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The Moore Report April 2012

The Moore Report

On April 10, 2012 a revised Fannie Mae and Freddie Mac Uniform Appraisal Dataset Specification, Appendix D: Field-Specific Standardization Requirements was released.

The following is a link to the revised document Appendix D: Field-Specific Standardization, Document Version 1.3, Version Date: April 10, 2012.

 

The revised Appendix D contains clarifications relating to the selection of Condition and Quality ratings, as well as clarifications with respect to each condition rating.

The following are excerpts from the new document. Please refer to the revised document to understand the context of the revisions.

 

Page 19: Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.)
(Revisions are underlined)

Interior/Exterior Complete Inspection Reports:
The appraiser must provide the following information:

Overall Condition rating – The appraiser must select one of the following ratings that best describes the overall condition of the subject property or unit. For condominium properties, the rating must reflect the overall condition for the individual unit being appraised. Only one selection is permitted. The condition rating must describe the physical condition of the subject property as-of the effective date of the appraisal on an absolute basis, not on a relative basis or how the property relates to other properties in the neighborhood. The rating for the subject property must match the overall condition rating that is reported in the Sales Comparison Analysis section.

 

Page 27: Quality of Construction
(Revisions are underlined)

The appraiser must select one quality rating from the list below for the subject property and each comparable property. The appraiser must indicate the quality rating that best describes the overall quality of the property. Only one selection is permitted. The quality rating for the subject property must describe the overall quality of the property as-of the effective date of the appraisal and the overall quality of each comparable property as-of the date of sale for the comparable properties on an absolute basis, not on a relative basis or how the properties relate to other properties in the neighborhood.

  • Q1
  • Q2
  • Q3
  • Q4
  • Q5
  • Q6

 

Page 29: Condition
(Revisions are underlined)

The appraiser must select the overall condition rating for the subject property and each comparable property from the below list. The overall condition rating for the subject property must match the overall condition rating that was reported in the Improvements section so that it is consistent throughout the appraisal report. Only one selection is permitted. The condition rating for the subject property must describe the physical condition of the property as-of the effective date of the appraisal and the physical condition of each comparable property as-of the date of sale for the comparable properties on an absolute basis, not on a relative basis or how the properties relate to other properties in the neighborhood.

 

  • C1
  • C2
  • C3
  • C4
  • C5
  • C6


Page 35: Condition Ratings and Definitions
(Revisions are underlined)

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

Note: Newly constructed improvements that feature recycled or previously used materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have been rehabilitated/remanufactured into like-new condition. Improvements that have not been previously occupied are not considered “new” if they have any significant physical depreciation (that is, 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 are either almost new or have been recently completely renovated and are similar in condition to new construction.


Note: The improvements represent a relatively new property that is well maintained with no deferred maintenance and little or no physical depreciation, or an older property that has been recently completely renovated.

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.

Note: The improvement is in its first-cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is being well maintained. Its

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estimated effective age is less than its actual age. It also may reflect a property in which the majority of short-lived building components have been replaced but not to the level of a complete renovation.

 

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.

Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building components have been replaced, and some short-lived building components are at or near the end of their physical life expectancy; however, they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property.

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 are somewhat diminished due to condition, but the dwelling remains useable and functional as a residence.

Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many of its short-lived building components are at the end of or have exceeded their physical life expectancy but remain functional.

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.

Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property with conditions severe enough to affect the safety, soundness, or structural integrity of the improvements.

 

 

Please call with any questions or comments.

 

Brad Moore

The Moore Group, Inc. / Moore Appraisal Education, LLC
(402) 770-8605
bkmoore@neb.rr.com

dlmoore@neb.rr.com

www.mooreeducation.com

The Moore Report March 2012

The Moore Report Issue #4

We have all struggled with seller paid concessions.

March 7, 2012, The Appraisal Foundation’s APPRAISAL PRACTICES BOARD issued helpful guidance regarding this issue in their second Valuation Advisory.

Click on the link below to

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APB Valuation Advisory #2 – Adjusting Comparable Sales for Seller Concessions

Brad Moore

The Moore Group, Inc. / Moore Appraisal Education, LLC
(402) 770-8605
bkmoore@neb.rr.com

dlmoore@neb.rr.com

www.mooreeducation.com

The Moore Report February 2012

The Moore Report Issue #3

The 2012 – 2013 USPAP requires that the appraiser must now include an opinion of reasonable exposure time in the report when

exposure time is a component of the definition of value.

Have you seen The Appraisal Foundation’s new Q & A regarding Marketing Time vs. Exposure Time on Residential Appraisal forms?

Click here: The Appraisal Foundation 2012 – 1 for a link to this timely input from the Appraisal Standards Board.

Brad Moore

The Moore Group, Inc. / Moore Appraisal Education, LLC
(402) 770-8605
bkmoore@neb.rr.com

dlmoore@neb.rr.com

www.mooreeducation.com

The Moore Report December 2011

The Moore Report Issue #2

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December 29, 2011

With 2012 just around the corner, here is a quick reminder for our students regarding the USPAP changes.

A couple of important changes regarding USPAP:

1. The appraisal Certification now requires the appraiser to state whether they have, or have not, provided services on the subject property within the last 36 months.

I have performed no (or the specified) services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.

2. The appraiser must now include an opinion of reasonable exposure time in the report when exposure time is a component of the definition of value.

When an opinion of exposure time has been developed in compliance with Standards Rule 1-2(c), the opinion must be stated in the report.

If you have any questions, let us know.

Happy New Year!

