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90 day comp

Discussion in 'The Watercooler' started by appraisalondemand, Sep 26, 2007.

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  1. appraisalondemand

    appraisalondemand Junior Member

    0
    May 27, 2007
    Professional Status:
    Licensed Appraiser
    State:
    Ohio
    I just got back from a long day out in the field. I got a memo that stated:

    "The underwriter is asking for one additional comp which settled within the past 90 days"

    This was in a subdivision with limited sales and even more limited comparable sales. This was not a value issue by any means...so I am not sure what they want...other to make me do more work?
     
  2. Mike Kennedy

    Mike Kennedy Elite Member

    457
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    send em a note requesting an explanation.
     
  3. appraisalondemand

    appraisalondemand Junior Member

    0
    May 27, 2007
    Professional Status:
    Licensed Appraiser
    State:
    Ohio
    Mike,
    I like that idea...btw, I had one comp inside 90 days, one comp inside 6 months and one comp inside 10 months. A new 90 day old comp will require a ranch comparable for a bi-level subject. The report stated that only one bi-level existed in past six months...and it was used. I already expanded to a multi-level to get the newest sale of the neighborhood. Go figure.
     
  4. redfish

    redfish Senior Member

    51
    Sep 2, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Michigan
    Did you include any active listings or pending sales in the original report?
    They reflect current market activity and in some markets if you are not including them it could be considered an omission. Using dated sales is part of the times offset with some relevant competing listings or pending sales.
     
  5. 3 Putt

    3 Putt Member

    11
    Aug 18, 2005
    Professional Status:
    Certified General Appraiser
    State:
    Ohio
    Every one underwriting a loan these days seems to be scared to death. Typically I provide more than the minimal 3 comps, however, lately it seems if I give 4, they want a 5th. If I give 5 they ask for a 6th.

    I am starting to think about giving the usual 3 and keeping the extra one back. Kind of like hiding that ace in the hole, to be played later!
     
  6. Thomas Fiehler

    Thomas Fiehler Senior Member

    4
    Jun 2, 2003
    Professional Status:
    Certified General Appraiser
    State:
    Ohio
    I always keep the best one just in case they REALLY need it.
     
  7. Steve Yeager

    Steve Yeager New Member

    0
    Feb 10, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Nothing says you can't go outside of the subdivision and make adjustments accordingly, i.e., location. Yes, this probably means more work for you, but with the slow down of work, do you really want to alienate clients.

    I try to accomodate requests (at least those requests within reason; I geuss it's up to you to decide which requests are within reason).

    Did you mark it as a declining market? Were adjustments warranted for time, especially for the comp that was 10 mths old? Just some things to think about.
     
  8. Lawrence R.

    Lawrence R. Senior Member

    0
    Mar 27, 2007
    Professional Status:
    Certified General Appraiser
    State:
    South Carolina
    Ummm.what?

    So, you deliver a report to a client an KNOWINGLY leave out a comparable that provides the BEST indication of value?

    I think that would be a misleading report at best. That is a bad practice in my opinion.
     
  9. Thomas Fiehler

    Thomas Fiehler Senior Member

    4
    Jun 2, 2003
    Professional Status:
    Certified General Appraiser
    State:
    Ohio
    larryroscoe1-It a joke-get over it!
     
  10. Lawrence R.

    Lawrence R. Senior Member

    0
    Mar 27, 2007
    Professional Status:
    Certified General Appraiser
    State:
    South Carolina
    Whew! I found you!

    The other guy on this site with a sense of humor...I am sure you can understand why I didn't perceive it a s a joke, as nobody here seems to get/make those...lemme rephrase that...nobody here wants to"get" anyone elses'...

    I was sorta thinking it was a joke, but did't want it to sit there unchallenged for the sake of noobs.


    My deepest and most humble apologies...
     
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