Fannie/Freddie guidelines - adjustments etc

[hal380]

I am doing a desk review. The report I am reviewing is terrible. The subject is a 1600 SF GLA and one of the comps is 950 SF. Net and gross adjustments are 30%/60% in some cases.

Here's my question - Where do I find the Fannie/Freddie guidelines? I know the net/gross is 10%/25% with 10% line item restrictions. I believe the GLA range is +/- 25% but I would like to cite the Fannie/Freddie guidelines.

Any Help is appreciated

Hal

 

[hastalavista]

This was recently talked about in this thread:

http://appraisersforum.com/showthread.php?t=192321

 

[Randolph Kinney]

Guidelines are just that. GSEs require an explanation as to why it is / was necessary to go beyond these guidelines.

For example, was there any mention or acknowledgement in the original appraisal that comp #A exceeds Fannie Mae guidelines for adjustment for _________?

 

[nicholz12]

I am doing a desk review. The report I am reviewing is terrible. The subject is a 1600 SF GLA and one of the comps is 950 SF. Net and gross adjustments are 30%/60% in some cases.

Here's my question - Where do I find the Fannie/Freddie guidelines? I know the net/gross is 10%/25% with 10% line item restrictions. I believe the GLA range is +/- 25% but I would like to cite the Fannie/Freddie guidelines.

Any Help is appreciated

Hal

They are guidelines, not written in stone. Perhaps the appraiser used the best comps available? Are you reviewing an appraisal in your location, an area that you know well?

 

[BRCJR]

I am doing a desk review. The report I am reviewing is terrible. The subject is a 1600 SF GLA and one of the comps is 950 SF. Net and gross adjustments are 30%/60% in some cases.

Here's my question - Where do I find the Fannie/Freddie guidelines? I know the net/gross is 10%/25% with 10% line item restrictions. I believe the GLA range is +/- 25% but I would like to cite the Fannie/Freddie guidelines.

Any Help is appreciated

Hal

I am glad you are asking for help with the review.

The worst thing that can happen in the appraisal profession is for reviewers to accept review assignments and not know the guidelines they are to be using to measure the quality of another appraisers' work.

When you find the 10% net guideline as well as the 10% single line please share those as I cannot find them.

With all due respect, if you need someone to tell you where to find the guidelines you are to use in your developing and reporting of an appraisal review, most likely, you should not be reviewing.

I am not trying to be harsh but, your questions are far to elementary for a reviewer to be asking and some of the things you state you know are incorrect.

 

[Joyce Potts]

How does one make the determination that the appraisal is terrible BEFORE you have the guidelines and other market data in front of you. Ever had one of those appraisals where the market data sucked beyond sucked?

I often wonder why people don't think that Reviews are not subject to USPAP and State Real Estate Disciplinary Board actions. Keep in mind that your Review product is like any other appraisal and also subject to rebuttals and other (regulatory)disciplinary, civil and criminal consequences.

 

[hal380]

How does one make the determination that the appraisal is terrible BEFORE you have the guidelines and other market data in front of you. Ever had one of those appraisals where the market data sucked beyond sucked?

I often wonder why people don't think that Reviews are not subject to USPAP and State Real Estate Disciplinary Board actions. Keep in mind that your Review product is like any other appraisal and also subject to rebuttals and other (regulatory)disciplinary, civil and criminal consequences.

Hello Joyce;
I have been appraising for 15 yrs, I am certified General, and an AQB USPAP Instructor. The subject of the review is 1 mile from my house. It is a cookie cutter ranch style home in an area of other ranch style homes. I have pulled comps that I would have used if I had been the original appraiser. The extream net and gross adjustments are unwarranted. The range of adjusted sales prices is in excess of 30% = very poor support for any opinion of value. And I don't see in my request for information any where that I was indicating that my work was not to be subject to USPAP.

but Thanks for responding

Hal

 

[hal380]

Sorry I asked

I am glad you are asking for help with the review.

The worst thing that can happen in the appraisal profession is for reviewers to accept review assignments and not know the guidelines they are to be using to measure the quality of another appraisers' work.

When you find the 10% net guideline as well as the 10% single line please share those as I cannot find them.

With all due respect, if you need someone to tell you where to find the guidelines you are to use in your developing and reporting of an appraisal review, most likely, you should not be reviewing.

I am not trying to be harsh but, your questions are far to elementary for a reviewer to be asking and some of the things you state you know are incorrect.

I was not asking WHAT the guidelines were, I was asking for the location, as I said I wanted to "cite" the guides.

Hal

 

[hal380]

Thanks Denis

I appreciate your response

Regards

Hal

 

[BRCJR]

I was not asking WHAT the guidelines were, I was asking for the location, as I said I wanted to "cite" the guides.

Hal

You stated you knew some things that are not correct and as a person that does 99% review work that troubles me, somewhat.

When you review you may have another appraiser's livelyhood in your hands.

A reviewer should not have to ask where these guidelines are, in my opinion, they should already know where they are and have them as a shortcut on their desktop at the very least.

By the way, FNMA and Freddie have different guidelines to follow in appraisal review. Be sure you use the correct guidelines for the original SOW.