Another "paired" appraisal allegation, Seattle

[George Hatch]

Uhh, the $705k sale is also on the same block - 200ft west of the subject.

 

[Joe Flacco]

Uhh, the $705k sale is also on the same block - 200ft west of the subject.

No it's not. It's a ugly house and it's not one of those deeper lots I squared out for you in the map.

 

[George Hatch]

The 2nd lot is a WIDER lot which actually has better lot utility. That's how they got the garage and driveway on it.

There's an 800sf difference in the size of these two rear yards. (I measured them) These are entry level homes for the area.

 

[Terrel L. Shields]

the first rule for adjustments is to pick the comps that are as similar as possible

USPAP requires that we may have to deal with the negative as well...Yes, we have no bananas today. So any close sale should be reported and if not a good comp, explained why it was not used. Borrowers only look at price, not size, age, condition so much.
Are we catching a falling knife?

It is in this range.

Considering the range of sizes, I would aver that the bulk of the value is in the land. Between 860 and 2,120 is a huge gap size wise. Personally I prefer to stay within 20% of my subject size, 10% if possible.

 

[Joe Flacco]

Considering the range of sizes, I would aver that the bulk of the value is in the land. Between 860 and 2,120 is a huge gap size wise. Personally I prefer to stay within 20% of my subject size, 10% if possible.

You are correct. Bulk of the value is the land. The Clarks house, the $1.1 million house, and the $780k house are similar size houses. The middle two houses at $800k and $860k are 40% smaller houses. Data shows adjustment between needs updating and renovated is about $300k assuming no market conditions adjustments to 2021 sales. Smaller condition adjustment depending on if there are market conditions adjustments.

 

[Joe Flacco]

The 2nd lot is a WIDER lot which actually has better lot utility. That's how they got the garage and driveway on it.

There's an 800sf difference in the size of these two rear yards. (I measured them) These are entry level homes for the area.

Let's just make this simple. I showed you which four sales I would pick and explained why. Now you post the four sales you would pick and explain why.

 

[CGinMN]

I think arguing which value is more credible is pointless because we don't have enough to go on. There's no actual complaint, only advocacy journalism with cherry-picked facts. Was one of the loans FHA that was completed subject to? I think I see one of the appraisals has an FHA number, and I def see some peeling paint. Plus they said when the first appraiser came out the home was in the middle of a remodel. A screenshot of the video shows one of the appraisals was done as of November 1, 2021, but the story said it was from April. What is going on here? The timeline and screenshots don't make sense. It could be apples and oranges or smoke and mirrors for all we know. The first appraiser apparently found three comps in Hillman City, Rainier Beach, and Genesee Park, none from within the immediate area. If true, not good... unless it was actually a C5 because it was all torn up and wouldn't appeal to an owner-occupant buyer.

The fact that there's not a lawsuit might be the tell this is all a "story," the whole point of which is the last 15 seconds of the video... to collect more stories.

 

[Dublin ohio]

From this photo. It seems that the subject's lot may have a somewhat limited utility. It appears to drop off in the rear. Not exactly an ideal "playground".

 

[CGinMN]

It is impossible to convince me that these sales are not the best indicators of value.

Same location
Same lots
Homes styles with similar apppeal
Range from bad condition to good condition

It is in this range.

One of the reports shows the GLA to be 1,004sf, but the county has it at 1,350sf. Probably an ANSI issue when you look at the pics. Basement is only partial with 424sf, and with the laundry on the main floor I'm betting the basement wasn't the kind you'd be able to finish. It is not shown in the old MLS because it probably doesn't have much utility.

I think these sales are all superior. The lowest sale, 3537 S Bennett has great upside to an investor. The 1320sf is all on the main floor, nice fishable basement, extended garage. It could be $1.1m after a rehab, I don't think the Clark's could get there because of the basement and parking issue.

 

[Dublin ohio]

One of the reports shows the GLA to be 1,004sf, but the county has it at 1,350sf. Probably an ANSI issue when you look at the pics.

I would have to agree with the ANSI issue. Second floor ceiling look like they are maybe 7'at the center of the rooms. If you freeze the video at about 3 min 12 sec and go to full screen mode. You can pretty much make out the comments under condition of improvements. It is obviously from the second appraisal. Since the file number and FHA case# are the same as the map page they show for the second appraisal. The second appraiser says it is a 6/3/1.1, 1004 sf in C4 condition. Appears the bath update consists of new flooring and wainscot. Earlier in the video. They show a cover page from an appraisal done in 2021 next to the first page of the second appraisal. Which was obviously done sometime after February of 2022. So was the first appraisal done in 2021.