Anyone getting these kinds of requests?

[Steer]

Aye, Aye, Aye...

I continue to see strange requests as the maket becomes more unstable. More requests for current lisintgs, even with good closed sales data, more requests for bracketing, etc.

I don't have a problem with those requests, but received one that I thought was strange.

"please provide a minimum of three land sales or tax assessment data, that supports any monetary adjustments made to the comparables.

Description of the land sales MUST include property address, number of acres for each sale, date of sale, distance from subject, sale price, price per acre, and how the adjustments are applied to the grid.

Oh, and by the way, "Where sales or tax data is not available to support a value adjustment, then make no adjustment to the excess/surplus land and make detailed comments in the grid."

Geeze, sounds like a seperate land appraisal to me.

Of course, it is for an AMC. :Eyecrazy:

What say you?

 

[Michael Tipton]

My thought would be to print out their "instructions" and retain in your work file.

Why not request a copy of this AMC employee's Maine Certified Appraisal License and evidence of their current E & O coverage. If they refuse to sign the report, don't forget to acknowledge their assistance with a comment in the report.

I forgot, I haven't written an AMC appraisal request since last summer.

J/K

 

[JRS at OBX]

Oh, and by the way, "Where sales or tax data is not available to support a value adjustment, then make no adjustment to the excess/surplus land and make detailed comments in the grid."

I guess they don't want your independent opinion of value anymore.

 

[Steer]

Michael,

I just may do that. Consider yourself fortunate to not be working with AMCs. If it wasn't for a very recent change in employment, I wouldn/t be working with these people anyway. I'm working on a regional client base now, but it takes some time to tap into clients here. Even if a person has performed many appraisals for the lender. Lists are pretty tough to get on now.

 

[Steer]

JRS,

It certainly seems that way. I actually got a order recently that said MLS photos are preferred. hehe

 

[Pamela Crowley (Florida)]

Oh, and by the way, "Where sales or tax data is not available to support a value adjustment, then make no adjustment to the excess/surplus land and make detailed comments in the grid."

Absolutely outrageous!!!!! :new_let_it_all_out::new_snipersmilie:

 

[Steer]

Paminator,

I know...it sometimes makes my skin crawl when the fax line rings now-a-days.
I would certainly be sending you an e-mail if anything more "interesting" comes through.

 

[Mike Boyd]

Sounds to me like they want you to demonstrate support for your adjustments you made for site size. Nasty......but reasonable.

 

[Kevin Mc]

Geeze, sounds like a seperate land appraisal to me.

Of course, it is for an AMC. :Eyecrazy:

What say you?

I say not a chance. Do you want an appraisal on the real property?, fine. Do you want a land appraisal?, fine. Do you want both on the same report?..... TELL THEM NO!

 

[David Beasley]

Sounds to me like they want you to demonstrate support for your adjustments you made for site size. Nasty......but reasonable.

The VA now requires land sale comps in cases where you have acreage that could be identified as excess or surplus by the market, to support your adjustments or lack thereof. No more time or no more fee allowed on top of the set timeliness and fee structures, but they added it to their Lender Handbook (our "VA" guidelines) as a requirement for 2008 forward. This initially came with guidance on completing a cost approach when necessary, "if you complete a cost approach, land comps are required to support the lot value given" but as of now, several reviewers have told me that adjustments "on acreage" need to be supported by land sale comps. So YMMV in your specific VA region.

I've been lucky, and only caught a few that have had above average lot sizes since the rule's inception, and for the most part, have been able to find comps that had similar acreage and function thus far. Had to find some land comps for 1 deal that was a DW + a rental SW on 10 acres - but I was already behind on the fee the instant that one hit the fax machine, so a few extra minutes in the MLS wasn't a biggie in that case and the land comps were nearby and only required a few extra minutes to view. Gotta love those, that the VA says is only worth a $350 fee when the same case for a local FNMA lender would've started at double that (a fee they wouldn't even have blinked at either). The buyers in that case got a HECKUVA deal on their appraisal fee IMO - but it could have been worse on my end. Could have had NO findable recent arms length sales, no similar land-sale comps, etc...Someone upstairs was looking out for me that week.