Assessor Data And Fannie Mae Collateral Underwriter

[Peter LeQuire]

My real name is Greg Boyd. AR029163

No. Really. What is your REAL name? Nobody uses their real name on this forum.

 

[CANative]

It's very difficult to deconstruct your rambling and misinformed posts Amy. Well, it's not that difficult it's just time consuming.

You do realize that in California the assessed value is based on the last purchase price (unless the assessor doesn't accept that price which happens from time to time.) If the property has not changed since the last purchase then the value on the role is $zzz,zzz regardless of what is on the property. That stays with the property forever with only the statutory 2% upward factoring (with th4e exception of years in which the CPI results in a lower amount.)

Your property would sell for the same price to a buyer regardless of what the assessor ticks off on the use code box. It functions as a two unit small income property and that's what a buyer would see. The value is not affected by the form the appraiser uses.

 

[CANative]

No. Really. What is your REAL name? Nobody uses their real name on this forum.

I did for many years. But my tax work involves a lot of high profile, high dollar property all over the State and I don't want anyone finding my posts on this forum in some sort of discovery process. Also, my "bosses" are tech savvy kids (to me people in their 30's are kids) and they found me goofing off too much on the forum using a name search on the interweb.

 

[huntercharlie]

It's very difficult to deconstruct your rambling and misinformed posts Amy. Well, it's not that difficult it's just time consuming.

You do realize that in California the assessed value is based on the last purchase price (unless the assessor doesn't accept that price which happens from time to time.) If the property has not changed since the last purchase then the value on the role is $zzz,zzz regardless of what is on the property. That stays with the property forever with only the statutory 2% upward factoring (with th4e exception of years in which the CPI results in a lower amount.)

Your property would sell for the same price to a buyer regardless of what the assessor ticks off on the use code box. It functions as a two unit small income property and that's what a buyer would see. The value is not affected by the form the appraiser uses.

I would also add (I worked in our Assessor's Office for all of five days and but couldn't take it) those use codes, at least in my county, are all "bleeped" up, so I would give them almost no consideration. Additionally, the assessor doesn't really care if improvements were done with or without permits. If it exists, they assess it, permits or no permits.

 

[Amy Perkins]

Maybe you didn't read the entire thing. I had a job and because of how the assessor had it classified, they wanted to order a 1004. The assessor knew that it was two units and wouldn't change the code because they are lazy. The lender wanted me to appraise it as a 1004 and I told them it needed a 1025. They cancelled the order.

The assessor also classifies manufactured homes as single-family residences and some two unit properties as single family. They end up selling for more money because the records states single-family. I had a refinance that was a manufactured home and the guy didn't know it until he found the tags in the closet. He didn't have much recourse, as he purchased it as an REO

 

[Amy Perkins]

I understand Prop 13, it's just when properties are misidentified, it can affect value and price. It also affects risk and insurance. The assessor data gets into the record because it is the source, but it is very unreliable and we get judged by that in review because of Fannie Mae CU.

 

[Deleted member 77547]

Generally speaking, counties classify properties for assessment purposes and there are subcategories under main categories. If a property is classified as a single family, for example, and is a manufactured home, it might be listed as single family code with a subcategory code of manufactured home.

As another example, a property with two houses on one lot falls under single family coding but has a sub-code if you will, and is taxed differently than a property with only one home.

Regardless of how it's classified or labeled by a taxing body, it's up to the appraiser to understand what is being appraised and appraise it accordingly. Again, properties are classified for tax purposes, not the convenience of appraisers, lenders and Fannie. If the property is categorized as a single family by the assessor and it's a manufactured home I would hope the appraiser would explain that in the report that is under CU scrutiny.

Read up a bit on mass appraisal techniques, valuation models, and property tax classification, which may bring some clarity rather than judgement about assessors being lazy and unwilling to change classifications.

When people buy properties, it's up to them to understand what they are buying. Caveat emptor.

 

[EddieB]

Let me try. The Assessor could label a structure as a cow and tax as livestock but that doesn't mean you should try to milk it.

 

[Dublin ohio]

Let me try. The Assessor could label a structure as a cow and tax as livestock but that doesn't mean you should try to milk it.

Good analogy. But I do not think Amy will get it. Bottom line. Whatever you are appraising. It is what it is. No matter what the Assessor calls it. It does not change what it is. Amy, You talk about comparing apples to oranges. A legal single family property is a residential property. A legal single family with a legal ADU is still a residential property. One is an apple. One is an orange.. But they are both a fruit. I do not know how it is in CA. But in Ohio. Property classification and use code are not always the same. You could have a commercial zoned property still used as a residence. Thus, property class=commercial. Land use=510-residential or property class=residential. Land use=520-2 family. I find it very hard to believe that your client would purposely be involved in what on the surface appears to be blatant fraud. For the property your are describing to be appraised for anything other than it is would probably require collusion by all parties involved. Lender, title co., appraiser, insurance agent and property owner. Do your clients also use Assessor records for GLA. If so. When was the last time a client told you not to use your measured GLA and instead use Assessor GLA. Have had numerous disagreements with various clients over the past 23 years about what a property is or is not. Never had one disagree when I provided documentation or photos of property showing what I was telling them was correct. I just cannot believe that your client ignored the facts of what the property was just because of Assessor records. I could be wrong. If I am. I am very happy that I obviously do not work with your choice of clients. You said your client cancelled the order. Do you know if someone else appraised it on a 1004 or are you just assuming they did. Maybe the order was cancelled because it was no longer eligible for the same financing terms or program.

 

[Deleted member 77547]

Let me try. The Assessor could label a structure as a cow and tax as livestock but that doesn't mean you should try to milk it.

Succinct