1004 MC Market Conditions analysis

By
Real Estate Agent with Rossman Realty Group 703456

Finally a good move from Fannie Mae who will require a 1004 MC Market Conditions analysis form with all appraisals.

I have seen some frustrations in the past, when an out-of-state lender hired an out-of-state appraiser (or not actually) to appraise a property in a particular subdivision. You might have 100 homes in that subdivision but the last 3 sales were foreclosures, and sold for much less than a fair market value, at least IMO. That was a deal killer right there, because most of the time, the appraiser didn't even know they were foreclosed properties. This analysis might could even included seller's concessions and other aspects of the sales

At least now, lenders will have the opportunity to review and compare what's comparable. This is a good move forward from these frustrations...That's why I always keep my list of updated foreclosures for Sevier County apart from the rest. I think that sometimes it is important for the public to get that difference.

Posted by

Claude Thomas, Realtor®

1104 SE 46th Lane

Cape Coral, Fl 33904

(239) 240-3283

Cape Coral Real Estate

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foreclosures
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Rainer
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Rita Bradley
Laguna Hills, CA
Valuation Consultant in Orange County California 949-916-3263

Interesting post.  Are you saying that appraisers that aren't license in a state are appraising property there?  If you run across this you should report them to their state board.(where they are licensed) 

 

I'm not sure if adding additional addendums is actually going to increase the quality of appraisals.  I think it would be better if poor appraisers where "reviewed" out of the system.

Mar 21, 2009 04:30 AM #1
Rainmaker
112,753
Claude THOMAS
Rossman Realty Group - Cape Coral, FL

Some are "online" BPOs doing an estimate from the tax roll or local MLS. They make no difference between foreclosed properties and others, decreasing the appraisal (BPO) value for the bank.

Mar 21, 2009 12:51 PM #2
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Rainmaker
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Claude THOMAS

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