In 12 years I've never got this QC request.

[Tom D]

You used the word 'proximity to' without the distance or time. Proximity meaning what? Proximity by car, walking, bus. I would have left off that word, that's my best guess.
Funny, but i use the word 'nearby' for my urban neighborhoods. Nearby means close, other than proximity to. I only mention time driving when suburban to our big city arrival. Anyway, who knows.

 

[chad hampton]

I've been saying "close proximity" in most of my reports for 23 years. My reports include a map so they can see the subject and comps and the roads they are near.

But this is a profession that has been taken over by total and complete ignorant clowns. So this doesn't surprise me.

 

[J Grant]

I don't like the recent changes either. However, it is easier to comply with them than fight them - and the clients don't ask for them because they are idiots or to make our life harder; it is because the clients and lenders get the appraisals flagged and kicked back to them from fannie/freddie for certain items now.

 

[Overimprovement]

Google map the precise distance from subject front door to nearest commuting route or bus stop. To the hundredth of a mile. Do the same for nearest service.

Then wait for the stip asking for similar data for the comps and market support for lack of adjustment for differences.

 

[Sadie]

Yeah, it's a thing. Your description is pretty vague.

After entering the neighborhood boundaries, I enter something like....

The subject property is located in the northern section of zzz, in the city of zzz, Los Angeles County. The area is comprised of 1 and 2 story single-family dwellings of average to good quality with multi-family units of similar quality along major thoroughfares. Many properties in the area have mountain and City Lights views. There is evidence of modernization and remodeling in the area. Most support facilities such as shopping, houses of worship, schools and parks are located within 1 mile and major employment centers are located within 5 miles. Property values within the subject's neighborhood, one year back from the effective date, have increased over the past year. Please see Market condition analysis attached in this report. REO and short sale activity was not noted in the subject's neighborhood as of the effective date of this report. Financing is conventional for the most part.

See? Boundaries, description (including your distances) and market analysis including support for all the checkboxes you checked above this section.

Observe and Report....easy peasy.

You might get dinged for the quality comments as they are subjective. You can use things like average sales prices for the area, or something like homes in the area tend to sell above the average prices for the area. Because quality does not always translate into mkt value. The AI used can be picky.

 

[Dublin ohio]

You might get dinged for the quality comments as they are subjective. You can use things like average sales prices for the area, or something like homes in the area tend to sell above the average prices for the area. Because quality does not always translate into mkt value. The AI used can be picky.

Why is there a quality line on GSE forms

 

[J Grant]

You might get dinged for the quality comments as they are subjective. You can use things like average sales prices for the area, or something like homes in the area tend to sell above the average prices for the area. Because quality does not always translate into mkt value. The AI used can be picky.

They don't like the word average either, average is on the subjective do not use in certain fields use - which IMO is inane but it was not my call- btw we can use these words but we have to provide a context for it just seems simpler to avoid them -

 

[Surf Cat]

You might get dinged for the quality comments as they are subjective. You can use things like average sales prices for the area, or something like homes in the area tend to sell above the average prices for the area. Because quality does not always translate into mkt value. The AI used can be picky.

As Dublin stated, "quality" as in quality of construction, is in the sales comparison grid. Also, in following the form's directions, an appraiser is supposed to "describe the neighborhood" which is a detailed analysis of the area being appraised. This includes the "quality" of the types of properties that are located within the subject's neighborhood.

The neighborhood description is important for the client to understand the context in which the property is located and for selecting comparable properties.

It's amazing how many appraisers just slap boilerplate in this section. It changes from location to location.

Also, I never use average sales prices of the area. I always use median sales prices. But that's just me....

 

[Fernando]

Unless there is some other outstanding factor in a neighborhood like decay, renewal, a lake, golf course or a park, for 12 years my neighborhood description for suburban single family areas has read:
"The subject is located on a residential street of various style and age single family homes. Neighborhood maintenance and appeal is considered average. Proximity to commuting routes and services is considered adequate and marketability of the area should remain reasonably stable."

Too general. In any given neighborhood, you can argue some varying style and age. Poor neighborhood appeal is average but not average in higher end neighborhoods. It's relative.
Your comments are canned and can be put in most appraisal reports. Make an effort to look at the area and make some unique description of the neighborhood.

 

[Joe Flacco]

The issue with the description is it is too general. It is your typical boilerplate that fits into that field. I don't think I have ever seen an appraisal report that doesn't have that exact statement.