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3 year sales history

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Jacob Eland

Freshman Member
Joined
Nov 20, 2002
Professional Status
Licensed Appraiser
State
Michigan
If I am wrong please let me know, but it seems that we are doing more for the mortgage companies and not getting any add'l compensation for it. I was just asked for a 3 year sales history of the property that I appraised. I would normally get this info out of public records from my MLS, but it is not accurate 100% of the time, so now I have to go down to the city (which it going to take me 1 hr+) when I could of done this while I was there if it had been on the original order. USPAP states they we must state if the home has sold with the past year of appraisal date, why do we have to give a 3 year. Is this not the job of the title company when they do their Title search. Thanks for all of your imput in advance
 

Frederick R. Ruffell

Senior Member
Joined
Jan 21, 2002
Professional Status
Certified General Appraiser
State
California
Jacob,
you better re-read USPAP 2003, 3 year minimum sales history on subject.
 

Jacob Eland

Freshman Member
Joined
Nov 20, 2002
Professional Status
Licensed Appraiser
State
Michigan
Thank you, I have been reading USPAP online, but have not gotten through all of it. Thanks for the info, where exactly is it
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
USPAP that went into effect 1/1/2003 now requries a three year sales history for all types of property in every report.

You can access 2003 USPAP on the Appraisal Foundation website, the direct link is:

http://www.appraisalfoundation.org/html/US...PAP2003/toc.htm

Also, over on the NAIFA chatroom, under USPAP discussion, an appraiser describes the method of how to download 2003 USPAP through Adobe to your computer and then you can use the find button on your computer and search for a word or a phrase.

http://www.naifa.com/chat

Took me only a few minutes and the search capability is neat.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Jacob, hate to say it.... but have a good drive. Ya' gotta go get your 3 year history.

Welcome to the Forum!! Stick around, you'll learn lots of stuff here like changes, how to's, Uselesspoop, etc.
 

Daniel Williams

Senior Member
Joined
Jan 14, 2002
Professional Status
Appraiser Trainee
State
Illinois
Jo Ann,

Thanks for the link to the link.... :?

I now have Searchable 2003 USPAP residing on my desktop.
Now if they would hire you to rewrite it, cutting out the BS and getting to the nuts and bolts.....

thanks again
 
A

Anonymous

Guest
My understanding is that the 3 year sales history is to be obtained from your normal data source. If you normally use MLS than that's all that you need to use. I also use the MLS and I know that it is not 100% accurate. I state that my source of data is the MLS. If I know of another sale I will note it but I don't believe that we are required to do a title search.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Standards Rule 1-5
In devloping a real property appraisal, when the value opinion to be developed is market value, an appraiser must, if such information is availabe to the appraiser in the normal course of business:

So whatever is the normal course of business in your state or county or city. Might be a reporting service (computerized or CD or microfiche or printed source) and or the actual documents in the courthouse and or MLS and or notices in the local paper and or notices nailed to trees or posted on bulletin boards in grocery stores, notes written on recipe cards in the assessor's office, etc; any or all of the above could be the normal course of business. So if one of those is a good and typically accepted source, the appraiser should use it and not just depend on one source.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
We are so blessed to have a great assessor's office. It lists the sales history on every property and that information is available on line.

You are not required to "insure" the validity of the data, just report it. My reports always include the comment. "Data source believed to be reliable, but not guaranteed".

It amazes me there are still appraisers out there that don't know of the rule change.
 

Cowgirl

Sophomore Member
Joined
Jan 22, 2003
Professional Status
Certified Residential Appraiser
State
Texas
Ouch! The change to 3 year history effective 1/1/2003 has been pretty public knowledge for at least a year.

I agree with Walt and JoAnn. It is my understanding, as stated in USPAP, that the information is to be obtained through the normal course of business. Which here I utilized MLS, the owner and the tax appraisal districts. Most of our appraisal districts are good about listing that information.

I am not searching title. Speaking of such that seems to warrant a comment for the client to rely on the title search for the most accurate property transfer information.

What do you guys/gals think?
 
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