• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Ever have this happen? Calling all Underwriters

Status
Not open for further replies.

TC

Thread Starter
Elite Member
Gold Supporting Member
Joined
Jan 31, 2002
Professional Status
Certified Residential Appraiser
State
Pennsylvania
While the photo is not the house I'm appraising, it is very similar. I had a stip from the UW to make a negative adjustment because the subject is a much smaller house between two larger houses. WTF? Never had that come up before.

Anyone think an adjustment is warranted? Next time I'll crop the hell out of the photo.

TC
javascript:void(0);
 

frozone

Sophomore Member
Joined
Jul 20, 2006
Professional Status
Certified Residential Appraiser
State
New York
So in their opinion you should make a negative adjustment. But its your opinion of value and youre the one doing the appraisal. On what basis is the UW asking you to make a negative adjustment. They must have done some extensive market research or know that particular market pretty well to call for something like that. Another UW trying to force their opinion.
 

TC

Thread Starter
Elite Member
Gold Supporting Member
Joined
Jan 31, 2002
Professional Status
Certified Residential Appraiser
State
Pennsylvania
They must have done some extensive market research or know that particular market pretty well to call for something like that. Another UW trying to force their opinion.

The UW is not from this state.


TC
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
No and No.

UW make loan decisions, not appraisal descisions. Tell them to go scratch.
 

frozone

Sophomore Member
Joined
Jul 20, 2006
Professional Status
Certified Residential Appraiser
State
New York
Sorry I was being sarcastic with the "extensive research comment". Remember in the end its your opinion not theirs.
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
Anyone think an adjustment is warranted?

How would we know? :laugh:

However, I'm not sure the question is unreasonable- "The subject is dwarfed by its neighbors; does that have any adverse impact on value?"

Obviously, if you had similar comps, it shouldn't be an issue, or if you had one similar comp and there was no value difference vs. other comps, then it shouldn't be a question.

Today I just finished a FHA for BoA (Reverse Mortgage- first time I've ever received an order direct from them... I'm not sure how that happened other than FHA roster?). My subject was two-story and, due to a scarcity of sales, the 5-best comps were one story. So I threw in one not-so-good 2-story comp just to offset the similar design and in my report, I noted that I found no significant impact in value due to floor count (1 or 2), and that value differences are present for GLA, Bed/Bath count differences. No adjustment for 1- vs. 2-story homes. I felt that the subject's two-story design vs. the comps one-story configuration may have been questioned, so I tried to address it as I did. Had I not had the 2-story comp, I would have thrown in a paragraph explaining my opinion that 2-story design did not warrant any adjustment.
My point is that based on the photos, one might ask if an adjustment for 2-story differences is warranted? I would consider this a reasonable question.

If your subject appeared sandwiched between its neighbors and none of the other comps had that same set-back and and appeal characteristic, I could see how a reader might question if an adjustment may be warranted.

I cannot see how they could credibly tell you to make one, however. :new_smile-l:
 
Last edited:

Doug Trites

Junior Member
Joined
Oct 17, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
How about a positive adjustments for reduced heating cost. The other buildings will break the cold winds and reduce heating bills. It pays to go green:icon_lol:
 

Smokey Bear

Elite Member
Joined
Dec 8, 2004
Professional Status
Certified Residential Appraiser
State
California
Is it a SF surrounded by units? In Alameda that can make a huge difference. 2 story next to 1 story - blocks sunlight, less privacy etc. I loved my corner location just because it had so much more sun, eve if I got double the traffic.
 

Doug Trites

Junior Member
Joined
Oct 17, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
wrong space sorry
 
Last edited:

Dale Hill

Sophomore Member
Joined
Jan 12, 2006
Professional Status
Appraisal Management Company
State
Pennsylvania
TC, as you describe the home in the photo as "very similar" to the subject in question, does it rise to the level of comparable? If so, the pending sale noted in the photo may indicate one way or the other whether the larger dwellings on either side has a negative affect on the value of your subject.
Based on the weather we've had lately, the photo above may even be current, potentially adding further relevance to this as a potential comp.

TC, who is worse, a reviewer, or an underwriter?
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks