Using comps after appraisal effective date

[CANative]

The topic is not about adding a newer comp sale after the report has been completed and sent. It's about a sale that closed in the short amount of time between inspecting the subject property and signing the report.

 

[Delta85]

That still opens the window to challenges. If you inspect on Monday and it takes several days to sign and deliver the report your effective date is Monday and almost anything could have happened in between. New sales and new listings might have materialized not to mention something new about the subject which could alter the current opinion. Who knows what a few days could do to your MC form alone?

Still, once you give the LO or realtor or whoever the idea that you could possibly use data from after the effective date then in their opinion anything goes. Once they get their foot in that door it will be an additional headache for appraisers.

 

[CANative]

I don't give a rat's *** what ®ealtors or lenders think or say or do. It's my assignment and they have no power over me accept for an acceptable assignment conditions.

 

[Delta85]

I thought we had an obligation to answer to value challenges? If so, and data after the effective date becomes common place, then potentially all kinds of data become your obligation to be aware of, confirm, and answer as to why you failed to address it or use it? If a perfect comp closes 1/2 mile away 2 days BEFORE your effective date and you missed it you could be caught with your pants down. Why not 2 days AFTER the effective date if this becomes common place? And where is the line drawn? If you are willing to consider data after the effective date why not the signature date? Why not a week after? Or a month?

It's too much of a slippery slope. I like the idea of the effective date being the end of the universe for that particular report.

 

[PropertyEconomics]

I don't give a rat's *** what ®ealtors or lenders think or say or do. It's my assignment and they have no power over me accept for an acceptable assignment conditions.

FOR YOU ARE THE APPRAISAL GOD? ....... I really detest this type of attitude .... it is, among many other things, one of the things that have given appraisers such a bad name. Remember .. without Realtors and Lenders .. there is not much need for appraisers. Oh sure there are non lending jobs .. but those who treat their clients with respect are going to get those ... and the rest are going to go to the crabby *** boneyard where they belong. I dont understand why anyone would challenge thier lifeblood like so many here appear to be willing to do without even a second thought.
Simple explaination of why it cant be done should suffice ... but telling some one its your damn report and you dont give a rats *** what they think .... come on now .... when all others around you panic .. is it not a good idea to remain professional and develop a little better image .... if not for you how about for your profession?

 

[CANative]

What are you prattering on about now?

I'm just saying that gridding a sale that closed a day or two after the EA but before the RD is not a slippery slope. It doesn't happen enough to let RE agents and brokers find a chink in our appraisal armor and that it's nothing to worry about. Do it however you want.

 

[PropertyEconomics]

What are you prattering on about now?

I'm just saying that worrying about gridding a sale that closed a day or two after the EA but before the RD is not a slippery slope.

About apprasiers that give the profession a bad name ... perhaps you are kinder and gentler in person .. here you come across as .........

OOPS ... dont want to get this thread shut down or myself a vacation. :new_smile-l:


Thank you for your service Mr. Boyd ... honoring you and all who served our country on this Memorial Day.

 

[CANative]

I'm the quintessential "Mr. Nice Guy." I just get disappointed in the non-sense that goes on in the forum. No one on Earth would make an issue about this issue except on Appraisers Forum.

 

[PropertyEconomics]

You are still thanked for your service .....

 

[TJSum]

I thought we had an obligation to answer to value challenges? If so, and data after the effective date becomes common place, then potentially all kinds of data become your obligation to be aware of, confirm, and answer as to why you failed to address it or use it? If a perfect comp closes 1/2 mile away 2 days BEFORE your effective date and you missed it you could be caught with your pants down. Why not 2 days AFTER the effective date if this becomes common place? And where is the line drawn? If you are willing to consider data after the effective date why not the signature date? Why not a week after? Or a month?

It's too much of a slippery slope. I like the idea of the effective date being the end of the universe for that particular report.

I am in total agreement. Once the "effective" date gets moved to the signature date, it leaves one open to endless "revisions" as things unfold through time.

Even worse, we can not cherry pick what to include after the effective date and what to ignore, once we make an exception to include one thing, it leaves us open to questions about everything else that has happened prior to the signature date.

Having a hard and solid time line effective date equalling the inspection date is a good thing for appraisers, not a bad thing, like they say, be careful what you hope for.