Brad Moore

The Moore Group, Inc. / Moore Appraisal Education, LLC
(402) 770-8605
bkmoore@neb.rr.com

dlmoore@neb.rr.com

www.mooreeducation.com

The Moore Report: August 2011

On August 11, 2011 a revised Fannie Mae and Freddie Mac Uniform Appraisal Dataset Specification, Appendix D: Field-Specific Standardization Requirements was released. This is important information for all residential appraisers preparing for the UAD changes.

The following is a link to the revised Appendix D: Field-Specific Standardization

Document Version 1.2 Version Date: August 11, 2011
https://www.efanniemae.com/sf/lqi/umdp/pdf/uadappendixdfieldreqs.pdf

The following sections have new clarification and/or guidance. For your information the new language in these sections has been included. Please refer to Appendix D to see the context of the new comments.

 

Subject Section

Tax Year, Real Estate Taxes $

“Additional information about tax year(s) or tax amount(s) may be provided elsewhere in the appraisal report.”

Occupant

“Additional information regarding the occupancy of any accessory unit may be provided elsewhere in the appraisal report.”

Special Assessments $

“Additional information about special assessments may be provided elsewhere in the appraisal report.”

Is the subject property currently offered for sale or has it been offered for sale in the 12 months prior to the effective date of this appraisal? Report data source(s) used, offering price(s), and date(s).

“The appraiser may report any other relevant information regarding the length of time that the subject property was offered for sale, including cumulative days on market, in this field or elsewhere in the appraisal report.”

 

Contract Section

I did/did not analyze the contract for sale for the subject purchase transaction.

“The appraiser may report any other relevant information regarding the sale type, including whether more than one sale type applies, in this field or elsewhere in the appraisal report.”

 

Site Section

View

“Any additional information may be reported elsewhere in the appraisal report.”

“Note, the UAD does not limit the number of different view factors associated with a property that may be reported in the appraisal report. If there are more than two view factors, an appraiser may choose “other” and then enter a text description of the multiple view factors to the extent that the description fits within the allowable space on the appraisal report form. Any additional information that does not fit in the allowable space
may be reported elsewhere in the appraisal report.”

 

Improvements Section

Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.)

“If information indicating whether material work has been done to the kitchen(s) or bathroom(s) in the prior 15 years is not available to the appraiser in the normal course of business, the appraiser is to either select “Yes” or “No” based on the
appraiser’s observations of the subject property and any other available information. The appraiser should indicate the basis for this determination in the appraisal report and describe the efforts undertaken to obtain the information.”

“Note, the UAD does not limit the information that an appraiser may provide about the condition of a property, including any updating or remodeling. An appraiser can and must provide any additional information required to communicate an appraisal in

a manner that is meaningful and not misleading, including providing sufficient information to enable the client and any other intended user(s) to understand the appraiser’s conclusions regarding the property condition and any updates or remodeling.”

 

 

Sales Comparison Approach Section

Data Source(s) (DOM)

“The appraiser may report any other relevant information regarding the length of time that a property was offered for sale, including cumulative days on market elsewhere in the appraisal report.”

Sale or Financing Concessions

“Note, The appraiser may report any other relevant information regarding the sale type, including whether more than one sale type applies, elsewhere in the appraisal report.”

Location

“Note, the UAD does not limit the number of different location factors associated with a property that may be reported within the appraisal report. If there are more than two location factors, an appraiser may choose “other” and then enter a text description of the multiple location factors. Any additional information that does not fit in the allowable space may be
reported elsewhere in the appraisal report.”

View

“Any additional information necessary to communicate an appraisal in a manner that is meaningful and not misleading may be reported elsewhere in the appraisal report.”

“Note, the UAD does not limit the number of different view factors associated with a property that may be reported within the appraisal report. If there are more than two view factors,

an appraiser may choose “other” and then enter a text description of the multiple view factors to the extent that the description fits within the space on the appraisal form. Any additional information that does not fit in the allowable space may be reported elsewhere in the appraisal report.”

Basement & Finished Rooms Below Grade

Line 1

“In some jurisdictions, the total square footage of the property improvements below grade and/or the finished square footage of the property improvements below grade may not be available to the appraiser within the normal course of business. In such cases, an appraiser may report the estimated total square footage of the property improvements below grade and the finished area below grade for the comparable properties and disclose within the appraisal report that the size is an estimate and report the source and basis for the estimate.”

Line 2

“The appraiser must report the number of each type of finished rooms in the basement on Line 2 of this data field if the finished square footage of the basement is greater than zero.”

“The appraiser must enter the numeral zero (0) if there are no rooms of a particular type. If the finished square footage of the basement is zero, no entries should be made for the basement room type counts.”

Price of Prior Sale/Transfer

“In some jurisdictions, the price of prior sale(s) or transfer(s) is not disclosed in the public records or otherwise available to the appraiser within the normal course of business. In such cases, an appraiser may leave this field blank and make a comment in the “Analysis of prior sale or transfer history of the subject property and comparable sales” field or elsewhere in the report that the price of the sale or transfer is not available. Non-monetary entries such as “unknown”, “unavailable”, etc. are not permitted in this field.”

 

Use the following link to view the most recent UAD FAQs from FannieMae.

https://www.efanniemae.com/sf/lqi/umdp/pdf/uadfaqs.pdf

If you have any questions or comments, please feel free to call or email.

Sincerely,

Diane Moore
Diane Moore,

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Education Coordinator
The Moore Group, Inc. / Moore Appraisal Education, LLC
(402) 770-8605
dlmoore@neb.rr.com
www.mooreeducation.com

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