Tim Hicks (Texas)
Elite Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Texas
I am currently working on a Freddie Mac field review. I get full fee, but that isn't even enough for the three times the work it takes to do these anymore. Anyway, the original appraisal was done on 9/25/2001. I check the MLS on the subject property and the subject was pending on 8/25/2001 and closed on 9/25/2001 as a FNMA foreclosure property at $51,000. Nowhere in the report does this appraiser mention the pending or closing of the property, but he does state there is no previous listing or sale of the property in the past year. We have a very good MLS system, there is no way he could not have at least seen the pending listing ($52,900) that had been pending for month before he inspected the property. The appraiser used all land/home packages and came up with a $110,000 value. He left the borrower name blank and his signature date is a week before his effective date.
The trouble with doing these reviews is that you have to be more thorough and detailed than the original appraiser. We are in a non-disclosure state and I spent 1-2 hours documenting and explaining discrepancies on each of his comps (deed dates, tax records SF vs reported), showing how his age on each property was wrong,etc.
Then, I spent 1-2 hours dissecting his subject mess. No comments on condition, but it is a vacant foreclosure, SF discrepancy vs tax records, etc.
My problem came when I have to utilize my own comps. I had 23 sales within two miles. All but two were foreclosure. One that was not might has well have been. I am inclined to say in the report that the foreclosure market is the market, during that time period and that foreclosure competition has eliminated all other market activity on manufactured homes. However, I can envision the original appraiser on rebuttal ignoring everything he misreported and concentrating on saying my value is skewed because all but one are foreclosures. My opinion is that the subject was a foreclosure and the foreclosure sales best represent the subject's market at the time.
Opinions, please. Jo Anne, especially.
The trouble with doing these reviews is that you have to be more thorough and detailed than the original appraiser. We are in a non-disclosure state and I spent 1-2 hours documenting and explaining discrepancies on each of his comps (deed dates, tax records SF vs reported), showing how his age on each property was wrong,etc.
Then, I spent 1-2 hours dissecting his subject mess. No comments on condition, but it is a vacant foreclosure, SF discrepancy vs tax records, etc.
My problem came when I have to utilize my own comps. I had 23 sales within two miles. All but two were foreclosure. One that was not might has well have been. I am inclined to say in the report that the foreclosure market is the market, during that time period and that foreclosure competition has eliminated all other market activity on manufactured homes. However, I can envision the original appraiser on rebuttal ignoring everything he misreported and concentrating on saying my value is skewed because all but one are foreclosures. My opinion is that the subject was a foreclosure and the foreclosure sales best represent the subject's market at the time.
Opinions, please. Jo Anne, especially.