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Freddie Mac: Quality & Condition Ratings

The AI software for Q and C ratings for UAD is better suited for AVM's-
 
J Grant said:
The AI software for Q and C ratings for UAD is better suited for AVM's-
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I essentially use percentage worse, from 0.00%-100.00%. The accuracy is needed in the lower and higher ranges of quality where the value/% curve can get very steep downwards or upwards. And I can get market reaction to ultra low and ultra high condition/quality rankings like no other method can.
 
The ratings I came up with are Q2 = custom, typically new construction here Q3 = brick/hardie/stone Q4 = siding then I explain it in the addendum. C1 = new, C2 = 1-2 years old and C3 = 3 to 40ish. A typical home here is C4 if built in the 70s or older that hasn't been remodeled. At the bottom of the grid in an empty data field I make upgrade adjustments after looking at interior pics on MLS. It's kind of shocking how many appraisers don't look at comp's interior pics. In Total I will also look at Smart Exchange to see what my peers are doing where I frequently see missed items or mistakes. The listing for this particular comp says interior townhouse in reality it's a new construction end unit but 2 or 3 appraisers still marked it interior. Rear decks/patios/porches even a pool was missing on some peers grids I looked at on this exchange a few days ago.

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How do you derive/measure upgrade adjustments?
 
I use no upgrades, avg upgrades, updated, renovated, remodeled and premium upgrade for new construction then sensitivity to derive the adjustments. I may make condition only adjustments if the property is in bad condition then none below or vise versa.
 
I put this in my reports and reference which method I use

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Digger88 said:
The ratings I came up with are Q2 = custom, typically new construction here Q3 = brick/hardie/stone Q4 = siding then I explain it in the addendum. C1 = new, C2 = 1-2 years old and C3 = 3 to 40ish. A typical home here is C4 if built in the 70s or older that hasn't been remodeled. At the bottom of the grid in an empty data field I make upgrade adjustments after looking at interior pics on MLS. It's kind of shocking how many appraisers don't look at comp's interior pics. In Total I will also look at Smart Exchange to see what my peers are doing where I frequently see missed items or mistakes. The listing for this particular comp says interior townhouse in reality it's a new construction end unit but 2 or 3 appraisers still marked it interior. Rear decks/patios/porches even a pool was missing on some peers grids I looked at on this exchange a few days ago.

View attachment 94536
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These C/Q ratings are just for the GSEs. They should not be used for making adjustments. They are indeed useless for that in most neighborhoods within the SF Bay Area - or really most of Northern California, per my experience.
 
Digger88 said:
The ratings I came up with are Q2 = custom, typically new construction here Q3 = brick/hardie/stone Q4 = siding then I explain it in the addendum. C1 = new, C2 = 1-2 years old and C3 = 3 to 40ish. A typical home here is C4 if built in the 70s or older that hasn't been remodeled. At the bottom of the grid in an empty data field I make upgrade adjustments after looking at interior pics on MLS. It's kind of shocking how many appraisers don't look at comp's interior pics. In Total I will also look at Smart Exchange to see what my peers are doing where I frequently see missed items or mistakes. The listing for this particular comp says interior townhouse in reality it's a new construction end unit but 2 or 3 appraisers still marked it interior. Rear decks/patios/porches even a pool was missing on some peers grids I looked at on this exchange a few days ago.

View attachment 94536
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Questons/comments:
1) why describe improvemets/upgrades on a separat line item at the bottom when those factors are integral to the UAD condition ratings, with condition-based adjustments providing the salient source of adjustments in virtually all of my reports
2) I find it hard to belive that ANY APPRAISER would fail to thoroughly review MLS data; in fact I copy/paste the marketing narrative of every comp into the SCA addendum, rather than to piecemeal together a paraphrased description of the MLS comments--only problem being that the spell-checker as well as the current appropriate-phrase-hall-monitor includes those verbatim comments in the review process.
3) Kinda moot, however, if the current thread that pertains to volume of mortgage assignments is true...
 
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