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  #1  
Old 03-02-2006, 03:52 PM
Mark Lamb Mark Lamb is offline
 
Join Date: Sep 2004
State: Virginia
Professional Status: Certified Residential Appraiser
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Default additional comps required

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?
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Old 03-02-2006, 03:58 PM
Hal Mann Hal Mann is offline
 
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Location: New York, NY
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My first response would be, I never agreed to this . So, as extra comps cost me extra time, they will cost you extra money.
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Old 03-02-2006, 04:02 PM
Thomas Fiehler Thomas Fiehler is offline
 
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Location: Cincinnati,OH
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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  
Old 03-02-2006, 04:17 PM
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Ray Miller Ray Miller is offline
 
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Location: Southwest Wisconsin
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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  
Old 03-02-2006, 04:28 PM
jakeboeger jakeboeger is offline
 
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Location: SF Bay Area
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Its a real pain when there are NO additional comps to add to the report!
  #6  
Old 03-02-2006, 05:59 PM
xm39hnu xm39hnu is offline
 
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State: Florida
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Quote:
Its a real pain when there are NO additional comps to add to the report!
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  
Old 03-02-2006, 07:22 PM
Randolph Kinney Randolph Kinney is offline
 
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Location: SoCal
State: California
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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  
Old 03-02-2006, 07:46 PM
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Webbed Feet Webbed Feet is offline
 
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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  
Old 03-02-2006, 07:51 PM
Jerry Lieb Jerry Lieb is offline
 
Join Date: Aug 2004
Location: Banning, California
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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  
Old 03-02-2006, 07:51 PM
Larboard Larboard is offline
 
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Location: Mid Eastern, Michigan
State: Michigan
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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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