How Old Is This House? Weird Situation!

[Tom D]

the servicing company will only have the date from public records, or maybe a previous appraisal. you go with public record then explain. does it's original age really make a value difference? in my old big city i don't think any dept would have an answer for your question, so i go with a my 'feelings comment' that it ain't as young as public records, for this reason.

 

[Tiffany Gibbons]

Working on a drive by assignment. The assessor record indicates that the home was built in 1998 but based on the design of the home I don't believe that is accurate. Since my hackles are up, I call the Assessor’s office to see if they can shed some light thinking maybe it was a typo and the year built might be 1898 or something. They proceed to tell me that the home was moved onto a new foundation at this location in 1998 and was updated and remodeled so they decided to change the year built to 1998 instead of reporting the actual age of the home. You've got to be f*#^*^ kidding me. I'm not sure what to do. I feel like I have two options. Add some BS to the report about the information provided by the Assessor’s office and note that there were no records found available that might provide the actual age of the home and complete the report based on the extraordinary assumption that the home was built in the 40's or 50's, which is likely fairly accurate based on my 20+ years of experience but still a bit of a guess or just cancel the assignment and waste the two hour round trip that I won't get paid for. This is an appraisal for default servicing so an interior inspection is not likely to be an option but that would increase my confidence in my estimate of the age of the home if I could at least observe the floor joists in the basement and see if there are any other remnants of the original home that would give me a better idea. The appraisal management company is going to contact the lender which is code for passing the buck. The lender is not going to be helpful. I already know. While I am waiting for a response, I thought I would get your input.

I'd look through the deeds and see if I could figure it out that way. The last one I had like that, the home owner told me the area where the house was moved from (ROW project) in the 80s, I Googled that interchange construction, searched THAT assessors information (Different County) and found the old information. Our assessors in Tennessee typically put the actual age and the effective age in for the cost model. Does the lender have a company that tells them if the property is occupied? I'd go in for a closer look if it wasn't dangerous, but since you've already been there, I understand that's not an option. I'd go through MLS old listings, or call the assessor back and see if there are notes in the system or permits. Good luck!

 

[Zephyr999]

Moving a house happens in real life.
That said, it compounds the physical age as relying on the original build date is or maybe no longer applicable.

My sister purchased a DOT project home...arranged to have it moved to a new foundation 10 miles away. Gutted 90% of interior to the studs, replaced all electrical and mechanical after adding an addition and putting new siding and roof on.

IMO, just tell the story and reconcile its estimate of remodeled physical age. Then sort out it's Effective age.

 

[ASteffen]

Since it is for default servicing. Maybe the lender has a previous appraisal.

They did not have any information they could provide me.

 

[ASteffen]

I'd look through the deeds and see if I could figure it out that way. The last one I had like that, the home owner told me the area where the house was moved from (ROW project) in the 80s, I Googled that interchange construction, searched THAT assessors information (Different County) and found the old information. Our assessors in Tennessee typically put the actual age and the effective age in for the cost model. Does the lender have a company that tells them if the property is occupied? I'd go in for a closer look if it wasn't dangerous, but since you've already been there, I understand that's not an option. I'd go through MLS old listings, or call the assessor back and see if there are notes in the system or permits. Good luck!

Personally, I would have no problem using 1998 and then explaining under the "condition of the improvements" section how the assessor made the decision to do the same.

That's basically what I did.

 

[ASteffen]

You might try looking in the local paper's archives. Would think something like moving a house would make the news. Other than that. You can only state what you know and use your best estimate.

I would need to at least triple my fee if I'm going to do that much digging.

 

[George Hatch]

Explain what you're seeing. The structure appears to date back to the 1950s (or whenever) but was apparently moved onsite in 1998. The design, floorplan and other attributes remain dated so the most similar properties will be those which share those attributes, not the newer 1998yb homes.

 

[ASteffen]

Remember.....no extraordinary assumptions.....or any assumptions for that matter! Lol.... It sounds as if you don't have any MLS listings to go by.....just call the borrower and notate in the report what they tell you along with what you've found out from the assessor. Notate it in the report and be done with it.

If the lender would've wanted a serious, significant analysis.....they would've ordered a full 1004.

Cannot contact the borrower.

 

[ASteffen]

This is not really uncommon when a house is moved. A move usually includes extensive updates and remodel so the 1998 time frame is probably more accurate. I've run into it over a dozen times in 25 years

All I do is explain the situation and try to include comps to span both build dates.

Moving a house does not change the year it was constructed. The amount of remodeling is not relevant, that only impacts effective age. The assessors office in my opinion is just being lazy and not obtaining the necessary information to maintain accurate records.

 

[ASteffen]

This is not really uncommon when a house is moved. A move usually includes extensive updates and remodel so the 1998 time frame is probably more accurate. I've run into it over a dozen times in 25 years

All I do is explain the situation and try to include comps to span both build dates.

I've run into homes being relocated several times in the past also but I have never had a situation where the Assessors office arbitrarily decided to change the year built knowing it was inaccurate information.