Bamm, Bamm, Bamm....

[G-man]

Bamm, Bamm, Bamm, Achooo!, Bamm, Bamm, Bamm, Bamm, Achooo!, Bamm, Bamm, Bamm, Bamm, Achoo!, Bamm, Bamm, Bamm, Achoo!
Just sitting at my desk, with a real nasty head cold, banging my head due to more stips from silly underwriters. You would think if I had better comps than what I provided I would have used them, 'cause God knows I just love to drive 80+ miles all over some rural county looking for the perfect comp to NOT use. Of course, new construction, one story homes on 20+ acres are a dime a dozen around these parts :roll: . Guess I will try finding some older comps that meet this underwriters stipulations. Oh well, whats a few more miles on the car. :wink: Hope everyone else is having a better weekend than me. Achoo!

 

[Mike Garrett RAA]

Same stuff....different week!

 

[Richard Carlsen]

Actually, it was not a bad weekend. Got to sleep in until 6am both days, watched a couple of good fishing shows Saturday morning, fell asleep in my chair in the living room that was bathed in bright sunlight (sun attack I think), took the dogs for a walk, placed an order with Cabela's (Canada fishing trip is nearly ready) and moused around scanning some of my dad's old WWII army pictures. Oh yes, and I disassembled a big wooden deck and removed it from the office. Not a bad weekend. We did not work on one appraisal all weekend!

G'....two things you might want to consider doing.

#1 Stay away from little kids if you can. Kids of any age are harbingers of infectious diseases like your head cold. If you have to go into house with little kids, carry a bottle of that liquid waterless hand cleaner in your car to use when you leave. I do my hands, steering wheel, pens, etc. I've had far fewer colds etc. the past three years than ever before.

#2 If you do a rural house or one that requires exceeding the guidelines, put in a 4th comp! It usually does not matter if the gross adjustment is 45%; it seems that this demonstrates that you tried to support the market levels with additional comps. I understand what you mean by looking all over for an additional comp. Same in my market. But the addition of the 4th and sometimes even a 5th comp, no matter where it is tells the UW that what they have is the best they will get. I use phrases like this in the Comments on the Sales Comparison section when the comps are scattered:

<span style='color:darkred'>"DUE TO THE LIMITED NUMBER OF SALES, NO TRUE COMP FROM THE IMMEDIATE NEIGHBORHOOD IS KNOWN. COMPS SELECTED ARE ALL FROM THE SAME GENERAL MARKET AREA. THEY HAVE VERY SIMILAR UTILITY AND OVERALL MARKET APPEAL. AS SUPPORT OF MARKET LEVELS ADDITIONAL COMPS ARE INCLUDED IN THE SALES GRID."</span>

And I sum up that section with this phrases:

<span style='color:darkred'>"COMPS MAY UNAVOIDABLY EXCEED CERTAIN GUIDELINES BUT ARE CONSIDERED ADEQUATE TO REASONABLY ESTIMATE SUBJECT'S VALUE IN THE SUBJECT'S LOW DENSITY MARKET."</span>

These phrases tell the UW a lot about the market, what you had to do for comps and what your confidence level is using these comps.

Hope this helps a little with the UW. Sorry but the cold is up to you to handle. Take care and don't get run down.

 

[Terrel L. Shields]

I warned the client that a metal building made into a house (quite nice enough) was going to be hard to comp. very hard. But the 1200 SF dwelling on 10 ac. did have a comp of 1200 SF, 3 yr old vs 1, 3 miles away on 6 acres. WOW! Dead ringer. Only problem was it sold 14 mo. before. Comp 2 was 10 mi. away and 2400+ SF on 20 acres. worth twice the subject. Comp 3 had lake view and was 1800 SF on small tract but worth more as land and house was very nice...also worth about twice subject.

The key comp (1) was rejected by the UWs as TOO OLD and they wanted a fourth comp. I said no. Comp 1 was the BEST comp and I would not replace it regardless what happens...it was too close in age, size, and location. They have spent 2 weeks trying to locate me a 4th comp..called all the sheet metal places (we have 4 large sheet metal suppliers and 3 truss builders in the area who erect kits, barns, etc.) Nada. Several had shop buildings or mother in laws, but another house too. Erected kits on vacant land were no gos...the MH trick.

Talk about annoyed. They were forewarned before we ever sit foot on the property....NO COMPS, certainly none in excess. I have even had one of the borrowers parents corner me! Geez. Back off! I told the truth. There might be a private sale in some obscure corner of the area, but where?
ter

 

[Blue1]

Told one UW...."Why I NEVER use the best comps. I reserve those for the really GOOD appraisals!" She chuckled.......but........still wanted one more comp. She said "It doesn't matter how far away we just need a more recent sale." I said...."Well then it wouldn't be a COMP would it?" She said......."We still need it." SHHEEEEEEEEEESH!

 

[G-man]

Richard, thanks for the advice. I will desperately try to stay away from my three year old....darn, too late! She's got my cold as well .

As far as the comping issue goes, I was a very nice appraiser and provided four comps that bracketed the subject quiet nicely, I even found one on 18.5 acres to prove value on a large homesite. All to no avail :x .
I guess five comps will prove something that four just didn't do :roll: . Hope this gal likes older comps, cause that's all I could find that I didn't use. I am bracing for the call, "NO, we want current comps!" . :2gunfire: Some days I wish I could tell these idiots where to take a leap from :twisted: , it would at least alleviate these wonderful cold symptoms for awhile. :wink:
I also give a few statements regarding distance of comps, not everything is in cookie cutter subdivisions and so forth. All, apparently went unread.
Such is life of an appraiser.

P.S. Cabela rocks! My three year old LOVES all the stuffed animals. Just so I don't have to explain they are all dead. Some things are better left unsaid. :!:

 

[Mike Simpson]

I've been up ALL NIGHT--damn neighbors dog!!! Why is it they seem to be able to sleep through the thing barking at the stars for 6 hours straight??? It's true what they say about the French...they're extremely rude...idiot's got chickens on a 9,000 SF site in downtown Urbania (hard enough to sleep w/all the sirens). I'm given serious consideration to startin a Vietnamese Restaurant!!!

I'll trade ya a cold for a few hours sleep.

-Mike

 

[Terrel L. Shields]

Cabela rocks!

2nd leading tourist attraction in Nebraska is the main store. I can believe it even if it is sitting in the middle of West Nebraska miles from anywhere.

We have some Laotians moving in, Mike. Maybe we can loan you a few and cure both the chicken and dog problem. My dad's cousin, an old POW in WWII, said puppies are much better than a lot of things he ate.

In our area, some Mexicans caused a near riot when they butchered a goat off the tailgate of a pickup over the street drain in a suburban subdivision. And if you have ever heard a goat when it just had its throat cut........

 

[Mike Simpson]

Terrel-

I worked in Japan for a while. After a couple weeks of eating the meat sandwiches I noticed my fellow burley construction workers were eating the cucumber sandwiches instead. I had to ask...turns out my delicious meals were HORSE!!! I came back a scarecrow...just got tired of chasing my meals, and freeze dried Cuttlefish is not a snack in my book!

-Mike