So, like I wrote last week, I was contacted by a loan officer at the bank for not only an additional comparable in an appraisal for an Aframe home, but also to remove the active listing that I had included. Well, I included that listing given the lack of sales and because it was in the SAME NEIGHBORHOOD. So, here is what I wrote in the appraisal that I forwarded back to the bank...

"The appraiser was contacted by the loan officer and asked to provide additional A frame comparables and to remove the active listing that has been originally included in this appraisal report. The appraiser has added two closed sales of similarly designed A frame homes, one a lakefront property on a superior site, and the other a dated sale of a similar property.

The current listing is not being removed from the appraisal. For properties with a unique design, a current and active listing from the immediate neighborhood is a very strong indicator of market appeal for these types of homes. Given the lack of similar A frame homes that have closed in the subject neighborhood, it is this appraiser's opinion that the active listing in this appraisal is a key component of the overall value opinion. The inclusion of the listing does not indicate that this is a "soft" market or that there are any market concerns at all, it is merely included to provided, as noted, the underwriter and any subsequent users of this appraisal report with an understanding of alternatives and marketability in the immediate subject neighborhood as of the effective date of the appraisal. It is also noted that the current listing is in comparable position number 5, and is not among the primary value indicators considered in the final value opinion."

I just had to include the part that I was contacted by the loan officer. Isn't that a violation of HVCC? They say this is a secondary market loan. Who knows. Anyway, I hope this clears this issue up.

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