3 Year History?

[Farm Gal]

"Owner of record per county court records= zzz
Appraiser informed that property has been foreclosed upon.
New deed/ownership is not yet recorded.

If you are in a full non-disclosure state you have a problem?!?! Ask?

My state is partial disclosure and the county appraiser has the actual sale price, which as licensed certifieds we have access to.

 

[Rich Hahn]

so whats the big deal
report all prior sales for subejct and comps.
think about it you could violate guidelines 4 or more times on just one report if they all sold once before in the past 36 months. I aint no gambler we just report the prior sales regardles of when it was..

 

[xm39hnu]

Originally posted by Wally Jones@Jul 8 2003, 10:39 PM
The guy that gives me the money wins.

I can argue that it's not a USPAP requirement, but then he won't give me the money.


Please, I'm just kidding!! Sorta.............


It's all too easy to get caught up in the details and we sometimes forget we're in the customer service business. If it's legal, ethical, moral, within our professional guidelines and doesn't involve physical pain (that last one is my own requirement!)......then I try to accomodate my customer. If it violates any of the preceding, I'll fight 'em tooth and nail.

It's important to understand the various requirements under which we operate, and I'll be the first to admit I need frequent continuing education to keep me straight. However, seems like it's a good idea to pick our battles. "I don't hafta give you three years of sales history on the comps. My bible says so!" Pretty soon, we might not have anyone left to pick a fight with..................

What Wally said!

Amen.

I don't think any of us minds if the request is made up front. It is, however, irritating to have to revisit a delivered report in the middle of your other business. We have to remember, though, that it's the UW who lays this requirement on us, not the LO that places the order with us.

I'm fortunate enough to work in Tennessee, which requires a certificate of value (COV) when recording a deed. The Tennessee Appraisal Card has this sales data at the bottom. We just include it for the Subject and Comps as a matter of course. Takes another two minutes, and keeps the UW's happy. I might not be so mellow about it if I had to dig up the data. But I'd certainly charge more if that were the case.

 

[Farm Gal]

All we have easy access to is the county appraiser $XX,000 figure in my primary county work area. The COV's have become considered 'confidential information' and are no longer avaiable to us through the county appraiser, we have to physically visit the courthouse, file a request and then wait until someone can retreive a copy of the actual document which can sometimes take a while, ...like DAYS .... irritating but there you go.

Every state and even county is different, but I quite agree, instead of fighting it tooth and nail roll with it.

I think one of the considerations in the wording of USPAP and even Fannie regs is that it is not a perfect nor perfectly uniform world.

 

[sueinprescott]

I have a client that wants any history whatsoever, not to be limited to 3 years on subject and comps.

 

[xm39hnu]

Originally posted by Paul Burger@Jul 9 2003, 10:57 PM
Who's had a problem like this: I'm doing an REO appraisal. Certainly there has been some sort of foreclosure deed transferring ownership back to the lender, or whoever bid on the property on the courthouse steps. However, at the time I'm doing the appraisal, the deed has not been worked into the system at the courthouse. So I'm doing an appraisal where I know there's a recent deed, yet I'm having to say something like "there has very likely been a recent transfer of ownership...blah blah...but the Tax Assessor's Office did not have the information at the time of the appraisal, and the client/lender was unable to provide the information to the appraiser." Am I breaking any rules here?

Also, what do you do when the consideration listed is "$1.00 and love and kisses" or whatever?

Paul,
Keep in mind that in a foreclosure, the transfer most likely <hasn't> taken place yet, and will not until the property is "sold on the courthouse steps." The lender wants the appraisal in order to know when to stop bidding, or whether the amount they can expect for the property will cover the outstanding loan. The appraisal answers the question, "Do I bid the whole loan amount, or should I bid less?" If the property is trashed out, they may want to stop bidding well short of the loan amount. We may call these types of property REO appraisals, but chances are it isn't really REO yet.

In states which permit filings as "$1.00 and love and kisses", call the parties. If you handle things right, you will probably get the information. Introduce yourself, and explain who you are, where your office is, how he can contact you, and what you're doing. Explain to the party what the situation is, and why it would really help this poor guy out if you can verify the transaction amount. Take the time to be amiable and friendly. You may have to give a short course in the market approach, if the party is curious. If you get sent packing by one party, try the other. It's an investment of time which will pay off in the long run. Maybe down the road a bit you'll get another client or two out of the deal.