Legal Description

[Fernando]

Oh, that's good to know. Our city only gives the 1st few words of the legal on their web site. To get the full legal is a large monthly fee, or go down to city hall, parking $30 and another hour to get it. Good to know i've been doing it goodly by your standards. Although i am not as legal anal as some of yous.

In practice, appraiser doesn't need to put full legal description in the appraisal report so you don't need to waste time and paying $30 parking. Short description is sufficient.
While at bank when I had access to Prelim, I just type "See Prelim" and I have attached Prelim to the report.
Clients should do that if I state "See Prelim".

 

[sputnam]

I have to wonder what other portions of the form that some appraisers fill out intentionally incorrectly.

A parcel number is not the same as a legal description and for some reason I'm surprised that some appraisers don't know, or care about, the difference between the two.

Just a refresher...
1. Mortgages are made against a legal description.
2. Property is identified on a deed by a legal description.
3. Purchase agreements are for a legal description.
4. Foreclosures are against a legal description.
5. Promissory notes are for a legal description.
6. Title insurance is for a legal description.

Appraisal report forms also have a space for legal description and it should match.

And for whiners that claim..." sniff, sniff...but the legal is 1/2 a page long", you can abbreviate. I see those long legals ALL the time. You can shorten a paragraph to:
"A part of the SW 1/4 of the SE 1/4 of Section 25, Township 14 North, Range 2 West in Morgan County...to contain 1.55 acres",
or shorten it more to: "Pt. SWSW Sec 25, T.14 N. R2W, Morgan Co...1.55 ac." I've seen legals that ran to three pages long, those get included in their entirety.

At least make an effort to put something in the legal description box that resembles the actual legal, not a parcel number.

Yep. Or just include a copy of the Deed in the appraisal report.

 

[Fernando]

Yep. Or just include a copy of the Deed in the appraisal report.

Peers don't do that. They just put a half line comment that fits into the grid given by Fannie form.

 

[sputnam]

Peers don't do that. They just put a half line comment that fits into the grid given by Fannie form.

That's because your peers aren't the best appraisers around. You have adopted the fallacious and foolish notion that 'All the kids are doing it.' Quit trying be the same. Stirve to be the best you can be.

 

[Fernando]

That's because your peers aren't the best appraisers around. You have adopted the fallacious and foolish notion that 'All the kids are doing it.' Quit trying be the same. Stirve to be the best you can be.

Look at RCA with his "best he can be" with his computer models. Overdoing it.

 

[sputnam]

Look at RCA with his "best he can be" with his computer models. Overdoing it.

So.... You're a binary thinker. For you there is only, less than should be done and way more than should be done?

BTW... part of being the best appraiser you can be is knowing when it's too much. Some appraisers don't.

 

[Fernando]

So.... You're a binary thinker. For you there is only, less than should be done and way more than should be done?

BTW... part of being the best appraiser you can be is knowing when it's too much. Some appraisers don't.

I learned long ago that it doesn't pay to do extra. The minimal is acceptable so forget about all those graphs, computer models, and such. 1004MC was never needed.
When there were Mortgage Brokers involved, extra service helped in getting more business.
Now what clients/lenders want are appraisals that get the loan closed.