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If someone said this to you. You would do what?

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JFulmer

Thread Starter
Sophomore Member
Joined
Dec 28, 2007
Professional Status
Certified Residential Appraiser
State
Washington
I have learned in my short time in the profession to get UW's and Brokers to send everything via e-mail for my workfile. Report was submitted to the Broker on Friday. I got this reply to my question today: :new_2gunsfiring_v1:



Mr. Appraiser...We never said the Underwriter has issues with the report. We're afraid to turn in the report to the underwriter the way it's written with all the descriptive CYA verbeage. We were calling to see if it could be toned down a little. If it can't, I understand, but please let me know quickly as I have to turn something in today to the lender. Thank you...

---------------------------------------------------------------
Hi Mr Broker,

I just spoke with (someone who took a message) about this file and I guess the underwriter has some minor issues with the report. Can you forward me the underwriters comments or condition sheet so I can review it?

Thank You,

Mr Appraiser




 
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Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
Mr. Fulmer,

How can anyone on the forum answer you not knowing exactly what is being discussed? For all we know your CYA stuff is wonderful and we all would support it, or it sucks and you should not have sent it. We are not wizards that can look through time and space to read your report.

"Dear Client,

Please specify the precise verbiage you are having difficulty with and be specific about why you view it as a possible cause of problems. Then I can review it for you to see if I either can take a different path on the wording or at least explain to you why I feel I must not."

Webbed.
 

JFulmer

Thread Starter
Sophomore Member
Joined
Dec 28, 2007
Professional Status
Certified Residential Appraiser
State
Washington
Mr. Fulmer,

How can anyone on the forum answer you not knowing exactly what is being discussed? For all we know your CYA stuff is wonderful and we all would support it, or it sucks and you should not have sent it. We are not wizards that can look through time and space to read your report.

"Dear Client,

Please specify the precise verbiage you are having difficulty with and be specific about why you view it as a possible cause of problems. Then I can review it for you to see if I either can take a different path on the wording or at least explain to you why I feel I must not."

Webbed.

I love your messages Webbed. Here is the text in question:

The subject interior and exterior appear to be in average overall condition with no apparent repairs needed. The subject is noted to have stained/worn carpet, some worn door and baseboard trim, interior walls that need paint and some new exterior siding that needs paint. The tile and hardwood flooring are noted to be in good condition and appears to have a new range/oven. Overall the subjects condition is similar to other bank owned properties in the area.


-J
 

Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
I love your messages Webbed. Here is the text in question:

The subject interior and exterior appear to be in average overall condition with no apparent repairs needed. The subject is noted to have stained/worn carpet, some worn door and baseboard trim, interior walls that need paint and some new exterior siding that needs paint. The tile and hardwood flooring are noted to be in good condition and appears to have a new range/oven. Overall the subjects condition is similar to other bank owned properties in the area.


-J

Mr. Fulmer,

In the blue text you said the flooring looks to have a new range / oven. Perhaps you meant the kitchen instead? .. I don't cook on my floor too often myself... ;) ... In brown the statement is too broad. "other bank owned properties" could be anything from burnt down to the foundation, radioactive, to brand new. I believe you really need to work on that statement (as in remove it) and expand on your comments regarding the subject condition.

Whenever possible try to avoid "appears to" comments. Try and commit. I.E. The range / oven in the kitchen is a 2001 model that shows good maintenance. (meaningful in a 1948 house) If it were "New," I'd expect you to know as the box for it was still sitting in the living room.

Other than the above, I do not find your comments to be bad in anyway at all. In fact, just the opposite. You are doing a good job of reporting factual conditions (a little waffling but that is tolerable). I would describe the need for that interior painting in better detail. Do you mean every room in the house? Just a couple of bedrooms? Is it dirty, worn out, or painted in checkers with peek-a-boo polk a dots? Generally, myself, exterior siding that is not weatherproofed I'd CB3 they have to do it at least as soon as weather permits them to. But that depends on exactly what you mean by "some" exterior siding needs paint. 3' by 9' area? Is it at least primed or bare wood? Half the house? Depending, I may give it a pass, I might CB3 require it done because siding is structural. I assume this is wood and not brick... ;)

In short, this client is off base and trying to sanitize the report to a stupid degree. They don't want any stips at all and want you to fail under your Standard Two reporting...

They would also hate me completely...... ;)

Webbed.

P.S. You need to show the UWer a better description, and I suspect a better opinion if these things are "market acceptable" or if they must be repaired. Proving you've made adequate accounting of them in your opinion of market value if they are market acceptable. But then you were supposed to report on that house with your blinders on, right? .. ;)
 
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David Dietz

Member
Joined
Oct 30, 2006
Professional Status
Certified Residential Appraiser
State
Florida
They want you to just say average condition and not mention the poor condition of the named improvements. Sham on them! your doing your job.

Personally I would not state the comparison of the subject's over all condition to other bank owned homes but the typical market homes. That house sounds like a home with little maintenance and consistent with rating of at least fair condition to me, but maybe your market shows different.
 

JFulmer

Thread Starter
Sophomore Member
Joined
Dec 28, 2007
Professional Status
Certified Residential Appraiser
State
Washington
As you both have correctly noticed the Broker has a big problem with me noting things as "Fair" "Poor" or "Average-" or what ever. And for the record I don't think I will see much work from them again, or at least not homes where they think I might tell the truth.

I like the comments about the age of the range/oven and the "bank owned properties" will have to either expand or remove them. The best part about this whole deal is they believe I am being overly critical of the home. However the company contracted by the bank to secure and winterize the home posted a form on the wall for each person who went inside the property. Everyone from agents to the home inspector called the property "Fair" or "Poor" condition. Although they are not "experts" on most things, I think that comment sheet is an indicator of what the market thinks about the property.

Thanks to both of you for the quick reply. I will wait to see what the UW asks for.

-J
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
How many photos of the worn carpet, vinyl, and paint did you include? There is an old saying about pictures and words. I can't remember it right now.
 

JFulmer

Thread Starter
Sophomore Member
Joined
Dec 28, 2007
Professional Status
Certified Residential Appraiser
State
Washington
How many photos of the worn carpet, vinyl, and paint did you include? There is an old saying about pictures and words. I can't remember it right now.

Almost all of them. A few were redundant. Many of my peers in my office think I get picture happy. I tell them (as that broker put it so well) I am just covering my arse... :new_llying:
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
JFulmer:

The subject interior and exterior appear to be in average overall condition with no apparent repairs needed.

:) (contradicts the items evidently NEEDING repair below):icon_idea: :shrug:

The subject is noted to have stained/worn carpet, some worn door and baseboard trim, interior walls that and some new exterior siding that needs paint. The tile and hardwood flooring are noted to be in good condition and appears to have a new range/oven. Overall the subjects condition is similar to other bank owned properties in the area.


Are the items noted typically perceived by the market as MINOR Cosmetic Deferred Maintenance addressed in the Estimated Phys Depreciation and included in the Overall Average Condition "As-is" rating...... or substantial which negatively impact marketability and/or health/safety which would be required to be repaired to SELL? i.e. "subject to repairs" valuation?
 
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