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Declining Market

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mikestults

Thread Starter
Sophomore Member
Joined
Aug 24, 2003
Professional Status
Licensed Appraiser
State
Oregon
Homeonwer purchased a custom home in a new subdivision a year ago for 460k. I appraised it for 440k yesterday. Underwriter wants me to address the "declining market", but we are not in a declining market up here. My hunch is someone appraised this thing high last year. What kind of addendum would you write? Would you say that you think it was appraised high on the last sale? Sure could use some verbage either way...decling market or dirt bag appraisal last year....which route should I take, and some verbage would be apprecaited....
thanks in advance!!!
 

Hamlet

Elite Member
Joined
Aug 14, 2006
Professional Status
Certified Residential Appraiser
State
Ohio
If your market is not declining, why would you place verbiage in your addenda saying it is? Stick to your guns! As to the issue of the inflated value from before, you didn’t opine that value, so I would tell the UW that is not for you to address.
 

William K

Senior Member
Joined
Sep 21, 2007
Professional Status
Certified Residential Appraiser
State
Illinois
Homeonwer purchased a custom home in a new subdivision a year ago for 460k. I appraised it for 440k yesterday. Underwriter wants me to address the "declining market", but we are not in a declining market up here. My hunch is someone appraised this thing high last year. What kind of addendum would you write? Would you say that you think it was appraised high on the last sale? Sure could use some verbage either way...decling market or dirt bag appraisal last year....which route should I take, and some verbage would be apprecaited....
thanks in advance!!!

Mike ,
I take it you did report the prior sale in the last year?(YES)
Did you analyze it in your report and report your findings?

Did you:
"Report the results and analysis of the prior transfer history of the subject property":icon_question:

Remember you are to "report the results and analysis" not just state hey it sold!:nono:
 
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