Collateral Underwriting Appraisal Messages

[Dan Umstead]

Supply the data (UAD), correct the data (CU), supply the data, correct the data, supply the data, correct the data........................ad nauseum, in order to build a better mousetrap.

 

[Meandering]

Wait until the house burns down, or god forbid they change the street address and you can't find the comp they sent you.

 

[OSU Beavers]

Don't get me started on aerial maps. Every time I have to put one in I get a "What is that adverse use?" stip. Well let's see, as explained in the report a house of worship, a city park, a low rise apartment building and what appears to be a cloud shadow.

 

[Meandering]

Cloud shadow

Appraiser to comment if cloud shadow is typical of the neighborhood.

 

[residentialguy]

But a beneficial view, should be beneficial no matter if all comps have a similar view or none of the comps has a similar view, because it's Beneficial when compared to nuetral, not when compared to other properties. Round here, many homes are on acres or more, and with trees, so the woods view, might just be the yard, which then becomes N/Res for the area, but might be B/Woods in Arizona or A/Woods someplace else. There is where I have a problem with both woods and pastorial. When the entire neighborhood is in rolling farm country, do you have to say pastorial, or is it just typical residential for the area?

Yes, a beneficial view, should be beneficial no matter if all comps have a similar view or none of the comps has a similar view, because it's Beneficial when compared to neutral, not when compared to other properties. When the entire neighborhood is in rolling farm country, state what it is... pastoral. In the neighborhood description you explain that the residential area is in rolling farm country made up of small acreage lots, which is typical...and so on. You could even make a note under the SCA comments that pastoral is beneficial over typical residential areas where other homes are in closer proximity, lacking the open views and privacy.

 

[residentialguy]

Ya know Marion, Thank you for this. I'm going to make a general statement in my all of my reports explaining A,B,N views so that they know the bar to which I am rating, similar to post #98 ..maybe without the Obama crack

 

[Meandering]

Thank you Res,

I could have worded that better. My question is where is the nuetral point? What is the "Typical" when you have houses in the woods, but the woods are part of everyones yard, does your yard count as your view? And at what point do trees become woods? Do appraisers in desert areas
say that every home has a view of the desert? or are they typical residential views for the area? Is it only the homes on small hills that have a wider view of the desert those that benefit from the desert view? Does that make for a grid where all comps are N/desert and one is B/desert?

 

[jtinmichigan]

REPEAT AFTER ME........."Q4, C4, NEUTRAL"..........again......"Q4, C4, NEUTRAL". Wash, rinse, repeat.

 

[Pam Wyant]

So you're saying, Better or worse than what?

If they build a new highway behind your house, your view and rating could change. If they build a house between you and the ocean your view and rating could change, and that's ditto if a storm left a new and exciting sand dune obscuring your view.

Stuff changes. But a beneficial view, should be beneficial no matter if all comps have a similar view or none of the comps has a similar view, because it's Beneficial when compared to nuetral, not when compared to other properties. Round here, many homes are on acres or more, and with trees, so the woods view, might just be the yard, which then becomes N/Res for the area, but might be B/Woods in Arizona or A/Woods someplace else. There is where I have a problem with both woods and pastorial. When the entire neighborhood is in rolling farm country, do you have to say pastorial, or is it just typical residential for the area?

The view (or location) may change over time, but the comp must remain the same once selected, and even if it changes after the sale, the rating should reflect what it was at the time of the sale.

And shouldn't beneficial mean that there is a benefit (i.e. a value advantage) to the view or location? So unless there is to be an adjustment made, is the view truly beneficial, or is it just neutral for that type of property?

From what I understand, view is what you see when you look out from the property, so I would say it would be residential and pastoral in the case you describe.

 

[Pam Wyant]

REPEAT AFTER ME........."Q4, C4, NEUTRAL"..........again......"Q4, C4, NEUTRAL". Wash, rinse, repeat.

Yep, sorta sounds like "average" all over again, doesn't it? <grin>