- Joined
- Jan 14, 2002
- Professional Status
- Licensed Appraiser
- State
- Nebraska
was asked to sign a "Property Qualification Certification Form"
some gobble-de-gook at the top but the problem part runs:
they posit the following definition:
Now on first glance this seems like a simple reworking of the cost approach, probabaly an attempt to insure that us evil appraisers don't sneak in any wells or ponds or ? into what they are willing to loan on....
But then: the depreciated dwelling value cost approach worked out in the appraisal probably won't exactly equal the 'contributory' as arrived at by this approach.
So then you either are (or are not) attributing a specific value to the improvements as a PART of the value equation which may not be accurate!?!?
or am I like the catapillar who walked jus fine til he thunk about it
:?
I am inclined to go ahead and fill it out because the loan can't close and its scheduled and blah blah blah... and everyone involved is whining 8O
by adding *Contributory Value of Dwelling
*By extraction using Lender Supplied Definitions and Formula
Is this sufficient to cover my rear 8O :? :?: :!:
Heeeelllppp?!!!
some gobble-de-gook at the top but the problem part runs:
they posit the following definition:
................................................................................."Dwelling" is defined as the basic residence structure (...) and all other attached components such as: Garages, porches and decks, but excluding the Site Land and all other Improvements, such as, detached garages/carports, detached storage buildings, pools wells, septic systems, driveways, landscaping etc are considered to be the "Site".
Then run on to this equation:
Dwelling value: As per the Uniform Residential Appraisal (Form 1004) the contributory value of the "Dwelling" portion of the subject property is determined to be:
Overall Value Estimate: $zzz,000
Less contributory Value of Land $
Less All other Improvements Value $............
Contributory Value of Dwelling: ____$___________
Now on first glance this seems like a simple reworking of the cost approach, probabaly an attempt to insure that us evil appraisers don't sneak in any wells or ponds or ? into what they are willing to loan on....
But then: the depreciated dwelling value cost approach worked out in the appraisal probably won't exactly equal the 'contributory' as arrived at by this approach.
So then you either are (or are not) attributing a specific value to the improvements as a PART of the value equation which may not be accurate!?!?
or am I like the catapillar who walked jus fine til he thunk about it
I am inclined to go ahead and fill it out because the loan can't close and its scheduled and blah blah blah... and everyone involved is whining 8O
by adding *Contributory Value of Dwelling
*By extraction using Lender Supplied Definitions and Formula
Is this sufficient to cover my rear 8O :? :?: :!:
Heeeelllppp?!!!