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Lender Requesting The Consideration Of Land Sales In An Rov

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BODEPHUS

Member
Joined
Jul 18, 2013
Professional Status
Certified Residential Appraiser
State
Texas
Hey AF-
Completed a 1004 Conv on a Rural property.. of course they send over a Reconsideration to review additional sales cuz they didn't like my value! No surprise..
The subject is just a simple one story home built of rock/stone on 5 plus acres. It is merely a big box.. no big curb appeal.. simple large ranch. Has a detached workshop and small shed in back. They sent over lot sales since they did not like my site adjustments. Wanting to consider them in this ROV.. They had me complete the Cost Approach as well, but I made comments that no consideration was given to that and I was told they are relying on what I placed in the Site Value.. I did not give consideration for that either!
Just a messed up situation and wanted to see if anyone has any good commentary? My adjustments are clearly supported-they just are unhappy with the value.. bottom-line
 

A K

Elite Member
Joined
Jul 31, 2013
Professional Status
Certified Residential Appraiser
State
Maryland
So how did you develop your site adjustments?
 

bnmappraisal

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
They had me complete the Cost Approach as well, but I made comments that no consideration was given to that and I was told they are relying on what I placed in the Site Value.. I did not give consideration for that either!
Have to agree with Joe Flacco on this one and ///
My adjustments are clearly supported
(I'm assuming you're talking about the site adjustments?) How are they supported? (are your comps all similar site?)
 

BODEPHUS

Member
Joined
Jul 18, 2013
Professional Status
Certified Residential Appraiser
State
Texas
Yes, I provided a lot sale and comments accordingly.
The biggest thing.. lets start over... They wanted me to complete the Cost Approach-I completed it but commented that the Cost Approach was not given any consideration in my analysis and then provided a Lot sale to back that up..

Sorry, just really looking for good commentary here.. no consideration given in both the site value or Cost Approach..
This is one reason I do not like completing the Cost Approach in these reports! It just causes so much confusion to the point where they want us to second guess our work and conclusion of value.. it's ridiculous.
 

BODEPHUS

Member
Joined
Jul 18, 2013
Professional Status
Certified Residential Appraiser
State
Texas
The seller agent is simply kicking a fuss cuz he is not an appraiser and does not understand the Cost Approach or Site Value, he has not read my comments regarding the development of that and they are unhappy with the value.. bottom line
 

BODEPHUS

Member
Joined
Jul 18, 2013
Professional Status
Certified Residential Appraiser
State
Texas
Just really seeking some good commentary to shut them up is all.. I have provided support for my adjustments.
 

djd09

Elite Member
Joined
May 20, 2009
Professional Status
Licensed Appraiser
State
Ohio
Please forward your appraised value and your site value along with license and insurance. Thank you.
 

BODEPHUS

Member
Joined
Jul 18, 2013
Professional Status
Certified Residential Appraiser
State
Texas
Another thing to note.. we are out in a Rural area.. small blacktop road.. lots of trees on a shape curve.. late at night if someone had a few too many to drink.. wham, right into the Family room.
We are definitely a C-3 Quality, but the lot sales they provided are in neighborhoods-one has an HOA, the other is nearby to a local Elementary school.. they are grasping at whatever they can find here, it's so obvious!
 

BODEPHUS

Member
Joined
Jul 18, 2013
Professional Status
Certified Residential Appraiser
State
Texas
djd09, what does that mean? Just really seeking some good commentary, folks.. I'm fed up with this file already!
 

djd09

Elite Member
Joined
May 20, 2009
Professional Status
Licensed Appraiser
State
Ohio
Without seeing the specifics of the data, no one can help you. Just repeat what you stated in your report in different terms. Good luck.
 
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