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3 year sales history--appraiser to comment

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J in Florida

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Is anybody getting requests to comment on prior sales up to 3 years ago with reporting the 3 year sales history? How much detail can/should we go into about sales that are completely irrelevant to the appraisal done now?
 

airphoto

Senior Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Pennsylvania
Are you saying that someone has ax'd you to comment upon a 3 year sales history? If so, may I suggest the following: "The lender/underwriter has ax'd that the appraiser should comment upon the 3-year sales history. The appraiser herein comments thereupon."

That oughta keep 'em quiet ..
 

Frederick R. Ruffell

Senior Member
Joined
Jan 21, 2002
Professional Status
Certified General Appraiser
State
California
J,
Ask to receive the request in writing on letterhead and signed by the underwriter. If they comply then give them what airphoto said.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
My favorite client has requested that the following sentence be placed in every one of their reports. It sounds logical so I have put it in my templates and now use it for everybody.

"The appraiser has researched and reported the subject's sales history information for the preceding three year period, in compliance with USPAP Standard Rule 1-5."
 

Willie

Senior Member
Joined
May 30, 2002
Professional Status
Certified General Appraiser
State
Tennessee
Seems like th UW's have been wiggin out a little over the change.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Sorry but why say what you are required to do? Just do it. You know that little box that says 1 yr sales history ....well just put in it "None Prior 3yrs" If there is one indicate what it is.

$121,000
10/01/2001
Public Record

Some how the lenders are making a big deal out of this when it wasn't intended to be. I am constantly asked for a 3 year listing history. BS.
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
Here's the last sentence I use under Comments on Sales Comparison in my appraisals:

"Sales data for 3 years on Subject and 12 months (or more, if available) on Comps follow:"

If you give the reader a heads-up that you are onto them and up to date, they'll probably leave you alone. After all, this phrase is totally satisfactory and leads the reader smack dab into the next section covering same.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Have to agree with Mike G. I simply disclose now (and for the last few months, even prior to 1/1/03) at least 3 years for subject and comps. I have it in front of me anyway. Those that have no prior sales get:

No Prior Sales
found during the
past 3 years

in that little 3 line box.

Any with a prior sale(s) they are already noted in that little box and if more is needed, it goes on the next text line. Such as:

Comp #2 prior sale was investor sale; investor purchased as REO 04/10/02; $25,000, REO recorded 08/23/01, $100.

or

06/18/02, $100
estate transer
unqualified

or

12/05/00
$187,000
appears qualified

Whatever fits and give the basics.

Whatever it was that I can figure out.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
<span style='color:darkred'>"Sale: 2/15/2000 - $98,000 per Otsego Cty Equalization. The appraiser has no knowledge of the condition of the property at the time of the sale and has no sales documents and is therefore unable to comment on this transaction."</span>


Nuff said and all I'll say about an old sale of which I have no knowledge.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
I do similar things as well as having added that line my client requested to my USPAP Compliance addendum. In my template for the blank about sales history on the forms I have "None prior three years" for subject and all comparables. Then if I do have any sales history of any kind for any of them, I put the sale price and last sale date whether it was yesterday or 35 years ago. Then the first line under the grid, I have the canned statement of "Subject has not been listed for sale in MLS or sold in the past three years. For sale by owner signs were not observed." Of course if anything has occurred in the past three years, those two sentences get deleted and everything that I know about subjects sales/listing history over the past three years is described. Then in my addendum, I have a separate paragraph about each comparable, with complete description of its sale/listing history for the past three years. All of which I had already been doing for many, many, many years anyway--except the canned statements said twelve months before 1/1/2003.
 
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