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

[Alsie35]

Let's just call this "The Thread That Wouldn't Die" ...

 

[DWiley]

Big problem is see is that even when the grid has insufficient data, appraisers mark the tends on the right side of the grid based on what is in the grid. Not the correct way to do it

 

[NC Appraising]

https://www.lowman-co.com/documents/FNMA March 2009.pdf
http://www.workingre.com/wp-content/uploads/2013/08/Fannie-Mae-0830-Announcement.pdf

usually the information is the same, but when it is not, or there is insufficient data, you don't blindly follow what is on the 1004MC.

You have interpretations, here it is from the horses mouth. Sorry.

This is right, see my prior post...I pasted that before you did, right from the horses mouth. "is insufficient data, you don't blindly follow what is on the 1004MC."

PS....one of the posters here used to work at Fannie and the other works at Freddie......

What you posted are two different issues. The 1004MC results and page 1 should match (comparable sales and not the entire neighborhood). The "is insufficient data", yes, do not stop continue on. add more graphs data, etc.

Two different issues.

 

[Fernando]

He/she is wrong. The One Unit Housing Trends on page 1 and the 1004MC have to match.

The 1004MC can be so manipulative in interpretation.
I have absolute number prices going up but when looking at $/sf, it's stable.
Without looking at $/sf, I can call it increasing market.
If looking at $/sf, I call it stable.
I've been looking at $/sf and market has been general.
Do my peers look at $/sf?

 

[NC Appraising]

Big problem is see is that even when the grid has insufficient data, appraisers mark the tends on the right side of the grid based on what is in the grid. Not the correct way to do it

I'm I wrong? Here is a example:

 

[Zoe]

This claim is not correct

Read the directions printed on the 1004MC. They clearly say that the 1004MC must be the basis for the trends reported on page 1.

It's clear hound dog. Let's relate to OP's accusation (s).

 

[Carnivore]

Russ, you are one of my favorite posters and I agree in theory with the above, but...

Fannie Mae only says that the appraiser must provide data and support when the 1004MC is not reliable. Correct me if I am wrong, but I believe Fannie or someone even gave examples of other data, such as Fannie, FRED, Case/Shiller, etc.

The appraiser can rely on Fannie Maes market condition reports, Zillow, FRED, Corelogic, REALTOR, the local MLS or simply run more data from the MLS.

Most of the above takes 1 minute to produce. So I cannot give a residential appraiser a "out" on this one for mortgage lending. Other assignments, yeah, I agree and I would charge $1,000+.


Here is a example, took 35 sec.....

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I am really pleased that you posted the Graphs. I use them also. I also use this tool that I am sure you do also Others here won't be able to access it... https://www.carolinarealtors.com/resourceitem/newsroom/market-reports/sam

 

[Zoe]

You won't go there. if your smart.

 

[Zoe]

I could go there. It would cost OP dearly. I am not sure I could because OP would hate me likely. LOL

 

[Sadie]

This is right, see my prior post...I pasted that before you did, right from the horses mouth. "is insufficient data, you don't blindly follow what is on the 1004MC."

PS....one of the posters here used to work at Fannie and the other works at Freddie......

What you posted are two different issues. The 1004MC results and page 1 should match (comparable sales and not the entire neighborhood). The "is insufficient data", yes, do not stop continue on. add more graphs data, etc.

Two different issues.

You know they aren't the only people who have worked for Fannie or Freddie.

4. What should the appraiser do if there is not enough data to present a meaningful analysis? In those situations, the appraiser must complete the form with the information he or she has for the defined neighborhood/area—the lack of data may speak to what is occurring in that area. Additional analysis can be addressed in the summary/conclusion section of the form on data in nearby areas for competitive properties. In any event, the appraiser must provide support for his or her conclusions regarding housing trends as noted in the Neighborhood section of the appraisal report.

So no, you don't just put forth what is in the 1004MC if your data is insufficient for a meaningful analysis. BTW, this is from the first link I supplied.