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BUT it was supposed to close tomorrow: I have HAD it!!!

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Farm Gal

Thread Starter
Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
The names have been changed to protect the innocent - but feel FREE to copy and paste this into the next panicked "But we were supposed to close tomorrow and the underwriter won't accept the appraisal done by the appraiser you recommended to us - so you gotta do an appraisal for me NOW" 8O .

NOT :evil:

I suspect the reason there were no more proximate or timely comps used is that THERE WERE NO MORE PROXIMATE OR TIMELY COMPS AVAILABLE. I suggest you refer your UW to the comments Ms. XXXX undoubtedly used in her report/explanation or ask her to further expound on the reasons why no more proximate or timely comps were available, if she failed to fully explain the situation (which I sincerely doubt). I do not have possession of her report and have not done a review: but based on my knowledge of the area if she found ONE "good/true" comparable within 25 miles of the property you describe: an YYYY area earth contact home valued in excess of $200,000, I am pleasantly surprised.

A brief search of the {local} MLS dated back to 1/1/2001 revealed exactly 4 potential comparable sales within the 1 primary and 4 partial COUNTY regions primarily covered by the {local} MLS. Of these, only 2 were located in the subject county. There were only 3 sales of ranch homes sans basements within the $193,500 to $241,500 range in the immediate area since 1/1/2001 - none of which sales occurred in 2002. (Another way to find fairly similar homes - and the occasional agents 'get-around' for earthberms is ranches minus basemnts...) I have done no research on the subject at all or in depth analysis of potential comparables than as described earthberm/potential earth contact homes in the multi county area, but the findings do not surprise me at all. This is NOT an appraisal!

Fannie Mae does not REQUIRE compliance with time/proximity guidelines when the comparables are not available, merely an explanation as to WHY they were unavailable. These are not REQUIREMENTS, but guidelines, and every property out there does not fit neatly within preferences for bracketing! Short of building, ageing, marketing and actually SELLING a similar home, there were in all likelihood no better sales than those she used.

I happen to beleive {so and so} to be one of the most ethical appraisers I know.

I suggest you educate your underwriter: you have my express permission to forward this response to him/her!

If you do need a review or another appraisal I am sorry to say we cannot accommodate you until after mid-January. We are fully booked through that date. Please keep us in mind in the future when you have a less pressing need. Feel free to compensate me for my time in doing this brief research on your behalf.


:2gunfire: IDIOTS!!! :multi: :bad-words: :agrue: :eek:nfire:

and now back to our former station: paying copy :angel:
 

Dave Smith

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Wisconsin
Lee Ann:

Now is as good a time as any to share the opening paragraph I use in the Sales Comparison Comments section of most of my reports. I doubt the UW's will read it. They never read the comments anyway.

"Why weren't better and closer comparables used in this report? Because the low density, suburban, small town market characteristics of northern Door County results in limited numbers of comparable sales in any given price range during any one year when compared to more metropolitan markets. Therefore, good, nearby comparable sales that are similar in design are hard to come by because they are few and far between. However, the sales used in this report are the best and most recent sales of properties that are reasonably similar and proximate to the subject. Any deviations from generally recognized appraisal guidelines with respect to gross and net adjustment amounts or distances between the subject and the comps are due to the market characteristics and the limited sales data available, not to a lack of awareness of the guidelines on the part of the undersigned."

Merry Christmas to all. :D
 

xmrdfghap

Senior Member
Joined
Jan 15, 2002
Professional Status
General Public
State
Florida
Lee Ann, think maybe some of these requests come from clerks who are being hired to transcribe data from reports to AVM's and the system is inflexible enough cause problems? I have often wondered about UW's who supposedly fund these extraordinary properties and yet expect everything to fit a predetermined slot.....makes me wonder it it isn't the slots that are the problem, and if they are the problem what the slots are really used for......
 

Francois K. Gregoire

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Florida
It's never been sent, but sometimes just getting it addressed and formatted makes you feel better.


RE: File # xxxxxxx
xxxx 48th Avenue North
St. Petersburg, FL

Dear Ms. xxxxxxx

Your underwriter has shrewdly observed the Comparable Sales included in the above referenced appraisal report are not recent and are some distance away from the subject property. This keen perception leaves me no alternative but to confess the truth. Three recent Comparable Sales are available, each of which adjoins the subject site. Each of these sales closed within the past month and is so nearly identical to the subject property there is no need for any adjustment whatsoever.

Although these are excellent Comparable Sales, their use would simplify the appraisal process to such an extent it would remove any challenge in the completion of this appraisal assignment. Furthermore, it has always been been my policy to keep the best Comparable Sales for myself.

Under no circumstances do I intend to share them with you, your underwriter or anyone else.

Respectfully submitted,
 

Farm Gal

Thread Starter
Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
:lol: :lol: :lol:
THAT one goes on the wall! 8O I gotta take something down..
Hands down the best yet!

Masterful! Thanks Frank!

:rainbowafro:
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
You describe the reason why I will not, for secondary market, do a log home, bermed home, dome home, trophy home, oversized site home, home over 3,000 SF, or any such animals, period.

If I get to the place before I figure it out, I go to the door, tell the people I was unware of the property situation and excuse myself. I return immediately to the office and fax a "I ain't doing this" letter to the lender. I don't bother to be apologetic about it either.

ter
 

BarbaraNJ

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
New Jersey
Has anyone checked out the Watercooler story about the skeleton found inside a wall??

Only mentioning this because one of our forumites commented that if the home had to be appraised, an underwriter would probably ask:

"Couldn't you find a sale within 6 months and 1 mile which also had a dead body between the walls??"

Wish I could take the credit......it was the Perfect comment.

Kind of says it all, doesn't it ??
 
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
WHY WERE THEY (comps) NOT AVAILABLE? "It Was Supposed to Close Tomorrow". In that post, there was the often quoted question attributed to Fannie Mae Guidelines:

"Why were the comparables the best available?"

I've been at business quite a while, and I still think that's an impossible question to answer, unless you'd like to spend about a week studying the market area to find out why more of that kind of house had not sold recently. There could be a myriad of possible explanations.

About 10-12 years ago, I was asked that question by an underwriter. My written response was: "I don't know WHY there weren't more comps. I just know there weren't any". I never heard another word from the underwriter.

Have any of you ever been perplexed by that question?
 

Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
You describe the reason why I will not, for secondary market, do a log home, bermed home, dome home, trophy home, oversized site home, home over 3,000 SF, or any such animals, period.

If I get to the place before I figure it out, I go to the door, tell the people I was unware of the property situation and excuse myself. I return immediately to the office and fax a "I ain't doing this" letter to the lender. I don't bother to be apologetic about it either.

ter

I love it Ter!!! A challange I like, a migraine I don't! 8O Just think how miserable your life would be for the next 8-12 weeks if you took that job!
 
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