"deal Killer" No Value Added For Permited Guest House

[Meandering]

If all appraisers followed their state administrative rules regarding their licensing or certifications some people would not get loans? Is that supposed to sound as if it justifies so many appraisers violating standards?

As a stand alone statement, it does sound that way, however,

it was a statement in regard to assignment conditions, which have run wild, with no over sight by either appraisers, or those requesting them.

As long as appraisal assignment conditions exist that limit the scope of the work to only the context of the use of the intended user, in this case, only comps within the subject neighborhood, there becomes a USPAP conundrum, which, no one seems willing to address..........and.........impacts borrowers who own properties that are unique to their neighborhoods.

A bait and switch in my mind.

Here is the value of your property, but only as viewed through the needs of this specific client, but never mind, it is still "market" value.


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[Webbed Feet]

As a stand alone statement, it does sound that way, however,

it was a statement in regard to assignment conditions, which have run wild, with no over sight by either appraisers, or those requesting them.

As long as appraisal assignment conditions exist that limit the scope of the work to only the context of the use of the intended user, in this case, only comps within the subject neighborhood, there becomes a USPAP conundrum, which, no one seems willing to address..........and.........impacts borrowers who own properties that are unique to their neighborhoods.

A bait and switch in my mind.

Here is the value of your property, but only as viewed through the needs of this specific client, but never mind, it is still "market" value.


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This isn't a conundrum at all. It is copious numbers of appraisers that cannot connect that such a situation of a client demanding all "neighborhood" sales data when the subject is atypical, versus the definition of value being requested for use, represents unacceptable assignment conditions and that the appraisal assignment parameters must be changed or the assignment declined. So there is no conundrum, there are just large numbers of appraisers violating the USPAP.

 

[Meandering]

This isn't a conundrum at all. It is copious numbers of appraisers that cannot connect that such a situation of a client demanding all "neighborhood" sales data when the subject is atypical, versus the definition of value being requested for use, represents unacceptable assignment conditions and that the appraisal assignment parameters must be changed or the assignment declined. So there is no conundrum, there are just large numbers of appraisers violating the USPAP.

Which brings you and I back, full circle from where we started.

If all appraisers turn down the assignment due to unacceptable assignment conditions, the loan would not get done, as no appraisal would be produced.

Thanks for agreeing with me.



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[Dan Umstead]

JTip, I tried to put a couple of pictures of both houses on here but I'm computer illiterate, if you give me an e-mail I will send you my address, I was going to put it on here but was told it wasn't a good idea, thank you.

With the details you supplied in your posts, it is easy to find the listing for the house. Here are picks of the guest house.

 

[suzuki4444]

How did you do that, I spent a couple of hours trying to put up a couple of pictures, could you put a couple of interior pictures of the guest house on here, thank you.

 

[EddieB]

What's the latest Suzuki? Were the buyers able contest the appraisal or acquire other lender options? Your case sounds like an example of the public being harmed by the actions of the appraiser and the appraisal management company.

 

[NachoPerito]

With the details you supplied in your posts, it is easy to find the listing for the house. Here are picks of the guest house.

That is a nice guesthouse.

 

[suzuki4444]

The deal is long over, summer is almost over, I was able to find around 12 houses with guest houses in Montgomery County, five of which have contracts pending, none in my subdivision though. This clown that did my appraisal has screwed me up in more ways than I thought was possible. I went to the two biggest realty companies in the area and told them about the low appraisal and they didn't want to list my house unless I would give it away, somehow I think they have taken my house off their website because they don't want a contract if the house is overpriced and cannot get funding. I never dreamed that one person can make life so difficult for no other reason than just being lazy. I talked with a person who works at the Texas Board of Appraisers in Austin and they told me I have a legitimate complaint. The only thing that will give me some sort of satisfaction after I hear back is if this guy looses his license so he never does this to another person, I should know in a month. If I can figure out how to put pictures on here I will put a couple of interior pictures of the guest house.

 

[NachoPerito]

Referring to a "study" is fine, not knowing any details at all about the study isn't. I've sat in on author presented similar studies and the authors themselves brought out that the studies use some pretty "tongue-in-cheek" assumptions so far because all the data uses very dissimilar properties and facts about those properties and sales. Something that makes the public thinking 25% to 34% is some sort of benchmark result to be very misleading.

I didn't say it was a benchmark. I said it shows that it shows that a 0% adjustment is a red flag. If a consumer takes it as a benchmark that is their problem.

I provided my study. You provide yours that shows that a lot of guesthouses are worth $0. We do the best with what we have.

 

[suzuki4444]

Yes, the name of the appraiser and appraisal company are on the report, excuse the flower bed in front of the guest house but all the mulch washed away when it rained two weeks straight a few weeks ago. Jtip, this is what you can buy for 0 $, absolutely free in Texas according to the appraiser.