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Stable to declining

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ctag1003

Thread Starter
Sophomore Member
Joined
Jan 16, 2008
Professional Status
Certified Residential Appraiser
State
New York
So I did this appraisal last month and the same lender has ordered it again but this time as FHA. Last month I checked the stable box but this time I am more inclined to check the declinining box. Do you think is going to be an issue?
 

J L H

Sophomore Member
Joined
Oct 3, 2007
Professional Status
Licensed Appraiser
State
Utah
Misread the question - same subject, different effective date
 
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Eli Weiss

Senior Member
Joined
Nov 28, 2005
Professional Status
Certified Residential Appraiser
State
New York
ctag, which part of NY are we talking about?
 

DJBanas

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Pennsylvania
ctag:

You make the call based on your research TODAY. What the market was a month ago is not an issue unless you didn't do the amount of research on the market then and just casually checked stable.
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
So I did this appraisal last month and the same lender has ordered it again but this time as FHA. Last month I checked the stable box but this time I am more inclined to check the declinining box. Do you think is going to be an issue?

No. :new_smile-l:
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
So I did this appraisal last month and the same lender has ordered it again but this time as FHA. Last month I checked the stable box but this time I am more inclined to check the declinining box. Do you think is going to be an issue?

You should tell the truth about the market and market declining if that is waht you determine is the state of the market about worrying about whether or not it is "an issue". It seems to me that the fact that you are even considering this as a part of your analysis brings up an issue as to whether or not your independence and integrity has been compromised........is it "an issue" when your opinion of value of a property is $190,000, but the lender "needs" $220,000" to make the deal work? This situation is no different.

Now I will climb down from my soapbox and let you know that FHA does not reduce the LTV for loans which they guarantee in declining markets. Thus, whether or not you check declining or stable will not have any effect on whether or not the loan is approved.....thus, your decision of whether to check the correct box is easy this time.....but really think about what I said above...it is your job to report things accurately as they are, not to "fudge" or falsify things in order not to kill a deal.
 

Thomas Fiehler

Senior Member
Joined
Jun 2, 2003
Professional Status
Certified General Appraiser
State
Ohio
I would be surprised if the data can change that much in a normally slow time of the year.
 

Joe Booth

Junior Member
Joined
Oct 16, 2003
Professional Status
Certified Residential Appraiser
State
California
It is what it is. What does the data tell you? Break down your units. Average sale price & average list price PER SQ FT with a nice linear trend line should tell the story. Be wary of the white elephants (multi million $ sales that might throw off your data).
 
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