Year built settled date UAD APPENDIX D

[NC Appraising]

I believe the Q42 response is a 3.6 specification, or a very recent change to the selling guide. It makes no sense if you have an older home with a large, newer addition, but whatever. They can specify what is reported, but they can't specify how an appraiser deals with it. As far as Total, I run sales from MLS to a spreadsheet where that type of field is calculated, the imported into Total. I never knew they calculated that, or did it wrong.

The doc i provided a link to is from 2019, So I doubt it is for the 3.6. Could be wrong.

In my neck of the woods, in urban areas, builders will use the existing foundations to avoid more regulations, fees, etc.

The home is 100% new, except for the foundation. The tax card, realist, MLS, etc. Will still have the year built as 1950.

I use 1950 and most appraisers in my market does as well.

 

[BRCJR]

The above does not address the OP's situation. Which is should the chronological age of the comparable sale be the age of the comparable sale when it closed or the chronological age as of the effective date. IMNSHO it should be the chronological age when sale closed. Since we are using the characteristics of that sale when it sold for comparison purposes. My software uses the closing date

I stand corrected. The directive is in FNMA Appraiser Update commentary but not in the Guide policy.

 

[Dublin ohio]

The doc i provided a link to is from 2019, So I doubt it is for the 3.6. Could be wrong.

In my neck of the woods, in urban areas, builders will use the existing foundations to avoid more regulations, fees, etc.

The home is 100% new, except for the foundation. The tax card, realist, MLS, etc. Will still have the year built as 1950.

I use 1950 and most appraisers in my market does as well.

Same thing here and they notate the new construction as a "remodel" date. I have seen as little as one wall left standing in one area to get around regs

 

[NC Appraising]

The reason for the post is because on one of the Facebook threads, an appraiser did it the way that I do it and got a revision request.

They want it done as Dub and Terry does it.

Per the responses, its about 70 30, 70 for effective date.

Then someone bought up how the GESs do it?

dw if you are out there, what say you?

 

[Vermonter]

Unless there is a measurable impact on value for a 6-9 month physical age difference on a 75 year old home, think using something other than the physical age as of the effective date would be unnecessarily confusing.

Maybe that's me

 

[TerryRohrer]

The reason for the post is because on one of the Facebook threads, an appraiser did it the way that I do it and got a revision request.

They want it done as Dub and Terry does it.

Per the responses, its about 70 30, 70 for effective age.

Then someone bought up how the GESs do it?

dw if you are out there, what say you?

I am removing the term "effective age" from my lexicon entirely. Few terms in the appraisal field are less meaningful due to the widespread commitment to rely on it to mislead.

 

[NC Appraising]

Unless there is a measurable impact on value for a 6-9 month physical age difference on a 75 year old home, think using something other than the physical age as of the effective date would be unnecessarily confusing.

Maybe that's me

I agree for real world purposes. For the other readers of the report buyer, seller, lawyer, judge, agent...the appraiser cannot do simple math?

In theory, I'm still on the fence. I can see both sides.

Yes, in 2025 when the comp sold it was 25 years old...but as of the effective date of 01/2026, the subject is what is is. We are not using 2025 as the data point of year built for the subject property.

It really doesn't matter from a value perspective.

I'm just curious how the man behind the curtain wants us to do it to prevent revisions.

 

[NC Appraising]

I am removing the term "effective age" from my lexicon entirely. Few terms in the appraisal field are less meaningful due to the widespread commitment to rely on it to mislead.

I corrected my post. Freaking autocorrect.

I ment effective date.

I agree, I hate effective age.

 

[NC Appraising]

I use Clickforms and it has a setting that allows you to choose format. Date closed or as of effective date. Default is date closed. You may have the option in your software

Just got off the phone with alamode. Per this tech, you are stuck with it, unless you want to do the math and then enter it manually?

I guess i can let the software do it, and then go back and subtract a year.

I wonder on the AVMSs handle it?

 

[Fernando]

Use 26. No need to think so hard. You're welcome.