C3 Vs Average

[J Grant]

Seeing as how none of us will most likely ever appraise a Q1 and few Q2, that really leaves just three common rating levels.

I believe that to be very limiting.

I've appraised both Q1 and Q2, there are very few Q1 houses, therefore it is not a rating that is used much. There are Q2 houses in most wealthy areas.you know it when you see it. A great majority of houses fit either Q3 or Q4., and then a fair amount depending on area are Q 5. There are enough ratings-the hard part is if a property is a borderline , but at some point a property fits one category better than another.

 

[residentialguy]

I've appraised both Q1 and Q2, there are very few Q1 houses, therefore it is not a rating that is used much. There are Q2 houses in most wealthy areas.you know it when you see it. A great majority of houses fit either Q3 or Q4., and then a fair amount depending on area are Q 5. There are enough ratings-the hard part is if a property is a borderline , but at some point a property fits one category better than another.

Post some photos of your Q1's. would like to see them. They are very rare for an appraiser to see, since they don't usually need an appraisal.

 

[EddieB]

I'd say 96.4% of the homes most of us appraise are Q3-Q5, maybe a tad higher

 

[Mr Rex]

I wonder if Fannies UAD data indicates a minimum size for Q1 or Q2, say 10,000sf and up for Q1 and 5,000 and up for Q2 etc. I would think there is some correlation.

 

[J Grant]

Res Guy if I can find the photos I will- though one person was so paranoid about her house I don't want to put it the photo on the internet- high security, me and the other appraiser ( two appraisers on high end home ) were escorted around by a guard cause they had all this original art work. The place was exquisite, all imported materials from Europe , custom everything, like a wood beam on the ceiling was not just a wood beam, but exotic wood hand carved into intricate patterns, hand painted tiles, not just normal marble but specially designed inlaid patterns etc etc

I only did two Q1 houses over the years that made it to that rare category- they are few and far between even for a wealthy area which has lots of Q2 houses.. I agree with Mr Rex usually there is a correlation of size just because people spending more $ tend to build bigger houses but Fannie has no min or max size sf correlations ( thank god)

 

[Terrel L. Shields]

that really leaves just three common rating levels.

Basically, and my square rancher would be like Jtip, Q7.

very rare for an appraiser to see, since they don't usually need an appraisal.

If you have to borrow money on it then you are too poor to own it. Anyone want to take a stab at the one below?.

 

[DWiley]

I wonder if Fannies UAD data indicates a minimum size for Q1 or Q2, say 10,000sf and up for Q1 and 5,000 and up for Q2 etc. I would think there is some correlation.

I think most appraisers' view of Q1 is that it is much more "exclusive" that what Fannie envisions. They told me that they see Q1 as top 1%. I did several Q1s in Nashville. Music money

 

[J Grant]

Wealthy people will often refinance if they buy cash to keep some money liquid same in a purchase.-all cash contract (which really means no financing contingency ) they still may get a loan . The house you posted Terrel looks like Q-3 (without seeing inside-)

 

[Mr Rex]

Rich people like using other peoples money. With mortgage interest rates in the 4% range, I'd bet most financial advisors would tel their rich clients to cash out the equity in their homes and use the cash to make money elsewhere.

 

[Terrel L. Shields]

The house you posted Terrel looks like Q-3 (without seeing inside-)

If I told you it has a single wide mobile home inside, would you rate it Q-5?