Lender Requesting Commentary to be removed

[Paradiddle]

They changed the contract. The premise of your comment no longer exists. The excess lot is no longer included. As far as why or why not you did or did not include the excess land. If it was for Fannie the guidelines should have been followed the first time. By glad it's not for FHA. For FHA you include it but give it no value

Answered.

 

[Dublin ohio]

O Dublin, take a breath. You guys are so angry all the time since the Buckeyes suck now.
P.S. You posted a similar article

I am not a Buckeye fan. I am not angry I am just calling it as it is and really don't care what you do. You are obviously asking for agreement instead of advice. Your response to GH appears to be more evidence of just that.

 

[Paradiddle]

The subject's agreement of sale was amended xx/xx/zzz to remove the lot next door. You can change an agreement of sale, and it not be a new appraisal. It's like new construction where they keep adding or removing extras. If you gave that lot no value and made no adjustments on the grid then what changes anything on the appraisal besides that lot comment. You counted it as a $0 item. So if they removed the washer and dryer, you would have do do a new appraisal. Some of you are getting goofy here.

Now, if you gave it some value somewhere, then are your comps still good. Then you have more effort into redoing it. But oh gee, I removed a $0 dollar item. Maybe I should do a whole new appraisal without changing the value. That excess land comment really had a lot of value to it.

Answered.

 

[Paradiddle]

I am not a Buckeye fan. I am not angry I am just calling it as it is and really don't care what you do. You are obviously asking for agreement instead of advice. Your response to GH appears to be more evidence of just that.

Answered.

 

[George Hatch]

George Hatch, are you saying that because a realtor wrote the contract as two lots, then that is how it exists legally? We all know that's not the case. I always appraised it as one lot w one house and excluded the excess land.

No, I'm saying that each parcel has it's own legal description (and legal attributes).

If nothing else, your analysis of the sales contract and how it fits into your valuation is changing as a result of changes which occurred after the effective date. Same as if the contract price itself had changed. I would also go so far as to suggest that you retain the original commentary as an explanation for why the new appraisal says something a little different from the original appraisal report. Paper trail

 

[Dublin ohio]

No sir, I am asking if you would remove the comments or keep them in.

I would consider it a new assignment. The original assignment obviously involved both lots. That should've been included in your contract analysis. Whether or not you gave the second lot any value does not make it invisible. Now the conditions of the assignment have changed, and the second lot is no longer in consideration

 

[Paradiddle]

I would consider it a new assignment. The original assignment obviously involved both lots. That should've been included in your contract analysis. Whether or not you gave the second lot any value does not make it invisible. Now the conditions of the assignment have changed, and the second lot is no longer in consideration

Answered.

 

[Paradiddle]

No, I'm saying that each parcel has it's own legal description (and legal attributes).

If nothing else, your analysis of the sales contract and how it fits into your valuation is changing as a result of changes which occurred after the effective date. Same as if the contract price itself had changed. I would also go so far as to suggest that you retain the original commentary as an explanation for why the new appraisal says something a little different from the original appraisal report. Paper trail

 

[Paradiddle]

Answered.

 

[George Hatch]

If your analysis changes then that's a change. Even if the process of considering that change happens in less than a minute it's the mental part that makes the analysis different, not whatever changes you make to the verbiage.