What Do You Consider To Be Data Sources And Verification Sources?

[ucbruin]

I call a Realtor involved in almost every sale. Can't get them all. I get about 75% of them on the phone. I want to know how much of the basement was finished. I want to know the quality of the basement finish. If something looks odd in the photos I will ask about it. Depending on the property there are additional questions I ask. For commercial the verification process is more.

I applaud you....
And I notice you present a more reasonable position than ResG by stating you call a Realtor involved in ALMOST every sale (I assume this to mean Realtors involved in the comp sales)....
That seems like a reasonable response to me....

But what do you do the 25% of the times you don't receive a response?????
What if the 25%, in your opinion, happens to be the best comps????
Do you employ them in the report?????
Would you employ inferior comps simply because you were able to speak with Realtor of that sale????

MCG,
You have mentioned in the past that you may employ up to 9 sales in a report...
Which typically means you probably researched more than the 9 sales....
Do you call agents and sellers and buyers of all potential sales, even if you are only going to use 3 sales???

Example:
If there are 20 potential sales, do you call all 20 agents, sellers and buyers, in order to decide which 3 you should employ???? Or which to even photograph?

 

[djd09]

First, concessions should be outlawed. Second, if you listen to Tres you will end up where she is doing reviews somewhere in georgia. Third i have never made a concession adjustment. There you go dodo birds.

 

[Michigan CG]

But what do you do the 25% of the times you don't receive a response?????
What if the 25%, in your opinion, happens to be the best comps????
Do you employ them in the report?????
Would you employ inferior comps simply because you were able to speak with Realtor of that sale????

MCG,
You have mentioned in the past that you may employ up to 9 sales in a report...
Which typically means you probably researched more than the 9 sales....
Do you call agents and sellers and buyers of all potential sales, even if you are only going to use 3 sales???

Example:
If there are 20 potential sales, do you call all 20 agents, sellers and buyers, in order to decide which 3 you should employ???? Or which to even photograph?

Sure I use comps that I don't confirm with a Realtor but I state in my addenda "I was not able to confirm this sale with either Realtor involved in the sale."

No, I use what I think are the best comps in a report.

Nine sales is very rare and I only research sales that I am going to use.

I have never had a situation where there are 20 potential sales.

Today's report had eleven comps. It was a 1,401 SF house. I had ONE sale, six land sales and four lease comps. I was able to verify all but two of them but used them all.

 

[residentialguy]

And I notice you present a more reasonable position than ResG by stating you call a Realtor involved in ALMOST every sale (I assume this to mean Realtors involved in the comp sales)....

I am with Mich on this. Yes, I will use an unverified sale, however, as required, I state that it wasn't verified and I treat it as such in weighing them, if I use it.

 

[Michigan CG]

Third i have never made a concession adjustment.

Then you have been violating FNMA, FHA, USDA, etc. rules for your entire career.

 

[Elliott]

 

[TRESinc]

First, concessions should be outlawed. Second, if you listen to Tres you will end up where she is doing reviews somewhere in georgia. Third i have never made a concession adjustment. There you go dodo birds.

each post of yours is worse than the previous. you not only have a severe lack of intelligence you apparently don't have any common sense either. it must be really rough living your life. then again you aren't smart enough to know so maybe it isn't.

Then you have been violating FNMA, FHA, USDA, etc. rules for your entire career.

no big surprise there. he has also posted that he has never had a client who has added any conditions to an order. apparently they just send him an address and nothing more.

 

[ucbruin]

I am with Mich on this. Yes, I will use an unverified sale, however, as required, I state that it wasn't verified and I treat it as such in weighing them, if I use it.

I'm not getting on anyone's case here....
Just thinking out loud....

After reading the definition of Verification regarding our industry....
And reading so many fine posts regarding who and who doesn't "verify"....
Whether one made the attempt to "verify" sale 123 yet failed to obtain "verification" as per the definition or whether one made no attempt....
Under MCG's and your opinions.....
Employing sale 123 would be a violation either way....
Si or no?????

BTW, when I read the definition that other's posted on this thread, I may have missed the part that said it's okay to employ an unverified sale as long as one included a statement of effort.....

But it wouldn't be the 1st time I missed something posted in the AF.....

 

[residentialguy]

Don't have much time, but here's a snippet from HUD

8. Confirmation of Sales and Transaction Information
The appraiser must verify all market and comparable information used in the appraisal
process and is accountable for any information presented as "fact" used to develop the
subject property's value estimate. Verification ensures that the information is accurate and
meaningful and provides the appraiser with a firm understanding of market motivations and
trends. The goal of the verification process is to ensure that only information that
accurately reflects current market conditions and trends is presented and that meaningful
conclusions can be reached from this information.

During the verification process, it is necessary for the appraiser to gain an understanding of
the motivations surrounding the sale in order to:
- determine if the sale was arm's length and not distressed
- understand current market conditions that influence value

Whenever possible, interview a party to the sale to determine the expectations and
motivations for purchasing the property. Also, determine whether significant capital
expenditures funded by the seller were made shortly after the transaction occurred. If so,
determine whether the expenditure needs to be added back into the sale price to reflect the
actual conditions surrounding the sale.

The appraiser MUST verify sale information with the buyer, the seller or one of their
representatives (broker, lender, lawyer, etc.) . If the sale cannot be verified with someone
who has first-hand knowledge of the transaction, use public records. However, the
appraiser must clearly state how the sale was verified and to what extent. Do not use or
rely heavily on any sale that was not verified with an involved party or one of their
representatives because concessions have become more common in the market.

 

[Michigan CG]

when I read the definition that other's posted on this thread, I may have missed the part that said it's okay to employ an unverified sale as long as one included a statement of effort.....

So you are questioning one of us for using a sale that was not fully verified after reading the REQUIREMENTS from four different sources but you don't verify ANY of your sales?