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Rejection Of The Day

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Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Dear LO
with regards to the above captioned property please note that it is a dwelling on 20 acres in a remote area with three manf. homes sitting on it and being rented to non-relatives of the owner.

This is, in my opinion, commercial property and the liklihood of finding comparables which conform to fannie mae guidelines is very slim. I would not attempt to complete such a property appraisal on the 1004. Therefore, I decline the assignment. Thanky you velly mucho. I outta here.

Ter
 

EDWARD BERRY

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Terrill,

Don't you know the trailer houses are PERSONAL PROPERTY.

At 950 feathers you can't go wrong. For 450 feathers I'll give you 2 GOOD comps down the road.

Do them all the time,ed
 

liznindy

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Indiana
Terrel,

Smart move to decline that assignment so quickly! I tried to do the same on one recently which has two SF homes (one owner occuppied and one leased) and a converted detached garage which is now living area which is being leased as well. The LO wanted me to speak with the underwriter (which I did and she agreed with me that the completed appraisal would not likely meet with guidelines) as well as customer's attorney (which I did not as I knew the attorney would charge the customer at a rate of $200/hr).

Finally, after much aggravation, I respectfully declined the assigment as I could not find sufficent market data to form an opinion of value (supposedly, the customer's CPA is going to get an appraisal for the LO).

Life is too short for these types of assignments :beer:
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Hey, Ed, your close enough, I'll send 'em your way....the prob o loom is that without the Mobile homes that they don't want to include, there is no way this turkey will appraise anyway. The borrower is in California, but the fax had a statement (like Dave Barry sez, "I'm not making this up!") that the "C. O. D. - lender is not liable for payment. appraiser to be paid by borrower at the time of inspection." Lemme see, 2,200 miles way more or less, should I give the borrower 2 days or 3 to drive out and meet me w/ a check at the property?

P. S. - the loan company changed names between Friday and Monday and two people have called me about the report, both obviously not informed of the other.
 

EDWARD BERRY

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Arkansas
The key COD.

Although it sounds fine, I refuse them now.

You learn after a while.

Happy streaching-ed
 
Joined
Jan 16, 2002
Recently told lender can't do appraisal for the following reasons:

1). Subject is an illegal 4 family (assigned to me as 2 fam.)
2). Subject is large Victorian in state of disrepair.
3). Subject is located in an industrial zone with auto body
shop, and junk yard as neighbors. It is also located across
the street from docks and ship repair yard.
(extreme external depreciation).
4). Only partial access was obtain as owner failed to show
for appointment, partial access was given by some tenants (fully tenant occupied).

Two weeks later lender calls and wants to know the status. Owner also calls and wants to know why I rejected assignment - "was it because I missed the appointment ?"
:eek:nfire:
 

Tim The Enchanter

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
Subject is located in an industrial zone with auto body
shop, and junk yard as neighbors. It is also located across
the street from docks and ship repair yard.
(extreme external depreciation).
:lol:

And an SFR use that is far from highest and best eh?
 

Steve Forstner

Junior Member
Joined
Aug 18, 2003
Professional Status
Certified Residential Appraiser
State
Michigan
Just turned down a duplex. Got on site and the front unit had a big sign for "REHAB SERVICES", along with a list of the services provided. Home owner lives in the rear unit and spent 15 minutes trying to convince me the front unit is residential. "Set up as an apartment", she said. Apparently I should ignore the commercial glass door and the big sign.

Had to go back, call the lender and explain that it is not SFR or multifamily. Lender still doesn't understand why I won't just do it. :eyecrazy:

Steve
 
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