Sale History

[Fernando]

Upon reviewing another appraiser's 1004 report, I noticed in the sales history section, appraiser stated original purchase price of most recent sale even if 50 years ago.
I always put in figures only within past 3 years for subject and comps within past 1 year, thus leaving fields blank if not applicable. Am I right?

 

[Bobby Bucks]

I suggest calling the selling agent of the sale from 50 years ago to determine if it was an arm’s length transaction. Or call the previous owner. Due diligence.

 

[sputnam]

Upon reviewing another appraiser's 1004 report, I noticed in the sales history section, appraiser stated original purchase price of most recent sale even if 50 years ago.
I always put in figures only within past 3 years for subject and comps within past 1 year, thus leaving fields blank if not applicable. Am I right?

USPAP is the mininum requirement. You must do a three year sale/transfer history for the subject. It's fine if you report older than that. There is no USPAP requirement for reporting prior sales of the comparables... that's a Lender requirement.

 

[Tim Hicks (Texas)]

USPAP is the mininum requirement. You must to a three year sale/transfer history for the subject. It's fine if you report older than that. There is no USPAP requirement for reporting prior sales of the comparables... that's a Lender requirement.

But he should know that by now, right?

 

[Tom D]

But he should know that by now, right?

Not when you're acting dumb, as usual, to be the high poster.

 

[sputnam]

Not when you're acting dumb, as usual, to be the high poster.

You think it's an act?

 

[Tim Hicks (Texas)]

Not when you're acting dumb, as usual, to be the high poster.

I don't think it is an act.

 

[John Hassler]

Some appraisers just do all assignments to Yellow Book standards.

 

[J Grant]

USPAP minimum is 3year history of the subject. Optional if a more dated past sale is relevant to include. Some appraisers include every past sale, which Imo is inane -in the camp of those that add pages and pages of boiler plate to pad volume.

 

[George Hatch]

I have always done most recent sale reported for the subject, and sometimes the one before that if within the last 5-10 years. For all property types.

For SFRs I also do it for all the comparables. It sometimes comes in handy if one of the sales previously sold in the same time frame as the subject's prior sale. For non-SFRs I mention it if a prior sale becomes useful but I don't report them for all the sales because the coincidence is a lot less common.

Not a minimum requirement but it sometimes comes in handy insofar as adding another brick to the wall that I'm trying to build.