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Bedroom Request

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Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Just had another (what I consider to be) STUPID request......"Please provide 2 bedroom comparable as the subject is 2 bedroom." Well........The comparables are similar GLA, built by the same contractor, SAME design/appeal, built within 2 years of each other, are either on the same street or 1 block over....yadda, yadda, yadda. Only difference....subject has a 'Den' (room w/no closet) of course I 'xplained it all in the report......Told them to READ it.....They said they did.....Still need 1 more comp :angry:

So......Should I tell 'em to 'read it and weep' or should I provide a 2 bedroom 'comp' from an entirely different area?

P.S. There ARE 2 bedroom homes in the area but none have sold in the past couple of years, none are listed, etc.

Do I die on this hill?
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
There ARE 2 bedroom homes in the area but none have sold in the past couple of years, none are listed, etc.

Write that and add a 2 bedroom comp from some other area.

Start this additional comp addendum with:

09/04/2003: Per the request of the underwriter, a 4th sale with 2 legal bedrooms is being provided, but no weight is given to this sale in the Appraiser's Opinion of the subject market value.

Remember to adjust you invoice for this additional sale by at least $50.

:rofl:
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Sorry, but it is a kind of an unwritten rule around here that if you have a two bedroom home then you better have at least two comps with two bedrooms. Underwriters have always asked for it, so we avoid the issue by doing so every time unless it is impossible. Typically, it is harder to sell a two bedroom home in this area, unless it is an older neighborhood where they are typical.
 

TC

Elite Member
Gold Supporting Member
Joined
Jan 31, 2002
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Dig around, even if the comp is over 1 year, use it as a 4th. Mention listings of 2 br homes. Sounds like the UW knows what she/he is talking about.

TC
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Do I die on this hill?
Bruce, I don't think that's big enough to start a war. I'd just include another 2BR comp, state that it is there for the benifit of the underwriter, and it's given no weight.... then move on.
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Blue,

When I first read your topic title I was all excited and thought that I was going to be able to put on my Dr. Ruth Westheimer hat to help you out. Alas, it doesn't appear that your problem is as bad as I had imagined.
Okay, okay....I'll admit it....I'm disappointed. ;) :lol:

Like Tim, I always have at least one comp with similar bedroom count or it's almost certain that a request will come. You might want to double check with the listing realtors on the 3-bedroom comps and make sure they didn't fudge the bedroom counts in MLS when they are in fact just like your subject. We get a lot of that here.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Another fine case of BS! If the comps have the same GLA and are three bedrooms and your subject has two bedrooms and a den in lieu of the 3rd bedroom what is their problem? Just explain, explain, explain. Talk about recto-cranial inversion!
 

liznindy

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Indiana
Explain that the subject has two bedrooms and a DEN which could be utilized as a third bedroom with the use of a freestanding wardrobe (or construction of a closet) and thus has similar market appeal as the three bedroom comparables utilized. (How's that for a run-on sentence?) :D

If indeed this is the case!
 

Steve Owen

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Missouri
and your subject has two bedrooms and a den in lieu of the 3rd bedroom what is their problem?

That's absolutely true in my market. There are a lot of players in the market who would prefer the den over an extra bedroom, so bedroom count has no effect on marketability. My comment on this reads something like: Repeated analysis indicates that there is no difference in marketability for owner occupied single family homes with this design and style in this price range between two bedroom and three bedroom homes. (Beat your run-on sentence, Liz :rofl: ) You could also comment that the den could be a third bedroom and refer them to the floor plan.

Of course, all of that changes (in my market) if the property is a rental. The third bedroom in that case equates to some extra rent and affects value. It can also be different in certain lower segments of the market where kids are often sleeping in rooms that are not bedrooms. In that case, the extra bedroom could have an effect on value or marketability.

All of that being said, I usually try to give them a two-bedroom comp. It just makes life easier. Living with dumb UW's is just part of the deal here.
 

Ghost Rider

Senior Member
Joined
Apr 27, 2003
Professional Status
Banking/Mortgage Industry
State
Connecticut
I'll take a slightly different tact on this.....

How about you change the report, call the subject dwelling a 3 bedroom, and make it subject to installation of a closet in the former "den"??

Sure fixes all the problems the UW might have.

As far as the comment of a "dumb underwriter", I don't think thats really fair in this case. No matter how well explained it is in the report that the lack of a third bedroom has no affect on the marketability of the subject property as compared to 3 bedrooms, then it would look VERY fishy to not see a 2 bedroom. If they are similiarly marketable, then why wasn't one provided as a comparable?? While I see both sides of the argument, I will go the extra step to find a 2 bedroom in these cases, even if it is out of the neighborhood, and added as a 4th comp with no weight, it's in the report.
 
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