meat processing facility sold or for sale?

SMELLYBUCK · Aug 27, 2009

I'm appraising a meat processing facility in Central Utah and am looking for some comparable sales in the past few years. I know of sales in Salina, Fillmore, and Beaver.

Please contact me if you know of another shop that has sold or is for sale. I'd be glad to buy a lunch for any good info info.

Thanks,

Chris Isom
[email protected]
435-893-8500

legacy · Aug 27, 2009

Sounds like a fun one! Let me know if you ever need a residential appraisal in Washington County (Maybe you do Washington County?) I'll keep your name in mind when I need and ag or commercial appraisal done in the area. I'm a Certified Residential.

SMELLYBUCK · Aug 27, 2009

Legacy,

I've turned down all the Washington County residential thus far. I'd be happy to refer orders down there as long as you can determine a value without conspiring with the borrower. Not saying you would do this, but I have a cousin that just got an appraisal done down there and he said the appraiser asked him what he needed and gave him an extra 5K. That kind of stuff steams me as I'm close to throwing all the residential out the door because of the new regulations.

E-mail your contact info. & we'll keep in touch. (I'm not always a hothead, just most of the time!!!)

c.i.

HillbillyNnevada · Aug 27, 2009

Smellybuck,

Just curious, I'm not in the real estate business but I was wondering what the new regulation is on residential? I live in Vegas and the newer neighborhoods, including mine, are slowly turning into ghost towns. I have heard from people in the business that appraisers were giving out whatever numbers the bank needed to do the deal in the boom in order to get more business. I also heard that if one guy didn't give you a favorable number, there was another appraiser somewhere that would. I am not blaming appraisers exclusively. I know appraisers were probably only one of a zillion different problems that led to this meltdown. Vegas is no longer a boom town and I would just like to know what kind of regulation there is now to prevent this sort of thing. Thanks.

SMELLYBUCK · Aug 28, 2009

Hill,

I could wax eleoquent for hours on this. I'll try to be brief.

You have a fair assessment of what happened. Fannie Mae / Freddie Mac came out with a policy in May that they will no longer buy loans where the loan officer ordered the appraisal. Now most appraisals are ordered from an independent 3rd party, as most lenders want the option to sell to fannie.

The rule is intended to strengthen independence rules that have been ignored in the residential world for a long time, but the change has created a host of other problems. If appraisers continue to be value prostitutes and find ways to make the loan officers score, then nothing has improved. We just have more rules and continue to be a worthless profession.