C1 Vs C2

[Terrel L. Shields]

And when was the C of O issued? And if we are not idiot savants why do lawyers spend days in court arguing over the meaning of the word 'is' is? In the Civil War, General Butler kept the Army from returning slaves that had fled their masters by calling them "contraband"... Words do matter, but often in ways we cannot predict.

 

[J Grant]

Lawyers get paid for that kind of thing, tripping up a case for a technicality or word out of context. We are expected to use and understand terms and words as they are used in the context of our field ( real estate).

 

[Rlong]

Well I initially thought C1 (depending on what we see), but sure don't disagree with C2. And appraisal analysis doesn't really change with contrived supposedly narrow made up symbols; either way it would definitely need explanation. If I can (per FNMA) use "C3" on two comps and still make an adjustment, then it would seem one could call it "technically" C1 or C2, explain and make or don't make an adjustment and explain that too.

THE ROBOTS ARE COMING FOR US!!

I wouldn't choose this hill to die on!!

Bob in CO

 

[Terrel L. Shields]

We are expected to use and understand terms and words as they are used in the context of our field ( real estate).

Is that in USPAP? When it isn't clear why/how can we claim to "know" the intention of the original author. They may have selected that term to broaden the definition. Fannie hasn' t been explicit.

 

[J Grant]

USPAP says not to be misleading. Occupancy is a commonly understood word, if an appraiser wants to play word parsing games and says a carpenter working on a house under construction makes the house occupied, misleading in my book!

 

[Rlong]

This thread is the perfect example of how the more FNMA/OCC/AMC's etc try to micromanage a complex and often regional nuanced profession; the more appraisers become frustrated, with limited outlets, and start tearing down each others (and their own) houses, sure their take on how to comply with the micro management is correct... I feel like we're in a Twilight Zone episode!

One could not destroy an industry and profession better if they tried...

Bob in CO

 

[TRESinc]

This thread is the perfect example of how the more FNMA/OCC/AMC's etc try to micromanage a complex and often regional nuanced profession; the more appraisers become frustrated, with limited outlets, and start tearing down each others (and their own) houses, sure their take on how to comply with the micro management is correct... I feel like we're in a Twilight Zone episode!

One could not destroy an industry and profession better if they tried...

Bob in CO

i can't agree with that comment. with one exception, who wants to play word games, everyone here has agreed to C2. there are plenty of ways what you state is happening, but this isn't one of them.

 

[bnmappraisal]

It has gotten a little ridiculous, and does boil down to the opinion of the appraiser. To the OP, I don't envy your "review" by any means. Good luck with that (not being facetious) I would not want that assignment.

Is a sales office/model C1 or C2? Me personally, most likely would consider it C1 but as always in our field "it depends." Mostly, to me, it's new construction and C1, but I guess I could see where it could be C2 because of "wear and tear" etc of people walking through (and yes, including Carpenters and other workers who originally worked on it) But most Models/Sales offices I've walked through (and I've done MANY, including just on Mon) the sales office/model is IMMACULATE, for obvious sales reasons!

To the OP, though, I'm sort of curious why you're being asked to review a report for UAD quality/condition requirements and not other "typical" appraisal/USPAP requirements... Can you expand? (not asking you to give up confidential info by any means)

 

[J Grant]

how is occupied vs never occupied the opinion of the appraiser? I mean, UAD or Fannie is fun to dump on but we cant' blame them for everything. While market acceptance and buyer preference may be regional, facts are universal. One year old is one year old in Florida or in Montana. Occupied vs never occupied after completion is not a regional issue it;s a fact issue.

 

[bnmappraisal]

JG, let me ask you this. At least here in the Tampa Bay area (I'm assuming you run into similar situations in your area), I run into new construction properties that were completed; say 2013 but never occupied. Is that not C1 - New Construction?

Again, back to your contention and the discussion, a sales office/model is sometimes in BETTER condition than a "new construction" property (and I've personally seen this). The "new construction" was never occupied (besides the builders/carpenters, etc) vs the sales/model office which had zzz people through it, yet the model was in MUCH better shape "at time of inspection" ... "occupied" vs "visited" or "used to sell a property" ... IDK. I still lean toward C1 in most cases. Just MO