LO or UW requests?

[Pamela Crowley (Florida)]

Joe,

It didn't support the value and was given no weight. Provided to bracket only.

 

[JM2187]

Pam,

If that's the case then it sounds like it should be removed. I don't think anyone is looking for sales to simply "bracket" amenities if they don't offer value support.


Joe

 

[Farm Gal]

So, if I change this report, what happens down the road when both reports show up somewhere?????

Same thing that happens when you ADD a comp :!: Me, I explain that "at the underwriters request an additional comp was added to satisfy their need to zzz."

If I take something out you can bet I am going to say something to the effect that "The underwriter felt that comp #5 was gratuitous and it was removed at thier request, the value opinion of $$ remains unchanged."

I could not care HOW many versions of an appraisal are floating around, but you can sure bet I have documented internally and on the report WHY the be more than one!

I have even <gasp> been known to change a value on reconsideration... not very darn often 8) , but if a REAL 'better' comp surfaces nothing prevents me from taking another look at the appriasal problem or my solution to that problem!

 

[Mike Garrett RAA]

 

[Tim Hicks (Texas)]

Welcome back, Mike. Vacation? Busy? I smell a poll.

 

[Farm Gal]

15 SF smaller.
Size adjustment? Yep. +$300.

ROTFLMAO :lol: :lol: :lol: We really need a little icon for laying down holding belly and laughing(!)

Ya gotta love it :wink:

I have heard the plaint of 'didn't know how to turn off the software also...
But ususally from someone who would have left that $300 in there anyway :roll:

 

[Tim Hicks (Texas)]

Micro-appraising is an art. Haven't you had a underwriter? (loan officer) tell you to make an silly adjustment after they looked at the pictures? I had one want to know why I did not adjust for the water tower two blocks away behind two of my comps. Then they offer the suggestion of site adjustments on 4,000 sf lot vs 4,400 sf. Do you think on re-sale that 400 sf of yard will really bring extra? Lot premiums is the most over rated price increase builder's use. Isn't it amazing how two years later that one on the bigger lot sells for no more than the other ones, sometimes less. Why, because that cul-de-sac lot has no front yard and no street parking area. But when they sell that lot new they pay extra for that larger pie shaped lot that the house barely fits in the building lines. rant ...rant ...rant.

 

[JM2187]

I don't think there's a quicker sign that you're dealing with someone who doesn't know what they are doing when their first comment is "I think you need to add $x adjustment" when they have no clue about the market. When I started in review the first thing I was taught about asking questions was that a reviewer unfamiliar with a specific market has no business pulling adjustments out of the air. Ask for the basis of the adjustment if you have a question, don't write the report from California.

I'm amazed at how many reports I see from clients where things like acreage adjustments or bathroom adjustments are hap-hazardly crossed out or changed by some unknown underwriter based solely on their pre-(mis?)conceptions.

Joe

 

[Wally Jones]

Amen, Joe! Just had one today. (Sorry, Pam. This isn't helping you, but it's a fun thread! )

Subject had a small detached cottage. Naturally, no current sales nearby with a cottage. Included two listings and two older sales with similar cottages. Adjustments for the closed sales were large. Contract for the subject was in the mid $90,000 range and no problem supporting value, but the UW insists on current sale with a detached cottage. Enter the helpful Realtor. "I've got TWO within two blocks of the subject. I'll fax 'em right away!) Sigh. Both are lake front (subject isn't). One is still under construction (subject is 43 years old) with a separate two bedroom home included for the owner's mom. The second is the best one. Also lake front. Sold last month for $1,300,000. The detached cottage? Turns out it's the guard house at the entrance to the estate! Thank you, Ms. Realtor. 8)

 

[Ben Vukicevich SRA]

Hey Brad E.

You know that $300 guy was never an FHA appraiser ....because we weren't allowed to make adjustments for a difference of less than 100 sf of GLA-in the old days, of course :lol: :lol:

Ben