Here is why you confirm comps

Discussion in 'General Appraisal Discussion' started by Duckey, Nov 9, 2009.

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  1. Duckey

    Duckey Junior Member

    0
    Aug 2, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Oregon
    Found a good comp in RMLS, sold 9/1/2009-$1,200,000. Checked the quick county records and found no such sale, but did find a land sale 2/08 for $485,000. Called the agent do clarify what took place in Sept and found that was when they replaced the take out loan with premanant financing so he thought it would make a good comp so it put it in as a sale at $1,200,00. !!!!m2:m2:

    You know the skippies are not going to confirm that info, just use it.
     
  2. VegasWayne

    VegasWayne Senior Member

    3
    Nov 15, 2007
    Professional Status:
    Licensed Appraiser
    State:
    Nevada
    Report it to your mls. The GLVAR in Las Vegas likes to collect fines for things like this.
     
  3. jlabauve

    jlabauve Member

    0
    Feb 24, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Louisiana
    It happens in our area all the time.
     
  4. Lee in L.A.

    Lee in L.A. Elite Member

    20
    Jan 24, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    That has to violate MLS rules. :angry:
     
  5. jlabauve

    jlabauve Member

    0
    Feb 24, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Louisiana
    My favorite one here: two lakefront properties. #1 listed for $1,400,000, #2 listed for $1,100,000. Same listing agent - both on the market about 2 weeks. Reported in MLS as sold on the same day for $700,000 each.

    I pulled the deeds. It was an exchange, and so the agent just made up a sales price. I immediately called the agent, she wouldn't take my call. Called the broker and explained that lazy appraisers were going to use those two waterfront sales at $700,000, when they were each worth more. Nothing happened. Called again two weeks later - told the broker that next time he had a waterfront listing, it was going to get crushed by those two "comps". The next day, the mls data stated that these properties were an exchange.

    Still, I bet stupid appraisers are using them.
     
  6. Joyce Potts

    Joyce Potts Elite Member

    3
    Feb 6, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Bulk land sale in one deed that's recorded for every legal description is a common misinterpretation in the public records.

    Answer: Record the HUD-1's.
     
  7. Terrel L. Shields

    Terrel L. Shields Elite Member

    55
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    I got $1200 for an old coon dog once....but I had to take in 11 $100 alley cats in trade....
     
  8. Joyce Potts

    Joyce Potts Elite Member

    3
    Feb 6, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Nice cat equivalency.
     
  9. Ms. Janet

    Ms. Janet Elite Member

    4
    Oct 27, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    :rof::rof::rof::rof:
     
  10. Bearslide

    Bearslide Senior Member

    0
    Dec 9, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    Never ceases to amaze me - I confirm all sales and most Realtors react with "no one else ever calls." Gotta love it.

    11 $100 cats? Cat equivalency??? :rof::rof:
     
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