Comments on: Value Range Rather than a Single Point

By: Mike Ford, CA AG; SCREA, AGA, GAA, RAA

Mike Ford, CA AG; SCREA, AGA, GAA, RAA — Tue, 22 Dec 2015 22:34:09 +0000

Dustin, I used to believe a range was more realistic but given the punitive mindset of current regulators I disagree with it strongly now. Lets say range is $200,000 to $220,000. Loan is based on lower end automatically, so in effect it now becomes low end-of-range point-value.

State regulator says range should have been $215,000 to $230,000 and appraiser under reported the range by $15k.

Rather than range reporting, lets just go back to applying common sense and stop parsing what the meaning of ‘is’ is.

Anyone that uses the exposure time addendum already reports a ‘range’. It’s solved nothing. //With respect Roy, but cant we all already SEE the adjusted range of your comparables in the sales grid? Why do we need to keep restating the obvious in appraisals?

By: Roy

Roy — Thu, 28 May 2015 15:35:57 +0000

yes, I have always believed in providing a value range for private appraisals. Plus, I’m considered inserting a statement on the URAR lending appraisal report stating the adjusted value range developed from all the comps presented on the URAR report.

By: Platinum Data Solutions on Facebook

Platinum Data Solutions on Facebook — Fri, 10 Jan 2014 19:55:53 +0000

Couldn’t agree more. A range would be a better fit.

By: Baggins

Baggins — Thu, 09 Jan 2014 18:06:46 +0000

Agreed. Great article. Most appraisers are already sold on this concept, because we’ve all dealt with being blamed for ‘killing a deal’, with otherwise worthy buyers. Often over miniscule amounts, comparatively. But for such a concept as expressing a range of value instead, to be allowable, there must be a defined price figure or percentage range for variance. The range expression must have a clearly defined limit and expectation for expression.

By: Jack Schlenk

Jack Schlenk — Thu, 09 Jan 2014 17:35:34 +0000

Fannie Mae & Freddie Mac Uniform Appraisal Dataset Specification Appendix Document Version 1.6 November 22,2013
43 Pages.
If you do not what the ABBREVIATED ITEMS; AT, DT SD, GR,MR,HR, and 0 mean you better find out what they mean. Also check out the unacceptable items that can not be in the report.
Get a copy of Appendix D; and keep it next to your copy of USPAP 2014 -2015
The APPRAISAL REPORT IS SUBJECT TO THE UCDP COMPUTER