Using Collateral Underwriter to Turn Appraisers In

[Overimprovement]

Just the discussions on this forum RE Q and C ratings make it clear to me these continue to be far more subjective than ever anticipated. Far too many appraisers STILL are using relative comparisons JUST IN THEIR OWN markets rather than the absolute comparisons intended by the definitions. With this being the case, it is quite disturbing that the GSEs would then smack down any appraiser simply because they are not in the majority opinion.

I have read some appraisers' opinions that unless nearly every replaceable component in a home has been replaced in the last 7-10 years, the house is a C4 at best. I've seen other reports where homes with no updates in 40 years were C3 so as to support an over-valued opinion.

Instead of coming down so hard on appraisers, how about the GSE's come up with a more robust, clear, and repeatable system of assigning condition and quality, instead of the subjective, lacking in examples mess we have now? Maybe that will play out in the new forms, IDK. One can only hope.

 

[djd09]

fannie is not your friend. remember when they were being sued by crooked coumo, then they threw the appraisers under the bus, with the unconstitutional hvcc. or how the appraisers are just sale price confirmers. and when they whined and cried about "average". average is a subjective term that protects appraisers from these dimwits and other unintended users. then you have the skippy desktoppers that judges quality and condition via third party photos, good luck with that. and wait until you are off by a tenth. misleading was intentional or not. but do not be deceived, bad company corrupts good morals

 

[residentialguy]

 

[NC Appraising]

You cannot fix stupid. Millon dollar home in a gated project.

I just started using this feature in Alamode. Eye opener. Every design is either transistional or traditional LOL. Gotta love those churn and burn AMC appraisers using thost automatic form fillers.

 

[shrubberyvaluation]

You cannot fix stupid. Millon dollar home in a gated project.

I just started using this feature in Alamode. Eye opener. Every design is either transistional or traditional LOL. Gotta love those churn and burn AMC appraisers using thost automatic form fillers.

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Looks like most likely Q3 to me. Plenty of 1million+ near me that are q4 due to value of the land.

 

[NJAPRAZE]

give the appraiser's access to CU data... then all appraisal data should match up, right? reports would be produced quicker...

 

[Mejappz]

Gotta love those churn and burn AMC appraisers using thost automatic form fillers.

The user's favorite, the GSEs, have a smile from ear to ear.

 

[Mejappz]

Don't worry about it--Classless Valuation has their supersonic scanner camera working on it.

 

[NC Appraising]

Looks like most likely Q3 to me. Plenty of 1million+ near me that are q4 due to value of the land.

I would not turn you into the state over a Q3 LOL.

I, and most of my peers rated it as a Q2 home. Custom built home, in a gated PUD with all custom built homes. Most homes are Contruction to perm. Although, it is on the lower-end of the Q2 rating.

Q2 Dwellings with this quality rating are often custom designed for construction on an individual property owner’s site. However, dwellings in this quality grade are also found in high-quality tract developments featuring residences constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high quality exterior ornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.

Q3 Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from “stock” standards. Q3 IS THE WORST WRITTEN OF THEM ALL. What is stock? Most everything is stock now.

Q4 Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature some upgrades.

 

[Joe Flacco]

I would say that house is a Q3. Definitely not a Q2.