C5 Condition Rating

[djd09]

I doubt that anyone at the GSE's cares about your opinion on the matter as the ratings were devised to meet certain needs of the GSE's and the ratings have been quite successful in meeting those needs.

As an independent unbiased appraiser i could care less what they think. Who, before they "forced" appraiser to use their terrible system, had a rating system like that. No one.

There system is about control. Poor appraisers cannot think for themselves.

 

[residentialguy]

LOL, call them up and tell them to change it then.

Sorry, I was just on the phone with my buddy Tim Mayopoulos. Now what were you saying?

 

[timd354]

As an independent non bias appraiser i could care less what they think. Who, before they "forced" appraiser to use their terrible system, had a rating system like that. No one.

There system is about control. Poor appraisers cannot think for themselves.

Wah, wah, wah...don't do GSE related appraisals then. It is absurd how some appraisers think that they should be able to do whatever they want and not have to meet their clients' specifications and requirements

 

[J Grant]

Here's a question for you...if a small roof leak does not affect the safety, soundness, or structural integrity of the property (which is what you are arguing), then (based on the above language highlighted in green) why are you making your appraisal report subject to repair of the roof?

To prevent it from spreading to where it does affect the safety, soundness /structural integrity. BTW many lenders have a requirement that C 5 conditions make the property subject to repair ( which is why I used the word must in my post- must if a client requirement to fulfill assignment condition for a C 5 item)

 

[timd354]

I think JG is talking about a very small hole...like someone shot a .22 at the roof. The above does give the option to not include it with their use of "may"

It is doubtful that an appraiser would even be able to observe a hole that small, but assuming that he or she did, Fannie's guidance regarding active roof leaks (which a hole in the roof would be) is unambiguous and would require a C6 rating (as is) and require the appraisal to be subject to repair....That is not my opinion but what is required by the Fannie Mae Selling Guide...if you don't like it, take it up with Fannie.

 

[residentialguy]

Here's a question for you...if a small roof leak does not affect the safety, soundness, or structural integrity of the property (which is what you are arguing), then (based on the above language highlighted in green) why are you making your appraisal report subject to repair of the roof?

To prevent it from spreading to where it does affect the safety, soundness /structural integrity. BTW many lenders have a requirement that C 5 conditions make the property subject to repair ( which is why I used the word must in my post- must if a client requirement to fulfill assignment condition for a C 5 item)

JG, in typical FNMA fashion...they inserted a hangman's rope. "The appraiser must identify physical deficiencies that could affect the safety, soundness, or structural integrity of the property" The small hole could spread to something major, therefore If the appraiser has identified this hole, the property must be appraised subject to completion of the specific repairs or alterations.

 

[Carnivore]

This was a great thread and will be my last post on it. Trying to think of a thread topic that will be enlightening to all old, new and been around awhile appraisers and causes a huge discussion leading to an argument.

How about 'Common Problems in Condo Assignments'

 

[residentialguy]

if you don't like it, take it up with Fannie.

whoooaaa....back the truck up. I don't have a dog in this fight. But if you want...I'll be your huckle bearer

 

[djd09]

Wah, wah, wah...

wah wah wha... bailout...

 

[djd09]

Within the definition of independent contains the phrase "not controlled by others". Now who would be the other?

I'm surprised fannie lets appraisers even choose the condition. They are one step away from doing it themselves.

But not to sidetrack, how much profit did the government sweep from them last quarter?

Which leads to the question should private/public profit entities make rules for their interests?