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Modifications or deletions to the certifications are also not permitted. However additional certifications that do not constitute material alterations to this appraisal report such as those required by law or those related to the appraiser s continuing education or membership in an appraisal organization are permitted. Scope of Work The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form...
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Hello this is Tony Blackburn with Apple appraisal I am the CEO and chief appraiser of Apple appraisal where an appraisal management company doing business in California and Nevada, and I'm going to do a little presentation today on the Fannie Mae 1004 emcee market conditions addendum the reason why I'm doing this is we see a lot of appraisers that do it a lot of different ways many times correctly, and it takes a lot of time for us to straighten it out send it back to the appraiser get the corrections made and then recently appraisal back to the client so if we can get some good information out to people so that the 10:04 MC completed correctly on every appraisal that saves us a lot of time in grief and of course it saves the appraiser a lot of time in grief as well Dennis currents is also helped to put this presentation together he's the president of Apple appraisal if you ever have any questions you can always get back to either Dennis or Ryan we're happy to help you the purpose of the addendum is to provide the lender client with a clear and accurate understanding of the market trends and condition note that it says conditions prevalent in the subject neighborhood this is a required addendum for all one to four unit appraisal reports with an effective date on or after April 1st 2009 this is taken directly from Fannie make's instructions the reason I pointed out the word conditions is I don't think this is a very good report and I think most appraisers agree with me to predict I'm sorry not to predict but to describe what market trends have been, and it does give a good idea though of what the conditions are in a particularly, but it's good for the 10 important C is great for showing what the market activity for comparable homes are in the subject neighborhood and that is compare to the subject what marketing times are or terrible homes in the subject neighborhood what the number of recent comparable sales are in a neighborhood with a number of comparable sales in the past six and twelve-month period and what the list price to sale price ratio for comparable homes in the subject neighborhood is and the absorption rate for comparable homes in the subject neighborhood now notice the same couple words that keep being said all the way through all these items its comparable and neighborhood everything for the 1004 MC relates to comparable homes to the subject within the subject neighborhood the 1004 MC in our opinion is not great for showing supportable price trends if they give you an indication but in order for a good supportable price trend to be established you need to have probably at least somewhere around forty data points to be able to chart and no matter how big the pool is of data that you're using to analyze for your ten pour em see the 1004 MC breaks it down to only three data points and that's the median of the past six to twelve months the median of the past three to six months and the median of the past current to three-month time...