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  #1  
Old 11-05-2009, 03:52 PM
Scott R Marshall's Avatar
Scott R Marshall Scott R Marshall is offline
 
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Location: Rio Rancho, NM
State: New Mexico
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Default Don't know whether I should have always been doing this or not!

Just received a request from an AMC on an appraisal I just completed to include the state in which each of the comparables are located. Now on the sales comparison grid for each comparable I always put the city but have never thought of putting in the state as well as this seemed to be a "no-brainer" that it was located within the same state. I can just see my addendum if that wasn't the case:

"The appraiser has opted to select only comparables with the same city name as that of the subject as it is the appraiser's opinion that the current market reaction to cities of the same name are more reflective of current market conditions as opposed to proximity to the actual location of the subject. In cases where the comparables were located in different states than where the subject is located, MLS photos were utilized as attempting to visually inspect and photograph these comparables from the street was not practical during the normal course of business."

I'm just wondering if as a normal course of business you include the state the comparables are located in?
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Old 11-05-2009, 04:02 PM
OminousRun OminousRun is offline
 
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State: Florida
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While I'm not familiar with your state (New Mexico), I did look on mapquest and noticed that in the NW corner of the state, there is a "4 corners" with Arizona, Utah, Colorado and New Mexico........Although it looked like a remote location in the middle of the desert and mountains......I "could"....."could".....almost rationalize going to different states.

I'm guessing this wasn't the case though.

Hey, be thankful - at least he didn't go into Mexico to find comps!!!!!
  #3  
Old 11-05-2009, 04:27 PM
Jay Emmar's Avatar
Jay Emmar Jay Emmar is offline
 
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State: Illinois
Professional Status: Certified Residential Appraiser
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Default

Quote:
Originally Posted by Scott R Marshall View Post
Just received a request from an AMC on an appraisal I just completed to include the state in which each of the comparables are located. Now on the sales comparison grid for each comparable I always put the city but have never thought of putting in the state as well as this seemed to be a "no-brainer" that it was located within the same state. I can just see my addendum if that wasn't the case:

"The appraiser has opted to select only comparables with the same city name as that of the subject as it is the appraiser's opinion that the current market reaction to cities of the same name are more reflective of current market conditions as opposed to proximity to the actual location of the subject. In cases where the comparables were located in different states than where the subject is located, MLS photos were utilized as attempting to visually inspect and photograph these comparables from the street was not practical during the normal course of business."

I'm just wondering if as a normal course of business you include the state the comparables are located in?
Exclusion of the state abbreviation in the comparable grid probably makes it harder for the AMC's data mining / report stripping software to function properly, I am guessing. Never have included it personally nor have I ever been stipped for it...but I don't do AMC work fortunately.
  #4  
Old 11-05-2009, 04:31 PM
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State: North Carolina
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If you used comps from more than 1 state its a no brainer to include the state as well as the city. If all in the same state, also a no brainer.

How hard is it to include a comma and 2 more letters in either case? If that's all you have to beitch about and all the UW can find, Merry Christmas.
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  #5  
Old 11-05-2009, 04:37 PM
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Terrel L. Shields Terrel L. Shields is offline
 
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Location: Springtown, AmeRica
State: Arkansas
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Default

Quote:
I'm just wondering if as a normal course of business you include the state the comparables are located in?
It is more difficult to data mine your report when you don't give them the state and zip code...roll over, play dead, fetch, that's a good boy.
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  #6  
Old 11-05-2009, 04:54 PM
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Diane Lagrou Diane Lagrou is offline
 
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Location: North Canton, OH
State: Ohio
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I have always included the state code and zip code for the comparables. Rural property comparables are often located in different towns with different zip codes....makes it easier for the mapping software to place them in the report. Never tried it without a state or zip....It was how I was taught and have always done it that way.
If you don't place a state code...as I could see it as a no brainer for the most part, do you put in the zip code? A property on Main Street could show up in many different areas/zip codes.
  #7  
Old 11-05-2009, 04:56 PM
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CANative CANative is offline
 
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This is the supidest thing I've heard of yet. One more thing to waste an appraisers time on top of the growing list of nonsense time wasters.

Tell the to freaking remove their newpaper hats and get a life outside the cubicle.
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  #8  
Old 11-05-2009, 04:57 PM
John Hassler John Hassler is offline
 
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Best add "USA" too and head off next week's request from this AMC.
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Old 11-05-2009, 05:02 PM
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Quote:
Originally Posted by John Hassler View Post
Best add "USA" too and head off next week's request from this AMC.
He is in New Mexico. Might be why they want the state name. If its in Chihuahua or Sonora state, they might alter the loan package.
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  #10  
Old 11-05-2009, 05:06 PM
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Aprazr Aprazr is offline
 
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I always include the State but that is the way I was taught. There ARE same city names in other states, however, these stips are ridiculous. Have them look at your location map to discern any questions of the State it is in (ha)

They simply are looking for something to stip.....it is their job to do so and I HIGHLY dis-agree with it. I have spent almost 4 hours today changing STUPID items like zip codes. The order states xxxx city and it is truly located in the un-incorporated area of xxxx city is why the zip code does not match, you dink!

Look at the map in my appraisal. They are all within .5 miles or less. What idiots.

I, for one, am going to start charging for my time for this kind of actions. And don't forget, Planet Earth (ha)
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