"growth" Checkboxes On Gse Forms

[DWiley]

I had a circa 1790 log home in the middle of down town Allentown that FINALLY got bulldozed for an office building.

1004MC useless.

I had an 1870 home, slate on grade 1st floor, alongside a creek in a flood zone, with an abandoned municipal water supply well and a 1900's Sears Catalogue Bank Barn.

1 comp in the neighborhood. (READ TOWNSHIP).

1004MC, useless.

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Thanks for trying, but neither of those will get you the donation. In the first case, if the HBU is/was not residential, then no Fannie Mae form should have been used anyway - including a 1004MC

In the second case, you are simply giving an example of a case where the grid would have limited data. So what? I have done 1004MC where the data grid at the top was populated with all 0s. Did you follow the Fannie Mae instructions for what to do if the grid had limited data? If so, then the 1004MC was meaningful. If not, the 1004MC was not completed correctly. We have lots of old historic homes like that in Middle Tennessee, and I have never found the 1004MC to be useless for them.

I am curious in the second one - how did you support the trends that you reported on page 1?

 

[Meandering]

Oh and one of my favorites.

I had a house, that no one knows how old it is, but it is in a defunct village of less than a dozen houses, in the woods, that the village was started prior to the Revolutionary War and the residents of the village are decedents of the family that started the village.

Read, no comps in the "neighborhood" in 100 years that transferred arms length.

Read 1004MC all zeros.

Yup, useless for some property types.


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[DWiley]

I did a 1400 sf 3 bedroom 2 bath home in a subdivision of 300 other identical homes built around 2003. 1004MC useless.

I asked for an example - not an anecdote Anyone can claim it is useless.

And again I will say, the only reason it would have been useless would be that it was not completed correctly.

 

[DWiley]

Read 1004MC all zeros.

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I have done many like that. When you got all zeros in the grid, what did you do? What else did you put in the 1004MC? If the answer is "nothing" then it wasn't completely correctly. But I do thank you for providing such good examples of how people don't seem to understand some of the most basic things about doing the 1004MC.

 

[Meandering]

Oh and one of my favorites.

I had a house, that no one knows how old it is, but it is in a defunct village of less than a dozen houses, in the woods, that the village was started prior to the Revolutionary War and the residents of the village are decedents of the family that started the village.

Read, no comps in the "neighborhood" in 100 years that transferred arms length.

Read 1004MC all zeros.

Yup, useless for some property types.

Thanks for trying, but neither of those will get you the donation. In the first case, if the HBU is/was not residential, then no Fannie Mae form should have been used anyway - including a 1004MC

In the second case, you are simply giving an example of a case where the grid would have limited data. So what? I have done 1004MC where the data grid at the top was populated with all 0s. Did you follow the Fannie Mae instructions for what to do if the grid had limited data? If so, then the 1004MC was meaningful. If not, the 1004MC was not completed correctly. We have lots of old historic homes like that in Middle Tennessee, and I have never found the 1004MC to be useless for them.

I am curious in the second one - how did you support the trends that you reported on page 1?

Ah but see,

Nowhere does it say the 1004MC is only to be used when the highest and Best is residential use.

As they sat, as is, as of the day, they were residential improvements being used as such.

So you asked, How did I support "trends"?

Trends don't happen in a vacuum.

Old homes are old homes no matter where they are, so there are two sets of trends, one for old homes in the region, and one for overall trends in the neighborhood.

Sorry if mass production national builders has brought you lots of yuppy warehousing look alikes in other places.

Taint the issue here.

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[Mr Rex]

D Wiley is the Wiley Coyote. It will never be useless as the form says if not enough data or conflicting data etc the appraiser is to explain. The problem with the MC form is that it can be played like a fine violin (fiddle in the south) with just a few keystrokes and yet not be misleading if, if, if ............................(wait for it) you explain yourself.

 

[DWiley]

Old homes are old homes no matter where they are, so there are two sets of trends, one for old homes in the region, and one for overall trends in the neighborhood..
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OK. And how did you support those trends? Whatever you used, it should have been in the 1004MC. Note, I did NOT say in the 1004MC grid. I said, in the 1004MC.

Whatever data is used to support trends should be in the 1004MC. The problem is that when a lot of appraiser read that they think only about that damned grid, and not about the whole form. I don't know why that is such a mental block for so many appraisers, but I know that it is. Witness this thread.

 

[DWiley]

D Wiley is the Wiley Coyote. It will never be useless as the form says if not enough data or conflicting data etc the appraiser is to explain. The problem with the MC form is that it can be played like a fine violin (fiddle in the south) with just a few keystrokes and yet not be misleading if, if, if ............................(wait for it) you explain yourself.

Right you are. It is never misleading to accurately report the facts. So many seem to struggle with that concept.

If there are no comparable sales/listing in the subject neighborhood, just say so. Then add the data used to support the trends reported. It I so simple, but for some it seems to be rocket science.

 

[Ahhhh Yeahhhh]

I do the 1004MC and it shows a trend of 130000, 129500, 129000. I mark declining. But we all know there isn't a decline in values.

I do the 1004MC and it shows a trend of 125000, 140000, 177000. I mark increasing. But we all know there isn't an increase like that over a 12 month period.

The reason the 1004MC is useless is that it totally ignores the fact that maybe that group of homes that sold in the first half of the year were larger and newer than the group of homes that sold in the latter part of the year.

My offer is real and it still stands. Show me how it is anything other than useless and I will write you a $10000 check. One thing about me is I am full of crap, but I ain't a liar. I really want to see how it is useful and I am willing to pay.

 

[DWiley]

I will up the ante to $250 - but, to claim it one has to post an actual example, not a story