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Meatloaf

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Reply with quote  #1 
What the hell?  How does that happen?

I am doing a desk review.  The legal description was copied and pasted into the report?

Does this mean the appraiser included the personal items in the value?  Are they now considered collateral?

I've never seen this before.

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RubberStamp

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Reply with quote  #2 
I have to admit... I'm always a bit stumped on how to correctly deal with this as you never have lenders wanting it to be deducted... only want them disclosed... just like that.  Obviously can't include in value but typically there's the gray zone where there's enough value range to make it a non-factor.  Although I have used it as an excuse when not making value.

The only odd item is the entertainment center.  Bird bath?  Come on.. are you going to walk out of closing because they took the bird bath?...  just leave the bird bath for the people with a verbal agreement..

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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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Meatloaf

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Reply with quote  #3 
Maybe I forgot to add.... This is the legal description on the warranty deed.

So is the personal property part of the real property now?

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RubberStamp

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Reply with quote  #4 
Quote:
Originally Posted by Meatloaf
Maybe I forgot to add.... This is the legal description on the warranty deed.

So is the personal property part of the real property now?


Wow that's going to be tough 50 years from now when the owner is going to have to dig up that old entertainment center to make sure it conveys..

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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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Meatloaf

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Reply with quote  #5 
For real.

I imagine someone copied and pasted the legal out of a contract or something.  Eitherway, someone fugged up.  The appraiser included this as the legal in teh appraisal.  Does this mean that the personal property is included in the real estate appraised?

Maybe this is a good question for John.

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BillDing

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Reply with quote  #6 
That is not part of the legal and no, a warranty deed does not make it part of the property.  It makes it part of the deal.  It's still personal property and you should address it, esp if it affects the price.
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Chuck_Schick

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-$1500 Entertainment Center Furniture
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Meatloaf

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Quote:
Originally Posted by BillDing
That is not part of the legal and no, a warranty deed does not make it part of the property.  It makes it part of the deal.  It's still personal property and you should address it, esp if it affects the price.


what about when the security deed references the same legal?

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BillDing

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Reply with quote  #9 
Again...that's just a warranty deed for the loan.  What does the legal say on the county records? What does the title say?
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Meatloaf

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Quote:
Originally Posted by BillDing
Again...that's just a warranty deed for the loan.  What does the legal say on the county records? What does the title say?


Dude... Thats the recorded warranty deed for the county.  Does the inclusion of personal property with the legal description legally mean that the items noted are part of the real property?

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BillDing

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Reply with quote  #11 
No.
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MEP

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Reply with quote  #12 
Forget the personal items, stop with the long legal...you cannot value the personal items...if the original appraiser did they are they should stop appraising...period. The bottom three lines were inserted by a clerk, the attorney just missed them in his review...a good attorney does not write up the deeds of conveyance.
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Lobatt

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Reply with quote  #13 
Lender requested comment - "Please provide two comparable properties that have closed within six months that have a bird bath or explain why they cannot be included. Please comment on how bird bath impacts subjects marketability".
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RubberStamp

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Reply with quote  #14 
^^^^^^
No doubt

-Whilst I shall add:  Meanwhile 30% of that same lender's loans just closed without an inspection, 3rd party- disinterested review of facts including the sales contract, nor a valuation confirmation.

I had to mess around with Zillow yesterday and found some additional features.  You can pull up the sales they are pulling to compare you with.   First of all...  throw out 1 year they go back 2 to 3 years.  Throw away neighborhood boundaries.  Throw away features like a garage or porch.  Throw away basements and finished basements are doubly overlooked. 

I pulled out 3 out of 10 sales that were not even close to my home and the zestimate came out $60 grand higher.  Which tends to bode that they were leaning on the least comparable sales for their zestimate.


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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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