Standard Comments for Rural Appraisals

[Kathy in FL]

Maybe since I live and work in a rural area I've had more time to define it...but this is my standard definition. (OK, I'm a pig and my world revolves around pizza. Sue me.)

Rural: No pizza delivery. Not a chance. (They'd never find your house since there are no street addresses and the dogs would jump all over them.)

Suburban: A local kid named "Skip" delivers your pizza hot and piping fresh to your door. You know his mom, and you know he's been smoking dope in the garage with his girlfriend for about six months now.

Urban: Some guy with a nosering, fifteen tattoos and a handgun throws your pizza at the door. You slide the money under the door, unlock the fifteen deadbolts, tell your wife to cover you, open the door and try to grab the pizza before the rats get it.

Just my opinion...
Kathy

 

[Caterina Platt]

Kathy,

You're killing me! These definitions are hillarious!

I'm in the same boat as Tiny280. We have a ecclectic mix of ages, styles, sizes, parcel sizes, site improvements, manufactured and site built, and values. My comments leave out the 'ecclectic' and go on to state that this all appears to be acceptable in the market place. 'It is common to exceed some suggested guidelines when appraising properties with agri/residential site usage and similar improvements due to the characteristics of the subject area. The comparables chosen best reflect the area demand for dwellings of similar style, size and site use.

Basically, whenever I appraise any home that isn't in a lot and block subdivision in my county I'm going to exceed at least one of the lender suggested guidelines. I just love it when I'm appraising one of those unusual properties like a singlewide with a build on and 6 stall barn, and the UW sends back the request for the comp that has sold within 6 months and is less than a mile away. Well sure, but it just so happens that that comp is a 2 story brick custom home but if you can live with 60% gross adjustments..... :wink:

[/b]

 

[Dave Smith]

Here is my first paragraph in the sales comparison comments section. Seldom do I get challenged on the age, distance or comparability of my comps.

"The small town suburban low density character Northern Door County results in a limited number of sales in any given price range during any one year time span. Therefore really good, nearby comparable sales are usually few in number, often requiring the use of comps that aren't ideally comparable and that are greater distances from the subject than is normal in more metropolitan markets. However, the sales used in this report really are the best, most recent sales of properties that are reasonably similar and proximate to the subject. Any deviations from generally recognized appraisal guidelines with respect to the gross and net adjustment amounts or the distances from the subject to the comps are the result of limited sales data rather than a lack of awareness of the guidelines. In other words, if better, closer, and more recent comps had been available they would have been used."

Some times the UW doesn't read it but I can refer them back to it when they call with their questions.

For what it's worth! Pick it apart if you want to. Plagerize if you choose to.

 

[Farm Gal]

:lol:
Dave you have almost word for word got my rural comment down. I eliminated the central sentence beginning 'however' and the final one, but great minds think -or are forced to- the same conclusion!

And how many calls do you get in which you have to gently ask if they read the comments???

Just finished one last Dec on which I am still being asked 4 conversations later for another better comp... 30+ days after the report was turned in ... some day they will go away.

I have (seriously) asked if they want that additional comp to be proximate, similar or timely, you get one, or if you are lucky two, but never all three!

Right, I saved the best one for myself...

The other comment I have used is a polite suggestion for a solution to the problem: Feel free to build one, age it, sell it and then call me back at which point I will have what you are asking for. Said in a sweet tone of voice this does not come across as terribly sarcastic: and they DO go away after that!

Lee Ann in KS

(there I think I have the underlining monster back under control - sorry folks!)

 

[Tim The Enchanter]

Hey Forumites,
I've been lurking for a while but can't resist registering and tossing in my 2 cents worth on this thread. In my area you can drive for 15 minutes finding a comp thats 1/2 a mile away on the flat map, but you're in the hills and canyons going round and round and looking at the map at each intersecting street. Where am I? There are plenty of places in town, mostly back in canyons, that have no cell phone service, due to the steep terrain.

But I'm sure you can get a pizza at any of these places. It's only 5 - 10 minutes or less back down into Hollyweird or the valley, whatever part of town from most of these places, and even though it may look semi rural at the subject, it's not. Then again there are the actual rural areas, find those comps if you can. Makes things interesting, always have to expand some search parameter or other and make some large adjustments as there's usually no comp that's all that similar with this kind of stuff. I agree with LeeAnns comment there, build it, age it, sell it, call me back. :lol:

Dave et al,

Just remember words of Tom Lehrer "Plagiarize!, Let no one elses work evade your eyes. Remember why the good Lord made your eyes, so don't shade your eyes, but Plagiarize!, Plagiarize!, Plagiarize!. But be sure always to call it..... Research." Oh, I quoted, didn't plagiarize.

Lee in L.A.

 

[wade3333]

Kathy, your thread gave me the laugh of the day, Apparently you are like I am in south Ga. Believe it or not UW, some of the people down here live in the country, call it suburbs, rural or anything else, in the meantime it is in the country. :lol: Wade

 

[bradellis]

Lee Ann,

I love it!

I have a letter in my computer that reads something like this:

Dear Underwriter,

In reference to your request for a better comp, please find same attached. We intentionally did not use the best three available because we like to make extra non-compensated work for ourselves.

Please do not be uspet. You see, when we do this, it forces you to call us for the better comp and that work helps to justify your salary and helps to provide you with job security.
:wink:
Sincerely,