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  #1  
Old 09-26-2007, 07:51 PM
appraisalondemand appraisalondemand is offline
 
Join Date: May 2007
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Default 90 day comp

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?
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  #2  
Old 09-26-2007, 10:16 PM
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Mike Kennedy Mike Kennedy is offline
 
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Default

send em a note requesting an explanation.
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  #3  
Old 09-27-2007, 04:13 AM
appraisalondemand appraisalondemand is offline
 
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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  
Old 09-27-2007, 05:04 AM
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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  
Old 09-27-2007, 06:37 AM
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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  
Old 09-27-2007, 07:51 AM
Thomas Fiehler Thomas Fiehler is offline
 
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I always keep the best one just in case they REALLY need it.
  #7  
Old 09-27-2007, 09:12 AM
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Steve Yeager Steve Yeager is offline
 
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Location: New Port Richey, FL
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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  
Old 09-27-2007, 09:40 AM
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Lawrence R. Lawrence R. is offline
 
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Default Ummm.what?

Quote:
Originally Posted by Thomas Fiehler View Post
I always keep the best one just in case they REALLY need it.
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.
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  #9  
Old 09-27-2007, 10:38 AM
Thomas Fiehler Thomas Fiehler is offline
 
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larryroscoe1-It a joke-get over it!
  #10  
Old 09-27-2007, 02:50 PM
Lawrence R.'s Avatar
Lawrence R. Lawrence R. is offline
 
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Default 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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