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  #1  
Old 10-12-2006, 06:50 PM
Frederick Mayock Frederick Mayock is offline
 
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Smile 3 year sales history for comps?

Obviously, the 1004 form asks for 1 year sale history for comps. However, I remember hearing that a 3 year sale history of comps is required. Is a 3 year sales history of comps required? Is this a guidline, a rule, or an aberration of my hazy memory. Perhaps USPAP visited me in a nightmare and told me to do a 3 year sales history on comps. I hate when that happens.
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  #2  
Old 10-12-2006, 07:03 PM
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Joyce Potts Joyce Potts is online now
 
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I don't think it has anything to do with USPAP, that's more of a FNMA guideline, but I may be wrong as I often am.

What difference was it make and what harm is there in reporting any and all sales you can fit on the page?
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  #3  
Old 10-12-2006, 07:11 PM
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Mike Kennedy Mike Kennedy is offline
 
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probably a lenders' supplemental requirement - if so......comply.
  #4  
Old 10-12-2006, 08:11 PM
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USPAP Compliant USPAP Compliant is offline
 
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Standards Rule 1-5


When the value opinion to be developed is market value, an appraiser must, if such information is available to the appraiser in the normal course of business: 14


(a)
analyze all agreements of sale, options, and listings of the subject property current as of the effective date of the appraisal; and


(b)
analyze all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal. 15



Comment: See the Comments to Standards Rules 2-2(a)(viii), 2-2(b)(viii), and 2-2(c)(viii) for corresponding reporting requirements relating to the availability and relevance of information.
  #5  
Old 10-12-2006, 09:06 PM
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David Wimpelberg David Wimpelberg is offline
 
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As others have noted, there is no USPAP requirement to report the sales history of the comps. Lenders may have different requirements.

I personally analyze the sales history of the comps simply because it can be an indicator of anything from a flip to a market trend.
  #6  
Old 10-12-2006, 09:12 PM
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Tina Tina is offline
 
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Ditto David...

Just good market research for the appraiser...doesn't need to be reported according to USPAP...

Supplements Standards MAY be a different issue which would require research by the appraiser to determine what the actual requirements might be...

TB
  #7  
Old 10-12-2006, 10:03 PM
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Steve Owen Steve Owen is offline
 
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Ditto, Ditto, David.

I go back as far as I can. If the first sale I find is four years old then that's the one I report. If that same property also sold six years ago then I look at the appreciation rate... just keep those in my head. Now there's not room for anything else in there.
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  #8  
Old 10-13-2006, 07:03 AM
Frederick Mayock Frederick Mayock is offline
 
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Thumbs up Thank you!

David, Thank you for the clarity. I now see no looming USPAP nightmares lurking on the horizon. Ut-oh, my phone is ringing...

Steven, Thanks for your common sense approach to comp sales history!

Tina, Duly noted.

Sincerely,
Frederick Mayock
  #9  
Old 10-13-2006, 01:09 PM
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Kevin Mc Kevin Mc is offline
 
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Default 3 years subject,1 year comps

is fairly standard with most lenders. I'll usually include 2 years if I feel it is relevant to the market and the report. Like David stated, I deal with alot of flip markets, past sales history is very important.
  #10  
Old 10-13-2006, 04:53 PM
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Rudy Canoza Rudy Canoza is offline
 
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I analyze 3 years and report 1 year...
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