I was curious to see any imput about what you guys found was the most useful verbiage to explain values to QC. As we all know, when it gets too wordy peoples eyes glaze over and the important parts get missed.

The easiest I found is a simple line such as 'I based my value considering sold comp 2 because it's in the same complex as subject and sold comp 3 because it's a recent sale. Market conditions and different features were considered in final value given'

What do you guys think the best verbiage is?

J~

Why I feel verbiage can differ from one person's perspective to the next, I feel a sentence or two should be said on how value was determined. Sometimes that’s weighing all three sold comparables after adjustments, or like you said placing greater weight with one particular comparable due to a specific reason.

Then of course, sometimes you need to place emphasis on listing comparables due to lack of recent sales or rapidly declining values. Listing comparables can also determine the time of sale adjustment needed with dated sold comparables in a rapidly declining market.

Final thought is also the determination of 30 day or 60 day value from 90 day value if asked. I think the DOMs of sold comparable can dictate that to a significant degree. Meaning if all sold comparables sold within 30 days due to proper initial pricing, then that should be explained.

So again, verbiage will vary depending upon a wide variety of circumstances. I feel we have an obligation to explain our conclusions, just like the QC department (of any mill) has an obligation to read the comments before kicking a file back.

Just lift your stuff off of appraisals.

just to make sure QC is reading all of your eloquent bpo prose try adding

"a Ouija board was utilized when reconciling a price opinion for the subject"


and see if they kick it back

I did some crumby Mobile Home BPOs recently. It was interesting because financing for tin cans and tubes has all but dried up. We have loads of Currently Listed Comps; but few Sales, and interestingly enough, and maybe to be expected, all Sold Transactions are for "CASH" !

People are buying the Mobiles for the value of the Land and the Site Improvements. They can use the Mobile for a short period while building, or use it as a Construction Trailer . . . . and then mobilize it right off the property.

Seldom are there Zoning issues; because almost anything will be perceived as an improvement. And "CASH" has a way of representing True Value to these Buyers . . . . not some abstract number obtained throiugh through the eyes of an Appraiser. These values are rising, in spite of the prevailing downward trend in surrounding stick built dwellings.

I've commented using these observations on about a half a dozen Mobiles lately and never had a challenge. I guess I've found a specialty niche?

I don't know if this is what J was looking for; but I enjoyed making the observation anyway. "CASH" always makes interesting fodder for discussion.

[quote=BoneFish]just to make sure QC is reading all of your eloquent bpo prose try adding

"a Ouija board was utilized when reconciling a price opinion for the subject"


and see if they kick it back [/quote]

LOL

If your value falls within the range of your comps, the reviewer might not even read your comments. So a Ouija board comment might go right through with no problem. If your value falls outside the range of your comps, they will read your comments to see if you explained why.

sample.....I considered sale 1 and list 3 most heavily when forming the value opinion since they were most similar to the subject in terms of location, condition, age and functionality.

• highest and best use of subject would be a bonfire
• subject has commercial potential, most likely buyer is a street chemist
• subject has unique cross flow ventilation ( aka bullet holes )
• all interior surfaces resemble petri dishes gone bad

Wow, admit it, you've seen two of my latest "gems" haven't you? I'm cuttin' and pastin' and placing directly in my next MMR for them.

Priceless!

The old standbys:

*Evidence of handyman workmanship throughout the subject (BUBBA and a six pack)
*Lack of rountine maintainance(packing tape holding the windows in)
*All plumbing and electrical have been stripped (crack heads got here first)
*Dog and cat feces throughout (I had to look up how to spell feces about 5 years ago)

Not sure if most QC guys even read my comments. I include them but short and sweet is usually never missed. When I write anything at length, the main message is usually lost and they call me saying I haven't commented on something that's already in there!

I'm with Char K. QC reads comments?

Half the time I'll call about a QC and tell them to read my comments to see if I need to change anything. There'll be a short pause followed by, I'll go ahead and approve this for you.

lol.. I read comments all the time. I have a good laugh every so often since agents slip things in they don't think QC reads. I had an interior once where the agent had wrote 'Subject area is high crime, I had to pay the local crack whore a twenty to get her off the steps so I could get in'

J~

I am a writer, my mother was a teacher and my father an ivy league English professor, so I have a habit of writing the old fashioned way. Unfortunately, I often have to edit and re-edit my emails and such, because they are too wordy.

I know of companies that love my style and say that I put much more in than other agents, but I think that some - like SS - do feel that it glazes their eyes over. They consistantly contact me to ask for me to comment on things that are already extensively commented on. Once I say, "this was documented in X section as such...", they approve it. It never occurred to me that was the reason why this happened - I thought they were lazy. Now I see that it is me.

Thanks for the tip!

BoneFish
LOL I like your sense of humor.....