FannieMae REO Appraiser

THIS IS WHY THEIR VALUES ARE SO SCREWED UP! FannieMae REO Appraiser

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Undesirable Street Name
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#1
Today, 05:53 PM

NORTON

Join Date: Oct 2007
State: California
Professional Status: Certified Residential Appraiser
Posts: 497

Undesirable Street Name
________________________________________
working on an REO for Fannie…..the home is located on Gay Way…..should I take the time to inform the client that the subject’s marketability may be impacted by the name of its street? am I crossing a line regarding sexual orientation? or do I just let them figure it out.

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#2
Today, 06:14 PM

CANative

Join Date: Jun 2003
Location: Hopland, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 26,425

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NTTAWWTSN.

Does this guy have an undesirable name?

http://en.wikipedia.org/wiki/George_H._Gay,_Jr.

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#3
Today, 06:21 PM

leelansford

Join Date: Mar 2002
Location: Suburban Chicago
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 8,151

________________________________________
Quote:
Originally Posted by NORTON
working on an REO for Fannie…..the home is located on Gay Way…..should I take the time to inform the client that the subject’s marketability may be impacted by the name of its street? am I crossing a line regarding sexual orientation? or do I just let them figure it out.

“…subject’s marketability may be impacted by the name of its street?”

Based upon what, exactly? Supposition, or market evidence?
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#4
Today, 06:22 PM

AnonApprsr

Join Date: Jan 2008
State: Massachusetts
Professional Status: Certified Residential Appraiser
Posts: 3,378

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I don’t think it’s a negative to marketability, at least it wouldn’t be around moonbat central (Massachusetts). Maybe, if you have the type of religious nut (known as a Religious Republican) and they are the only people who buy homes, otherwise you may be showing personal bias.
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#5
Today, 06:25 PM

NORTON

Join Date: Oct 2007
State: California
Professional Status: Certified Residential Appraiser
Posts: 497

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Quote:
Originally Posted by leelansford
“…subject’s marketability may be impacted by the name of its street?”

Based upon what, exactly? Supposition, or market evidence?
supposition and general logic that says a typical buyer in this market area would not be eager to attach their life to that street name….this particular market area which is dominated by foreclosures and homes under 100k.

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#6
Today, 06:32 PM

CANative

Join Date: Jun 2003
Location: Hopland, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 26,425

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Is the property in Davis, North Highlands or Riverside?
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#7
Today, 06:35 PM

Riick

Join Date: Aug 2007
Location: Rockland, DE.| N. of the Mason-Dixon Line
State: Delaware
Professional Status: Certified Residential Appraiser
Posts: 5,230

________________________________________
It all depends upon who you are marketing TO.
In the right area, that street name would be a real PLUS.

….as to names, this gentleman had a real estate brokerage in
Center City Philadelphia; his signs were everywhere:

George B. Gay
-Real Estate-

.
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#8
Today, 06:36 PM

CANative

Join Date: Jun 2003
Location: Hopland, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 26,425

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It would be a lot funnier if his name was Johnny.
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#9
Today, 06:39 PM

leelansford

Join Date: Mar 2002
Location: Suburban Chicago
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 8,151

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Quote:
Originally Posted by NORTON
supposition and general logic that says a typical buyer in this market area would not be eager to attach their life to that street name….this particular market area which is dominated by foreclosures and homes under 100k.

Unless there is market evidence to support that which you imagine…I wouldn’t go down that (figurative) road.
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#10
Today, 06:41 PM

Smokey Bear

Join Date: Dec 2004
Location: The “OC” in Republican Land (Oh no!)
State: California
Professional Status: Certified Residential Appraiser
Posts: 10,082

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Some people have way too much time on their hands.
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From: Vendor Desk [mailto:vendor_desk@fanniemae.com]
Sent: Thursday, September 23, 2010 1:31 PM
To: harris_curtis@sbcglobal.net
Subject: Fannie Mae: Appraisals Due Within 7 Calendar Days

To view this email as a web page, go here.

Beginning with orders placed on October 1, 2010, REO (NPDC) appraisals will be due within 7 calendar days.

After careful consideration, the REO Valuation Department (NPDC) at Fannie Mae is reducing the turn-around time (TAT) expectation for appraisals from 10 calendar days to 7 calendar days effective with orders placed on or after October 1, 2010. This change is in alignment with industry standards and is based upon a review of industry practices and a survey of fee appraisers throughout the country.

Please keep in mind that orders are placed 7 days a week via AppraisalPort. You will now have 24 hours to accept an order before it is systematically reassigned. As a result, we strongly recommend that you utilize the Auto Accept feature within AppraisalPort to support managing your workload. Below is a link for guidance on how to set your Auto Accept for Fannie Mae REO product orders.

Setting Auto Accept.pdf

Another critical timeline management point is address match, specifically state abbreviation and zip code. To avoid processing delays in our internal systems, please utilize the standard 2-letter state abbreviation for the subject and comps. Also, if the zip code in our order for the subject varies from the information you will submit on your appraisal, you must contact your Specialist via AppraisalPort prior to submission to avoid delays.

It is important to note that the appraisal quality expectations have not changed as a result of these time-frame changes.

These changes do not apply to orders placed by the National Underwriting Center (NUC).

Thank you for your continued efforts and diligence in providing Fannie Mae with the highest of quality appraisal reports during these important times.

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This electronic message has been sent to harris_curtis@sbcglobal.net.
This e-mail was sent by:
Fannie Mae, 3900 Wisconsin Avenue NW, Washington, DC 20016 USA
Please do not reply to this message, as this is a “send only” message.

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