Additional Comp Requests Lately

[CGgonnabee]

I used to provide an average of 4 comps...when they started asking for more, I started giving them three and saving the fourth one for last....and now they want two current listings. ... I had an MB call me and ask if I could get some different listings with fewer DOM...will it ever end?!m2:

 

[Mztk1]

I said "No I never receive these requests" because I wanted to lie.

The truth is it is so rare it might as well be never. I think I had a request once in the past year and since there weren't any other comps avaialble (I had provided all 13 that sold in the project over the past year because the sale was between a real estate agent and his son and I was killing it by $20,000), I took it as a joke, wrote back with a smiley face, and never heard about it again.

 

[Mr Rex]

I'll have to admit. Zaio cant be asked for more comps. AVM machines "consider" all sales comparable. I think I'm defeated by a machine

 

[Hamlet]

I'll have to admit. Zaio cant be asked for more comps. AVM machines "consider" all sales comparable. I think I'm defeated by a machine

Its the Twilight Zone....:Eyecrazy:...robots are taking over every aspect of our lives...run, run the Zippy Puff Marshmallow Man is coming...

Its easy not to be asked for more comps when you have very limited numbers to work with and include them all in your report, which seems to be the case for me lately. I'm working on one now with only 4 sales in the past 12 months and the previous year had only 5 sales! The market is flooded with 9 offerings at present. Pretty much include them all and comment in the addenda on the few that were not used. I guess my vote is no.

 

[TC]

I've been getting them all the time these days. In my market there has been no real drop in market value and I think the UWs from out of state don't believe it. So I throw in a couple more comps. I don't charge for it since most of my clients have stuck by me for the last 20 years or so.

TC

 

[kimcha]

I get a few requests for additional comparables, but, I learned something on this forum from you all, and it has saved me a lot of trouble.

I simply reply that I need the underwriters name and phone number, because I want to talk to him or her directly to ask them why they cannot read an appraisal report. I've used that line three times the last month or so, and I've never recieved the underwriters name and number, but I just get a note back from the processor that the underwriter waived the requirement. Hmmmmmm. Try it, it works.

 

[Mike Garrett RAA]

So easy even a cave man can do it!

 

[c w d]

I get a few requests for additional comparables, but, I learned something on this forum from you all, and it has saved me a lot of trouble.

I simply reply that I need the underwriters name and phone number, because I want to talk to him or her directly to ask them why they cannot read an appraisal report. I've used that line three times the last month or so, and I've never recieved the underwriters name and number, but I just get a note back from the processor that the underwriter waived the requirement. Hmmmmmm. Try it, it works.

I wonder why it is that we are not "allowed" to talk to the underwriters? I've never been able to talk to an underwriter. Although, I don't make the request generally I did on one occasion where they asked for 3 additional comparables when I provided 6 of what I considered very appropriate comps. I told the MB I needed to talk to the UW because it sounded as if the UW had absolutely no confidence in my report and I wanted to discuss it and find out why. Then magically the request was reduced to one comp.

So, lets think about this. They make these requests but when we request to speak with the UW they back down. Why? Either the UW is not making the requests, or the UW has no reason and their software is telling them to request additional comps or something else is going on that we're not aware of. I generally ask for the stips and more times than not these days I get them. However, there is no reason stated for the additional data. So I have to believe the requests generally are coming from the UW's. Question is why?

The comparables I provide in my reports are the most comparable to the subject that I can find. Should we be providing 1 inferior, 1 same, 1 superior with 2 same type active listings? Are they wanting to see the market reaction for the differences? What's the magic combo? Is there a magic combo?

I know some of you provide massive amounts of data, like all comps in an area. And it appears that those of you that do get much fewer requests. But, is it appropriate to provide that level of data in a summary report? By, providing that level of data you're basically proving what the subject is and is not. I would expect that level of data and analysis in a narrative but, not a summary report.

 

[Tim Pritchard]

From my experience lately it doesn't matter how many comps you put in a report they are gonna ask you for 1 or 2 addl. comps. So, I put 3 comps in a report & hold 2 for the inevitable request for addl. comps. When I shoot them the addl. comps within minutes they are stunned. I simply tell them they are so predictable!

I did an appraisal on a home recently that was previously appraised by someone else for $313k. I put $275k on the home 1 yr. later. The borrower owed practically nothing & was borrowing $100k with an outstanding credit score. The underwriter requested 2 addl. comps & my report had 3 comps all bracketed SF, sales price, & adjusted values within 1 mile (suburban). I asked the underwriter if she was an appraiser or if she read the report & she said I look at 50 of these a day & I KNOW what I'm doing. I said I watched the Discovery Channel last night but that doesn't make me a damn neurosurgeon. She hung up!

 

[Mike Garrett RAA]

Perhaps underwriters should be required to take a USPAP class.