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additional comps required

Discussion in 'Urgent - Help Needed' started by Mark Lamb, Mar 2, 2006.

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  1. Mark Lamb

    Mark Lamb New Member

    0
    Sep 29, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    Submitted appraisal to mortgage company. One week later they call and said lender requires 5 comps for value of property, they need two additional comps. How do I handle adding the extra comps?
     
  2. Hal Mann

    Hal Mann Senior Member

    0
    Jan 19, 2005
    Professional Status:
    Certified General Appraiser
    State:
    New York
    My first response would be, I never agreed to this . So, as extra comps cost me extra time, they will cost you extra money.
     
  3. Thomas Fiehler

    Thomas Fiehler Senior Member

    2
    Jun 2, 2003
    Professional Status:
    Certified General Appraiser
    State:
    Ohio
    Find out what they want the additional comps to address. Most of my reports have 5 or 6 comps so I seldom get that request.
     
  4. Ray Miller

    Ray Miller Elite Member

    0
    Feb 20, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Wisconsin
    Most of the time I do four or five sales for comparable putting three in the report and hold one or two back. (of course I always hold the best for last).

    On some reports if I think there is going to be a problem I will add the additional comparables anyway.

    I try and charge for the additional work.
     
  5. jakeboeger

    jakeboeger Member

    0
    May 12, 2005
    Professional Status:
    Licensed Appraiser
    State:
    California
    Its a real pain when there are NO additional comps to add to the report!
     
  6. xm39hnu

    xm39hnu Senior Member

    0
    Jul 10, 2003
    Professional Status:
    General Public
    State:
    Florida
    Those are easy. Just refer them to the market analysis at the top of the page. "There are no other sales similar to the subject ." End of assignment.
     
  7. Randolph Kinney

    Randolph Kinney Elite Member
    Gold Supporting Member

    55
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    It really depends on what the underwriter's concerns are. If your 3 comps are the best, most recent, most similar and proximate, then you are going to be using less than similar and less proximate and not so recent comps to comply with the request. I suspect that your subject property is not so typical and has some feature that is unique. Maybe the comps you chose did not cover everything about the subject?
     
  8. Webbed Feet

    Webbed Feet Elite Member

    20
    Feb 11, 2005
    Professional Status:
    Certified Residential Appraiser
    Mr. Lamb,

    Errrrrrr How did you "Handle" adding the first three? .. Why is it I feel there is a lot more to this than you are asking and telling?

    Barry Dayton
     
  9. Jerry Lieb

    Jerry Lieb Junior Member

    0
    Aug 14, 2004
    Professional Status:
    Certified General Appraiser
    State:
    California
    Mark -

    If your question meant, how do you do the paperwork for the additional comps, then just enter the additional comps on the next grid page grid in your URAR and update your comp location map, and send it off to them.

    Many years ago I had a reviewer tell me, "if you can't convince me of the value with 3 comps, then 4 and 5 aren't going to help". I've remembered that statement for all these years. As a result, I never use more than 3 comps. I rarely get a request for additional comps, and when I do I point out that the 3 I used are the most comparable, the most pertinent, and the most recent.

    Certainly if you must give them additional sales, you should be compensated for your time.
     
  10. Larboard

    Larboard Member

    0
    Jun 25, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Michigan
    I think maybe what Mark is asking is what does he need to do to modify and resubmit a report that he has already completed and submitted once.
     
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