How do lenders deal with houses with un-permitted additions

[HLS]

Dr Boom,,, BZZT right back at you.
What do you think that “current supply and demand is” ??

I don’t know where you fall into the mix, are you in the mortgage/real estate/appraisal business ?

Reporting what previous transactions were is exactly how valuations are done in both a rising and falling market.

What you call a “clear violation” is them doing their job… BZZZT BZZZT

[drboom]

[quote=HLS]Dr Boom,,, BZZT right back at you.
What do you think that “current supply and demand is” ??
[/quote]

Congratulations, you managed to address one out of seven criteria.

[quote=HLS]I don’t know where you fall into the mix, are you in the mortgage/real estate/appraisal business ?[/quote]

I’m a taxpayer, among other things. That gives me a dog in this fight. Further, my judgment appears to be better than most of the industry “experts” since I called this one long before it peaked–and I said why, as anyone with a shred of common sense could have done.

[quote=HLS]Reporting what previous transactions were is exactly how valuations are done in both a rising and falling market.

What you call a “clear violation” is them doing their job… BZZZT BZZZT[/quote]

No, reread what I wrote in the last sentence. I think I was pretty clear, but if you’re having trouble understanding, let me know.

[drboom]

[quote=HLS]Dr Boom,,, BZZT right back at you.
What do you think that “current supply and demand is” ??
[/quote]

Congratulations, you managed to address one out of seven criteria.

[quote=HLS]I don’t know where you fall into the mix, are you in the mortgage/real estate/appraisal business ?[/quote]

I’m a taxpayer, among other things. That gives me a dog in this fight. Further, my judgment appears to be better than most of the industry “experts” since I called this one long before it peaked–and I said why, as anyone with a shred of common sense could have done.

[quote=HLS]Reporting what previous transactions were is exactly how valuations are done in both a rising and falling market.

What you call a “clear violation” is them doing their job… BZZZT BZZZT[/quote]

No, reread what I wrote in the last sentence. I think I was pretty clear, but if you’re having trouble understanding, let me know.

[drboom]

[quote=HLS]Dr Boom,,, BZZT right back at you.
What do you think that “current supply and demand is” ??
[/quote]

Congratulations, you managed to address one out of seven criteria.

[quote=HLS]I don’t know where you fall into the mix, are you in the mortgage/real estate/appraisal business ?[/quote]

I’m a taxpayer, among other things. That gives me a dog in this fight. Further, my judgment appears to be better than most of the industry “experts” since I called this one long before it peaked–and I said why, as anyone with a shred of common sense could have done.

[quote=HLS]Reporting what previous transactions were is exactly how valuations are done in both a rising and falling market.

What you call a “clear violation” is them doing their job… BZZZT BZZZT[/quote]

No, reread what I wrote in the last sentence. I think I was pretty clear, but if you’re having trouble understanding, let me know.

[drboom]

[quote=HLS]Dr Boom,,, BZZT right back at you.
What do you think that “current supply and demand is” ??
[/quote]

Congratulations, you managed to address one out of seven criteria.

[quote=HLS]I don’t know where you fall into the mix, are you in the mortgage/real estate/appraisal business ?[/quote]

I’m a taxpayer, among other things. That gives me a dog in this fight. Further, my judgment appears to be better than most of the industry “experts” since I called this one long before it peaked–and I said why, as anyone with a shred of common sense could have done.

[quote=HLS]Reporting what previous transactions were is exactly how valuations are done in both a rising and falling market.

What you call a “clear violation” is them doing their job… BZZZT BZZZT[/quote]

No, reread what I wrote in the last sentence. I think I was pretty clear, but if you’re having trouble understanding, let me know.

[drboom]

[quote=HLS]Dr Boom,,, BZZT right back at you.
What do you think that “current supply and demand is” ??
[/quote]

Congratulations, you managed to address one out of seven criteria.

[quote=HLS]I don’t know where you fall into the mix, are you in the mortgage/real estate/appraisal business ?[/quote]

I’m a taxpayer, among other things. That gives me a dog in this fight. Further, my judgment appears to be better than most of the industry “experts” since I called this one long before it peaked–and I said why, as anyone with a shred of common sense could have done.

[quote=HLS]Reporting what previous transactions were is exactly how valuations are done in both a rising and falling market.

What you call a “clear violation” is them doing their job… BZZZT BZZZT[/quote]

No, reread what I wrote in the last sentence. I think I was pretty clear, but if you’re having trouble understanding, let me know.

[gn]

[quote=esmith]To this day, I have no idea which bathroom was added and which one was converted from half to full. I’ve been thinking to visit the county office and try to find old plans of my house … To my knowledge, neither the inspector nor the appraiser did that.[/quote]

esmith, thanks for sharing your experience. Are you concerned that when you sell that house, it’s possible that an appraiser/inspector might bring the issue up & you might have to undo the additions before you can sell ?

SD Realtor, how often do you see real estate transactions where there’s a discrepancy between the tax rolls & the actual floor plan ? What’s your take on this ?

[gn]

[quote=esmith]To this day, I have no idea which bathroom was added and which one was converted from half to full. I’ve been thinking to visit the county office and try to find old plans of my house … To my knowledge, neither the inspector nor the appraiser did that.[/quote]

esmith, thanks for sharing your experience. Are you concerned that when you sell that house, it’s possible that an appraiser/inspector might bring the issue up & you might have to undo the additions before you can sell ?

