Comp One Blog - Your Local Expert!

What do you think about this unusually large for a home of it's age house in Murphey Candler Park?  Do you have any insights to help me price this new construction two bedroom house in Old Fourth Ward?  What is a three car as opposed to a two car garage worth in new construction?  These are all questions I spoke with agents about last month.  Got something weird?  I'm glad to take a look and see if I can provide insight.  Of course, I can always do a pre-listing appraisal if needed.  And, as always, I'm available for appraisals for cash purchases, divorce or estates.  

Contact Comp One Appraisal Services today and put our local expertise to work for you.  Based in the Globe Building at Peachtree Dekalb Airport, we are the perfect resource for attorneys, agents, homeowners, and lenders.  Thanks for reading!  

Got an appraisal issue or question?  Call my Appraiser On-Call For You Hotline at 404-245-7577.

Realtor.com says the year's best time to purchase a home will be between September 29th and October 5th.  Buyers during that period of time can expect to:   

• Save more than $14,000 relative to the summer’s peak price of $445,000
• Be able to choose from up to 37% more active listings than at the start of the year
• Have more time to decide as homes are expected to stay on the market for more than two weeks longer, on average, than during this year’s peak
• Be met with less competition as demand is expected to be 29.5% lower than peak buying periods

Here's the rest of the story:
http://themortgagepoint.com2024/when-is-the-best-time-to-purchase-a-home

Contact Comp One Appraisal Services today and put our local expertise to work for you.  Based in the Globe Building at Peachtree Dekalb Airport, we are the perfect resource for attorneys, agents, homeowners, and lenders.  Thanks for reading!  


Got an appraisal issue or question?  Call my Appraiser On-Call For You Hotline at 404-245-7577.

Being that I've lived in Atlanta my whole life and have seen a sign pointing the way to Greenville SC almost every time I've traveled on I-85 north, I can't believe I haven't visited until now.  But, wow!  What a great place! It really goes to show what organized and thoughtful urban renewal can accomplish.  For more on the rebirth of downtown Greenville:  citygis.greenvillesc.gov/downtownreborn/index.html

There is a lot of confusion out there about what constitutes an Accessory Dwelling Unit (ADU) and the guidelines provided by Fannie Mae and Freddie Mac regarding them.  Full credit to Richard Garrie, Chief Appraiser at Stewart Valuation Intelligence for this information.  I lifted it verbatim from his email.  I don't recall seeing a more detailed and comprehensive description anywhere.  

Understanding Accessory Dwelling Units (ADUs) in Single-Family Homes

A single-family home may contain an accessory dwelling unit (ADU), also known as a "mother-in-law unit" or "guest apartment." ADUs are self-contained living units with their own private bathroom and kitchen and direct access from the outside. They can be either attached or detached and located above or below grade.

Key Features of an ADU:

• Facilities:An ADU includes a full bathroom and a kitchen equipped with cabinets, a countertop for food preparation, a sink with running water, and a stove or stove hookup. Note that hotplates, microwave ovens, or toaster ovens are not considered stoves. Removing the stove does not change the classification of the space as an ADU.
• Structure:Only one ADU is allowed per property. It must have a separate entrance for ingress and egress. Simply having a second kitchen does not make a property an ADU.
• Regulations:ADUs must comply with local zoning and land use requirements and be typical for the area. Illegal use based on zoning is not permitted.

Guidelines for ADUs:

• Fannie Mae:Permits an ADU only when the subject property is a single-family, one-unit property.
• Freddie Mac and Non-Agency:Permit a single ADU when the subject property is a one, two, or three-unit property.

The appraisal report must specify whether the ADU complies with zoning and land use requirements (legal or legal non-conforming) and whether it is typical for the area.

Non-Permitted ADUs:

A non-permitted ADU (built without a permit) that complies with zoning may be eligible under certain conditions:

• The property must be a single-family, one-unit residence.
• The appraisal report must demonstrate that the improvements are typical for the market through an analysis of at least two comparable properties with ADUs also built without permits.

Characteristics of an ADU:

• Size:The ADU must be subordinate in size to the primary dwelling.
• Features:The ADU must have its own means of ingress/egress, kitchen, living area, and bathroom. A bedroom is not required; studio ADUs are acceptable.
• Access:The ADU may include access to the primary dwelling but is not considered an ADU if it can only be accessed through the primary dwelling or if it is open to the primary dwelling with no expectation of privacy.

Examples of ADUs:

• A living area over a garage
• A living area in a basement
• A small addition to the primary dwelling

Determining Property Classification:

Whether a property is defined as a one-unit property with an accessory unit or a two-to-four-unit property will depend on various characteristics, such as:

• The existence of separate utility meters
• A unique postal address for each unit
• The legality of renting the separate dwelling space

Appraisers should describe how they determined whether the separate dwelling area is an ADU or an additional multi-family unit.

Understanding and correctly identifying ADUs is crucial for accurate property valuation and compliance with lending guidelines. By adhering to these guidelines, appraisers can ensure they provide reliable and consistent appraisals for properties with ADUs.

Contact Comp One Appraisal Services today and put our local expertise to work for you.  Based in the Globe Building at Peachtree Dekalb Airport, we are the perfect resource for attorneys, agents, homeowners, and lenders.  Thanks for reading!  

Got an appraisal issue or question?  Call my Appraiser On-Call For You Hotline at 404-245-7577.

On May 1, 2024, Fannie Mae published a new reconsideration of value (ROV) policy standardizing elements that must be part of a lender’s borrower-initiated ROV policies and procedures.  I've done many ROV requests over the years but historically each lender has had their own policies and structure for these requests.  This standardization formalizes a framework for borrowers to appeal an appraisal on their own behalf.  

I see this, in part, as a continuation of the push for appraisers to support their adjustments.  It's not good enough anymore these days to use a "rule of thumb" or make an adjustment just because that's the way you've always done it.  If an appraisal doesn't include support and commentary for market based adjustments like list to sale price ratio, seller concessions and date of sale then you could have a problem.  An appraisal should further detail adjustments based on paired sales analysis, the depreciated cost method or regression analysis.  For the full detail as to Fanne Mae's recent announcement click here:  

http://singlefamily.fanniemae.com/originating-underwriting/appraiser-update?utm_source=sfmc&utm_medium=email&utm_campaign=10965074&utm_term=5121337&utm_content=43130906&sfmc_id=1979533289

Contact Comp One Appraisal Services today and put our local expertise to work for you.  Based in the Globe Building at Peachtree Dekalb Airport, we are the perfect resource for attorneys, agents, homeowners, and lenders.  Thanks for reading!  

Got an appraisal issue or question?  Call my Appraiser On-Call For You Hotline at 404-245-7577.