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Do Underwriters Not Understand The Matched Pairs Analysis?

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Charlotte Dixon

Thread Starter
Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
It's funny how for months on end, things go smoothly regarding no underwriter questions. Do you all find that? Then, all of a sudden, I have underwriter questions today that really tic me off!

Subject has no fence, Comps 1, 2 and 3 have a fence. I made no across the board adjustment for the darn fences. First of all, I don't make little $500 adjustments for a little old fence (these were all pretty lame fences). I for one, don't think that fence box should even be on the URAR. I had not one comp with no fence to extract that market adjustment...thus, no adjustments were made. Underwriter said "You should have made an adjustment".....Moral of that story: Don't put fence for anything....just put N/A.

Then: Subject is 20 yrs. old (effective 10 yrs.) Comp 1 is 12 yrs. old; Comp 2 is 14 yrs. old Comp 3 is 8 yrs. old. Underwriter said: "You should have made an age adjustment".....Why? I thought! Here's the answer: The underwriter is a nitwit. She also asked why when comparing the subject to the comps (I QUICKLY POINTED OUT THAT YOU COMPARE THE COMP TO THE SUBJECT) etc. etc. Then she asked why I chose 2 story comps when the subject was a one story. I pointed out that the subject was a cape COD, not a one story. Comp 1 was a cape COD, and comps 2 and 3 were 2 stories, the best available, same in sq.ft.living area, each with no basement, each with a 1 car garage, each with a patio, current sales, and in the neighborhood.

This was a text book appraisal....No unfounded across the board adjustments were made. No adjustments were made unless the matched pairs indicated an adjustment was necessary. Bing, Bing, Bing......all sales adjusted out evenly. Geeezzz..... :x
 

George W Dodd

Senior Member
Joined
Jul 9, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Charlotte,

You might already do this, but whenever I have comps that have a feature that the subject lacks I put "No Adj" in the field. Then in the addendum I define "No Adj" as basically saying the item is there but it has no contributory value etc..
 

Charlotte Dixon

Thread Starter
Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
Thanks for reminding me George. I remember doing that a few years back, and for some reason (can't remember) quit doing that. In it's place, I put an -0- to send the message that ....no, I didn't forget, I just can't see an adjustment here.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Charlotte, you probably quite when the next brightest UW asked you: why did you put "number adjustment" in the space, but no number? 8O :lol: :roll:
 

Charlotte Dixon

Thread Starter
Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
Charlotte, you probably quite when the next brightest UW asked you: why did you put "number adjustment" in the space, but no number? 8O :lol: :roll:

That Could Be IT ! :lol:
 
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