Lender Requests? (Telling Me How to do My Job!)

[Amy Perkins]

The can't require you to do anything, if the informaiton is not available, you explain why that's all.

 

[ZZGAMAZZ]

Rufus:

There was a long thread recently concerning the definition of "complexity" as being either assignment- or property-related.

My mentor conducted a seminar on complex property a long time ago and several months later shared privately with me that just becuase I didn't know what I was doing didn't mean that every property/assignment could be labeled as complex !!!

 

[Rufus]

Rufus:

There was a long thread recently concerning the definition of "complexity" as being either assignment- or property-related.

My mentor conducted a seminar on complex property a long time ago and several months later shared privately with me that just becuase I didn't know what I was doing didn't mean that every property/assignment could be labeled as complex !!!

I just did a search for the word 'complex' and got a gazillion pages of threads, would you happen to have a link to the one you are refering too?

 

[Michigan CG]

I just did a search for the word 'complex' and got a gazillion pages of threads, would you happen to have a link to the one you are refering too?

A complex assignment is one that you have never been exposed to that kind of property type and one that is atypical for you and your practice.

A dairy farm in Wisconsin is not complex to most CG appraisers in Wisconsin. A dairy farm in Missouri is most likely complex to most anyone.

A waterfront property is not complex for a Long Island, NY appraiser, but most likely complex for appraisers in West Virginia.

Corn fields are easy for Iowa appraisers, wine vineyards are easy for some California appraisers, but not vice-versa.

I personally think that shopping malls are not complex, however small acreages with multiple outbuildings with special uses are very complex.

Complex is in the eye of the appraiser in many cases.

 

[Rufus]

A complex assignment is one that you have never been exposed to that kind of property type and one that is atypical for you and your practice.

Oh my!

So if I know how to rebuild a control module for the space shuttle, that is not complex, but if an engineer that has not seen it, then it is?

I would have thought that significant differences from what is the typical dwelling would make it complex, not that I can't handle it, but that it reguires much more research to give a supported opinion of value.

 

[Michigan CG]

.......I would have thought that significant differences from what is the typical dwelling would make it complex,........

Typical to who? For a guy who appraises historical homes that are typically 300 years old those are typical and non complex. For you and I they are complex.

Homes with river views of the Mississippi River and homes that front the Mississippi River are most likely complex for you and most others (and there is a significant difference in value between the two). For me I can do them in my sleep and do not consider them complex.

 

[Rufus]

Typical to who?

Thank you Tim. I never thought of it this way. I will have to take this information into consideration. (Not that I agree with you, but I am open to learning new things.)

 

[Michigan CG]

I am not asking you to agree with me, but what do you consider complex?

 

[Ted Markow]

"Maybe i am missing something here but I feel like we are being railroaded here over and over again. Maybe its me. Please help.

I received from a client the new request from a lender they use that all appraisals they receive for new loan requests will require an appraisal where the appraiser provides only comps within the last 90 days, urban location no more than 1/2 mile away, suburban no more than 1 mile, and rural no more than 5 miles, at least 2 of the sales MUST be verified in MLS as a qualified arms length transaction sale, and at least 1 current listing or pending sale in the appraisal."


Have you considered giving up your first born? I may be easier then their SOW and well never mind!!! I won't go there

 

[Rufus]

I am not asking you to agree with me, but what do you consider complex?

Indeed, I realize that. You are a knowledgable person.

I consider a complex assignment to be a propety that is atypical. For instance a double geodesic home along slide of interstate 65 just south of Indianapolis is a complex assigment since the similar comps are roughly two, thirteen, and forty miles away. And worse, none have sold in the past year. Much more research is required to give a credible value opinion for this property than would be required for your standard two story home in the same location.

Based on what you said, if you happen to do double geodesic homes all the time it is no big deal, but I suggest that at any given point in time you will have to spend much more time at the computer to support your opinion than you would for the two story dwelling and therefore it is complex compared to the normal assignment.