UAD 3.6 discussion

[Surf Cat]

Definitely designed by the AMC crowd.

What were your search parameters?
Include sales you considered but didn't use.

The sales grid not finishing on one page looks problematic to me. Hopefully, the software vendors such as Total, will still have a side-by-side view of all the comps in the grid. From there I can move the comparables around in order of importance.

No Net and Gross adjustments.

We'll see....

 

[Fernando]

Fernando thinks a checkbox monkey really looks at the report. They call them "checkbox" monkeys for a reason. I know for a fact that my clients don't use checkbox monkeys, they use appraisers.

Cheaper for clients/lenders to have checkbox monkeys if you haven't noticed. Know how the game is played.
When game changes like with new Fannie forms, those appraisers who can adapt will find ways to do the reports at minimal acceptable levels to pass.

 

[Airstream]

Using judgment is not the same as using subjective judgment. Some adjustments need more explanation, but there is some market evidence that should be seen to support our judgment. Sometimes, reconciling on the higher or lower side of value due to X as a feature or a defect makes more sense than a line adjustment that is difficult to support, especially for small or oddball features.

The problem is GSE’s say judgment is always “subjective.” And that is where I will have a bone to pick. Let’s just take an example of a large pole barn. That is more than just a reconciliation analysis. That has to be line adjustment. Pole Barns can run about 50,000 to 75,000 to build at a minimum.

 

[Dublin ohio]

those appraisers who can adapt will find ways to do the reports at minimal acceptable levels to pass.

those appraisers who can adapt will find ways to cut corners to create reports at minimal acceptable levels to pass.

Fixed another one for you

 

[Tom4value]

It is a new form, no big deal to me. I went from handwritten to what we use today and survived the changes. I am going to reserve any criticism until I see how the software works. It is supposed to be a dynamic form that only requires some fields if they apply to the characteristics of the subject property. Not sure why so many are freaking out, but some people are alway adverse to change.

Agree but I have been part of this dog and pony show for 34 years. One thing this old dog has learned is it is not adverse change that people fear, it is adverse opinions. Some turn out to be true, I get it, but most of them aren’t. When I started, the diminimus was 80%. I was told I would be obsolete tomorrow. Well, 34 years, here is Tom!

Gotta admit, 97% does make me nervous. But, I am hoping that many buyers will opt out of that and have an appraisal. When I was a loan officer, I specialized in first time homebuyers, which would be nearly all of the 97% LTVers. I loved them far more than the high end, big loan buyers because they trusted me to guide them through the process. If they qualified for the appraisal waiver they got nervous if they were getting ripped off and would get an appraisal. The big end buyers would beat me up over the appraisal fee.

 

[J Grant]

The problem is GSE’s say judgment is always “subjective.” And that is where I will have a bone to pick. Let’s just take an example of a large pole barn. That is more than just a reconciliation analysis. That has to be line adjustment. Pole Barns can run about 50,000 to 75,000 to build at a minimum.

I agree a significant amenity such as a pole barn usually would need a line item adjustment, and that decision is part of our judgment - the adjustment amount should come from the market.

The problem is the GSEs think these adjustments should be neat and clean, but they are often messy and all over the place becaue taht is the nature of RE markets. So, at some point, we have to apply our judgment, but we do need to explain how and why we arrived at the judgment- some form of analysis referencing specific sales, cost to build, the demand for pole barns, etc.

 

[Tom D]

⁶
Good provable judgement should not be a cheap appraisal fee. That will be the last killer, not counting my tolerance level if the new uad is too annoying.

Dog trainer wants $175 for the hourr.