Considering filing complaint for lack of market conditions adjustment on stale comps

[djd09]

Heck - you might profit from some of that as well...

you first

 

[George Hatch]

I'll say something else about this, too. This situation involving the runaway pricing trends isn't new, and people better get used to the idea that they can't base the entirety of their valuation solely on 3 closed sales without actually considering everything else that's going on. Any appraiser who is doing a single query for their direct comps and settling for those results is asking for trouble. Don't allow the mechanics of the form to dictate the entirety of your analyses. A dynamic market conditions scenario (whether the values are going up or down) is what separates the professionals from the form monkeys.

 

[alebrewer]

you first

Apparently, some need remedial training more than others.

 

[djd09]

sorry i dont work for your AMC

 

[George Hatch]

Don't disagree, but 'cleaned up' is quite different than having a state regulatory agency open an investigation.

This wasn't the OP's first choice or some emotional knee jerk reaction. They (apparently) already tried to get a meaningful response from the appraiser and the lender and were blown off for it. This is their next step. Their only other alternative is to allow the situation to slide.

 

[Elliott]

Fannie told us to not adjust for 3% closing cost concessions, they could just as easily tell us to apply Case-Shiller as a time adjustment. They probably realize they'd go broke faster next time the market 'corrects.'

 

[glenn walker]

F

Fannie told us to not adjust for 3% closing cost concessions, they could just as easily tell us to apply Case-Shiller as a time adjustment. They probably realize they'd go broke faster next time the market 'corrects.'

Fannie Mae does not tell appraisers what adjustments are to be. If someone told you that it was either the lender or an-AMC because almost no assignments are ordered directly by Fannie-Mae--Just Saying : )

 

[Evincere]

I agree buyers may be overpaying and that appraising at contract price isn't supportable. And I never asked for anyone to hit any price at any time. My question is centered more around the application of a time adjustment (or lack thereof) at the time of appraisal. Not trying to go down the path of predicting future market conditions as neither I nor my appraiser should be charged with that duty.


Not sure where this came from, but if it's related to my situation: I didn't suggest the appraiser use different comps (I actually agree with the 3 selected), I didn't go outside of the neighborhood (just expanded product type) and didn't ask for supporting a purchase price (just supporting an adjustment for market conditions)

1. You state that you agree buyers are / maybe paying too much. As a Buyer what is the basis of your belief. As a Buyer, had positive time adjustments been made increasing the EMV would this not have been in conflict with your belief. Would this be advantageous to other buyers you claim concern about? Would positive time adjustments have made up the differential between your cash outlay and setttled SP?

2. You agree with the Appraisers comp selection but Say you expanded “your” product search within the neighborhood to support your research and need for positive time adjustments - how so - what type of “products” would they be?.

asking for a friend

Having a background in RE surely you are familiar with AIR regulations- surely you are aware that complaints about the Appraiser not meeting CP would go straight to a an ethereal bin in the ether. Surely, you must be aware that All else being a non issue or cause for a complaint couching time adjustments Would ring some bells

 

[Zoe]

I'll say something else about this, too. This situation involving the runaway pricing trends isn't new, and people better get used to the idea that they can't base the entirety of their valuation solely on 3 closed sales without actually considering everything else that's going on. Any appraiser who is doing a single query for their direct comps and settling for those results is asking for trouble. Don't allow the mechanics of the form to dictate the entirety of your analyses. A dynamic market conditions scenario (whether the values are going up or down) is what separates the professionals from the form monkeys.

True but there should be three best comparables. I am not on the market condition situation. The best comparables should dictate the market condition adjustment. I can tell you don't work rural.

 

[Zoe]

I doubt Hawaii has rural. It might. Idk. Never been