Additional Comp that Sold for Opinion of Value?

[Lismica]

Recently I've been getting a request for a comp that sold for the exact opinion of value. That seems ridiculous to me, what do you think and do you have any good answers to reply to this request??

Thanks,

Lismica

 

[KD247]

Recently I've been getting a request for a comp that sold for the exact opinion of value. That seems ridiculous to me, what do you think and do you have any good answers to reply to this request??

Thanks,

Lismica

We only have the power to select the most relevant comparable sales, not to fabricate sales that don't exist. Perhaps for the next order, you could request that the lender supply three recent model-match comparable sales that all sold for exactly the same price.

Or, just for fun, search a regional database and send them any old sale that did sell for exactly the same price. It might just satisfy them.

 

[residentialguy]

When that happens, I send them a picture of a full moon.

 

[KD247]

When that happens, I send them a picture of a full moon.

Thanks for the laugh. Now I just need to shake that image out of my mind.

 

[CANative]

Tell them to go fly a kite.

 

[Lee Lansford]

I'll roll the dice and offer that that there is more to this story.

 

[Mike Kennedy]

Recently I've been getting a request for a comp that sold for the exact opinion of value. That seems ridiculous to me, what do you think and do you have any good answers to reply to this request??

Thanks,

Lismica

Such requests are usually from exasperated Clients, Underwriters, and/or Review Appraisers staring at wide ranges of Comparable Prices and Adjusted Comparable Prices with higher than typical Net and/or Gross Adjustment Percentages.

Additionally the range of Net Adjusted Prices is usually wide enough to indicate "pfa" line adjustments were made (or not made) to the comparables. The result is usually a Net Adjusted value range one can drive a truck through.

This is usually accompanied by a lack of required analysis in support of the Line, Net and Gross Adjustments to the Comparables.

Before anyone attempts to proffer "good answers", I suggest posting the data above from your report for consideration.

 

[Mr Rex]

Tell them folks in hell would like a glass of ice water.

 

[Lawrence R.]

A thought.

Perhaps they feel there is not enough to support the OOV. So, what they want you to do is send them a picture of what a house looks like in this market that HAS sold for your OOV. They are thinking is may end up being superior to your subject and perhaps the OOV is not supported.

That is my guess. I just attended my first UAD class and it is going to be the end of a lot of appraisers. They are going to beat your guys to death with the inconsistencies.

Just wait until you get a stip that says "Comp #2 has been submitted to this office 13 times in the past 30 days and 10 of the 13 have rated it, C4, Q3. Can you explain why you rated it C3, Q2?

They're coming for you...be afraid.