Welcome to the new 1004

[George Hatch]

Trite and overplayed, but true nonetheless: All RE is local. The correct answer won't be ALWAYS but it also won't be NEVER; especially in an imperfect market.

 

[Tiffany Gibbons]

They said something like don't always adjust $ for $, but its ok if you do. Wasn't that it in a lot fewer words?

Whatever.

 

[Terrel L. Shields]

If you don't, what does net to seller actually mean?

FNMA clearly defines such as "normal" - but the question might better be, what happens if there is no Realtor involved?

The correct answer won't be ALWAYS but it also won't be NEVER; especially in an imperfect market.

The problem is do you know what we are seeing? Or, seeing what we want to see.

 

[OSU Beavers]

Is there a video walk thru showing an appraiser filling out an inspection in real-time?

 

[George Hatch]

The problem is do you know what we are seeing? Or, seeing what we want to see.

Gotta find one before you can clarify its attributes. Besides, whether you're doing an income-based analysis for an adjustment factor or not it's still the difference in pricing between the haves and have-nots that you're looking for. You're not actually doing an IA for the property as a whole.

As for what we see, I know how to measure off an overhead how many sf of panel area there is, independent of anyone talking about system capacity.

 

[sputnam]

Because they don't have the authority. It is up to the states

It is the states.... and to the best of my knowledge.... every state has adopted USPAP and most of them have made it law.

 

[sputnam]

USPAP is not based on geography.

USPAP isn't.. but market data is.

 

[TerryRohrer]

FYI, If you are completing an appraisal on a F/F form, part of your SOW is to follow F/F guidelines. They are not so different from VA.

So when you are doing an FHA appraisal and you must state that FHA is an intended user, how are you complying with the FNMA requirement that the intended users stated in the preprinted form cannot be changed?

 

[Mike Ault]

So when you are doing an FHA appraisal and you must state that FHA is an intended user, how are you complying with the FNMA requirement that the intended users stated in the preprinted form cannot be changed?

The GSE's will allow you to "add to" the minimums of their certifications, but not "subtract from". So, I include this statement. Probably got it from George 20 years ago…

The Scope of Work for this assignment began with identifying the purpose, client, intended user(s) and the intended use of this appraisal report. The purpose of the appraisal is to offer an opinion of market value for the subject property as defined herein. The Intended User of this appraisal report is the Lender/Client(s) and HUD/FHA. The Intended Use is to support the underwriting requirements for an FHA insured mortgage only, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser.

 

[George Hatch]

Not mine. I went into a bit more elaboration (big shock). I dunno if I still have a copy of what I posted but my comments on the development and reporting clarifications runs about 2/3 of a page in legal format. I specifically name the client/user who engaged me and refer directly to my attempt to meet the requirements of their appraisal policies. IIRC I also address my HBU and exposure time summaries there, too.

To my eye the blurb you posted looks similar to the clarification that the ASB offered when Fannie didn't respond to the critiques of their Cert#23. Its a good solution. There's no telling how many appraisers have directly benefitted from its usage over the years.