I see lots of different designs but here is one in Berkeley that appears to be a little unique
It might be fun trying but can you imagine having the appraiser say it conforms to the neighborhood? LOL, I'm laughing because some would say that.
I've passed by this home a hundred times and each time it gets my attention. I've not seen one like it before though I have seen a good many odd looking houses. The appraiser as to say "this home appears typical of the neighborhood" or it doesn't... mmm
I had one recently where the appraiser arrived at the home and said "what value makes this deal work?" Not a question that should be asked at all. In fact I think he would be seriously reprimanded if the Office of Real Estate Appraisers knew about it. It was a stupid question and though the answer was $380,000 it came in at $355,000 and below the need anyway. Not a pretty picture.
I see appraisals quite often and having had a Fee Shop I can't help but look for inconsistencies. 203k appraisal is typically "after the improvements are made". The oriignal guideline says we should have two appraisals. In 1995 we questioned HUD and since it was costing the borrower, the public was being hit with an unnecessary expense.
Why you might ask? Can you imagine finding a home that needs repair and attempting to find comps in it's poor "before repaired" condition. Not easily done because typically a listing agent for a foreclosures doesn't put much info in the listing... wouldn't want to waste his time and the seller stands by their guns with regards to "I never lived there, it is a foreclosures so I don't have any disclosures to make", "I know nothing as Sgt. Shultz would say".
So, it is easier to find the "as is" value and many times more accurate when you take the "after improved value" less the "cost to cure" or "the construction cost and fees" to determine the "as is" value. In the case of a refinance it is the existing debt or the "after improved value less the cost to complete the construction.
The guideline says it is "the existing debt" which is false but it is the guideline. I had this argument in 1995 too. If the current value is the existing debt and no other way to determine the "as is" value I challenged the guideline as if you take it literally and have a home that is totally paid off, maybe you inherited it free and clear, the guideline says it has "Zero Value" and that cannot be the likely result. The land alone has some value unless it is contaminated but that isn't what we are talking about.
When I put them to the test on this issue we all agreed that the guideline is not accurate for determining the "as is value" for a refinace but some lenders still have to be convinced as they want to follow that guideline very strictly.
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