before. Where did this american obsession for every thing new come from ?

J. Parker Graham