Lisa and Jim's Northern Nevada Real Estate Blog: The Appraiser Needs Three Good Sale Comps "Within" 1 Mile Of The subject Property!

The Appraiser Needs Three Good Sale Comps "Within" 1 Mile Of The subject Property!

The Appraiser Needs Three Good Sale Comps "Within" 1 Mile Of The subject Property!   

Sounds easy enough, right? 

Well those underwriting guidelines just don't cut it in rural Nevada.  Our subject property is a lovely new bank owned home on 28 acres.  It is situated in a rural subdivision of 20 acre home sites.  The back property line is over ¼ of a mile long and there aren't three homes within that proximity ... let alone three closed sales in this market!

New appraisal regulations are certainly putting a different spin on selling real estate.  It will be very interesting to see the outcome of this!

 

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Comment balloon 15 commentsLisa Wetzel • June 12 2009 05:38AM

Comments

This really is an interesting dilemma!  One of our associates just told us about a home he is selling in the same area, the first appraiser assigned to the job refused saying there weren't any comps.  Seems like they don't want the job unless it's cookie cutter easy!

Posted by Jessie Wetzel (RE/MAX Realty Affiliates) about 11 years ago

Lisa,

I'm surprised there's no exception to this rule in cases like yours.

Rich

Posted by Richard Iarossi, Crofton MD Real Estate, Annapolis MD Real Estate (Coldwell Banker Residential Brokerage) about 11 years ago

The new guidelines are mindless, just like the bureaucrats that wrote them.

 

Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) about 11 years ago

HMMM. This sounds like a niche product to lend on and if that's what the UW is looking for you may have a dead deal UNLESS you have this switched to an Agri product (rural home with excess acreage).Let me know if you need some pointers on this type loan.

Posted by Chip Jefferson (Gibbs Realty and Auction Company) about 11 years ago

It will take longer to get appraisals and it will cost more. It is not an easy job.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) about 11 years ago

You just need to do your best. It is now very important for the agent to have a relationship with the appraiser. Provide everything that can make the assignment easier to complete.

Follow me on Twitter: http://twitter.com/roykelley

Posted by Roy Kelley (Realty Group Referrals) about 11 years ago

Thanks for the information in your post. I look forward to reading tomorrow's content

Posted by Eric Villaverde (DoubleTree Home Inspection Services L.L.C.) about 11 years ago

Sounds like somebody forgot to include the common sense. Good Luck with that one.

Posted by Ed Silva, Central CT Real Estate Broker Serving all equally (RE/MAX Professionals, CT 203-206-0754 ) about 11 years ago

Lisa,  There must be some level of practicality involved at some time.  Just because there aren't sales within a mile of the subject doesn't mean that there is diminished value.  Population density should be a consideration for that requirement.  More people work in some office buildings around the world than live in our entire county.  Remember, too, people like living here and don't move too often - there aren't many sales  in the nice areas.  Good luck.

Posted by Jim Valentine (RE/MAX Realty Affiliates) about 11 years ago

Lisa, finding three good comps has become a big issue every where.  The slow sales at the end of 2008 and beginning of 2009 has made difficult in many cases.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 11 years ago

Jessie - Some Neighborhood are just not easy!

Richard, we swish it was that easy!

Lenn - You have such a way of cutting right to the bottom line!

Laura, we are looking into that!

Gita - And! It's an REO...we know how forgiving they are!

Roy - We aren't allowed to have relationships any more!  we can't talk to them or help them in any way!

 

Posted by Lisa Wetzel, CDPE, SFR carsonvalleyland.com (RE/MAX Realty Affiliates) about 11 years ago

Underwriting is undermining us all.  These rules would be great in a black and white world, unfortunately real estate is all gray!

Posted by Jessie Wetzel (RE/MAX Realty Affiliates) about 11 years ago

Eric - thanks for the comment, glad you enjoyed the post.

Ed - do common sense and appraising go together right now?

Jim - You are making entirely too much sense here!

Jessie - It certainly is a big hurdle in an already too complicated system!

Posted by Jessie Wetzel (RE/MAX Realty Affiliates) about 11 years ago

Lisa - Very interesting and featured at .......... LAS VEGAS - NEVADA

VB

Posted by Robert Vegas Bob Swetz about 11 years ago

Robert - Thanks for the feature!  I love your group!  I kind of consider you guys our southenr cousins!

Posted by Lisa Wetzel, CDPE, SFR carsonvalleyland.com (RE/MAX Realty Affiliates) about 11 years ago

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