Had Lunch Today With.

[Patti Jury]

My Friend, Mentor, and Landlord...

Things have been busy for me for the past 8 months...working in a similar but different profession...so we have not seen a whole lot of eachother...

Anyway we had an interesting conversation about STUPID conditions that are being sent back regarding our appraisals.

I very, very, very, very, rarely ever get conditions back on my reports...but lately it has just become a NIGHTMARE! She was telling me of similar issues.

So I complete a report and send it this morning. I get conditions back stating...

We need 3 new comps within 1 mile and within 6 months.
We need the appraiser to report on the PUD zoning issue
and we need the appraiser to comment on the dated sales used and the current market issues.

Okay so all of these are in my report in several different places...

PUD is for zoning purposes only for subdivisions with lots that are less than 6,000 sf.
There are no HOA dues required.

Market has been stable for the past 12 months as indicated by the most recent sales as well as the current listings for the area...(also included in the report)

The verbage I used here was the shorter versions...

I question whether or not these folks can even READ a report.

So if I can't provide the necessary information to this Investor they will send my report to review...

I told my Client that I BEG them to send it to review...It will skate through a review...

Simply because the Investor failed to read the report.

My Mentor is dealing with the same issues....it was a funny day! Nearly the same issues from 2 different investors....

This is just becoming Stupid....JMHO

READ THE DAMN REPORT!

 

[Workbox]

Maybe their dessiminating UW rules program can not place it in the right place for the lenders UW somewhere in India to read it.

 

[CGgonnabee]

So glad that I am not the only stupid one. Thanks for sharing. I think we we need to start a reading program for MB's and UW's.

Here is the best one for today:

MB: "The UW wants you to comment on the private road"

ME: "I already did that, it is in the addendum. They need a maintenance agreement to meet the FHA requirements"

MB: "The UW wants you to comment on the type of private road"

Me: "There is an indicator on the form that it is asphalt, and it is private"

MB: "Is it in good condition? The UW really needs to know this"

Me: "There is a photograph of the street...it is paved...looked pretty good to me"

MB: "There is a picture of the private road?"


Me: "You betcha...picture of the road every time!"

MB: "Really?"

UW Response: "I will check on this. Please include a comment about the road"

m2:

 

[Michigan CG]

I think we we need to start a reading program for MB's and UW's.

A GED would be a nice start.

 

[Riick]

"I will check on this. Please include a comment about the Road"

Maybe Dick & Jane version will work ???

This subject property, like many others in the area, sits facing a Road.
The Road is not owned by the City, State, County or Township.
The Road is a Private Road.
Because it is a Private Road it is maintained Privately.
The people who live along the Road pay to maintain it.
They love their Road, it lets them go to the big Road, and it lets them go home again.
The people maintain the Road with love and also some money..
It is maintained at the people's cost, because it is Private and they own it.
FHA is always wants to know lots of things about Private Roads - they are very nosy.
FHA will want to see the maintenance agreement for this Private Road.
The underwriter should get a copy of the permanent easement for the Private Road,
and the provisions for permanent maintenance of the Private Road --- so FHA can see them.
This will make FHA happy.
The appraiser does not have any of those things.
The Underwriter should ask the Title Company or someone else for them.
Did you know that this Private Road is made of asphalt? Yes, it is!
The asphalt on the Private Road looks to be in good condition to the appraiser.
This is everything the appraiser knows about the Private Road.
If the Underwriter wants to know more about the Private Road he or she
should consult a Roadway engineer, or the Realtor, or the Homeowner, or go out & look at it personally.
The road would like that, that's the kind of road it is.
Can you draw a happy face?

 

[Conservative in Virginia]

A squirrel got hit on the private road last week.. he lived
The squirrel's family does NOT like the private road
The appraiser is not knowledgeable of any current or future complaint from the squirrel's immediate or extended family.

 

[Pamela Crowley (Florida)]

Maybe they are not seeing YOUR appraisal report?????

 

[Ray Miller]

Maybe they are not comming from the UW, maybe it is the processor or the LO.

I always ask to talk with the UW or have them call me, for some reason they never do.

 

[Kevin Mc]

It is simple stuff.

These "underwriters" are predominantly younger kids with checklists, usually processors. The days of seasoned veteran UWs who knew their stuff are long gone, they cost too much. So now we dealing with these younger kids with checklists. I get these every few weeks and tell them to read the report. I will not add,elaborate or draw it in crayon to make their life easier. It something needs additional description or explanation fine, no problem. That is rarely the case.

 

[Patti Jury]

Pam,

I know it is my report as I only really have one client these days and they have no idea how to alter my report. So no fear there.

I chatted with my friend and mentor yesterday and she is of the same feeling I am...she has been an appraiser for nearly 20 years and she is just as dismayed as I am about the entire industry.

It is amazing to me that you don't chat with someone for as long as we have and the same feelings about things are spot on with eachother.

My feelings regarding the report issues are just plain lazy UW that don't bother to read the addendums or the reports. They have no concept of understanding the report progression and therefore fail to understand the intent and purpose of the report.

My listing I included is a listing from foreclosure and it is listed at $5,000 more than what I valued the subject. It is a model match to my subject. It is just silly these conditions...
This was not a cookie cutter home...but the appraisal was pretty straight forward with few adjustments. The comps were great...they were just dated as there were only a few similar 2 stories that have sold in the area over the past 12 months. The market has been stable to actually rising over the past 12 months....so time adjustments were not made.

Please Send it to Review... this will be the easiest review ever!