Fannie Mae Q3 Update

[Bobby Bucks]

As a rural appraiser, I have long thought the comparable sales picture was a waste of time. I would drive 1-2 hours for comparable sales pictures to get nice picture of a long driveway or nothing but trees. I would have to add the MLS picture for almost every comparable sale.

Now, y'all are gonna hate me for this, but appraisal fees should be lowered for this time saver unless you are already collecting paltry fees (anything less than $500-800) from an AMC.

I am open to arguing that point, but it really does save a rural appraiser hours on every assignment.

Being one who performs extreme rural along with suburban assignments, I know what you're getting at. For me, what you mentioned applies with properties that have comparables in all compass points 30+ miles from the subject. Those giving you grief can't skin griz, nor do they know anything about rural properties.

 

[Non Sequitur]

I'm actually a bit surprised that the SCA section of the new form still contains a grid. I was kind of expecting some kind of CMS type analysis - where you're distilling elements of comparison based on a much larger pool of data than the typical '3 comp' type stuff...

I agree. I've always believed the better practice would be a qualitative analysis with a robust reconciliation. But those who spent millions developing fancy adjustment software are more connected than Unca' Non.

 

[Non Sequitur]

Being one who performs extreme rural along with suburban assignments, I know what you're getting at. For me, what you mentioned applies with properties that have comparables in all compass points 30+ miles from the subject. Those giving you grief can't skin griz, nor do they know anything about rural properties.

Comparing not driving comps vs the additional time suck of nearly everything UAD 3.6, rural appraisers may be the only group who can show an overall time savings.

 

[Surf Cat]

USPAP does not require any photos...

I was caught flat-footed many years ago in an upscale community where the borrower stated to me "no photos".

Of course the lender didn't make me aware of this assignment condition. I convinced the borrower to let me take photos so I could describe his property within the report and promised not to input any photos within the assignment. He reluctantly agreed.

I was smart enough to call the client and let them know of the assignment condition but too Green to demand an increase in fee. That was a learning assignment for sure.

 

[Tom4value]

What is the old adage? (Paraphrasing here) “ If someone offers you a $50 service for $5 you are not getting a service that is worth a nickel.”

I always take my own comp photos, even if “not required”. Why? Because I have no idea if that comp is next to a gas station, toxic waste dump or anything else that will affect the value, negatively or positively. “Ahh, who is gonna know?” The person who doesn’t like your value or the appraiser who does a field review, that’s who!

 

[djd09]

our biggest competitors don't drive comps...