SD Realtor, how often do you see real estate transactions where there’s a discrepancy between the tax rolls & the actual floor plan ? What’s your take on this ?

[gn]

[quote=esmith]To this day, I have no idea which bathroom was added and which one was converted from half to full. I’ve been thinking to visit the county office and try to find old plans of my house … To my knowledge, neither the inspector nor the appraiser did that.[/quote]

esmith, thanks for sharing your experience. Are you concerned that when you sell that house, it’s possible that an appraiser/inspector might bring the issue up & you might have to undo the additions before you can sell ?

SD Realtor, how often do you see real estate transactions where there’s a discrepancy between the tax rolls & the actual floor plan ? What’s your take on this ?

[gn]

[quote=esmith]To this day, I have no idea which bathroom was added and which one was converted from half to full. I’ve been thinking to visit the county office and try to find old plans of my house … To my knowledge, neither the inspector nor the appraiser did that.[/quote]

esmith, thanks for sharing your experience. Are you concerned that when you sell that house, it’s possible that an appraiser/inspector might bring the issue up & you might have to undo the additions before you can sell ?

SD Realtor, how often do you see real estate transactions where there’s a discrepancy between the tax rolls & the actual floor plan ? What’s your take on this ?

[gn]

[quote=esmith]To this day, I have no idea which bathroom was added and which one was converted from half to full. I’ve been thinking to visit the county office and try to find old plans of my house … To my knowledge, neither the inspector nor the appraiser did that.[/quote]

esmith, thanks for sharing your experience. Are you concerned that when you sell that house, it’s possible that an appraiser/inspector might bring the issue up & you might have to undo the additions before you can sell ?

SD Realtor, how often do you see real estate transactions where there’s a discrepancy between the tax rolls & the actual floor plan ? What’s your take on this ?

[Anonymous]

[quote=HLS]This will ruin the careers and incomes of honest appraisers. If an appraiser has been in business for 10-20 years and has dozens of banks or brokers sending them business, that stops completely on May 1st…[/quote]

I’m don’t see how this ruins the careers of the honest appraisers. At the peak of the frenzy, the dishonest appraisers were getting the most referrals, as their willingness to “work with” banks and brokers was what made them more popular.

The real estate professionals who were honest were the ones losing out in the bubble — their ethics prevented them from participating in the massive number of illegitimate transactions that ultimately did not benefit their clients.

If an appraiser has “dozens of of banks or brokers sending them business,” does that mean they are better at appraisals, or better at cronyism? Appraisals should be a commodity — if some are “better” than others, then something is not right.

I don’t see any reason this legislation will impact the total demand for appraisals, so why would the business go away?

[Anonymous]

[quote=HLS]This will ruin the careers and incomes of honest appraisers. If an appraiser has been in business for 10-20 years and has dozens of banks or brokers sending them business, that stops completely on May 1st…[/quote]

I’m don’t see how this ruins the careers of the honest appraisers. At the peak of the frenzy, the dishonest appraisers were getting the most referrals, as their willingness to “work with” banks and brokers was what made them more popular.

The real estate professionals who were honest were the ones losing out in the bubble — their ethics prevented them from participating in the massive number of illegitimate transactions that ultimately did not benefit their clients.

If an appraiser has “dozens of of banks or brokers sending them business,” does that mean they are better at appraisals, or better at cronyism? Appraisals should be a commodity — if some are “better” than others, then something is not right.

I don’t see any reason this legislation will impact the total demand for appraisals, so why would the business go away?

[Anonymous]

[quote=HLS]This will ruin the careers and incomes of honest appraisers. If an appraiser has been in business for 10-20 years and has dozens of banks or brokers sending them business, that stops completely on May 1st…[/quote]

I’m don’t see how this ruins the careers of the honest appraisers. At the peak of the frenzy, the dishonest appraisers were getting the most referrals, as their willingness to “work with” banks and brokers was what made them more popular.

The real estate professionals who were honest were the ones losing out in the bubble — their ethics prevented them from participating in the massive number of illegitimate transactions that ultimately did not benefit their clients.

If an appraiser has “dozens of of banks or brokers sending them business,” does that mean they are better at appraisals, or better at cronyism? Appraisals should be a commodity — if some are “better” than others, then something is not right.

I don’t see any reason this legislation will impact the total demand for appraisals, so why would the business go away?

[Anonymous]

[quote=HLS]This will ruin the careers and incomes of honest appraisers. If an appraiser has been in business for 10-20 years and has dozens of banks or brokers sending them business, that stops completely on May 1st…[/quote]

I’m don’t see how this ruins the careers of the honest appraisers. At the peak of the frenzy, the dishonest appraisers were getting the most referrals, as their willingness to “work with” banks and brokers was what made them more popular.

The real estate professionals who were honest were the ones losing out in the bubble — their ethics prevented them from participating in the massive number of illegitimate transactions that ultimately did not benefit their clients.

If an appraiser has “dozens of of banks or brokers sending them business,” does that mean they are better at appraisals, or better at cronyism? Appraisals should be a commodity — if some are “better” than others, then something is not right.

I don’t see any reason this legislation will impact the total demand for appraisals, so why would the business go away?

[Author]

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