Welcome to the new 1004

[djd09]

 

[Tiffany Gibbons]

Since you have that option, I suggest you reach out to them an ask if one should adjust for concessions based on the amount of concessions that are common in the area. I know what their guidance says, and I know what they told me when I met with them. Cheers.

Since you have that option, I suggest you reach out to them an ask if one should adjust for concessions based on the amount of concessions that are common in the area. I know what their guidance says, and I know what they told me when I met with them. Cheers.

Who exactly at VA told you and what exactly did they say? By the way, I've been adjusting the entire amount of concessions in some areas, like, in Williamson County, Sales
Concessions are not common at all, so the entire amount is subtracted in the grid. We have very little inventory in most of my counties at present. Cheers!

 

[Sadie]

Who exactly at VA told you and what exactly did they say? By the way, I've been adjusting the entire amount of concessions in some areas, like, in Williamson County, Sales
Concessions are not common at all, so the entire amount is subtracted in the grid. We have very little inventory in most of my counties at present. Cheers!

 

[Sadie]

Who exactly at VA told you and what exactly did they say? By the way, I've been adjusting the entire amount of concessions in some areas, like, in Williamson County, Sales
Concessions are not common at all, so the entire amount is subtracted in the grid. We have very little inventory in most of my counties at present. Cheers!

I have provided you with the written guidelines for both FNMA and VA. You know something you can either book mark or print out and put in your workfile should you ever need to defend your report. Its not "someone at VA told me". They probably read the guidance and you heard what you wanted to hear. Please reread DWiley's comment again. It might give you a clue as to who they might have spoken with.

 

[Tiffany Gibbons]

I have provided you with the written guidelines for both FNMA and VA. You know something you can either book mark or print out and put in your workfile should you ever need to defend your report. Its not "someone at VA told me". They probably read the guidance and you heard what you wanted to hear. Please reread DWiley's comment again. It might give you a clue as to who they might have spoken with.

I'm looking at the Lender's Handbook, Chapter 11, page 21, verse h. That is what I do if you still misunderstand me. Oh, I'm sure Danny has spoken with many more important people than me at VA, including the Chief Appraiser, Mr Heaslet, as they are at some of the same forums. I just follow the Lenders Handbook, took the VA class, I just try to do a good job for VA. That's about all I can do. But Cheers!

 

[gregb]

Interesting that Mr. Wiley is telling VA appraisers what VA policy is regarding seller concessions from his seat at Freddie Mac. Thankful that VA has not followed Freddie Mac in reporting to state appraisal boards perceived violations in USPAP. VA keeps it in the house, regularly monitoring the appraisal quality of its VA panel members

 

[djd09]

sometimes DW speaks as the former chair of the AQB, sometimes as an AMC chief appraiser, and at other times a gse employee...i never know which one he is speaking for

 

[Sadie]

I'm looking at the Lender's Handbook, Chapter 11, page 21, verse h. That is what I do if you still misunderstand me. Oh, I'm sure Danny has spoken with many more important people than me at VA, including the Chief Appraiser, Mr Heaslet, as they are at some of the same forums. I just follow the Lenders Handbook, took the VA class, I just try to do a good job for VA. That's about all I can do. But Cheers!

Funny! that is what I copy/pasted for you. Here it is again: Sales concessions typically include financing incentives or non-realty items. As all adjustments must be market-derived, the adjustment should reflect the difference between the sales price with the sales concessions, and what the property would have sold for without the concessions under typical market conditions. The sales concessions on the comparable properties are adjusted to typical market expectations, not to the specific terms or conditions of the sale of the subject. Any concession adjustments must be downward adjustments as positive adjustments for sales concessions are not acceptable.

It doesn't say " you only adjust the amount over what is typical anyway."

 

[CGinMN]

Here is what Fannie said in the Dec 2023 Appraiser Update.


I also seem to recall that Freddie Mac failed to account for concession in their Research Note. From AEIs critique:


GSEs tend to speak out of both sides of their mouths depending upon what their objective is.

 

[Tom D]

My impression from reading it was that concessions were to be subtracted, period.

You reads the rules and that letter and it is mumbo jumbo talk.