This loan is not going to FNMA or FREDDIE

[DWiley]

Because a GSE form should not be used for not Fannie/Freddie related assignments.

Has anyone told FHA and VA about that?

 

[RSW]

Because a GSE form should not be used for not Fannie/Freddie related assignments.

Those forms are used for VA, FHA, and Rural Development appraisals as well as for credit unions and local in house banks.

 

[J Grant]

Here is the situation. I had posted a thread a few days ago regarding ANSI and ceiling height. The situation is that the house I am appraising has a ceiling that does not meet ANSI ceiling height requirements so hence the SF was not included in the GLA field.

HOWEVER, I DID INCLUDE THE FINISHED NON-GLA & ADJUSTED FOR IT SEPARATELY IN THE SALES COMPARISON GRID AS PER FANNIE/FREDDIE PROTOCOL.

The contract price is not supported by the market so the client kicked it back stating that "This loan is not going to FNMA or FREDDIE" and want me to not abide by ANSI because they want the square footage that they think is missing to be included in the appraised value. They do not understand that whether the SF adjustment is made in the GLA field or as a separate line item the result is going to be the same. I explained the situation ad nauseam within the appraisal and conveyed that the adjusted value range will not change regardless where the adjustment is made. They think that if the SF is included in the GLA field as opposed to a separate line item the outcome will magically change.

The problem I have is that the LOE sent to me called for a URAR to be completed and part of the LOE SOW was to follow ANSI and all other Fannie guidelines. A GSE form should not have been requested in the first place.

Your client sounds really sleazy - inform them that whether you follow ANSI or not , your value will not change, and ANSI is what you choose to stick with since it is accepted practice. You probably will lose the client no matter what you do at this point - sometimes it happens that way, and sleazy clients are not forever clients. There always comes a point like this -\\


Good luck,, just be professional, state the appraisal is finished and changing it at this point would be misleading.
The RE agent should re negotiate or the buyer put more $ down if they want to pay that price, nobody is stripping them. Awful. Sorry, you are dealing with this.

 

[NJ Valuator]

Your client sounds really sleazy - inform them that whether you follow ANSI or not , your value will not change, and ANSI is what you choose to stick with since it is accepted practice. You probably will lose the client no matter what you do at this point - sometimes it happens that way, and sleazy clients are not forever clients. There always comes a point like this -\\


Good luck,, just be professional, state the appraisal is finished and changing it at this point would be misleading.
The RE agent should re negotiate or the buyer put more $ down if they want to pay that price, nobody is stripping them. Awful. Sorry, you are dealing with this.

Those are kind words. Thanks J.

 

[Trihard]

Assignment conditions are discussed prior to the assignment. They cant change them after the report is turned in. Report the AMC to the state.

 

[Surf Cat]

Here is the situation. I had posted a thread a few days ago regarding ANSI and ceiling height. The situation is that the house I am appraising has a ceiling that does not meet ANSI ceiling height requirements so hence the SF was not included in the GLA field.

What did you end up doing with the comparables with the sloping roofs? Did you estimate a percentage from them that were not ANSI compliant based on the subject? Or, did you use the stated GLA on public records and or the MLS for the comps?

 

[Terrel L. Shields]

 

[NJ Valuator]

What did you end up doing with the comparables with the sloping roofs? Did you estimate a percentage from them that were not ANSI compliant based on the subject? Or, did you use the stated GLA on public records and or the MLS for the comps?

I used tax records GLA and put a disclaimer in that it is assumed they meet ANSI guidelines. I then explained that the result will still be the same which as you can see was not comprehended.

 

[Mark K]

Client states that loan is not going to Fannie or Freddie so it does not want me to follow ANSI yet still wants report completed on a URAR.

I am not complying but would like to know if you would.

Why would you not comply? I've completed literally thousands of reports on the URAR that were not for F/F. Local bank kept all loans in house and wanted that form used. This has been a few years back but there is no reason you can't do it. I wouldn't use the POS UAD form but there are versions of the URAR that are perfectly acceptable.

As far as ANSI goes...measure it the same way that you know the Assessor measures the comps (they don't use ANSI around here) or the way that reflects the typical buyer in the area. Or just use the tax card if you believe it's reliable.

 

[J Grant]

How do we know the loan won't be sold to fannie or freddie? If they want it done UAD on the 1004 form,, they wanted it compliant, so it could be sold at some point- just saying.