Subjective language? lol

[Badlands]

I use those bad words in my house condition comment section. But i code it such as avg condition, gd/rehabd. Nobody has said the word new is bad. I don't think my report is woke, but you can't tell who, or what flavor, i am talking about in any part of my report. I do like using 'walking dead' for the bad lands neighborhoods.

Long ago in the 80's, big urban, i learned what not to do, or say, when i sold real estate. You didn't want to be facing a government civil rights organization.

Not talking about “who or what flavor” is easy. I got a fannie may letter for using the phrase
“sought after” to describe the market for acreages in an area where everybody want them, there are typically 1 or 2 sold every few years, no listings, all FSBO, and none currently listed for sale. I cannot give average DOM. And saying “0 currently offered“ doesnt explain anything, but it isnt subjective.

 

[ZZGAMAZZ]

Not talking about “who or what flavor” is easy. I got a fannie may letter for using the phrase
“sought after” to describe the market for acreages in an area where everybody want them, there are typically 1 or 2 sold every few years, no listings, all FSBO, and none currently listed for sale. I cannot give average DOM. And saying “0 currently offered“ doesnt explain anything, but it isnt subjective.

Did the FNMAE letter explain what about the term "sought after" is inappropriate?

 

[Badlands]

Nope, just that it was subjective. I am sure they wanted average DOM for the sales, or for sales of similar properties, but the demand is strong enough that people do not bother to list them. They sell word of mouth. When things were busy agents stopped covering our area and FSBO became over 90% of sales. The nearest larger market (Pierre) has about 50% of their sales FSBO.
I jut listed to an appraisal webinar about the True-Tracks data available in a bit less then half the country now, will expand to 90 ish % in March.. but rural counties like mine I am pretty sure have a "snow balls chance in Hell" category. They have the same problem I have, how to you build a data set to explain the market when there is not enough data.

 

[ZZGAMAZZ]

Nope, just that it was subjective. I am sure they wanted average DOM for the sales, or for sales of similar properties, but the demand is strong enough that people do not bother to list them. They sell word of mouth. When things were busy agents stopped covering our area and FSBO became over 90% of sales. The nearest larger market (Pierre) has about 50% of their sales FSBO.
I jut listed to an appraisal webinar about the True-Tracks data available in a bit less then half the country now, will expand to 90 ish % in March.. but rural counties like mine I am pretty sure have a "snow balls chance in Hell" category. They have the same problem I have, how to you build a data set to explain the market when there is not enough data.

Easier said than done, but if the nèed exists perhaps You can figure out a way to efficiently gather and report the data, and sell it to others. Sure wish I was about 40 years younger with an understanding about techology [although math as a school subject was taught on an Abducus [?] during my early school years. Hmmmm now that I think about it, maybe the Abducus was the basis of binary protocol. Lol

 

[Badlands]

Those are relative words, not subjective. Whatever, I get the point.

Now that is "subjective" - is that a married couple and children? Or, two guys, two girls, college roommates? Shared space of itinerant workers? I've batched with other geologists while working on rigs and moved from E. Texas to N. Mexico and then to Colorado all over the few weeks. A SFR could be someone's office. A terrorist's safe house could be a unitary domicile.

Maybe, but I already explained that the area was support by ag, some hunting and no other industry. We are talking town of 500 or less. Most of the variables you listed wouldnt be things one is allowed to explain even if it were accurate. I did think, in retrospect, "families with school age children would be fitting". Its really not complicated, it is families with school age children who are just starting out . It is exponentially less expensive to purchase an older depreciated home, then build something new and commute 20 or 30 miles to get your kids to school.
I ran into the same problem a couple of year ago when describing the market for a home that used the main floor as a daycare. It was a new development, there was a school backed up to the property, there are little kids every where. The kind of thing you physically observe when you inspect the properties in the neighborhood or are supported by the number of kids in the daycare. But, again, the subject neighbor hood is composed of "young families" was pointed out as too subjective.

 

[J Grant]

Not talking about “who or what flavor” is easy. I got a fannie may letter for using the phrase
“sought after” to describe the market for acreages in an area where everybody want them, there are typically 1 or 2 sold every few years, no listings, all FSBO, and none currently listed for sale. I cannot give average DOM. And saying “0 currently offered“ doesnt explain anything, but it isnt subjective.

I believe they are looking for that when subjective language is used, tht it be given a context. ( its use is not outright banned)

You gave the context above, but perhaps did not inlcude it in the report. I would have said the properties are in demand rather than sought after. But to use your verbiage-

"X property is sought after in the market area because it is larger than a typical lot, consisting of # acreage. There are few similar acreage lots available due to built-out density, with only 1 or 2 sales a year and no listings found; the majority of the sales are sold FSBO , with less than a week DOM, and were not listed on MLS."

 

[Tim Hicks (Texas)]

I had an ROV on a new manufactured home. As I was explaining why 30, 29 and 26 year OLD homes were not as similar as my much newer comparable sales, I got flagged for the word "old" three times. I wonder if 30 years of age will pass while using more character space that I am trying to cut to down to keep in on the forms.

 

[Fernando]

I believe they are looking for that when subjective language is used, tht it be given a context. ( its use is not outright banned)

You gave the context above, but perhaps did not inlcude it in the report. I would have said the properties are in demand rather than sought after. But to use your verbiage-

Never used term "sought after". Is it a slang in his area?

"X property is sought after in the market area because it is larger than a typical lot, consisting of # acreage. There are few similar acreage lots available due to built-out density, with only 1 or 2 sales a year and no listings found; the majority of the sales are sold FSBO , with less than a week DOM, and were not listed on MLS."

One buyer will find subject "sought after", another won't. Example some like to live next to a Church. I don't.

 

[Badlands]

Be specific. Thanks for the good advice. Do you use C1~C6 for property condition or poor, average, good etc ?

Yes, of course. When there are facts they are in the report. Listings are rare, FSBO is the norm, good physical comparable sales are rare. I dont use ave, good or any of those terms when describing the market or anything else on a 1004.. In the acreage example, a community may have one or two sales in a year.. or three one year and no more for a few years. Days on market for a word of mouth sale is pretty tough, but if you live in the area you know that you hear about the sale after it is complete, even when keeping close track of local properties for sale.

 

[Badlands]

Never used term "sought after". Is it a slang in his area?

One buyer will find subject "sought after", another won't. Example some like to live next to a Church. I don't.

That description is helpful. My description was that acreages are sought after and when they become available, they are not on the market for long and they are almost always FSBO.. I think the thing that is frustrating is that none of these "you could use different words" instruction have any influence on the final opinion of value, or any kind of hidden bias.