Appropriate Or Inappropraite Review Question?

[Joyce Potts]

In some cases, the final value conclusion may exceed the adjusted comparable 'range' in the Sales Comparison Approach with the Competitive Listings Analysis or Pending Sales given equal or more weight per reasonable 'client assignment conditions and guidance' as to transitioning or fluctuating markets.

Regardless of the subject property being an REO/Bank Owned or Short Sale, this appraisal is in compliance with the definition of Market Value set out in the Limiting Condition and Certification section. Per Fannie Mae's reasonable client assignment condition, the purpose of the appraisal is to provide the subject's most probable selling price pursuant to the definition of Market Value, both 'AS IS and AS REPAIRED' within a 90-120 day marketing time, and not 'liquidation value'. Use of distressed sales is not preferred, however, in cases where there are no other suitable arm's-length properties available, the Appraiser(s) may have no alternative but to use a distressed sale and if the market data suggests a 'distressed sale' adjustment is needed to bring its adjusted value in line with the arm's-length data, the adjustment is deemed warranted and supported.

 

[glenn walker]

In some cases, the final value conclusion may exceed the adjusted comparable 'range' in the Sales Comparison Approach with the Competitive Listings Analysis or Pending Sales given equal or more weight per reasonable 'client assignment conditions and guidance' as to transitioning or fluctuating markets.

Regardless of the subject property being an REO/Bank Owned or Short Sale, this appraisal is in compliance with the definition of Market Value set out in the Limiting Condition and Certification section. Per Fannie Mae's reasonable client assignment condition, the purpose of the appraisal is to provide the subject's most probable selling price pursuant to the definition of Market Value, both 'AS IS and AS REPAIRED' within a 90-120 day marketing time, and not 'liquidation value'. Use of distressed sales is not preferred, however, in cases where there are no other suitable arm's-length properties available, the Appraiser(s) may have no alternative but to use a distressed sale and if the market data suggests a 'distressed sale' adjustment is needed to bring its adjusted value in line with the arm's-length data, the adjustment is deemed warranted and supported.

OK I can live with that- I guess I get wonky recuse a large part of my mothers side were " POTTS mostly from Ohio- PA and Beaver County PA -- Please don't say that is were your people are from because those women were bad *** women : ) LOL

 

[Joyce Potts]

OK I can live with that- I guess I get wonky recuse a large part of my mothers side were " POTTS mostly from Ohio- PA and Beaver County PA -- Please don't say that is were your people are from because those women were bad *** women : ) LOL

I married a Potts - yes, who's father was from Ohio. My husband, however, was born and raised in Orlando. My husband never new his father until he was 18 years old. The only time we went to his father's home town of Aliquippa / East LIverpool was for his funeral 40 years ago. That said, both of my parents (Jenkins/Williams) were from New Castle, PA. I was born and grew up on D.C., came to college in Florida in the 70's and never left. Every family has their 50 shades of sheep.

Back to FNMA - I got so tired of the conflicting guidance based on the yearly REO meetings for FNMA I finally decided to take what I thought made and sense and what I could live with. IMO, which is worthless, why Freddie/HECM won't sell a property for a penny less than the list price based on the appraisals and/or BPO's is insane and a total waste of taxpayer money. Therefore, I do HECM's much differently than the Fannie REO's. Not to mention that I can see a complete abuse by appraisers to over value HECM's, because in 30 days they get to cha-ching another appraisal. Hopefully, the new sheriff in town will get around to the Fannie Mae problem.