UAD can be good

[Lloyd Bonafide]

Do you mean did I contact sales agents to ask them when the toilet was last replaced in a sale they made

There's no UAD requirement to get that kind of minute detail on the comparables. We just need to rate their overall condition similar to what we do now.

 

[Tim Hicks (Texas)]

And you were not doing these things before?

 

[imjiminnh]

Until now we were typically (but not always) able to use condition ratings in assessing records and observations made of MLS photos regarding overall comparable condition. With the UAD onset there will be very specific descriptions and details about the updating of the subjects kitchens and baths, it is my opinion that sales agents will need to be contacted for further detail in order to justify adjustments. If there was something that appeared awry, sales agents are contacted, but rarely are they forthcoming with information, moreover, their data is often wrong, ie, basement rooms/sf included in GLA room counts, porchs and decks included in GLA, etc.. So in short, the answer is no, unless there is no other choice I do not include data from a third party whose competency is unknown to me in any appraisal. I've been looked in the eye and lied to about sales concessions by realtors, I do not expect honesty upon questioning condition. So although my sarcastic remark about dates of toilet installation are just that, more specific details about comparable sales updating than currently available will be required, or statements included that assumptions about them have been made.

 

[Lloyd Bonafide]

When rating the overall condition of a comparable, you can't put too much consideration on when its' bathrooms and kitchen were updated or remodeled - it's important but there are a lot of factors that go into their condition.

Many listings here have 25 photos and plenty of comments, and I'm pretty sure I'm not going to be on the phone asking every listing agent exactly when the 3.5 bathrooms in that sale were last updated.

 

[imjiminnh]

LLoyd,

Lets just say that there's a considerable difference between the data available in NHs MLS system and that of California (or Massachusetts next door even). Sometimes we have as many as 1 photo of the listing, and that a low res pic of the exterior from the road. The question becomes, when an underwriter requests clarification as to how condition adjustments were made, will an answer of "overall condition based on MLS photos" suffice? Time will tell, but here in NH, our jobs will become much harder.

 

[Lloyd Bonafide]

OK - I can see that. Some listings here also have zero or one picture and little comments, and those will require a phone call to the agent just like now.

 

[SheRa1997]

First time responding to a post here, so hope you all will be gentle on me.

I have taken the education necessary to prepare myself for the UAD forms. I have been implementing some of the changes already so the transition goes more smoothly come September 1st. I personally do not see but maybe 1 or 2 hours of more work in my addendum. I have started sending an email out to all the agents for my comparables and listings asking specifically about any updating and remodeling to kitchen and bathrooms and the time frame of when it was done. I have found they respond within the 48 hours and are very willing to help out. I am not looking for to make more money on my appraisal report; what I am looking for is who is defining these Customary and Reasonable Fees for us?
I’ve been appraising almost 15 years, and I am starting to see the appraiser’s in my area getting so desperate that according to one AMC I do work for; the customary and reasonable fee for a full appraisal is $200. He stated he has plenty of appraiser’s that would be willing to do the work for $200. I said “good luck, but I guarantee you won’t receive the quality report that I can provide, so remember that you get what you pay for.” Of course they probably won’t call me anymore. But is that what is defining our fees?
With the new UAD forms being implemented; my biggest concern is why do we still have to continue to give a cut of our fees to the AMC’s when we will be providing exactly what Fannie Mae wants? What is the necessity of the AMC when underwriting will be at minimum? What can we do together to create a Standard for us Appraisers? Any suggestions?

 

[Noreen]

LLoyd,

Lets just say that there's a considerable difference between the data available in NHs MLS system and that of California (or Massachusetts next door even). Sometimes we have as many as 1 photo of the listing, and that a low res pic of the exterior from the road. The question becomes, when an underwriter requests clarification as to how condition adjustments were made, will an answer of "overall condition based on MLS photos" suffice? Time will tell, but here in NH, our jobs will become much harder.

I have to agree with him 150%... some of these brokers would not know the truth if it hit them in the eye... Jim, I have decided that unless I can see with my own eyes what it looked like, my next fall back will be the assessor and if/when they pulled permits and then I think the selling agent more than the listing agent may be most "on point".

 

[Michigan CG]

Precisely, more time at the inspection, more time acquiring comp data, more time writing explanatory narrrative....

Why would the UAD require more time at the inspection if the appraiser already describes the property fully? Why would the time acquiring comp data be more? Shouldn't we be finding as much data about the comps as we can?

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.....

And is this not part of the normal Scope of Work already?

....sales agents will need to be called.....

How does one comply with Standard 1-4 without calling a sales agent or talking to a buyer or a seller?

Please don't tell me agents won't talk. I have appraised in nine states and have found no place where I cannot talk to agents.

..........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.

I hate to agree with Pete, but he is right.

...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..........

It is apparent that some folks don't think that a sale or property information needs to be researched beyond the easy stuff.

And you were not doing these things before?

Most don't. I am guessing this was a rhetorical question.

 

[Pittsburgh Pete]

Why would the UAD require more time at the inspection if the appraiser already describes the property fully? Why would the time acquiring comp data be more? Shouldn't we be finding as much data about the comps as we can?



And is this not part of the normal Scope of Work already?



How does one comply with Standard 1-4 without calling a sales agent or talking to a buyer or a seller?

Please don't tell me agents won't talk. I have appraised in nine states and have found no place where I cannot talk to agents.



I hate to agree with Pete, but he is right.



It is apparent that some folks don't think that a sale or property information needs to be researched beyond the easy stuff.



Most don't. I am guessing this was a rhetorical question.

Say what? Et tu MichCG?

Good questions but then what do I know? Haven't learned the secret UAD handshake or learned how to appraise using public records and MLS data exclusively.

People should get to know their local real estate agents. They are not the enemy and are a valuable source of info. Treat them like adversaries and that's what they become. Treat them as integral parts of the process and as fellow professionals and they become just that (except in NH apparently).