Voice of Appraisal

[Zoe]

I knew a fellow who was working construction and saw some feral hogs. He puttered over to see in a Gator and a boar charged flipping the Gator over and breaking his back. He was paraplegic and lived another 8 or 9 years before dying of the complications of his injury.

Don't glamorize how much experience you have in appraisals LOL

 

[Dale Floyd]

I knew a fellow who was working construction and saw some feral hogs. He puttered over to see in a Gator and a boar charged flipping the Gator over and breaking his back. He was paraplegic and lived another 8 or 9 years before dying of the complications of his injury.

Now THAT was one big boar, able to flip a Gator with people in it.

 

[Zoe]

Now THAT was one big boar, able to flip a Gator with people in it.

Funny. Don't play with a momma sow unless you know her well. LOL

 

[Terrel L. Shields]

Now THAT was one big boar, able to flip a Gator with people in it.

About six paragraphs down

Hog Attacks on the Rise, Get busy boys!

Wild hog attacks rare but scary http://www.panews.com/outdoors/local_story_161001621.html Chester Moore, Jr. Wild hogs have a reputation as big as Texas with many hair-raising stories told of ravaging boars around campfires from Lubbock to Laredo. It seems everyone has a story of a hate-fueled...

forum.gon.com

 

[Dale Floyd]

I wasn't questioning your article Terrel - Just stating a fact. That was one big boar to do that.

We don't have many in Tennessee, but one was killed last year in a western county that was nearly as large as a domestic adult Yorkshire hog which can get up to nearly 600 - 700 pounds.

 

[NC Appraising]

When I started in the early eighties we were trained on what boxes that were never to be checked because if we did the Underwriters would send it back as needing revised.

Prior to 2006 mortgage meltdown we all chocked the Stable Box and most not even increasing. The Dirty Secret was the GSEs prior to the meltdown would not purchase a loan that was in a declining market area and a report checked as declining. BUT they never said in their appraisal-- guidelines that it would result in killing the loan so they created a word salad where only the bank or lender knew if the appraiser hit the decline box the bank wouldn't fund the loan.

So the bankers trained the Underwriters to pass the word and even lied to new appraisers or ones who questioned why ? They would simply tell the appraiser that "stable " was a Fannie Mae requirement ** not that it meant they couldn't sell the loan.

Fannie and banks lied by omission of what the Underwriters and funders guidelines really were. After 2005 Fannie suddenly would purchase loans marked declining and denied they had ever not purchased loans in declining markets in the previous 40 years. It was all smoke and mirrors the appraisers had been lied to. Checking the Declining Box was a career ending decision for many newbies.

Who came up with if you use closed sales within the past 90 days the market is stable lol

Or

You cannot make market condition adjustments to closed sales that closed within the past 90 days.

Always wondered who came up with this BS?

 

[shrubberyvaluation]

Who came up with if you use closed sales within the past 90 days the market is stable lol

Or

You cannot make market condition adjustments to closed sales that closed within the past 90 days.

Always wondered who came up with this BS?

Makes no sense, especially since its from the contract date. Some new constructions contract dates are 6 months to a year before the settlement date.

 

[NC Appraising]

Appraisal school to the real world of appraising.....

I was taught to do what Glenn said..and .make sure to adjust right up to the 15% net...25% gross...never exceed them.....same with 10% line item.

Later on it was 20% GLA....I was thinking who is coming up with this bs? Do AVMs have the same guidelines?

 

[jay trotta]

Appraisals are meaningless when the risk of default is zero.

Beg to differ, IF there was/is never the chance of default, why would the govmnt. put appraisal work in place?

PS: there is always the chance of default, even, Donnie came close a few times and if memory serves, back in the 80's he gave back quite a few commercial pieces to avoid it.

 

[alebrewer]

Beg to differ, IF there was/is never the chance of default, why would the govmnt. put appraisal work in place?

PS: there is always the chance of default, even, Donnie came close a few times and if memory serves, back in the 80's he gave back quite a few commercial pieces to avoid it.

It's ok to disagree. To wit, though, if the risk of default is zero, the logical conclusion is that the loan will be paid off based on the agreed terms - period. In which case, no appraisal is needed, as appraisals are only developed/reported to assist the users in assessing risk. In the case above, there is no risk.

Of course, I do agree that the risk of default is never zero. The scenario was hyperbole. On one end of the spectrum, the appraisal is meaningless. The other end of the spectrum is first payment default. The value of an appraisal, then, depends on where along that spectrum the risk of default falls.