UAD can be good

[imjiminnh]

Bigger scope of work = bigger fee. Not much barking from the clients so far, just sayin'

 

[Jim Shoe]

I have been playin around with it over the past month and find several shortfalls. For example, let's say the subject has better than average updates and modernizations. UAD has three choices... Not Updated, Updated, and Remodeled. Is 'better than average' updates 'Updated' or 'Remodeled'. Let's say the subject has updated kitchen and all bathrooms while a comp just has updated bathrooms. They are both 'updated'... to different degrees. What do you bet that the AMC 'reviewer' freaks out when you make an adjustment to a comp when the subject and comp are both 'updated'?

 

[imjiminnh]

Precisely, more time at the inspection, more time acquiring comp data, more time writing explanatory narrrative after being forced to check a box that really doesn't apply, and then more time for explaining and making revisions. All told, I see at least an hour additional per report, after getting over the learning curve.
Seems like a perfect time to raise fees to me, expenses are up and now more time demands. I can't afford to work for less!

 

[imjiminnh]

PS Jim, How'd you get an icon photo of my ex wife?

 

[Pittsburgh Pete]

Precisely, 1) more time at the inspection, 2)more time acquiring comp data, more time writing explanatory narrrative after being forced to check a box that really doesn't apply, and then more time for explaining and making revisions. All told, I see at least an hour additional per report, after getting over the learning curve.
Seems like a perfect time to raise fees to me, expenses are up and now more time demands. I can't afford to work for less!

Two questions: 1) Why? and 2) Why?

 

[imjiminnh]

The borrower, if one is available, must be interviewed in order to determine the dates and extent of renovations, photographs of said to be included in the report, lacking a borrower, a third party must be located to get the data or assumptions made by the appraiser, all detailed in the report. Another option is to pull permitting records from town hall (most of which arent available on line in NH). Remodeling data to this extent of detail is not available in the states MLS database, sales agents will need to be called, and they tend not to be forthcoming, so additional work at town hall will be the norm. Zillow will not be the answer this time either.

Have you taken any UAD prep classes Pete? How is it that you are not yet aware of what will be required?

 

[Pittsburgh Pete]

The borrower, if one is available, must be interviewed in order to determine the dates and extent of renovations, photographs of said to be included in the report, lacking a borrower, a third party must be located to get the data or assumptions made by the appraiser, all detailed in the report. Another option is to pull permitting records from town hall (most of which arent available on line in NH). Remodeling data to this extent of detail is not available in the states MLS database, sales agents will need to be called, and they tend not to be forthcoming, so additional work at town hall will be the norm. Zillow will not be the answer this time either.

Have you taken any UAD prep classes Pete? How is it that you are not yet aware of what will be required?

Do very little residential and then only for litigation and/or estates--UAD is a non-issue with me. We saw the handwriting on the wall years ago and phased out the majority of residential lending work.

But SOP has been and always will be to to contact agents to verify all of those things that you claim will increase your time. You didn't inquire about updates/renovations before? You didn't contact a party to the transaction before?

Sounds to me like you added time will be spent doing things you should have already been doing.

 

[imjiminnh]

Do you mean did I contact sales agents to ask them when the toilet was last replaced in a sale they made or if the stove not seen in the MLS pics was in place or not, umm, no never did, will have to for UAD compliancy however. I don't place faith in their GLA estimates over town records either.

You are making blanket statements without thorough knowledge of the UAD requirements, of the local MLS system or the functionality of assessors databases in the state and have admittedly little expertise in residential work.

Perhaps more research and local knowledge is needed before placing your opinions on a subject you are unfamiliar with in a NH forum is needed in the future.

 

[Pittsburgh Pete]

Do you mean did I contact sales agents to ask them when the toilet was last replaced in a sale they made or if the stove not seen in the MLS pics was in place or not, umm, no never did, will have to for UAD compliancy however. I don't place faith in their GLA estimates over town records either.

You are making blanket statements without thorough knowledge of the UAD requirements, of the local MLS system or the functionality of assessors databases in the state and have admittedly little expertise in residential work.

Perhaps more research and local knowledge is needed before placing your opinions on a subject you are unfamiliar with in a NH forum is needed in the future.

Don't hurt yourself jumping to conclusions! Not currently doing much residential work but over my career I suspect I've done thousands of residential appraisals.

Not conversant with UAD requirements--only conversant with sound appraisal practices that have not changed because of the UAD. Verify sales data with a party to the transaction. Verify what updates or work has been performed on the property--what is good about it, what is bad about it.

Sounds to me that the UAD is pushing you to search for info beyond the MLS and public records. You should have been doing that all along. Apparently the local knowledge that I lack is that in NH it is common not to verify anything with anybody beyond the MLS and public records.

Good luck with that! Perhaps if I were to be upbraided by someone that appears knowledgable about appropriate methodology (Noreen always struck me as knowledgable and conscientious), the dig might have some traction.

 

[imjiminnh]

Oh Pete,

Much like your long winded diatribes about appraisers being replaced by "Zone owners" you have no idea about what you speak, but do so at great length. You state in one breath that you have no knowledge about the UAD reqs and little experience of late in residential work and in the next you make wild generalizations about the practice of such. Please, do everyone here a favor and speak naught of what you know not, you are becoming as bothersome as the blue faced man in other threads.