Zombie Appraiser

Monday, October 24, 2011

Palisades Owner Association - Stevenson Ranch - 91381

Palisades Owner Association
Management: Premier Property Services
Total Units: 231
Rentals: 45 (as of Aug 2011)
Phases: 1
HOA Dues: 295

Marblehead Homeowners Association - Stevenson Ranch 91381

Marblehead Homeowners Association

Management: Premier Property Services (661) 254-0022

Total Units: 63

Rentals: 11 (as of Aug 2011)

HOA Dues: $306.50

Phases: 1

Note: located in the Stevenson Ranch Palisades Area

Sunday, May 22, 2011

Uniform Appraisal Dataset - Freddie Mac

UAD Training from Freddie Mac

Uniform Appraisal Dataset - Freddie Mac: "Uniform Appraisal Dataset
Updated on April 12, 2011

'Get Ready for UAD and UCDP' Webinar
This 90-minute, interactive webinar reviews the scope of Uniform Appraisal Dataset and Uniform Collateral Data Portal and will prepare you in implementation planning. This is a great opportunity to interact with our experts and get answers to your questions. Sessions are scheduled through June 16.

Register todayAs part of the Uniform Mortgage Data ProgramSM, (UMDPSM) Freddie Mac and Fannie Mae have worked together at the direction of their regulator, the Federal Housing Finance Agency, to develop the Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data PortalSM (UCDPSM) in an effort to enhance appraisal data quality and consistency and promote the collection of electronic appraisal data.

The UAD defines all fields required for an appraisal submission for specific appraisal forms and standardizes definitions and responses for a key subset of fields.
For appraisals with an effective date (date of inspection is the effective date of the appraisal) on or after September 1, 2011, the appraisal report forms below must be completed in compliance with the UAD for conventional mortgage loans sold to Freddie Mac. These forms are collectively referred to as the 'four UAD forms.'

Uniform Residential Appraisal Report (Freddie Mac Form 70)
Individual Condominium Unit Appraisal Report (Freddie Mac Form 465)
Exterior-Only Inspection Individual Condominium Unit Appraisal Report (Freddie Mac Form 466)
Exterior-Only Inspection Residential Appraisal Report (Freddie Mac Form 2055)"

Friday, January 14, 2011

Uniform Appraisal Dataset (UAD) - good bye poor, fair, average, and good - Hello Q1 through Q6 and C1 through C6

Image by Matti Mattila via Flickr

It looks like the old quality and condition ratings (poor, fair, average, good, & excellent) are soon to be things of the past. The new Uniform Appraisal Dataset (UAD), developed under the direction of the Federal Finance Agency, Fannie Mae, and Freddie Mac, defines, clarifies, and standardizes all the data elements within the appraisal form. Looking at the latest document (version 1.0 dated 12/16/2010) it looks the biggest change in the appraisal report is going to be how quality and condition are reported. Appraisers typical use standard ratings like poor, fair, average, good, and excellent. However in order to make sure information is more uniform (and more easily farmed) quality will be rated as Q1 through Q6 and condition will be rated as C1 through C6 (see ratings below):

The following is from the “Fannie Mae and Freddie Mac Uniform Appraisal Dataset Specifications (Appendix D: Field Specific Standardization Requirements):

Quality Ratings:

Q1 - Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-quality exterior refinements and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes throughout the dwelling are of exceptionally high quality.

Q2 - Dwellings with this quality rating are often custom designed for construction on an individual property owner’s site. However, dwellings in this quality grade are also found in high-quality tract developments featuring residences constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high-quality exterior ornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.

Q3 - Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner’s site. The design includes significant exterior ornamentation and interiors that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from “stock” standards.

Q4 - Dwellings with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature some upgrades.

Q5 - Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive, stock materials with limited refinements and upgrades.

Q6 - Dwellings with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or without plans, often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or non-existent. Older dwellings may feature one or more substandard or non-conforming additions to the original structure.

Condition Ratings:

C1 - The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new and the dwelling features no physical depreciation.*

*Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100% new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured into like-new condition. Recently constructed improvements that have not been previously occupied are not considered “new” if they have any significant physical depreciation (i.e., newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep).

C2 - The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new construction.

C3 - The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well maintained.

C4 - The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate.

C5 -The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains useable and functional as a residence.

C6 - The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components.

Monday, January 10, 2011

Canyon Park Community Association - Zip Code 91387

Total Units: 63
Offsite Address: 6
Monthly HOA: $127
Management: Transpacific Management Service

Note: This is a gated development of 63 detached townhomes.

Thursday, December 2, 2010

FHA - Chipping Paint

Does chipping paint have to be cured for FHA to guarentee a loan?

Here is a quick video about peeling paint and FHA Loans. I got this from http://sacramentoappraisalblog.com/

Wednesday, December 1, 2010

Free AMC List

Image by thinkpanama via Flickr

Why pay $15.99 to $49.99 per month for a list of AMCs (appraisal management companies) when this type of information is very easily found on-line for free. Here is a list of companies I found this morning with about 10 minutes of effort on Google. I have not worked for any of these companies and can’t make any personal recommendations but if you need work take a look.

The Free Appraisal Management Company List