How do you value age of comparable property?

[Mike Kennedy]

The reason FANNIE MAE changed the A/E Age line on the revised 2005 versions of their forms to ACTUAL AGE was to prevent prior Fraudulent Inflation of Values on older homes by permitting assignation of "effective" age versus actual age. Effective Age is a CONDITION variable - Actual Age is what Actual Age is.

 

[Webbed Feet]

You spelled claim wrong, possibly steeped in AMC anger.

LOL!!! Congratulations! You found a small typo in a many paragraph forum response. You get a bronze star for the fine red pencil job.

LMAO!

 

[Webbed Feet]

We don't know and can't know which was a more credible report so that answer you can't find here. As mentioned, typically the lowest is the less credible while the "upside down" dance is gold. Don't rush to judgement on that.

Big advise in here is to call a few real estate brokers, tell them to come out and give you an idea of what you could list your house for. They will fly to your house these days. For the most part, knock off about 20% (I don't really have support for that calculation, it's arbitrary and just poking fun). Just knock off 15-20% anyway.

As you helped me with my typo.........

I think in your first sentence that you meant to say "......typically the 'highest' is the less credible....." ... otherwise I don't feel your sentence makes much sense to another appraiser reading this thread. Being an apprasier that opines a number lower than what everybody wants is the appraiser that gets the crap kicked out of themselves all the time. So "typically" the "low" appraiser is the most credible because they know they are in for a crap kicking over it. They do it anyway due to their ethics and strong belief in their work.

Next, as a representative of all real estate brokers and agents here, I thought I'd let you know that we all kind of resent other professionals advising the public to utterly rape us by abusing the free services we provide those that are entertaining ideas of placing their real estate on the market or purchase some real estate. Rape us by asking for those free services under fraudulent motivation that has absolutely nothing to do with considering selling or buying real estate. But instead abuse us by taking our time, for no other reason, than to get information to solve some problem they have that has no chance at all for the broker or agent to make a living.

Do you pay for all your resources you need to gather market data, your education, licensing expenses, insurance, operate your car, and spend your time providing all your opinions of value for free? Especially, when there is absolutely nothing at all in it, even possibly, for you? Would you appreciate other professionals telling the public to feel free to bend you over and stick it to you whenever they care to?

I thought not.......

 

[SutnNC]

I think in your first sentence that you meant to say "......typically the 'highest' is the less credible....." ... otherwise I don't feel your sentence makes much sense to another appraiser reading this thread. Being an apprasier that opines a number lower than what everybody wants is the appraiser that gets the crap kicked out of themselves all the time.

From an outside perspective, the lowest the least credible; the higher the most credible. "He shoots, he misses" (we all do every once in awhile). It was in response to the OP.

Next, as a representative of all real estate brokers and agents here..............

Point made and well taken, "He shoots, he scores!" (we all do every once in awhile!) You forgot a few other "choice" words that would apply to that statement I had made and none would be good.

PS

Being an apprasier that opines a number lower than.......

I tried to stop myself, I really did. I just couldn't help myself.

 

[Webbed Feet]

PS

I tried to stop myself, I really did. I just couldn't help myself.

... I catch myself on that one all the time. Never quite understand why the brain tells the fingers to type that correctly and about every fourth time or so they don't. In fact, I seem to typo more with the " i " key than any other. Oh well, there's worse things in life to have to live with !!!!!!

 

[Doug Wegener]

Decline

Thanks for the info! I guess I am just so frustrated because this bad appraisal is keeping me from refinancing my house. The lender for my refinance dropped the ball (person processing my refi went on vacation for 5 weeks, then the application was passed between a half a dozen piles, and then lost for a month) and by the time they got ready to move forward on it, the underwriters claimed the first appraisal was too old (90 days old) and wanted the second one done. The second appraisal was so badly done that it ended up saying my house was suddenly worth 22% less than it was 90 days earlier, so I am trying to get the lender to re-evaluate it.
Is there any set basis for how an appraiser determines what a property's "effective age" is? Or is it entirely arbitrary?

Its hard to say if a 22% decline is warranted in your market since I dont know area. There are areas around me where prices were dropping 7% a month, but not recently.

If you really feel your house is worth it, you might suggest from the lender another appraisal (you may have to pay for it). Or try another lender.