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Well I guess I killed the Loan.

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Patti Jury

Thread Starter
Senior Member
Joined
Mar 23, 2002
Professional Status
Licensed Appraiser
State
Colorado
Bad Appraiser...Bad Appraiser!

GMAC just called to scolled me because I reported on a serious driveway issue.

Here is the story...

Get an order to appraise a purchase from foreclosure in Teller County.
In the MLS the Agent states..."Use the driveway at your own risk" ...4 wheel drive. So I show it to my Dad and he agrees to go with me. We pull up to the property and look up at this long narrow winding driveway with less than an inch of snow on it. We have our 4-wheel drive and we sit there debating on whether or not to try it.

You know that sick gut feeling you get when you know you are thinking about doing something stupid. Well we were smart that day.

So we get out and start walking up. Now I understand the property has been vacant and there has been no maintenance. There were ruts in the driveway as deep as my knee. Loose gravel and huge rocks. With less than an inch of snow on the ground it was as I determined to be unsafe.

Keep in mind my Dad is a land developer, Professional Engineer, has expertise in drainage issues, and is a Commercial Real Estate Agent. He said it was insane. The driveway was permitted in 1998.

So in the report I "recommended" that the property be reinspected by the fire department since the permit was issued before the Hayman Fire. This was suggested to me by Teller County after I described the situation to them. I also stated in the report that is was "my opinion" that the drive-way "could" be an issue for the life of the property. My opinion was based on
my Dad just sitting there scratching his head and his comments of "there is one born every minute" and "give me these peoples name...I have some land I need to sell"... and "Any heavy rain storm would prevent access at any time".

So here is the scolding I got this morning...The loan has been turned down because I "conditioned" the driveway. No I never conditioned anything....I merely reported the condition and made a recommendation. So they pull out cost estimates of $5,000 to get the driveway to at least functional status and $1,500 a year to "minimally" maintain it.

Now I am sorry...$1,500/year to minimally maintain this drive-way sounds like a "life of the property" issue to me.. that is a heck of a lot of money.
The property "as is" was appraised below $150,000 with an non-permitted/unfinished addition and garage.

I have done a lot of appraisal work in Teller County. All Mountains All the time. I have never had a property that I could not access even with 2-3 feet of snow on the ground. GMAC tells me that "another appraiser" made it just fine and lots of people have made it up the driveway. I am no chicken at bad roads...Just ask Mike Garrett and he can explain the road to the Upper Lake. You have to be a brave soul to make that journey at the fishing club we belong to...LOL

I got the impression from GMAC that I was just supposed to ignore the drive-way and not mention anything about it in the report. Any wonder why the property was in foreclosure? The first photo is the first bend and ruts. The second is looking down from subject.
 

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Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Patti,
You might ask GMAC how they are going to market the subject
as an REO if buyers can't get to the property?
 

Zmcraney

Junior Member
Joined
Oct 17, 2007
Professional Status
Licensed Appraiser
State
Mississippi
Maybe GMAC will also finance the buyer a monster truck so they can access the property
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
you know, I have had to back down some of those mountain roads for a couple of miles. That be with a crew cab truck and 40 ft gooseneck.

I know that sinking feeling that your about to do something wrong or your doing something wrong.

I have had to chain up all four wheels on the truck and all four wheels on the trailer just to get down some times.

The city boys and girls don't have a clue some times.
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Ahhh yes. I've seen more than my share of driveways that look like that. :sad:
 

Alison Swain

Senior Member
Joined
Sep 13, 2005
Professional Status
Certified Residential Appraiser
State
Florida
The city boys and girls don't have a clue some times.

Damned straight! I saw my life flash before me once trying to get up one of those sissy Eastern mountain sides in North Carolina. Thanksgiving time, leaves had fallen and amassed about 3 inches thick. Rain and decay had slicked them all up. We got about half way up and decided we hadn't put enough speed into getting any momentum up.

Couldn't go ahead any further, couldn't park it for the night. Only one option --- go back down backwards. :unsure:

City slickers, indeed! :blush:
 

William K

Senior Member
Joined
Sep 21, 2007
Professional Status
Certified Residential Appraiser
State
Illinois
I just don't understand. I looked at the photos ,and they look nice and clear but WHERE IS THE DRIVEWAY?:rof: R u people nuts! You actually considered driving up the side of a Mountain!?:new_all_coholic: I would have to drink a case before I would even consider driving up that, and even then it would take another case before I would even attempt walking it!:icon_eek:
Think of it this way when the new owner comes home and drives off the side of the mountain you won't be the one in court with their loved ones sitting accross the court room trying to explain that you didn't find anything wrong with the "DRIVEWAY".
 

Patti Jury

Thread Starter
Senior Member
Joined
Mar 23, 2002
Professional Status
Licensed Appraiser
State
Colorado
Well I guess you will like this photo too..this is the MLS Photo taken from the main road.
 

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DTB

Elite Member
Joined
Jun 11, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
I just don't understand. I looked at the photos ,and they look nice and clear but WHERE IS THE DRIVEWAY?:rof: R u people nuts! You actually considered driving up the side of a Mountain!?:new_all_coholic: I would have to drink a case before I would even consider driving up that, and even then it would take another case before I would even attempt walking it!:icon_eek:
Think of it this way when the new owner comes home and drives off the side of the mountain you won't be the one in court with their loved ones sitting accross the court room trying to explain that you didn't find anything wrong with the "DRIVEWAY".

I would have said it has street parking only. :shrug:
 
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