"Predominant 1-Unit Housing Value"

[gorillakimchi]

Here is a shortened "canned comment" version. Works both for under and over improvement. Just change one word.

Subject's value opinion above predominant price for neighborhood. Does not indicate an over improvement. As predominant price represents prices within subject's overall neighborhood market which contains properties with various physical characteristics not necessarily representative of subject's sub market

Thank you sir! I am living in Los Angeles now but I used to live in dublin Ohio! When I saw your name, I just smiled haba Go buckeye!!
Again thanks for your helpful comment!!

 

[Fernando]

How about the following: " The Opinion of Value exceeds the Predominant Value to a large extent because protcol used to calculate the latter is based upon 12-month sales during a period of continually-increasing sales, which tends to skew the results downwards."

According to the World of Fernando, the predominant value is in subject's area. If above it, mention why it's above or below. Just a comment will do.
The 1004MC is for trend purposes only. If enough data in subject's area, jump for joy. If not, go further out in proximity or expand property characteristics so you can get a trend.
Just explain what you did and why the it doesn't matches.
Fernando never had a problem.

 

[Carnivore]

I am looking at an AMC engagement letter with a line item that States:

"When the Final Value differs from the neighborhood predominate Value, Please comment"

A number of other AMC have this or very similar version: "When the Final Value differs from the neighborhood predominate Value by more than 10%, Please comment" another "When the Final Value is lower than the neighborhood predominate Value please comment"

I have never had an AMC/Lender require a comment when the Subject MV is above the Predominate. A logical person would think if it is important when it's below the predominate then it should also be important when it is above the Predominate. I did see one AMC/lender comment requirement when it is over or under the predominate but within the Range. That doesn't make any sense either, but it's a little better.

I have gone round and round with these Clowns asking them to explain to me why it is important to this Intended User/Client. All I get is Crickets or the Proverbial "because the Lender/Client wants an explanation, Shut up and do as we say!"

The reason I push back on them is that it is in ALL their engagement letter no matter who the Lender/Client or Intended Users are. I know what FNMA Selling Guide says, and it is different than what these AMC/lenders want. What FNMA wants is perfectly Logical. They want a comment because it may be an under/over improvement. Another reason is the Subject might be a piece of trash. If so, then it should be clear to them by reading the Subject Condition section.

It seems like I am obsessing over this one item, but there are other non-sensical comment demands that defy logic. Is someone offering "Be an Appraiser" on match book covers? LOL

 

[ZZGAMAZZ]

I am looking at an AMC engagement letter with a line item that States:

"When the Final Value differs from the neighborhood predominate Value, Please comment"

A number of other AMC have this or very similar version: "When the Final Value differs from the neighborhood predominate Value by more than 10%, Please comment" another "When the Final Value is lower than the neighborhood predominate Value please comment"

I have never had an AMC/Lender require a comment when the Subject MV is above the Predominate. A logical person would think if it is important when it's below the predominate then it should also be important when it is above the Predominate. I did see one AMC/lender comment requirement when it is over or under the predominate but within the Range. That doesn't make any sense either, but it's a little better.

I have gone round and round with these Clowns asking them to explain to me why it is important to this Intended User/Client. All I get is Crickets or the Proverbial "because the Lender/Client wants an explanation, Shut up and do as we say!"

The reason I push back on them is that it is in ALL their engagement letter no matter who the Lender/Client or Intended Users are. I know what FNMA Selling Guide says, and it is different than what these AMC/lenders want. What FNMA wants is perfectly Logical. They want a comment because it may be an under/over improvement. Another reason is the Subject might be a piece of trash. If so, then it should be clear to them by reading the Subject Condition section.

It seems like I am obsessing over this one item, but there are other non-sensical comment demands that defy logic. Is someone offering "Be an Appraiser" on match book covers? LOL

---------
Perhaps because the "Predominant Value" pertains to the overall neighborhood and not just competing properties, although I guess that's when the under/over-improvement factor kicks in. Weird how many things in our world don't make sense but we don't have any recourse on a daily basis.

 

[ZZGAMAZZ]

I am looking at an AMC engagement letter with a line item that States:

"When the Final Value differs from the neighborhood predominate Value, Please comment"

A number of other AMC have this or very similar version: "When the Final Value differs from the neighborhood predominate Value by more than 10%, Please comment" another "When the Final Value is lower than the neighborhood predominate Value please comment"

I have never had an AMC/Lender require a comment when the Subject MV is above the Predominate. A logical person would think if it is important when it's below the predominate then it should also be important when it is above the Predominate. I did see one AMC/lender comment requirement when it is over or under the predominate but within the Range. That doesn't make any sense either, but it's a little better.

I have gone round and round with these Clowns asking them to explain to me why it is important to this Intended User/Client. All I get is Crickets or the Proverbial "because the Lender/Client wants an explanation, Shut up and do as we say!"

The reason I push back on them is that it is in ALL their engagement letter no matter who the Lender/Client or Intended Users are. I know what FNMA Selling Guide says, and it is different than what these AMC/lenders want. What FNMA wants is perfectly Logical. They want a comment because it may be an under/over improvement. Another reason is the Subject might be a piece of trash. If so, then it should be clear to them by reading the Subject Condition section.

It seems like I am obsessing over this one item, but there are other non-sensical comment demands that defy logic. Is someone offering "Be an Appraiser" on match book covers? LOL

And here is the question that I've asked 1,000 times: Isn't the Client Engagement Letter from the client rather than the AMC? Hundreds of AF posts criticize the AMC's although I am under the impression that an AMC is merely a conduit, or liason, between a client an an appraiser. (Not just that but I also think that by doing so the AMC would become the appraiser's W2 employer, per se, which is the last thing in the world that an AMC would want.)

 

[Dublin ohio]

And here is the question that I've asked 1,000 times: Isn't the Client Engagement Letter from the client rather than the AMC? Hundreds of AF posts criticize the AMC's although I am under the impression that an AMC is merely a conduit, or liason, between a client an an appraiser

Many AMC's have a standard engagement letter which covers various requirements and covers most of their client requirements. Then they have a client specific attachment.