3 Year History?

[robert hoagland]

Was asked today by underwriting for a 3 year history regarding conveyance, pending sales and listings-Why?
How do I go about this? Any feedback would be appreciated. Thanks.
Looks like another 3 am bed time!

 

[Mountain Man]

Sales history is easy. Other than being required by USPAP 2003 to report the three years sales history for the subject, I provide that on the comps too. Easy for me to get the data on line, and shows that research was actually preformed.

But is the UW wanting a statement on listings and pendings for 3 years?? This for the subject and comps? Sounds like a bigger fee is needed. :mrgreen: Dunno what to do other than a history search on MLS. Then write a statement that XYZ MLS was searched, but listings held by other out of area agents, FISBO's, etc. are unknown, are not a matter of public records, and are beyond the scope of the appraisal assignment.

 

[Farm Gal]

It is called a supplemental client requirement...

but I generally if it is a new requirement <_< and would some one please fax over their appraiser guidelines to prevent any future incidents of similar nature I ALWAYS ask for the request in writing if it is some underwriter idiocy.. . in writing 'for my file'... so as how I get a signature and 'who to blame'

because:

if the request is made is after the submission of the complete report... with no advance notice of this 'above USPAP, Fannie and Freddie' request ... then depending on how much I like the client it can be egg$pensive to do additional research and commentary :twisted:

 

[jtrotta]

why is everyone going beyond what is required :question:

did i miss somethin :question: Sale history is regarding the subject, unless i missed a new pap test requirement, which wouldn't go into effect til next year

wazzup

h34r:

 

[Mike Garrett RAA]

does the word "anal" sound familiar? :rofl:

 

[Farm Gal]

jtrotta:

You have obviously bamboozled your entire client base into a belief that you, the wonder-appraiser are always right, and that they dare not ask for a thing beyond the words of wisdom you have writ on a subject...

hmmmm. that, or they can't read and long ago quit trying to decipher your work except for that all important 'last line on the form'

Some AMC and other direct clients are requesting ( :question: ) {demanding?} supplemental standards inclusive of above and beyond as described above.

I am OK (if not real happy) with this as long as they ask up front...

This request is often coming 'after submission' of a completed report.

at which point guess whose problem it ain't :twisted:

Garrett: underwriters are by definition anal(ists)

 

[Rich Heyn]

Lee Ann:

Please don't think I'm being picky. In fact, being the USPSP enthusiast (almost said weenie) that you are, you probably know this as well as anyone. It's just that there seems to be a lot of misunderstanding among appraisers regarding supplemental standards. I almost got into this the other day in another thread where someone referred to client supplemental standards.

According to USPAP, if an appraiser accepts an assignment involving supplemental standards, then he or she is bound to competently satisfy those standards. The reference here is lines 492-499 of the supplemental standards rule. Some appraisers, however, are under the impression that anything for which a client asks (additional photos, 3 year sales history on comps, etc.) becomes a supplemental standard. Not so.

MOST CLIENTS, (AVM, DIRECT LENDERS, BROKERS) CAN'T ISSUE THEIR OWN SUPPLEMENTAL STANDARDS.

The reference here is the definition of supplemental standards, lines 173-175. Supplemental standards can only be issued by "government agencies, government sponsored enterprises, or other entities that establish public policy...."

Rich Heyn

 

[Mike Garrett RAA]

Such as Fannie Mae, Freddie Mac, Ginnie Mae, FHA, and VA

 

[Jo Ann Meyer Stratton]

Fannie Mae, Freddie Mac, HUD, VA and other clients have client guidelines. Since they are not governmental entities that establish public policy, they don't have supplemental standards. Using the term of "supplemental standards" for client guidelines is a bad habit just like using the term "recertification of value" for an update to a prior assignment or "trailer" for a manufactured home constructed to HUD code.

 

[Mike Garrett RAA]

Tell that to them :rofl: :rofl: :rofl: