Michael Martin
Junior Member
- Joined
- Jan 21, 2005
- Professional Status
- Certified Residential Appraiser
- State
- New Hampshire
Not sure if this has been touched on in any other threads but just wanted to get some feedback.
I got a request from an underwriter asking why I checked off declining market on page 1 and there are no time adjustments for the comps in the appraisal.
For the appraisal in question, the overall values do appear to be declining modestly in the neighborhood. But the subject is a high end property and after doing a market analysis, the high end properties appear to be stable. There is a wide range of values in the neighborhood with relatively few high end properties.
I did explain this in the addendum but am wondering if anyone had any suggestions? Has anyone run into a similar situation and what do you think the best/easiest way to deal with the underwriter is?
I got a request from an underwriter asking why I checked off declining market on page 1 and there are no time adjustments for the comps in the appraisal.
For the appraisal in question, the overall values do appear to be declining modestly in the neighborhood. But the subject is a high end property and after doing a market analysis, the high end properties appear to be stable. There is a wide range of values in the neighborhood with relatively few high end properties.
I did explain this in the addendum but am wondering if anyone had any suggestions? Has anyone run into a similar situation and what do you think the best/easiest way to deal with the underwriter is?